# EDGAR Filing Document

**Accession Number:** 0000836412
**File Stem:** 0000940400-26-014706
**Filing Date:** 2026-4
**Character Count:** 604010
**Document Hash:** 15f458b0c4c08d831ace92971f84607f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014706.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014706

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20261130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Total Return Fund Inc.
- **CENTRAL INDEX KEY:** 0000836412

**ORGANIZATION NAME:**
- **EIN:** 133474242
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05620
- **FILM NUMBER:** 26892847

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 866-270-7788

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZWEIG TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—1.4%** | **U.S. Government Securities—1.4%** | **U.S. Government Securities—1.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 2/15/55<sup>(2)</sup> <br>| $3440 | &nbsp;&nbsp;&nbsp; $3431 |
| &nbsp;&nbsp;&nbsp; 4.750%, 5/15/55<sup>(2)</sup> <br>| 1120 | &nbsp;&nbsp;&nbsp; 1140 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note <br>4.625%, 2/15/35<sup>(2)</sup> <br>| 1135 | &nbsp;&nbsp;&nbsp; 1197 |
| **Total U.S. Government** <br> **Securities** <br>**(Identified Cost $5,687)** | **Total U.S. Government** <br> **Securities** <br>**(Identified Cost $5,687)** | &nbsp;&nbsp;&nbsp; **5768** |
| **Foreign Government Securities—5.8%** | **Foreign Government Securities—5.8%** | **Foreign Government Securities—5.8%** |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 2/16/31<sup>(3)</sup> <br>| 48 | &nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.875%, 4/30/40<sup>(3)</sup> <br>| 60 | &nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.500%, 1/31/47<sup>(3)</sup> <br>| 528 | &nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.750%, 9/30/51<sup>(3)</sup> <br>| 142 | &nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; Benin Government <br> International Bond 144A <br>7.960%, 2/13/38<sup>(3)</sup> <br>| 92 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; Bolivarian Republic of <br> Venezuela<br>|  |  |
| &nbsp;&nbsp;&nbsp; RegS <br>12.750%, 8/23/22<sup>(4)(5)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; RegS <br>8.250%, 10/13/24<sup>(4)(5)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; RegS <br>11.750%, 10/21/26<sup>(4)(5)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F <br>10.000%, 1/1/29<br>| 1660 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Series F <br>10.000%, 1/1/31<br>| 3440 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp; Bulgaria Government <br> International Bond RegS <br>5.000%, 3/5/37<sup>(5)</sup> <br>| 120 | &nbsp;&nbsp;&nbsp; 121 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.550%, 4/3/34<sup>(3)</sup> <br>| $110 | &nbsp;&nbsp;&nbsp; $119 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.300%, 11/13/54<sup>(3)</sup> <br>| 107 | &nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Czech Republic <br> Government Bond <br>1.750%, 6/23/32<br>| 20590 <br><sup>CZK</sup><br>| &nbsp;&nbsp;&nbsp; 884 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 9/23/32<sup>(3)</sup> <br>| 57 | &nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 10/28/35<sup>(3)</sup> <br>| 209 | &nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.600%, 6/1/36<sup>(3)</sup> <br>| 113 | &nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.950%, 3/15/37<sup>(3)</sup> <br>| 157 | &nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; RegS <br>6.950%, 3/15/37<sup>(5)</sup> <br>| 199 | &nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco S.a.r.l. <br> 144A <br>5.500%, 8/17/30<sup>(3)</sup> <br>| 133 | &nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Ethiopia <br> 144A <br>6.625%, 12/11/26<sup>(3)(4)</sup> <br>| 41 | &nbsp;&nbsp;&nbsp; 42 |
| Federative Republic of Brazil |  |  |
| &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;&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; <br>6.250%, 3/18/31 | 45 | &nbsp;&nbsp;&nbsp; 48 |
| &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;&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; <br>6.000%, 10/20/33 | 316 | &nbsp;&nbsp;&nbsp; 323 |
| &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;&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; <br>6.625%, 3/15/35 | 195 | &nbsp;&nbsp;&nbsp; 205 |
| &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;&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; <br>6.250%, 5/22/36 | 37 | &nbsp;&nbsp;&nbsp; 37 |
| &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;&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; <br>7.250%, 1/12/56 | 217 | &nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Hungary Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 6/16/34<sup>(3)</sup> <br>| 32 | &nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.000%, 9/26/35<sup>(3)</sup> <br>| 345 | &nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 3/26/36<sup>(3)</sup> <br>| 371 | &nbsp;&nbsp;&nbsp; 376 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; Islamic Republic of <br> Pakistan 144A <br>7.375%, 4/8/31<sup>(3)</sup> <br>| $132 | &nbsp;&nbsp;&nbsp; $130 |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain 144A <br>7.100%, 2/3/38<sup>(3)</sup> <br>| 326 | &nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp; Kyrgyz Republic <br> International Bond 144A <br>7.750%, 6/3/30<sup>(3)</sup> <br>| 161 | &nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; Lebanon Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; RegS <br>8.250%, 4/12/21<sup>(4)(5)</sup> <br>| 114 | &nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.000%, 3/23/32<sup>(4)(5)</sup> <br>| 207 | &nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Malaysia Government Bond <br>2.632%, 4/15/31<br>| 3630 <br><sup>MYR</sup><br>| &nbsp;&nbsp;&nbsp; 902 |
| Mex Bonos Desarr |  |  |
| &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;&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; <br>8.500%, 5/31/29 | 9050 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 539 |
| &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;&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; <br>7.750%, 11/13/42 | 7000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; Oman Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 1/25/31<sup>(3)</sup> <br>| 197 | &nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.500%, 3/8/47<sup>(3)</sup> <br>| 322 | &nbsp;&nbsp;&nbsp; 348 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.000%, 11/26/29<sup>(3)</sup> <br>| 119 | &nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; 144A <br>9.244%, 1/15/31<sup>(3)</sup> <br>| 43 | &nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.750%, 4/14/32<sup>(3)</sup> <br>| 96 | &nbsp;&nbsp;&nbsp; 94 |
| Republic of Argentina |  |  |
| &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;&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; <br>0.750%, 7/9/30<sup>(6)</sup> <br>| 392 | &nbsp;&nbsp;&nbsp; 332 |
| &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;&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; <br>4.125%, 7/9/35<sup>(6)</sup> <br>| 142 | &nbsp;&nbsp;&nbsp; 107 |
| &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;&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; <br>4.125%, 7/9/46<sup>(6)</sup> <br>| 534 | &nbsp;&nbsp;&nbsp; 380 |
| Republic of Chile |  |  |
| &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;&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; <br>4.350%, 4/13/31 | 149 | &nbsp;&nbsp;&nbsp; 149 |
| &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;&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; <br>4.950%, 1/5/36 | 162 | &nbsp;&nbsp;&nbsp; 166 |
| &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;&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; <br>5.330%, 1/5/54 | 47 | &nbsp;&nbsp;&nbsp; 47 |
| &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;&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; <br>3.250%, 9/21/71 | 88 | &nbsp;&nbsp;&nbsp; 57 |
| Republic of Colombia |  |  |
| &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;&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; <br>7.375%, 4/25/30 | 62 | &nbsp;&nbsp;&nbsp; 65 |
| &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;&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; <br>6.125%, 1/21/31 | 105 | &nbsp;&nbsp;&nbsp; 105 |
| &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;&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; <br>8.000%, 11/14/35 | 527 | &nbsp;&nbsp;&nbsp; 562 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &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;&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; <br>8.750%, 11/14/53 | $39 | &nbsp;&nbsp;&nbsp; $43 |
| Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>9.250%, 1/29/39<sup>(3)</sup> <br>| 200 | &nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; RegS <br>6.900%, 7/31/35<sup>(5)(6)</sup> <br>| 164 | &nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; RegS <br>5.000%, 7/31/40<sup>(5)(6)</sup> <br>| 53 | &nbsp;&nbsp;&nbsp; 43 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; RegS <br>7.650%, 6/15/35<sup>(5)</sup> <br>| 273 | &nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.625%, 2/1/41<sup>(5)</sup> <br>| 52 | &nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Republic of Gabon 144A <br>6.625%, 2/6/31<sup>(3)</sup> <br>| 72 | &nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Republic of Ghana RegS <br>5.000%, 7/3/35<sup>(5)(6)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 226 |
| Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.875%, 8/15/55<sup>(3)</sup> <br>| 49 | &nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; RegS <br>6.250%, 8/15/36<sup>(5)</sup> <br>| 112 | &nbsp;&nbsp;&nbsp; 119 |
| Republic of Indonesia |  |  |
| &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;&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; <br>2.850%, 2/14/30 | 89 | &nbsp;&nbsp;&nbsp; 84 |
| &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;&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; <br>5.600%, 1/15/35 | 130 | &nbsp;&nbsp;&nbsp; 137 |
| &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;&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; <br>4.950%, 2/21/36 | 105 | &nbsp;&nbsp;&nbsp; 105 |
| &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;&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; <br>5.100%, 2/10/54 | 141 | &nbsp;&nbsp;&nbsp; 134 |
| &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;&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; <br>3.200%, 9/23/61 | 84 | &nbsp;&nbsp;&nbsp; 53 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.125%, 6/15/33<sup>(3)</sup> <br>| 200 | &nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.075%, 4/1/36<sup>(3)</sup> <br>| 45 | &nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Republic of Kazakhstan <br> 144A <br>5.500%, 7/1/37<sup>(3)</sup> <br>| 179 | &nbsp;&nbsp;&nbsp; 185 |
| Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.875%, 10/9/33<sup>(3)</sup> <br>| 87 | &nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; 144A <br>9.500%, 3/5/36<sup>(3)</sup> <br>| 119 | &nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.700%, 2/26/39<sup>(3)</sup> <br>| 120 | &nbsp;&nbsp;&nbsp; 117 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>9.625%, 6/9/31<sup>(3)</sup> <br>| $73 | &nbsp;&nbsp;&nbsp; $83 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.375%, 9/28/33<sup>(3)</sup> <br>| 188 | &nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; 144A <br>10.375%, 12/9/34<sup>(3)</sup> <br>| 251 | &nbsp;&nbsp;&nbsp; 299 |
| Republic of Panama |  |  |
| &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;&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; <br>3.875%, 3/17/28 | 85 | &nbsp;&nbsp;&nbsp; 84 |
| &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;&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; <br>5.227%, 2/23/34 | 50 | &nbsp;&nbsp;&nbsp; 50 |
| &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;&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; <br>6.700%, 1/26/36 | 54 | &nbsp;&nbsp;&nbsp; 59 |
| &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;&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; <br>8.000%, 3/1/38 | 199 | &nbsp;&nbsp;&nbsp; 237 |
| Republic of Peru |  |  |
| &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;&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; <br>3.000%, 1/15/34 | 109 | &nbsp;&nbsp;&nbsp; 96 |
| &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;&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; <br>5.375%, 2/8/35 | 145 | &nbsp;&nbsp;&nbsp; 150 |
| &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;&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; <br>5.875%, 8/8/54 | 179 | &nbsp;&nbsp;&nbsp; 181 |
| &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;&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; <br>3.600%, 1/15/72 | 139 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines <br>3.700%, 3/1/41<br>| 326 | &nbsp;&nbsp;&nbsp; 275 |
| Republic of Poland |  |  |
| &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;&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; <br>5.750%, 11/16/32 | 87 | &nbsp;&nbsp;&nbsp; 94 |
| &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;&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; <br>4.875%, 10/4/33 | 153 | &nbsp;&nbsp;&nbsp; 157 |
| &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;&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; <br>5.375%, 2/12/35 | 215 | &nbsp;&nbsp;&nbsp; 225 |
| &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;&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; <br>5.500%, 4/4/53 | 35 | &nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 144A <br>6.250%, 5/23/33<sup>(3)</sup> <br>| 91 | &nbsp;&nbsp;&nbsp; 56 |
| Republic of South Africa |  |  |
| &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;&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; <br>5.375%, 7/24/44 | 54 | &nbsp;&nbsp;&nbsp; 45 |
| &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;&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; <br>5.650%, 9/27/47 | 356 | &nbsp;&nbsp;&nbsp; 300 |
| &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;&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; <br>8.750%, 2/28/48 | 14100 <br><sup>ZAR</sup><br>| &nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.100%, 11/19/36<sup>(3)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.125%, 12/11/37<sup>(3)</sup> <br>| 178 | &nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.950%, 11/19/54<sup>(3)</sup> <br>| 128 | &nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Republic of Sri Lanka 144A <br>3.600%, 6/15/35<sup>(3)(6)</sup> <br>| 365 | &nbsp;&nbsp;&nbsp; 298 |
| Republic of Turkiye |  |  |
| &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;&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; <br>9.125%, 7/13/30 | 320 | &nbsp;&nbsp;&nbsp; 362 |
| &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;&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; <br>7.250%, 5/29/32 | 44 | &nbsp;&nbsp;&nbsp; 46 |
| &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;&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; <br>7.625%, 5/15/34 | 272 | &nbsp;&nbsp;&nbsp; 291 |
| &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;&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; <br>6.950%, 9/16/35 | 120 | &nbsp;&nbsp;&nbsp; 122 |
| &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;&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; <br>6.625%, 2/17/45 | 178 | &nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Republic of Zambia 144A <br>5.750%, 6/30/33<sup>(3)(6)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 78 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republica Orient Uruguay |  |  |
| &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;&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; <br>5.100%, 6/18/50 | $188 | &nbsp;&nbsp;&nbsp; $181 |
| &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;&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; <br>4.975%, 4/20/55 | 243 | &nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Romanian Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(3)</sup> <br>| 273 | &nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(3)</sup> <br>| 206 | &nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.375%, 1/30/34<sup>(3)</sup> <br>| 316 | &nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.750%, 7/4/36<sup>(3)</sup> <br>| 75 | &nbsp;&nbsp;&nbsp; 75 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 7/18/33<sup>(3)</sup> <br>| 193 | &nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 1/12/36<sup>(3)</sup> <br>| 155 | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 10/26/46<sup>(3)</sup> <br>| 492 | &nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; RegS <br>5.625%, 1/13/35<sup>(5)</sup> <br>| 240 | &nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Suriname Government <br> International Bond 144A <br>8.500%, 11/6/35<sup>(3)</sup> <br>| 111 | &nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago <br> Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.950%, 1/14/31<sup>(3)</sup> <br>| 65 | &nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.400%, 6/26/34<sup>(3)</sup> <br>| 40 | &nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.500%, 1/28/36<sup>(3)</sup> <br>| 181 | &nbsp;&nbsp;&nbsp; 183 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/29<sup>(3)(6)</sup> <br>| 64 | &nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; 144A <br>0.000%, 2/1/30<sup>(3)(6)</sup> <br>| 3 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.000%, 2/1/32<sup>(3)(6)</sup> <br>| 162 | &nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/35<sup>(3)(6)</sup> <br>| 18 | &nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; 144A <br>0.000%, 2/1/36<sup>(3)(6)</sup> <br>| 74 | &nbsp;&nbsp;&nbsp; 42 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/36<sup>(3)(6)</sup> <br>| $4 | &nbsp;&nbsp;&nbsp; $3 |
| &nbsp;&nbsp;&nbsp; RegS <br>0.000%, 2/1/30<sup>(5)(6)</sup> <br>| 8 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.000%, 2/1/32<sup>(5)(6)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; RegS <br>0.000%, 2/1/34<sup>(5)(6)</sup> <br>| 28 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.500%, 2/1/36<sup>(5)(6)</sup> <br>| 7 | &nbsp;&nbsp;&nbsp; 4 |
| United Mexican States |  |  |
| &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;&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; <br>5.850%, 7/2/32 | 150 | &nbsp;&nbsp;&nbsp; 156 |
| &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;&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; <br>5.375%, 3/22/33 | 79 | &nbsp;&nbsp;&nbsp; 79 |
| &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;&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; <br>3.500%, 2/12/34 | 309 | &nbsp;&nbsp;&nbsp; 271 |
| &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;&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; <br>6.000%, 5/7/36 | 72 | &nbsp;&nbsp;&nbsp; 74 |
| &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;&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; <br>6.125%, 2/9/38 | 90 | &nbsp;&nbsp;&nbsp; 91 |
| &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;&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; <br>6.338%, 5/4/53 | 205 | &nbsp;&nbsp;&nbsp; 199 |
| &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;&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; <br>6.400%, 5/7/54 | 76 | &nbsp;&nbsp;&nbsp; 74 |
| &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;&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; <br>3.771%, 5/24/61 | 95 | &nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Uzbekistan International <br> Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>3.700%, 11/25/30<sup>(3)</sup> <br>| 34 | &nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.900%, 2/28/32<sup>(3)</sup> <br>| 152 | &nbsp;&nbsp;&nbsp; 164 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $22,415)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $22,415)** | &nbsp;&nbsp;&nbsp; **23428** |
| **Mortgage-Backed Securities—8.9%** | **Mortgage-Backed Securities—8.9%** | **Mortgage-Backed Securities—8.9%** |
| **Agency—4.2%** | **Agency—4.2%** |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #SD6322 <br>4.500%, 8/1/53<br>| 742 | &nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp; Pool #SD8350 <br>6.000%, 8/1/53<br>| 371 | &nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp; Pool #SD8492 <br>5.000%, 1/1/55<br>| 3455 | &nbsp;&nbsp;&nbsp; 3474 |
| &nbsp;&nbsp;&nbsp; Pool #SD8494 <br>5.500%, 1/1/55<br>| 1739 | &nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; Pool #SL0019 <br>5.500%, 1/1/55<br>| 2098 | &nbsp;&nbsp;&nbsp; 2134 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #SL0627 <br>6.000%, 10/1/54<br>| $1070 | &nbsp;&nbsp;&nbsp; $1101 |
| &nbsp;&nbsp;&nbsp; Pool #SL1127 <br>6.000%, 12/1/54<br>| 1301 | &nbsp;&nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage <br> Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #CB0534 <br>3.000%, 5/1/51<br>| 835 | &nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp; Pool #CB6857 <br>4.500%, 8/1/53<br>| 345 | &nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| 309 | &nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 1165 | &nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp; Pool #FS4438 <br>5.000%, 11/1/52<br>| 704 | &nbsp;&nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp; Pool #FS7751 <br>4.000%, 3/1/53<br>| 1283 | &nbsp;&nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp; Pool #FS8791 <br>6.000%, 8/1/54<br>| 422 | &nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 749 | &nbsp;&nbsp;&nbsp; 743 |
|  |  | &nbsp;&nbsp;&nbsp; 16687 |
| **Non-Agency—4.7%** | **Non-Agency—4.7%** |  |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust <br> 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(3)(7)</sup> <br>| 296 | &nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust <br> 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(3)(7)</sup> <br>| 139 | &nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.403%, 6/15/40<sup>(3)(7)</sup> <br>| 435 | &nbsp;&nbsp;&nbsp; 437 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-SFR2, C 144A <br>1.877%, 8/17/38<sup>(3)</sup> <br>| 245 | &nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; 2021-SFR3, D 144A <br>2.177%, 10/17/38<sup>(3)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 256 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(3)(7)</sup> <br>| 295 | &nbsp;&nbsp;&nbsp; 294 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(3)(7)</sup> <br>| $317 | &nbsp;&nbsp;&nbsp; $316 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(3)(7)</sup> <br>| 198 | &nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(3)(7)</sup> <br>| 72 | &nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>4.957%, 7/15/37<sup>(3)(7)</sup> <br>| 375 | &nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust <br> 2023-B38, A2 <br>5.626%, 4/15/56<br>| 210 | &nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage <br> Trust 2024-XL5, A (1 <br> month Term SOFR + <br> 1.392%, Cap N/A, Floor <br> 1.392%) 144A <br>5.051%, 3/15/41<sup>(3)(7)</sup> <br>| 336 | &nbsp;&nbsp;&nbsp; 336 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-OC11, D 144A <br>3.944%, 12/9/41<sup>(3)(7)</sup> <br>| 315 | &nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(3)</sup> <br>| 293 | &nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.203%, 3/15/30<sup>(3)(7)</sup> <br>| 264 | &nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(3)(7)</sup> <br>| 325 | &nbsp;&nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance <br> Corp. 2016-SH2, M2 <br> 144A <br>3.750%, 12/25/45<sup>(3)(7)</sup> <br>| 191 | &nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; CIM Trust 2022-R2, A1 <br> 144A <br>3.750%, 12/25/61<sup>(3)(7)</sup> <br>| 316 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan <br> Trust, Inc. 2018-RP1, A1 <br> 144A <br>3.000%, 9/25/64<sup>(3)(7)</sup> <br>| 81 | &nbsp;&nbsp;&nbsp; 80 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2019-3, C 144A <br>3.265%, 10/15/52<sup>(3)</sup> <br>| $400 | &nbsp;&nbsp;&nbsp; $381 |
| &nbsp;&nbsp;&nbsp; 2022-1, A 144A <br>4.744%, 6/17/55<sup>(3)(7)</sup> <br>| 215 | &nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage <br> Capital Trust 2020-RPL4, <br> A1 144A <br>2.000%, 1/25/60<sup>(3)(7)</sup> <br>| 211 | &nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential <br> Mortgage Trust 2022-1, <br> A1 144A <br>2.205%, 1/25/67<sup>(3)(7)</sup> <br>| 197 | &nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; Ellington Financial <br> Mortgage Trust 2019-2, <br> A3 144A <br>3.046%, 11/25/59<sup>(3)(7)</sup> <br>| 16 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; ELM Trust 2024-ELM, A10 <br> 144A <br>5.994%, 6/10/39<sup>(3)(7)</sup> <br>| 317 | &nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>5.274%, 10/10/41<sup>(3)(7)</sup> <br>| 470 | &nbsp;&nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(3)</sup> <br>| 330 | &nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp; Galton Funding Mortgage <br> Trust 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(3)(7)</sup> <br>| 11 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Houston Galleria Mall Trust <br> 2025-HGLR, A 144A <br>5.462%, 2/5/45<sup>(3)(7)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage <br> Trust 2025-SPRL, A <br> 144A <br>5.467%, 1/13/40<sup>(3)(7)</sup> <br>| 370 | &nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(3)(7)</sup> <br>| 319 | &nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; IRV Trust 2025-200P, B <br> 144A <br>5.440%, 3/14/47<sup>(3)(7)</sup> <br>| 130 | &nbsp;&nbsp;&nbsp; 133 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust <br> 2024-OMNI, A 144A <br>5.797%, 10/5/39<sup>(3)(7)</sup> <br>| $430 | &nbsp;&nbsp;&nbsp; $437 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2014-5, B2 144A <br>2.539%, 10/25/29<sup>(3)(7)</sup> <br>| 205 | &nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(3)(7)</sup> <br>| 51 | &nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(3)(7)</sup> <br>| 214 | &nbsp;&nbsp;&nbsp; 217 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2017-1A, M1 144A <br>3.362%, 4/25/55<sup>(3)(7)</sup> <br>| 241 | &nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(3)(7)</sup> <br>| 19 | &nbsp;&nbsp;&nbsp; 19 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(3)(7)</sup> <br>| 501 | &nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(3)(7)</sup> <br>| 159 | &nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(3)(7)</sup> <br>| 245 | &nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan <br> Trust 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(3)(7)</sup> <br>| 354 | &nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(3)</sup> <br>| 445 | &nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage <br> Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(3)(7)</sup> <br>| 24 | &nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(3)(7)</sup> <br>| 14 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; 2026-NQM3, A1 144A <br>4.833%, 2/25/66<sup>(3)(7)</sup> <br>| 270 | &nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(3)(7)</sup> <br>| 400 | &nbsp;&nbsp;&nbsp; 405 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-NQM16, A1 144A <br>5.530%, 10/25/64<sup>(3)(7)</sup> <br>| 316 | &nbsp;&nbsp;&nbsp; 319 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2025-NQM4, A1 144A <br>5.400%, 2/25/55<sup>(3)(7)</sup> <br>| $304 | &nbsp;&nbsp;&nbsp; $307 |
| &nbsp;&nbsp;&nbsp; Palisades Mortgage Loan <br> Trust 2021-RTL1, A1 <br> 144A <br>3.487%, 6/25/26<sup>(3)(7)</sup> <br>| 26 | &nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust 2025-INV7, <br> A7 144A <br>6.000%, 6/25/56<sup>(3)(7)</sup> <br>| 220 | &nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust 2022-AFC1, <br> A1A 144A <br>4.100%, 4/25/57<sup>(3)(7)</sup> <br>| 326 | &nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust <br> 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(3)(7)</sup> <br>| 151 | &nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; RFR Trust 2025-SGRM, A <br> 144A <br>5.379%, 3/11/41<sup>(3)(7)</sup> <br>| 400 | &nbsp;&nbsp;&nbsp; 410 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(3)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(3)</sup> <br>| 330 | &nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.478%, 6/25/43<sup>(7)</sup> <br>| 47 | &nbsp;&nbsp;&nbsp; 47 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2016-4, B1 144A <br>3.943%, 7/25/56<sup>(3)(7)</sup> <br>| 480 | &nbsp;&nbsp;&nbsp; 474 |
| &nbsp;&nbsp;&nbsp; 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(3)(7)</sup> <br>| 385 | &nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp; 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(3)(7)</sup> <br>| 610 | &nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp; 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(3)(7)</sup> <br>| 480 | &nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(3)(7)</sup> <br>| 515 | &nbsp;&nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; 2019-4, A2 144A <br>3.250%, 10/25/59<sup>(3)(7)</sup> <br>| 445 | &nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp; 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(3)(7)</sup> <br>| 465 | &nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2019-SFR1, C 144A <br>3.149%, 3/17/38<sup>(3)</sup> <br>| 590 | &nbsp;&nbsp;&nbsp; 589 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2020-SFR2, D 144A <br>2.281%, 11/17/39<sup>(3)</sup> <br>| $660 | &nbsp;&nbsp;&nbsp; $631 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust <br> 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(3)</sup> <br>| 185 | &nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust <br> 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(3)(7)</sup> <br>| 165 | &nbsp;&nbsp;&nbsp; 166 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(3)</sup> <br>| 22 | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(3)(7)</sup> <br>| 174 | &nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage <br> Backed Securities Trust <br> 2020-4, A1 144A <br>3.000%, 7/25/50<sup>(3)(7)</sup> <br>| 102 | &nbsp;&nbsp;&nbsp; 92 |
|  |  | &nbsp;&nbsp;&nbsp; 19007 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $35,819)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $35,819)** | &nbsp;&nbsp;&nbsp; **35694** |
| **Asset-Backed Securities—4.8%** | **Asset-Backed Securities—4.8%** | **Asset-Backed Securities—4.8%** |
| **Automobiles—1.6%** | **Automobiles—1.6%** |  |
| &nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan <br> Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(3)</sup> <br>| 462 | &nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(3)</sup> <br>| 270 | &nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car <br> Funding LLC (AESOP) <br> 2024-2A, D 144A <br>7.430%, 10/20/28<sup>(3)</sup> <br>| 336 | &nbsp;&nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; Carmax Select Receivables <br> Trust 2025-B, C <br>4.830%, 6/16/31<br>| 380 | &nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables <br> Trust 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(3)</sup> <br>| 485 | &nbsp;&nbsp;&nbsp; 498 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; Exeter Automobile <br> Receivables Trust <br> 2023-3A, D <br>6.680%, 4/16/29<br>| $530 | &nbsp;&nbsp;&nbsp; $541 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust <br> 2024-1, D 144A <br>6.300%, 4/15/30<sup>(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 248 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, D 144A <br>7.300%, 6/17/30<sup>(3)</sup> <br>| 550 | &nbsp;&nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(3)</sup> <br>| 450 | &nbsp;&nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(3)</sup> <br>| 412 | &nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization <br> Trust 2024-3A, B 144A <br>5.030%, 11/15/30<sup>(3)</sup> <br>| 425 | &nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto <br> Receivables Trust <br> 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(3)</sup> <br>| 410 | &nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; SAFCO Auto Receivables <br> Trust 2025-1A, C 144A <br>5.750%, 11/11/30<sup>(3)</sup> <br>| 390 | &nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; United Auto Credit <br> Securitization Trust <br> 2024-1, C 144A <br>7.060%, 10/10/29<sup>(3)</sup> <br>| 140 | &nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Veros Auto Receivables <br> Trust 2024-1, C 144A <br>7.570%, 12/15/28<sup>(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile <br> Receivables Trust <br> 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(3)</sup> <br>| 360 | &nbsp;&nbsp;&nbsp; 363 |
|  |  | &nbsp;&nbsp;&nbsp; 6236 |
| **Consumer Loans—0.1%** | **Consumer Loans—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust 2024-1A, <br> B 144A <br>6.290%, 2/18/31<sup>(3)</sup> <br>| 351 | &nbsp;&nbsp;&nbsp; 353 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—3.0%** | **Other—3.0%** |  |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance <br> Receivables XV LLC <br> 2025-1A, D 144A <br>5.680%, 8/20/32<sup>(3)</sup> <br>| $340 | &nbsp;&nbsp;&nbsp; $349 |
| &nbsp;&nbsp;&nbsp; Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(3)</sup> <br>| 347 | &nbsp;&nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust <br> 2025-A, A 144A <br>5.250%, 12/19/50<sup>(3)</sup> <br>| 231 | &nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust 2019-A, <br> C 144A <br>4.010%, 7/16/40<sup>(3)</sup> <br>| 272 | &nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(3)</sup> <br>| 373 | &nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust <br> 2020-A, B 144A <br>2.490%, 2/28/36<sup>(3)</sup> <br>| 98 | &nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; COOPR Residential <br> Mortgage Trust <br> 2025-CES3, A1A 144A <br>4.840%, 9/25/60<sup>(3)(7)</sup> <br>| 380 | &nbsp;&nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; DataBank Issuer 2026-1A, <br> A2 144A <br>5.811%, 2/25/56<sup>(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Dext ABS LLC 2023-2, B <br> 144A <br>6.410%, 5/15/34<sup>(3)</sup> <br>| 405 | &nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; Hardee's Funding LLC <br> 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(3)</sup> <br>| 452 | &nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC <br> 2026-1A, A2I 144A <br>4.952%, 2/15/56<sup>(3)</sup> <br>| 450 | &nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust <br> 2025-3A, A 144A <br>4.510%, 5/21/35<sup>(3)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 227 |
| Libra Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(3)</sup> <br>| 350 | &nbsp;&nbsp;&nbsp; 350 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>6.355%, 8/15/39<sup>(3)</sup> <br>| $450 | &nbsp;&nbsp;&nbsp; $454 |
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(3)</sup> <br>| 375 | &nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; MMP Capital LLC 2025-A, B <br> 144A <br>5.720%, 12/15/31<sup>(3)</sup> <br>| 365 | &nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp; Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(3)</sup> <br>| 42 | &nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; NMEF Funding LLC 2026-A, <br> C 144A <br>4.710%, 2/15/34<sup>(3)</sup> <br>| 370 | &nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust <br> 2024-2, B 144A <br>5.830%, 2/9/32<sup>(3)</sup> <br>| 299 | &nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions <br> Receivables LLC <br> 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(3)</sup> <br>| 365 | &nbsp;&nbsp;&nbsp; 376 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(3)(7)</sup> <br>| 146 | &nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(3)(7)</sup> <br>| 205 | &nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(3)(7)</sup> <br>| 203 | &nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(3)</sup> <br>| 420 | &nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(3)</sup> <br>| 351 | &nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC <br> 2025-1A, A2 144A <br>5.036%, 3/25/55<sup>(3)</sup> <br>| 410 | &nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(3)</sup> <br>| 380 | &nbsp;&nbsp;&nbsp; 384 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust <br> 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(3)(7)</sup> <br>| $344 | &nbsp;&nbsp;&nbsp; $347 |
| &nbsp;&nbsp;&nbsp; Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(3)</sup> <br>| 365 | &nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(3)</sup> <br>| 365 | &nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Upgrade Master <br> Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025-ST3, A 144A <br>5.981%, 6/15/32<sup>(3)</sup> <br>| 185 | &nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; 2025-ST5, A 144A <br>4.794%, 9/15/32<sup>(3)</sup> <br>| 312 | &nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(3)</sup> <br>| 302 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; USQ Rail III LLC 2024-1A, A <br> 144A <br>4.990%, 9/28/54<sup>(3)</sup> <br>| 343 | &nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; VCAT LLC 2026-NPL2, A1 <br>5.062%, 2/25/56<sup>(7)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; VFI ABS LLC 2025-1A, C <br> 144A <br>5.600%, 4/24/31<sup>(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC <br> 2024-1A, A 144A <br>6.060%, 1/20/38<sup>(3)</sup> <br>| 176 | &nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(3)</sup> <br>| 546 | &nbsp;&nbsp;&nbsp; 524 |
|  |  | &nbsp;&nbsp;&nbsp; 12257 |
| **Student Loan—0.1%** | **Student Loan—0.1%** |  |
| &nbsp;&nbsp;&nbsp; MPOWER Education Trust <br> 2025-A, A 144A <br>6.620%, 7/21/42<sup>(3)</sup> <br>| 222 | &nbsp;&nbsp;&nbsp; 230 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $18,813)** | **Total Asset-Backed Securities** <br>**(Identified Cost $18,813)** | &nbsp;&nbsp;&nbsp; **19076** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Corporate Bonds and Notes—12.7%** | **Corporate Bonds and Notes—12.7%** | **Corporate Bonds and Notes—12.7%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Altice France S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 10/15/31<sup>(3)</sup> <br>| $229 | &nbsp;&nbsp;&nbsp; $220 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 3/1/30<sup>(3)</sup> <br>| 240 | &nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; CMG Media Corp. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.875%, 6/18/29<sup>(3)</sup> <br>| 350 | &nbsp;&nbsp;&nbsp; 305 |
| CSC Holdings LLC |  |  |
| &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;&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; <br>144A <br> 11.750%, 1/31/29<sup>(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 178 |
| &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;&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; <br>144A 4.125%, 12/1/30<sup>(3)</sup> <br>| 180 | &nbsp;&nbsp;&nbsp; 110 |
| DIRECTV Financing LLC |  |  |
| &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;&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; <br>144A <br> 5.875%, 8/15/27<sup>(2)(3)</sup> <br>| 72 | &nbsp;&nbsp;&nbsp; 72 |
| &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;&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; <br>144A <br> 8.875%, 2/1/30<sup>(2)(3)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 110 |
| &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;&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; <br>144A <br> 8.875%, 2/1/30<sup>(2)(3)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>11.750%, 11/15/27<sup>(3)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.625%, 7/15/32<sup>(3)</sup> <br>| 185 | &nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; IHS Holding Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.250%, 11/29/31<sup>(3)</sup> <br>| 33 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. <br>5.750%, 11/15/65<sup>(2)</sup> <br>| 240 | &nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; Millennium Escrow Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 8/1/26<sup>(3)</sup> <br>| 320 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Rackspace Technology <br> Global, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 12/1/28<sup>(3)</sup> <br>| 490 | &nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.125%, 2/15/33<sup>(2)(3)</sup> <br>| 160 | &nbsp;&nbsp;&nbsp; 167 |
| Snap, Inc. |  |  |
| &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;&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; <br>144A <br> 6.875%, 3/1/33<sup>(2)(3)</sup> <br>| 115 | &nbsp;&nbsp;&nbsp; 115 |
| &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;&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; <br>144A <br> 6.875%, 3/15/34<sup>(2)(3)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Telesat Canada 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 10/15/27<sup>(3)</sup> <br>| 270 | &nbsp;&nbsp;&nbsp; 122 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Communication** <br> **Services—continued** | **Communication** <br> **Services—continued** |  |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri <br> AS 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.650%, 1/24/32<sup>(3)</sup> <br>| $80 | &nbsp;&nbsp;&nbsp; $85 |
| &nbsp;&nbsp;&nbsp; Univision Communications, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 8/15/28<sup>(2)(3)</sup> <br>| 265 | &nbsp;&nbsp;&nbsp; 272 |
|  |  | &nbsp;&nbsp;&nbsp; 3181 |
| **Consumer Discretionary—0.6%** | **Consumer Discretionary—0.6%** |  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 8/11/32<sup>(2)(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.625%, 4/1/30<sup>(2)(3)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<sup>(2)</sup> <br>| 415 | &nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>7.350%, 3/6/30<sup>(2)</sup> <br>| 137 | &nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Forvia SE 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 9/15/33<sup>(2)(3)</sup> <br>| 175 | &nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming <br> Corp. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 11/15/29<sup>(2)(3)</sup> <br>| 65 | &nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 4/15/29<sup>(2)(3)</sup> <br>| 283 | &nbsp;&nbsp;&nbsp; 280 |
| New Home Co., Inc. (The) |  |  |
| &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;&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; <br>144A <br> 9.250%, 10/1/29<sup>(2)(3)</sup> <br>| 165 | &nbsp;&nbsp;&nbsp; 174 |
| &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;&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; <br>144A <br> 8.500%, 11/1/30<sup>(2)(3)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. <br>6.625%, 9/15/29<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 8/1/30<sup>(2)(3)</sup> <br>| 165 | &nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison <br> Communities, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 11/15/32<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 7/15/30<sup>(2)(3)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 11/15/32<sup>(2)(3)</sup> <br>| 65 | &nbsp;&nbsp;&nbsp; 66 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer** <br> **Discretionary—continued** | **Consumer** <br> **Discretionary—continued** |  |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 9/15/28<sup>(2)(3)</sup> <br>| $215 | &nbsp;&nbsp;&nbsp; $212 |
|  |  | &nbsp;&nbsp;&nbsp; 2365 |
| **Consumer Staples—0.2%** | **Consumer Staples—0.2%** |  |
| Albertsons Cos., Inc. |  |  |
| &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;&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; <br>144A <br> 4.875%, 2/15/30<sup>(2)(3)</sup> <br>| 280 | &nbsp;&nbsp;&nbsp; 278 |
| &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;&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; <br>144A <br> 5.750%, 3/31/34<sup>(2)(3)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%, 7/1/33<sup>(2)</sup> <br>| 230 | &nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 2/15/32<sup>(2)(3)</sup> <br>| 160 | &nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 4/1/29<sup>(2)(3)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 145 |
|  |  | &nbsp;&nbsp;&nbsp; 860 |
| **Energy—2.2%** | **Energy—2.2%** |  |
| &nbsp;&nbsp;&nbsp; Alliance Resource <br> Operating Partners LP <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.625%, 6/15/29<sup>(2)(3)</sup> <br>| 190 | &nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(2)(8)</sup> <br>| 167 | &nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 2/1/33<sup>(2)(3)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 2/1/30<sup>(2)(3)</sup> <br>| 95 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.500%, 2/15/30<sup>(2)(3)</sup> <br>| 210 | &nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines <br> Operating Co. LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.036%, 11/15/33<sup>(2)(3)</sup> <br>| 180 | &nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Ecopetrol S.A. <br>4.625%, 11/2/31<br>| 110 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.500%, 1/15/84<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. <br> 144A, RegS <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 3/30/31<sup>(3)(5)</sup> <br>| 44 | &nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP Series H <br>6.500% <sup>(2)(8)</sup> <br>| 350 | &nbsp;&nbsp;&nbsp; 352 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; Flex Intermediate <br> Holdco LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.363%, 6/30/31<sup>(2)(3)</sup> <br>| $467 | &nbsp;&nbsp;&nbsp; $435 |
| Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp; 8.875%, 4/15/30<sup>(2)</sup> <br>| 245 | &nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/15/34 | 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Geopark Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 1/31/30<sup>(3)</sup> <br>| 67 | &nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.327%, 4/1/35<sup>(2)(3)</sup> <br>| 265 | &nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions <br> Group, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.750%, 3/1/29<sup>(3)</sup> <br>| 275 | &nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>6.250%, 1/15/35<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 4/15/30<sup>(2)(3)</sup> <br>| 305 | &nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. <br> JSC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 10/24/48<sup>(3)</sup> <br>| 94 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy <br> Partners LP <br>7.500%, 11/15/40<sup>(2)</sup> <br>| 239 | &nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 10/1/35<sup>(2)(3)</sup> <br>| 95 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. 144A, <br> RegS <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 6/30/30<sup>(3)(5)</sup> <br>| 54 | &nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.875%, 12/1/32<sup>(2)(3)</sup> <br>| 200 | &nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Mesquite Energy, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 7/15/26<sup>(3)(9)</sup> <br>| 105 | &nbsp;&nbsp;&nbsp; — <br><sup>(10)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>6.200%, 3/15/40<sup>(2)</sup> <br>| 255 | &nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.300%, 2/9/31<sup>(3)</sup> <br>| 379 | &nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela S.A. <br> RegS <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.000%, 11/17/21<sup>(4)(5)</sup> <br>| 1257 | &nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru S.A. <br> RegS <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 6/19/32<sup>(5)</sup> <br>| 70 | &nbsp;&nbsp;&nbsp; 51 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 6.840%, 1/23/30 | 221 | &nbsp;&nbsp;&nbsp; 227 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 1/28/31 | $47 | &nbsp;&nbsp;&nbsp; $46 |
| &nbsp;&nbsp;&nbsp; 6.700%, 2/16/32 | 120 | &nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; 6.950%, 1/28/60 | 228 | &nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; 6.350%, 2/12/48 | 92 | &nbsp;&nbsp;&nbsp; 74 |
| Petronas Capital Ltd. |  |  |
| &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;&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; <br>144A 3.500%, 4/21/30<sup>(3)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 108 |
| &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;&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; <br>144A 5.848%, 4/3/55<sup>(3)</sup> <br>| 210 | &nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.000%, 8/1/29<sup>(2)(3)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Sempra Infrastructure <br> Partners LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.250%, 1/15/32<sup>(2)(3)</sup> <br>| 475 | &nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian <br> Infrastructure Holdings <br> Ltd. <br>7.500%, 3/1/55<sup>(2)</sup> <br>| 285 | &nbsp;&nbsp;&nbsp; 303 |
| Sunoco LP |  |  |
| &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;&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; <br>144A <br> 5.625%, 3/15/31<sup>(2)(3)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 91 |
| &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;&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; <br>144A 5.375%, 7/15/31<sup>(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &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;&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; <br>144A <br> 5.875%, 3/15/34<sup>(2)(3)</sup> <br>| 60 | &nbsp;&nbsp;&nbsp; 60 |
| &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;&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; <br>144A 5.625%, 7/15/34<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Teine Energy Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.875%, 4/15/29<sup>(2)(3)</sup> <br>| 330 | &nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.125%, 7/15/30<sup>(2)(3)</sup> <br>| 135 | &nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; Transocean International <br> Ltd.<br>|  |  |
| &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;&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; <br>144A 8.250%, 5/15/29<sup>(3)</sup> <br>| 50 | &nbsp;&nbsp;&nbsp; 52 |
| &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;&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; <br>144A <br> 8.750%, 2/15/30<sup>(2)(3)</sup> <br>| 70 | &nbsp;&nbsp;&nbsp; 73 |
| &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;&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; <br>144A 8.500%, 5/15/31<sup>(3)</sup> <br>| 160 | &nbsp;&nbsp;&nbsp; 169 |
| Venture Global LNG, Inc. |  |  |
| &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;&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; <br>144A 9.000%<sup>(2)(3)(8)</sup> <br>| 100 | &nbsp;&nbsp;&nbsp; 88 |
| &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;&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; <br>144A <br> 9.875%, 2/1/32<sup>(2)(3)</sup> <br>| 205 | &nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Western Midstream <br> Operating LP <br>5.250%, 2/1/50<sup>(2)</sup> <br>| 305 | &nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; YPF S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.500%, 1/17/31<sup>(3)</sup> <br>| 62 | &nbsp;&nbsp;&nbsp; 66 |
|  |  | &nbsp;&nbsp;&nbsp; 8870 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—4.8%** | **Financials—4.8%** |  |
| Acrisure LLC |  |  |
| &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;&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; <br>144A 8.250%, 2/1/29<sup>(3)</sup> <br>| $130 | &nbsp;&nbsp;&nbsp; $130 |
| &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;&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; <br>144A 6.000%, 8/1/29<sup>(3)</sup> <br>| 210 | &nbsp;&nbsp;&nbsp; 196 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp; 6.950%, 3/10/55<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; 6.500%, 1/31/56<sup>(2)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 S.a.r.l. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.000%, 5/21/30<sup>(2)(3)</sup> <br>| 165 | &nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Allianz SE 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.350%, 9/6/53<sup>(2)(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>8.000%, 11/1/31<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; Altice Financing S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 1/15/28<sup>(3)</sup> <br>| 515 | &nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; Altice France Lux 3 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>10.000%, 1/15/33<sup>(3)</sup> <br>| 40 | &nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.625%, 7/28/34<sup>(2)</sup> <br>| 258 | &nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; American National Group, <br> Inc. <br>7.000%, 12/1/55<sup>(2)</sup> <br>| 57 | &nbsp;&nbsp;&nbsp; 56 |
| Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp; 6.900%, 4/13/29<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; 5.875%, 8/30/30<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br> Inc. <br>6.000%, 12/15/54<sup>(2)</sup> <br>| 265 | &nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance <br> Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.875%, 2/15/32<sup>(3)</sup> <br>| 5 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica <br> Holdings LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 7/15/33<sup>(2)(3)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 12/15/30<sup>(2)(3)</sup> <br>| 344 | &nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending <br> Co. LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 1/15/33<sup>(2)(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 298 |
| Azorra Finance Ltd. |  |  |
| &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;&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; <br>144A <br> 7.250%, 1/15/31<sup>(2)(3)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 151 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &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;&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; <br>144A <br> 6.250%, 2/15/34<sup>(2)(3)</sup> <br>| $55 | &nbsp;&nbsp;&nbsp; $54 |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance plc <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.125%, 1/23/30<sup>(3)</sup> <br>| 70 | &nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Banco de Credito del Peru <br> S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 7/30/35<sup>(3)</sup> <br>| 51 | &nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e <br> Inversiones S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.500% <sup>(3)(8)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte <br> S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.375% <sup>(3)(8)</sup> <br>| 67 | &nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>5.518%, 10/25/35<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Barclays plc <br>7.437%, 11/2/33<sup>(2)</sup> <br>| 234 | &nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp; BBVA Mexico S.A. <br> Institucion De Banca <br> Multiple Grupo <br> Financiero BBVA Mexico <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.125%, 1/8/39<sup>(3)</sup> <br>| 67 | &nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit <br> Fund <br>6.000%, 1/29/32<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp;&nbsp; 219 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 5/15/32<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp;&nbsp; 170 |
| &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;&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; <br>144A <br> 6.000%, 8/15/33<sup>(2)(3)</sup> <br>| 50 | &nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.003%, 10/19/34<sup>(2)(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners <br> Group LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 4/15/29<sup>(3)</sup> <br>| 285 | &nbsp;&nbsp;&nbsp; 276 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.359%, 7/29/32<sup>(2)</sup> <br>| 190 | &nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; 6.377%, 6/8/34<sup>(2)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 157 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Capital Power <br> U.S. Holdings, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.189%, 6/1/35<sup>(2)(3)</sup> <br>| $155 | &nbsp;&nbsp;&nbsp; $164 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) <br> Series H <br>4.000% <sup>(8)</sup> <br>| 249 | &nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC <br> (8.750% Cash or 9.500% <br> PIK) 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 10/1/29<sup>(3)(11)</sup> <br>| — <br><sup>(10)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(10)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.125%, 11/15/30<sup>(2)(3)</sup> <br>| 15 | &nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Citadel Finance LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.150%, 2/14/31<sup>(2)(3)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 20 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.270%, 11/17/33<sup>(2)</sup> <br>| 84 | &nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; 6.174%, 5/25/34<sup>(2)</sup> <br>| 212 | &nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp; Constellation Oil Services <br> Holding S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.375%, 11/7/29<sup>(3)</sup> <br>| 65 | &nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.375%, 9/15/54<sup>(2)</sup> <br>| 321 | &nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp; Coronado Finance Pty Ltd. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.250%, 10/1/29<sup>(3)</sup> <br>| 185 | &nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; DBR Land Holdings LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 12/1/30<sup>(2)(3)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403%, 9/11/35<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 9/17/30<sup>(2)(3)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings LP <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.500%, 4/15/31<sup>(3)</sup> <br>| 185 | &nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>4.337%, 4/25/33<sup>(2)</sup> <br>| 293 | &nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/4/31<sup>(2)(3)</sup> <br>| 270 | &nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 1/25/34<sup>(2)(3)</sup> <br>| 135 | &nbsp;&nbsp;&nbsp; 141 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo S.a.r.l. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 8/1/32<sup>(2)(3)</sup> <br>| $65 | &nbsp;&nbsp;&nbsp; $65 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg S.a.r.l. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.625%, 6/25/33<sup>(3)</sup> <br>| 72 | &nbsp;&nbsp;&nbsp; 71 |
| Global Atlantic Fin Co. |  |  |
| &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;&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; <br>144A <br> 7.950%, 6/15/33<sup>(2)(3)</sup> <br>| 169 | &nbsp;&nbsp;&nbsp; 185 |
| &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;&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; <br>144A <br> 7.950%, 10/15/54<sup>(2)(3)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>5.550%, 11/15/35<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.330%, 7/23/35<sup>(2)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; 6.450%, 5/1/36<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; 5.065%, 1/21/37<sup>(2)</sup> <br>| 9 | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Grifols S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 10/15/28<sup>(3)</sup> <br>| 245 | &nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating <br> Corp. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 9/1/29<sup>(2)(3)</sup> <br>| 100 | &nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; HA Sustainable <br> Infrastructure Capital, <br> Inc. <br>6.375%, 7/1/34<sup>(2)</sup> <br>| 281 | &nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, <br> Inc. <br>5.709%, 2/2/35<sup>(2)</sup> <br>| 275 | &nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.000%, 5/8/34<sup>(2)</sup> <br>| 265 | &nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 7/1/35<sup>(2)(3)</sup> <br>| 235 | &nbsp;&nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.500%, 5/30/29<sup>(2)(3)</sup> <br>| 155 | &nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.125%, 7/31/32<sup>(2)(3)</sup> <br>| 285 | &nbsp;&nbsp;&nbsp; 292 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.576%, 7/23/36<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; 1.953%, 2/4/32<sup>(2)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp; KeyCorp <br>6.401%, 3/6/35<sup>(2)</sup> <br>| 241 | &nbsp;&nbsp;&nbsp; 263 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.125%, 12/15/51<sup>(2)(3)</sup> <br>| $185 | &nbsp;&nbsp;&nbsp; $184 |
| &nbsp;&nbsp;&nbsp; Maxam Prill S.a.r.l. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.750%, 7/15/30<sup>(2)(3)</sup> <br>| 200 | &nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. <br> (Macau) 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 12/4/29<sup>(3)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer <br> Trust 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 5/1/28<sup>(2)(3)</sup> <br>| 265 | &nbsp;&nbsp;&nbsp; 263 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 6.342%, 10/18/33<sup>(2)</sup> <br>| 202 | &nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; 5.948%, 1/19/38<sup>(2)</sup> <br>| 133 | &nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.625%, 9/1/30<sup>(3)</sup> <br>| 286 | &nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage <br> Holdings, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 11/15/31<sup>(2)(3)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc <br>6.475%, 6/1/34<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc. <br>6.500%, 8/15/55<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 9/13/53<sup>(2)(3)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 276 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 5/15/30<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; 7.125%, 11/15/31<sup>(2)</sup> <br>| 210 | &nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; 6.750%, 9/15/33<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 3/31/32<sup>(2)(3)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 3/15/31<sup>(2)(3)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Phoenix Aviation Capital <br> Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.250%, 7/15/30<sup>(2)(3)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services <br> Group, Inc. (The)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.575%, 1/29/36<sup>(2)</sup> <br>| 195 | &nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; 5.423%, 1/25/41<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 91 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 3/1/52 | 148 | &nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/1/53 | 140 | &nbsp;&nbsp;&nbsp; 150 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of <br> America, Inc. <br>6.650%, 9/15/55<sup>(2)</sup> <br>| $260 | &nbsp;&nbsp;&nbsp; $269 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise <br> Borrower LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 10/15/30<sup>(2)(3)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 8/1/33<sup>(2)(3)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Saks Global <br> Enterprises LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>11.000%, 12/15/29<sup>(3)(4)(9)</sup> <br>| 63 | &nbsp;&nbsp;&nbsp; — <br><sup>(10)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale S.A. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.066%, 1/19/35<sup>(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; South Bow USA <br> Infrastructure <br> Holdings LLC <br>5.584%, 10/1/34<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Standard Building <br> Solutions, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 3/15/34<sup>(2)(3)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 125 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.123%, 11/21/34<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; Series I 6.700%<sup>(2)(8)</sup> <br>| 200 | &nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 3/18/35<sup>(2)(3)</sup> <br>| 255 | &nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance <br> Co. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 9/10/55<sup>(2)(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 <br> LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 3/1/31<sup>(2)(3)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Synergy Infrastructure <br> Holdings LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.875%, 12/1/30<sup>(2)(3)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, <br> Inc. <br>4.000%, 5/6/31<sup>(2)</sup> <br>| 495 | &nbsp;&nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br> (The) <br>8.125%, 10/31/82<sup>(2)</sup> <br>| 239 | &nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; Transocean International <br> Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.875%, 10/15/32<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 11 |
| UBS Group AG |  |  |
| &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;&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; <br>144A 7.000%<sup>(2)(3)(8)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 226 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &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;&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; <br>144A <br> 4.988%, 8/5/33<sup>(2)(3)</sup> <br>| $114 | &nbsp;&nbsp;&nbsp; $116 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>5.389%, 4/24/34<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp;&nbsp; 323 |
|  |  | &nbsp;&nbsp;&nbsp; 19444 |
| **Health Care—0.9%** | **Health Care—0.9%** |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.300%, 10/8/35<sup>(2)(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 7/1/28<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Amneal <br> Pharmaceuticals LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.875%, 8/1/32<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. <br>5.650%, 12/15/35<sup>(2)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 2/15/34<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Community Health <br> Systems, Inc.<br>|  |  |
| &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;&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; <br>144A 5.250%, 5/15/30<sup>(3)</sup> <br>| 120 | &nbsp;&nbsp;&nbsp; 115 |
| &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;&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; <br>144A 4.750%, 2/15/31<sup>(3)</sup> <br>| 285 | &nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>6.750%, 12/10/54<sup>(2)</sup> <br>| 222 | &nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. <br>3.250%, 6/1/30<sup>(2)</sup> <br>| 308 | &nbsp;&nbsp;&nbsp; 289 |
| GENMAB A/S |  |  |
| &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;&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; <br>144A <br> 6.250%, 12/15/32<sup>(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &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;&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; <br>144A <br> 7.250%, 12/15/33<sup>(3)</sup> <br>| 15 | &nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.500%, 6/1/33<sup>(2)</sup> <br>| 239 | &nbsp;&nbsp;&nbsp; 250 |
| LifePoint Health, Inc. |  |  |
| &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;&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; <br>144A <br> 9.875%, 8/15/30<sup>(2)(3)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 155 |
| &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;&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; <br>144A 10.000%, 6/1/32<sup>(3)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 10/1/29<sup>(2)(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 1/15/33<sup>(2)(3)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 79 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Organon & Co. |  |  |
| &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;&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; <br>144A <br> 4.125%, 4/30/28<sup>(2)(3)</sup> <br>| $180 | &nbsp;&nbsp;&nbsp; $177 |
| &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;&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; <br>144A <br> 5.125%, 4/30/31<sup>(2)(3)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 31 |
| &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;&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; <br>144A <br> 7.875%, 5/15/34<sup>(2)(3)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.375%, 9/1/29<sup>(2)(3)</sup> <br>| 170 | &nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>5.400%, 3/20/34<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 11/15/33<sup>(2)(3)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, <br> Inc. <br>2.650%, 1/15/32<sup>(2)</sup> <br>| 322 | &nbsp;&nbsp;&nbsp; 288 |
|  |  | &nbsp;&nbsp;&nbsp; 3467 |
| **Industrials—1.4%** | **Industrials—1.4%** |  |
| &nbsp;&nbsp;&nbsp; Adani Ports & Special <br> Economic Zone Ltd. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 7/3/29<sup>(3)</sup> <br>| 120 | &nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.800%, 2/15/29<sup>(2)(3)</sup> <br>| 367 | &nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 1/28/33<sup>(2)(3)</sup> <br>| 195 | &nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) <br>5.930%, 5/1/60<sup>(2)</sup> <br>| 262 | &nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 3/1/34<sup>(3)</sup> <br>| 240 | &nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 3/1/34<sup>(2)(3)</sup> <br>| 5 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Cimpress plc 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 9/15/32<sup>(2)(3)</sup> <br>| 285 | &nbsp;&nbsp;&nbsp; 287 |
| Clarios Global LP |  |  |
| &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;&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; <br>144A <br> 6.750%, 2/15/30<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| &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;&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; <br>144A 6.750%, 9/15/32<sup>(3)</sup> <br>| $50 | &nbsp;&nbsp;&nbsp; $52 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building <br> Brands, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.500%, 8/15/29<sup>(3)</sup> <br>| 215 | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.800%, 7/15/30<sup>(2)(3)</sup> <br>| 278 | &nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.850%, 7/2/37<sup>(3)</sup> <br>| 15 | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.000%, 6/15/32<sup>(2)(3)</sup> <br>| 255 | &nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.375%, 11/15/32<sup>(3)</sup> <br>| 190 | &nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure <br> Solutions, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.500%, 4/15/32<sup>(2)(3)</sup> <br>| 215 | &nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 10/1/32<sup>(2)(3)</sup> <br>| 115 | &nbsp;&nbsp;&nbsp; 120 |
| Herc Holdings, Inc. |  |  |
| &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;&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; <br>144A <br> 7.250%, 6/15/33<sup>(2)(3)</sup> <br>| 60 | &nbsp;&nbsp;&nbsp; 63 |
| &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;&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; <br>144A <br> 6.000%, 3/15/34<sup>(2)(3)</sup> <br>| 15 | &nbsp;&nbsp;&nbsp; 15 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 5/15/27<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp;&nbsp; 39 |
| &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;&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; <br>144A <br> 10.000%, 11/15/29<sup>(2)(3)</sup> <br>| 220 | &nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 1/15/29<sup>(3)</sup> <br>| 300 | &nbsp;&nbsp;&nbsp; 229 |
| Neptune Bidco U.S., Inc. |  |  |
| &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;&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; <br>144A <br> 9.290%, 4/15/29<sup>(2)(3)</sup> <br>| 270 | &nbsp;&nbsp;&nbsp; 271 |
| &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;&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; <br>144A <br> 10.375%, 5/15/31<sup>(2)(3)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.400%, 4/15/33<sup>(2)</sup> <br>| 259 | &nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. <br>6.707%, 3/15/60<sup>(2)</sup> <br>| 210 | &nbsp;&nbsp;&nbsp; 211 |
| TransDigm, Inc. |  |  |
| &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;&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; <br>144A <br> 6.625%, 3/1/32<sup>(2)(3)</sup> <br>| 290 | &nbsp;&nbsp;&nbsp; 300 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| &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;&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; <br>144A <br> 6.125%, 7/31/34<sup>(2)(3)</sup> <br>| $15 | &nbsp;&nbsp;&nbsp; $15 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br> Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 3/1/29<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; 5.375%, 3/1/31<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; United Airlines <br> Pass-Through Trust <br> 2023-1, A <br>5.800%, 7/15/37<sup>(2)</sup> <br>| 270 | &nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.500%, 6/1/28<sup>(2)(3)</sup> <br>| 420 | &nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 11/1/30<sup>(2)(3)</sup> <br>| 140 | &nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 4/15/34<sup>(3)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; White Cap Supply <br> Holdings LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 11/15/30<sup>(3)</sup> <br>| 55 | &nbsp;&nbsp;&nbsp; 56 |
|  |  | &nbsp;&nbsp;&nbsp; 5499 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>5.950%, 8/4/33<sup>(2)</sup> <br>| 135 | &nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.000%, 9/30/29<sup>(3)</sup> <br>| 265 | &nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.750%, 10/1/30<sup>(2)(3)</sup> <br>| 235 | &nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, <br> Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 5/1/29<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.750%, 10/15/30<sup>(2)(3)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 132 |
|  |  | &nbsp;&nbsp;&nbsp; 840 |
| **Materials—0.7%** | **Materials—0.7%** |  |
| &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 9/30/28<sup>(3)</sup> <br>| 565 | &nbsp;&nbsp;&nbsp; 34 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.140%, 4/14/32<sup>(2)(3)</sup> <br>| $415 | &nbsp;&nbsp;&nbsp; $412 |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 3/31/33<sup>(2)(3)</sup> <br>| 185 | &nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.625%, 1/15/34<sup>(2)(3)</sup> <br>| 105 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de <br> Chile 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 1/8/34<sup>(3)</sup> <br>| 233 | &nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp; Illuminate Buyer LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.000%, 7/1/28<sup>(3)</sup> <br>| 79 | &nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 <br> plc 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.625%, 3/15/29<sup>(2)(3)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 10/15/28<sup>(2)(3)</sup> <br>| 240 | &nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging <br> Solutions Holding Co. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.250%, 4/15/30<sup>(3)</sup> <br>| 250 | &nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & <br> Lime Co., Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.750%, 7/15/28<sup>(3)</sup> <br>| 230 | &nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A. <br> (9.500% PIK) 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.500%, 6/30/31<sup>(3)(11)</sup> <br>| 75 | &nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced <br> Materials, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 9/30/33<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%, 9/1/34<sup>(2)</sup> <br>| 275 | &nbsp;&nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.250%, 5/1/30<sup>(2)(3)</sup> <br>| 100 | &nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance <br> B.V. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>12.250%, 1/15/31<sup>(3)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. <br>5.550%, 11/15/35<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 8/15/29<sup>(3)</sup> <br>| 319 | &nbsp;&nbsp;&nbsp; 306 |
|  |  | &nbsp;&nbsp;&nbsp; 2965 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Real Estate—0.1%** | **Real Estate—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 1/15/33<sup>(2)(3)</sup> <br>| $180 | &nbsp;&nbsp;&nbsp; $184 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 9/15/32<sup>(2)(3)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Port of Spain Waterfront <br> Development RegS <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.875%, 2/19/40<sup>(5)</sup> <br>| 49 | &nbsp;&nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp;&nbsp; 360 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) <br>7.600%, 1/15/55<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 1/15/34<sup>(2)(3)</sup> <br>| 70 | &nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>4.750%, 6/1/50<sup>(2)</sup> <br>| 366 | &nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Comision Ejecutiva <br> Hidroelectrica del Rio <br> Lempa 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.650%, 1/24/33<sup>(3)</sup> <br>| 52 | &nbsp;&nbsp;&nbsp; 55 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.200%, 2/15/56<sup>(2)</sup> <br>| 145 | &nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp; Series B <br> 7.000%, 6/1/54<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.900%, 5/23/53<sup>(2)(3)</sup> <br>| 206 | &nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Enel Finance International <br> N.V. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.500%, 10/14/32<sup>(3)</sup> <br>| 196 | &nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<sup>(2)</sup> <br>| 290 | &nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; Eskom Holdings 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.450%, 8/10/28<sup>(3)</sup> <br>| 101 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Ferrellgas LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 4/1/29<sup>(2)(3)</sup> <br>| 275 | &nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. <br> 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.994%, 3/6/33<sup>(2)(3)</sup> <br>| 276 | &nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; Limak Yenilenebilir Enerji <br> AS 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.625%, 8/12/30<sup>(3)</sup> <br>| 55 | &nbsp;&nbsp;&nbsp; 55 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| NGL Energy Operating LLC |  |  |
| &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;&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; <br>144A <br> 8.125%, 2/15/29<sup>(2)(3)</sup> <br>| $55 | &nbsp;&nbsp;&nbsp; $57 |
| &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;&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; <br>144A <br> 8.375%, 2/15/32<sup>(2)(3)</sup> <br>| 240 | &nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.000%, 3/15/33<sup>(2)(3)</sup> <br>| 223 | &nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Suburban Propane <br> Partners LP 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 12/15/35<sup>(2)(3)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. 144A <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000% <sup>(2)(3)(8)</sup> <br>| 190 | &nbsp;&nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp;&nbsp; 3272 |
| **Total Corporate Bonds and** <br> **Notes** <br>**(Identified Cost $51,271)** | **Total Corporate Bonds and** <br> **Notes** <br>**(Identified Cost $51,271)** | &nbsp;&nbsp;&nbsp; **51123** |
| **Leveraged Loans—3.0%** | **Leveraged Loans—3.0%** | **Leveraged Loans—3.0%** |
| **Aerospace—0.1%** | **Aerospace—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Brown Group Holding LLC <br> Tranche B-2 (1-3 month <br> Term SOFR + 2.500%) <br>6.167% - 6.173%, <br> 7/1/31<sup>(7)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Karman Holdings LLC <br> 2026, Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.423%, 4/1/32<sup>(7)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC 2025, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.672%, 3/18/30<sup>(7)</sup> <br>| 348 | &nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, <br> Inc. <br>0.000%, 4/1/31<sup>(7)(12)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp;&nbsp; 433 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.923%, 2/19/30<sup>(7)</sup> <br>| 159 | &nbsp;&nbsp;&nbsp; 133 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| &nbsp;&nbsp;&nbsp; Lummus Technology <br> Holdings V LLC Tranche <br> B (1 month Term SOFR + <br> 2.500%) <br>6.173%, 12/31/29<sup>(7)</sup> <br>| $150 | &nbsp;&nbsp;&nbsp; $150 |
| &nbsp;&nbsp;&nbsp; Nouryon Finance B.V. 2024, <br> Tranche B-1 (3-6 month <br> Term SOFR + 3.250%) <br>7.036%, 4/3/28<sup>(7)</sup> <br>| 158 | &nbsp;&nbsp;&nbsp; 158 |
|  |  | &nbsp;&nbsp;&nbsp; 441 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Gloves Buyer, Inc. (1 month <br> Term SOFR + 4.000%) <br>7.673%, 5/21/32<sup>(7)</sup> <br>| 95 | &nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; White Cap Supply <br> Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Tranche C (1 month Term <br> SOFR + 3.250%) <br>6.923%, 10/19/29<sup>(7)</sup> <br>| 113 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Tranche D <br>0.000%, 2/10/33<sup>(7)(12)</sup> <br>| 100 | &nbsp;&nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp;&nbsp; 305 |
| **Consumer Non-Durables—0.1%** | **Consumer Non-Durables—0.1%** |  |
| &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. <br> 2026, Tranche B (1-3 <br> month Term SOFR + <br> 2.750%) <br>6.411% - 6.421%, <br> 7/30/28<sup>(7)</sup> <br>| 114 | &nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; Albion Financing 3 S.a.r.l. <br> 2025, Tranche A (3 <br> month Term SOFR + <br> 3.000%) <br>6.664%, 5/21/31<sup>(7)</sup> <br>| 89 | &nbsp;&nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp;&nbsp; 202 |
| **Energy—0.1%** | **Energy—0.1%** |  |
| &nbsp;&nbsp;&nbsp; AL GCX Holdings LLC <br> Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.673%, 1/30/32<sup>(7)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 79 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; Blackfin Pipeline LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.688%, 9/29/32<sup>(7)</sup> <br>| $140 | &nbsp;&nbsp;&nbsp; $140 |
| &nbsp;&nbsp;&nbsp; Freeport LNG <br> Investments LLP Tranche <br> B (3 month Term SOFR + <br> 3.250%) <br>6.893%, 2/11/33<sup>(7)</sup> <br>| 115 | &nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; M6 ETX Holdings II <br> Midco LLC Tranche B (1 <br> month Term SOFR + <br> 2.500%) <br>6.173%, 4/1/32<sup>(7)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Traverse Midstream <br> Partners LLC Tranche B <br> (3 month Term SOFR + <br> 2.500%) <br>6.167%, 2/16/28<sup>(7)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp;&nbsp; 550 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Acrisure LLC 2024, Tranche <br> B-6 (1 month Term SOFR <br> + 3.000%) <br>6.673%, 11/6/30<sup>(7)</sup> <br>| 113 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners, Inc. <br> 2024, Tranche B <br>0.000%, 6/13/31<sup>(7)(12)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Focus Financial <br> Partners LLC Tranche B <br> (1 month Term SOFR + <br> 2.500%) <br>6.173%, 9/15/31<sup>(7)</sup> <br>| 130 | &nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Pac Dac LLC (3 month Term <br> SOFR + 3.250%) <br>6.917%, 10/28/30<sup>(7)</sup> <br>| 220 | &nbsp;&nbsp;&nbsp; 217 |
|  |  | &nbsp;&nbsp;&nbsp; 568 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Food / Tobacco—0.1%** | **Food / Tobacco—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Aspire Bakeries <br> Holdings LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>6.673%, 12/23/30<sup>(7)</sup> <br>| $149 | &nbsp;&nbsp;&nbsp; $148 |
| &nbsp;&nbsp;&nbsp; Del Monte Foods Corp. II, <br> Inc. (1 month Term SOFR <br> + 9.600%) <br>13.260%, 4/2/26<sup>(7)</sup> <br>| 44 | &nbsp;&nbsp;&nbsp; 44 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; (1 month Term SOFR + <br> 9.600%) <br>13.260% - 13.267%, <br> 4/2/26<sup>(7)(9)</sup> <br>| 66 | &nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; (1-3 month Term SOFR + <br> 4.400%) <br>8.105% - 8.173%, <br> 8/2/28<sup>(13)</sup> <br>| 82 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; (3 month Term SOFR + <br> 4.900%) <br>8.605%, 8/2/28<sup>(9)(13)</sup> <br>| 189 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; (3 month Term SOFR + <br> 8.150%) <br>11.923%, 8/2/28<sup>(13)</sup> <br>| 36 | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Pegasus Bidco B.V. 2025 (2 <br> month Term SOFR + <br> 2.750%) <br>6.403%, 7/12/29<sup>(7)</sup> <br>| 65 | &nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Red SPV LLC (1 month <br> Term SOFR + 2.250%) <br>5.927%, 3/15/32<sup>(7)</sup> <br>| 124 | &nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Snacking Investments <br> Bidco Pty Ltd. (3 month <br> Term SOFR + 3.000%) <br>6.667%, 10/29/32<sup>(7)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Treehouse Foods, Inc. <br>0.000%, 2/11/33<sup>(7)(12)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 79 |
|  |  | &nbsp;&nbsp;&nbsp; 568 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Forest Prod / Containers—0.0%** | **Forest Prod / Containers—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc. Tranche B <br> (1 month Term SOFR + <br> 3.175%) <br>6.848%, 4/13/29<sup>(7)</sup> <br>| $120 | &nbsp;&nbsp;&nbsp; $119 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. <br> (1 month Term SOFR + <br> 2.250%) <br>5.923%, 1/26/33<sup>(7)</sup> <br>| 15 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Klockner Pentaplast of <br> America, Inc. <br>8.522%, 2/9/26<sup>(9)(13)</sup> <br>| 140 | &nbsp;&nbsp;&nbsp; 21 |
|  |  | &nbsp;&nbsp;&nbsp; 155 |
| **Gaming / Leisure—0.1%** | **Gaming / Leisure—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Catawba Nation Gaming <br> Authority Tranche B (3 <br> month Term SOFR + <br> 4.750%) <br>8.417%, 3/29/32<sup>(7)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Motion Finco LLC Tranche <br> B-3 (3 month Term SOFR <br> + 3.500%) <br>7.172%, 11/12/29<sup>(7)</sup> <br>| 132 | &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Turquoise Topco Ltd. (3 <br> month Term SOFR + <br> 3.250%) <br>6.936%, 12/30/32<sup>(7)</sup> <br>| 75 | &nbsp;&nbsp;&nbsp; 74 |
|  |  | &nbsp;&nbsp;&nbsp; 297 |
| **Health Care—0.4%** | **Health Care—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Agiliti Health, Inc. 2023, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.576%, 5/1/30<sup>(7)</sup> <br>| 59 | &nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Amneal <br> Pharmaceuticals LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.673%, 8/2/32<sup>(7)</sup> <br>| 45 | &nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Argent Finco LLC <br>0.000%, 11/12/32<sup>(7)(12)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp. 2025 <br> (1 month Term SOFR + <br> 3.750%) <br>7.423%, 1/15/31<sup>(7)</sup> <br>| 117 | &nbsp;&nbsp;&nbsp; 117 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; Cotiviti, Inc. (1 month Term <br> SOFR + 2.750%) <br>6.421%, 5/1/31<sup>(7)</sup> <br>| $67 | &nbsp;&nbsp;&nbsp; $60 |
| &nbsp;&nbsp;&nbsp; Dechra Pharmaceuticals <br> Holdings Ltd. Tranche <br> B-3 (6 month Term SOFR <br> + 2.750%) <br>6.387%, 1/27/32<sup>(7)</sup> <br>| 79 | &nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Ensemble RCM LLC <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.660%, 2/9/33<sup>(7)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Financiere Mendel (2 month <br> Term SOFR + 2.750%) <br>6.389%, 11/8/30<sup>(7)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp. <br> Tranche B (3 month Term <br> SOFR + 4.100%) <br>7.772%, 10/1/27<sup>(7)</sup> <br>| 134 | &nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Genmab A/S Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>6.733%, 12/10/32<sup>(7)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, <br> Inc. (3 month Term SOFR <br> + 3.500%) <br>7.170%, 10/1/32<sup>(7)</sup> <br>| 125 | &nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Grifols Worldwide <br> Operations USA, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.100%) <br>5.773%, 11/15/27<sup>(7)</sup> <br>| 130 | &nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. Tranche B <br>0.000%, 1/14/33<sup>(7)(12)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; Lannett Co., Inc. First Lien <br>2.000%, 6/16/30<sup>(9)</sup> <br>| 17 | &nbsp;&nbsp;&nbsp; 14 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B (3 month Term <br> SOFR + 3.750%) <br>7.422%, 5/16/31<sup>(7)</sup> <br>| 123 | &nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; Tranche B-2 (3 month <br> Term SOFR + 3.500%) <br>7.152%, 5/16/31<sup>(7)</sup> <br>| 30 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Lumexa Imaging, Inc. (3 <br> month Term SOFR + <br> 3.000%) <br>6.705%, 12/17/32<sup>(7)</sup> <br>| 55 | &nbsp;&nbsp;&nbsp; 55 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; Modivcare, Inc. (3 month <br> Term SOFR + 5.000%) <br>8.690%, 12/2/30<sup>(7)</sup> <br>| $9 | &nbsp;&nbsp;&nbsp; $8 |
| &nbsp;&nbsp;&nbsp; Parexel International, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.423%, 12/12/31<sup>(7)</sup> <br>| 40 | &nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc. <br> Tranche B (3 month Term <br> SOFR + 4.500%) <br>8.172%, 6/30/32<sup>(7)</sup> <br>| 75 | &nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Southern Veterinary <br> Partners LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.176%, 12/4/31<sup>(7)</sup> <br>| 60 | &nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc. Tranche B <br> (3 month Term SOFR + <br> 4.000%) <br>7.672%, 9/27/30<sup>(7)</sup> <br>| 69 | &nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Upstream Newco, Inc. 2025 <br> (3 month Term SOFR + <br> 4.512%) <br>8.179%, 11/20/29<sup>(7)</sup> <br>| 224 | &nbsp;&nbsp;&nbsp; 206 |
|  |  | &nbsp;&nbsp;&nbsp; 1665 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.423%, 9/8/32<sup>(7)</sup> <br>| 83 | &nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building <br> Brands, Inc. Tranche B (1 <br> month Term SOFR + <br> 3.250%) <br>7.010%, 4/12/28<sup>(7)</sup> <br>| 167 | &nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.422%, 9/24/32<sup>(7)</sup> <br>| 70 | &nbsp;&nbsp;&nbsp; 70 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| &nbsp;&nbsp;&nbsp; Hunter Douglas Holding <br> B.V. Tranche B-1 (3 <br> month Term SOFR + <br> 3.000%) <br>6.672%, 1/17/32<sup>(7)</sup> <br>| $111 | &nbsp;&nbsp;&nbsp; $111 |
|  |  | &nbsp;&nbsp;&nbsp; 385 |
| **Information Technology—0.5%** | **Information Technology—0.5%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2024, Second Lien (3 <br> month Term SOFR + <br> 4.500%) <br>8.172%, 2/23/32<sup>(7)</sup> <br>| 20 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Tranche B-1 (1 month <br> Term SOFR + 2.250%) <br>5.924%, 2/24/31<sup>(7)</sup> <br>| 129 | &nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC 2024 (3 <br> month Term SOFR + <br> 3.250%) <br>6.922%, 7/6/29<sup>(7)</sup> <br>| 146 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. <br> Tranche B-2 (3 month <br> Term SOFR + 3.250%) <br>6.922%, 3/21/31<sup>(7)</sup> <br>| 144 | &nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; Composecure Holdings LLC <br> (1 month Term SOFR + <br> 2.250%) <br>5.910%, 1/14/33<sup>(7)</sup> <br>| 50 | &nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; ConnectWise LLC (3 month <br> Term SOFR + 3.762%) <br>7.434%, 9/29/28<sup>(7)</sup> <br>| 174 | &nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Delivery Hero SE Tranche B <br> (2 month Term SOFR + <br> 5.000%) <br>8.639%, 12/12/29<sup>(7)</sup> <br>| 132 | &nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC <br> 2025, Tranche B (1 <br> month Term SOFR + <br> 3.000%) <br>6.673%, 8/30/30<sup>(7)</sup> <br>| 182 | &nbsp;&nbsp;&nbsp; 180 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp; Finastra USA, Inc. <br>0.000%, 9/15/32<sup>(7)(12)</sup> <br>| $75 | &nbsp;&nbsp;&nbsp; $69 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services <br> Holdings II LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.173%, 1/30/32<sup>(7)</sup> <br>| 109 | &nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; INDICOR LLC Tranche E (1 <br> month Term SOFR + <br> 2.500%) <br>6.173%, 11/22/29<sup>(7)</sup> <br>| 104 | &nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Ion Platform Finance U.S., <br> Inc. (3 month Term SOFR <br> + 3.750%) <br>7.422%, 10/7/32<sup>(7)</sup> <br>| 110 | &nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Javelin Buyer, Inc. <br>0.000%, 12/5/31<sup>(7)(12)</sup> <br>| 80 | &nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc. 2025, <br> Tranche B, First Lien (3 <br> month Term SOFR + <br> 3.000%) <br>6.672%, 8/31/28<sup>(7)</sup> <br>| 173 | &nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; RealPage, Inc. First Lien (3 <br> month Term SOFR + <br> 3.262%) <br>6.934%, 4/24/28<sup>(7)</sup> <br>| 75 | &nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc. (1 <br> month Term SOFR + <br> 3.750%) <br>7.423%, 11/28/28<sup>(7)</sup> <br>| 117 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.167%, 2/10/31<sup>(7)</sup> <br>| 114 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Vantor Holdings, Inc. <br>0.000%, 3/3/33<sup>(7)(12)</sup> <br>| 90 | &nbsp;&nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp;&nbsp; 1865 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC <br> 2025 (3 month Term <br> SOFR + 2.750%) <br>6.422%, 6/23/30<sup>(7)</sup> <br>| 163 | &nbsp;&nbsp;&nbsp; 163 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. <br> Tranche B (3 month Term <br> SOFR + 3.500%) <br>7.160%, 2/3/33<sup>(7)</sup> <br>| $55 | &nbsp;&nbsp;&nbsp; $55 |
| &nbsp;&nbsp;&nbsp; CPM Holdings, Inc. (1 <br> month Term SOFR + <br> 4.500%) <br>8.171%, 9/28/28<sup>(7)</sup> <br>| 127 | &nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Dynamo U.S. Bidco, Inc. <br> Tranche B-1 (1 month <br> Term SOFR + 3.250%) <br>6.921%, 9/30/31<sup>(7)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Glatfelter Corp. Tranche B (3 <br> month Term SOFR + <br> 4.250%) <br>7.923%, 11/4/31<sup>(7)</sup> <br>| 94 | &nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc. <br>0.000%, 11/1/31<sup>(7)(12)</sup> <br>| 25 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Lsf12 Crown <br> U.S. Commercial <br> Bidco LLC 2026 (1 <br> month Term SOFR + <br> 3.000%) <br>6.671%, 12/2/31<sup>(7)</sup> <br>| 131 | &nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Resilience Parent LLC <br> Tranche B <br>0.000%, 1/21/33<sup>(7)(12)</sup> <br>| 70 | &nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH <br> Tranche B (6 month Term <br> SOFR + 2.750%) <br>6.377%, 4/30/30<sup>(7)</sup> <br>| 114 | &nbsp;&nbsp;&nbsp; 114 |
|  |  | &nbsp;&nbsp;&nbsp; 811 |
| **Media / Telecom -** <br> **Broadcasting—0.1%** | **Media / Telecom -** <br> **Broadcasting—0.1%** |  |
| &nbsp;&nbsp;&nbsp; CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.272%, 6/18/29<sup>(7)</sup> <br>| 130 | &nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc. <br> Tranche D (1 month Term <br> SOFR + 3.000%) <br>6.786%, 12/1/28<sup>(7)</sup> <br>| 87 | &nbsp;&nbsp;&nbsp; 87 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom -** <br> **Broadcasting—continued** | **Media / Telecom -** <br> **Broadcasting—continued** |  |
| &nbsp;&nbsp;&nbsp; Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.287%, 1/31/29<sup>(7)</sup> <br>| $128 | &nbsp;&nbsp;&nbsp; $127 |
|  |  | &nbsp;&nbsp;&nbsp; 337 |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.1%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR <br> + 3.250%) <br>6.923%, 9/18/30<sup>(7)</sup> <br>| 97 | &nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 5.512%) <br>9.178%, 8/2/29<sup>(7)</sup> <br>| 171 | &nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>6.934%, 11/12/27<sup>(7)</sup> <br>| 298 | &nbsp;&nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp;&nbsp; 542 |
| **Media / Telecom - Diversified** <br> **Media—0.1%** | **Media / Telecom - Diversified** <br> **Media—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Century DE Buyer LLC 2025 <br> (3 month Term SOFR + <br> 3.000%) <br>6.667%, 10/30/30<sup>(7)</sup> <br>| 123 | &nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. <br> 2025, Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.423%, 8/6/31<sup>(7)</sup> <br>| 73 | &nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc. <br> 2026, Tranche B (1 <br> month Term SOFR + <br> 5.100%) <br>8.760%, 1/28/33<sup>(7)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp;&nbsp; 333 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom -** <br> **Telecommunications—0.1%** | **Media / Telecom -** <br> **Telecommunications—0.1%** |  |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B-11 (3 month <br> Term SOFR + 4.125%) <br>7.797%, 5/1/28<sup>(7)</sup> <br>| $187 | &nbsp;&nbsp;&nbsp; $186 |
| &nbsp;&nbsp;&nbsp; Tranche B-12 (3 month <br> Term SOFR + 5.063%) <br>8.735%, 10/30/28<sup>(7)</sup> <br>| 37 | &nbsp;&nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp;&nbsp; 223 |
| **Media / Telecom - Wireless** <br> **Communications—0.0%** | **Media / Telecom - Wireless** <br> **Communications—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Viasat, Inc. (1 month Term <br> SOFR + 4.614%) <br>8.287%, 3/2/29<sup>(7)</sup> <br>| 156 | &nbsp;&nbsp;&nbsp; 156 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| &nbsp;&nbsp;&nbsp; CNT Holdings I Corp. 2025 <br> (3 month Term SOFR + <br> 2.500%) <br>6.167%, 11/8/32<sup>(7)</sup> <br>| 121 | &nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, <br> Inc. (1 month Term SOFR <br> + 2.250%) <br>5.923%, 6/11/31<sup>(7)</sup> <br>| 78 | &nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness <br> Co., Inc. 2026 (1 month <br> Term SOFR + 4.250%) <br>7.923%, 1/22/31<sup>(7)</sup> <br>| 60 | &nbsp;&nbsp;&nbsp; 58 |
|  |  | &nbsp;&nbsp;&nbsp; 255 |
| **Service—0.4%** | **Service—0.4%** |  |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>5.673%, 8/12/32<sup>(7)</sup> <br>| 85 | &nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC <br> (1 month Term SOFR + <br> 3.250%) <br>6.923%, 8/20/32<sup>(7)</sup> <br>| 199 | &nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.673%, 9/29/31<sup>(7)</sup> <br>| 150 | &nbsp;&nbsp;&nbsp; 149 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Service—continued** | **Service—continued** |  |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.673%, 12/11/28<sup>(7)</sup> <br>| $134 | &nbsp;&nbsp;&nbsp; $127 |
| &nbsp;&nbsp;&nbsp; BIFM U.S. Finance LLC <br> 2025, First Lien (1 month <br> Term SOFR + 3.250%) <br>6.923%, 5/31/28<sup>(7)</sup> <br>| 133 | &nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; DG Investment Intermediate <br> Holdings 2, Inc. (1 month <br> Term SOFR + 3.250%) <br>6.923%, 7/9/32<sup>(7)</sup> <br>| 128 | &nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Fugue Finance B.V. Tranche <br> B (3 month Term SOFR + <br> 2.250%) <br>5.921%, 1/9/32<sup>(7)</sup> <br>| 35 | &nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. <br> (3 month Term SOFR + <br> 2.750%) <br>6.422%, 2/1/29<sup>(7)</sup> <br>| 127 | &nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Kuehg Corp. (3 month Term <br> SOFR + 2.750%) <br>6.422%, 6/12/30<sup>(7)</sup> <br>| 122 | &nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; Lernen Bidco Ltd. Tranche <br> B-3 (6 month Term SOFR <br> + 3.500%) <br>7.195%, 10/27/31<sup>(7)</sup> <br>| 109 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.172%, 11/24/28<sup>(7)</sup> <br>| 224 | &nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Omnia Partners LLC (3 <br> month Term SOFR + <br> 2.750%) <br>6.455%, 12/31/32<sup>(7)</sup> <br>| 74 | &nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Trugreen Ltd. Partnership <br> First Lien (3 month Term <br> SOFR + 4.100%) <br>7.767%, 11/2/27<sup>(7)</sup> <br>| 116 | &nbsp;&nbsp;&nbsp; 114 |
|  |  | &nbsp;&nbsp;&nbsp; 1601 |
| **Transportation - Automotive—0.0%** | **Transportation - Automotive—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. <br> Tranche B-2 (1 month <br> Term SOFR + 2.500%) <br>6.173%, 1/30/31<sup>(7)</sup> <br>| 151 | &nbsp;&nbsp;&nbsp; 150 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—0.1%** | **Utilities—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Hamilton Projects <br> Acquiror LLC (1 month <br> Term SOFR + 2.500%) <br>6.173%, 5/30/31<sup>(7)</sup> <br>| $90 | &nbsp;&nbsp;&nbsp; $90 |
| &nbsp;&nbsp;&nbsp; Potomac Energy Center LLC <br> (1 month Term SOFR + <br> 2.750%) <br>6.417%, 8/5/32<sup>(7)</sup> <br>| 128 | &nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.671%, 1/27/31<sup>(7)</sup> <br>| 114 | &nbsp;&nbsp;&nbsp; 113 |
|  |  | &nbsp;&nbsp;&nbsp; 332 |
| **Total Leveraged Loans** <br>**(Identified Cost $12,849)** | **Total Leveraged Loans** <br>**(Identified Cost $12,849)** | &nbsp;&nbsp;&nbsp; **12174** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.1%** | **Preferred Stock—0.1%** | **Preferred Stock—0.1%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Capital Farm Credit ACA <br> Series 1 144A, <br> 5.000%<sup>(2)(3)</sup> <br>| 310 <br><sup>(14)</sup><br>| &nbsp;&nbsp;&nbsp; 309 |
| **Total Preferred Stock** <br>**(Identified Cost $310)** | **Total Preferred Stock** <br>**(Identified Cost $310)** | &nbsp;&nbsp;&nbsp; **309** |
| **Common Stocks—102.3%** | **Common Stocks—102.3%** | **Common Stocks—102.3%** |
| **Communication Services—1.5%** | **Communication Services—1.5%** |  |
| &nbsp;&nbsp;&nbsp; Altice Luxembourg <br> S.A.<sup>(9)(15)</sup> <br>| 167 | &nbsp;&nbsp;&nbsp; 3 |
| Atento Luxco 1 S.A.<sup>(9)(15)</sup> <br>| 4451 | &nbsp;&nbsp;&nbsp; 82 |
| Cellnex Telecom S.A.<sup>(2)</sup> <br>| 155996 | &nbsp;&nbsp;&nbsp; 5924 |
|  |  | &nbsp;&nbsp;&nbsp; 6009 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC <br> Class B<sup>(9)(15)</sup> <br>| 22362 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC <br> Escrow<sup>(9)(15)</sup> <br>| 368 | &nbsp;&nbsp;&nbsp; — |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer** <br> **Discretionary—continued** | **Consumer** <br> **Discretionary—continued** |  |
| West Marine<sup>(9)(15)</sup> <br>| 475 | &nbsp;&nbsp;&nbsp; $— |
|  |  | &nbsp;&nbsp;&nbsp; 5 |
| **Energy—14.9%** | **Energy—14.9%** |  |
| Cheniere Energy, Inc.<sup>(2)</sup> <br>| 22579 | &nbsp;&nbsp;&nbsp; 5322 |
| DT Midstream, Inc.<sup>(2)</sup> <br>| 22653 | &nbsp;&nbsp;&nbsp; 3145 |
| Enbridge, Inc.<sup>(2)</sup> <br>| 124180 | &nbsp;&nbsp;&nbsp; 6599 |
| Keyera Corp.<sup>(2)</sup> <br>| 84359 | &nbsp;&nbsp;&nbsp; 3220 |
| &nbsp;&nbsp;&nbsp; Keyera Corp. Subscription <br> Receipts<br>| 18486 | &nbsp;&nbsp;&nbsp; 695 |
| Kinder Morgan, Inc.<sup>(2)</sup> <br>| 122160 | &nbsp;&nbsp;&nbsp; 4064 |
| ONEOK, Inc.<sup>(2)</sup> <br>| 45281 | &nbsp;&nbsp;&nbsp; 3748 |
| Targa Resources Corp.<sup>(2)</sup> <br>| 37508 | &nbsp;&nbsp;&nbsp; 8844 |
| TC Energy Corp.<sup>(2)</sup> <br>| 153630 | &nbsp;&nbsp;&nbsp; 9889 |
| Williams Cos., Inc. (The)<sup>(2)</sup> <br>| 192313 | &nbsp;&nbsp;&nbsp; 14370 |
|  |  | &nbsp;&nbsp;&nbsp; 59896 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Endo GUC Trust Class A <br> Escrow<sup>(9)(15)</sup> <br>| 7168 | &nbsp;&nbsp;&nbsp; — |
| Lannett Co., Inc.<sup>(9)(15)</sup> <br>| 3742 | &nbsp;&nbsp;&nbsp; 60 |
| Modivcare<sup>(15)</sup> <br>| 1781 | &nbsp;&nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp;&nbsp; 70 |
| **Industrials—31.1%** | **Industrials—31.1%** |  |
| Aena SME S.A.<sup>(2)</sup> <br>| 854999 | &nbsp;&nbsp;&nbsp; 26944 |
| Aeroports de Paris S.A.<sup>(2)</sup> <br>| 13014 | &nbsp;&nbsp;&nbsp; 1821 |
| &nbsp;&nbsp;&nbsp; Auckland International <br> Airport Ltd.<br>| 1321450 | &nbsp;&nbsp;&nbsp; 7261 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas <br> City Ltd.<br>| 139693 | &nbsp;&nbsp;&nbsp; 12232 |
| CSX Corp.<sup>(2)</sup> <br>| 291794 | &nbsp;&nbsp;&nbsp; 12457 |
| Ferrovial SE | 95062 | &nbsp;&nbsp;&nbsp; 7094 |
| &nbsp;&nbsp;&nbsp; Flughafen Zurich AG <br> Registered Shares<sup>(2)</sup> <br>| 24384 | &nbsp;&nbsp;&nbsp; 8373 |
| GEK TERNA S.A. | 110072 | &nbsp;&nbsp;&nbsp; 4693 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del <br> Centro Norte SAB de C.V. <br> Class B<br>| 214400 | &nbsp;&nbsp;&nbsp; 3276 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del <br> Pacifico SAB de C.V. <br> Class B<br>| 84190 | &nbsp;&nbsp;&nbsp; 2200 |
| Transurban Group | 1022782 | &nbsp;&nbsp;&nbsp; 10437 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Union Pacific Corp. | 80845 | &nbsp;&nbsp;&nbsp; $21422 |
| Vinci S.A. | 39862 | &nbsp;&nbsp;&nbsp; 6629 |
|  |  | &nbsp;&nbsp;&nbsp; 124839 |
| **Real Estate—4.5%** | **Real Estate—4.5%** |  |
| American Tower Corp.<sup>(2)</sup> <br>| 52143 | &nbsp;&nbsp;&nbsp; 10004 |
| Crown Castle, Inc.<sup>(2)</sup> <br>| 88896 | &nbsp;&nbsp;&nbsp; 7960 |
|  |  | &nbsp;&nbsp;&nbsp; 17964 |
| **Utilities—50.3%** | **Utilities—50.3%** |  |
| Alliant Energy Corp.<sup>(2)</sup> <br>| 67965 | &nbsp;&nbsp;&nbsp; 4917 |
| Atmos Energy Corp.<sup>(2)</sup> <br>| 20079 | &nbsp;&nbsp;&nbsp; 3751 |
| CenterPoint Energy, Inc.<sup>(2)</sup> <br>| 130063 | &nbsp;&nbsp;&nbsp; 5658 |
| Dominion Energy, Inc. | 76133 | &nbsp;&nbsp;&nbsp; 4807 |
| DTE Energy Co.<sup>(2)</sup> <br>| 27087 | &nbsp;&nbsp;&nbsp; 4015 |
| Duke Energy Corp.<sup>(2)</sup> <br>| 45854 | &nbsp;&nbsp;&nbsp; 6000 |
| E.ON SE<sup>(2)</sup> <br>| 237109 | &nbsp;&nbsp;&nbsp; 5514 |
| EDP S.A.<sup>(2)</sup> <br>| 1099937 | &nbsp;&nbsp;&nbsp; 5869 |
| Entergy Corp.<sup>(2)</sup> <br>| 75625 | &nbsp;&nbsp;&nbsp; 8100 |
| Evergy, Inc.<sup>(2)</sup> <br>| 90484 | &nbsp;&nbsp;&nbsp; 7570 |
| Iberdrola S.A. | 299455 | &nbsp;&nbsp;&nbsp; 7094 |
| &nbsp;&nbsp;&nbsp; Kansai Electric Power Co., <br> Inc. (The)<br>| 295700 | &nbsp;&nbsp;&nbsp; 5345 |
| National Grid plc | 517815 | &nbsp;&nbsp;&nbsp; 9707 |
| NextEra Energy, Inc. | 226195 | &nbsp;&nbsp;&nbsp; 21210 |
| NiSource, Inc.<sup>(2)</sup> <br>| 178202 | &nbsp;&nbsp;&nbsp; 8429 |
| OGE Energy Corp.<sup>(2)</sup> <br>| 137838 | &nbsp;&nbsp;&nbsp; 6773 |
| Pennon Group plc | 784362 | &nbsp;&nbsp;&nbsp; 6342 |
| PG&E Corp.<sup>(2)</sup> <br>| 464874 | &nbsp;&nbsp;&nbsp; 8833 |
| PPL Corp.<sup>(2)</sup> <br>| 165827 | &nbsp;&nbsp;&nbsp; 6464 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.<sup>(2)</sup> <br>| 43720 | &nbsp;&nbsp;&nbsp; 3763 |
| Sempra <sup>(2)</sup> <br>| 140485 | &nbsp;&nbsp;&nbsp; 13524 |
| Severn Trent plc | 123734 | &nbsp;&nbsp;&nbsp; 5469 |
| Southern Co. (The)<sup>(2)</sup> <br>| 140671 | &nbsp;&nbsp;&nbsp; 13699 |
| Spire, Inc.<sup>(2)</sup> <br>| 45171 | &nbsp;&nbsp;&nbsp; 4138 |
| United Utilities Group plc | 287625 | &nbsp;&nbsp;&nbsp; 5400 |
| &nbsp;&nbsp;&nbsp; Veolia Environnement <br> S.A.<sup>(2)</sup> <br>| 104325 | &nbsp;&nbsp;&nbsp; 4433 |
| WEC Energy Group, Inc.<sup>(2)</sup> <br>| 37895 | &nbsp;&nbsp;&nbsp; 4432 |

---

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Xcel Energy, Inc.<sup>(2)</sup> <br>| 132231 | &nbsp;&nbsp;&nbsp; $11023 |
|  |  | &nbsp;&nbsp;&nbsp; 202279 |
| **Total Common Stocks** <br>**(Identified Cost $334,651)** | **Total Common Stocks** <br>**(Identified Cost $334,651)** | &nbsp;&nbsp;&nbsp; **411062** |
| **Total Long-Term** <br> **Investments—139.0%** <br>**(Identified Cost $481,815)** | **Total Long-Term** <br> **Investments—139.0%** <br>**(Identified Cost $481,815)** | &nbsp;&nbsp;&nbsp; **558634** |
| **TOTAL INVESTMENTS—139.0%** <br>**(Identified Cost $481,815)** | **TOTAL INVESTMENTS—139.0%** <br>**(Identified Cost $481,815)** | &nbsp;&nbsp;&nbsp; **$558634** |
| Other assets and liabilities, <br> net—(39.0)% | Other assets and liabilities, <br> net—(39.0)% | &nbsp;&nbsp;&nbsp; (156877)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;&nbsp; **$401757** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee <br> Corp.<br>|
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is <br> reported in thousands.<br>|
| <sup>(2)</sup> <br>| All or a portion of securities is segregated as <br> collateral for margin loan financing. The value of <br> securities segregated as collateral is $4,403,624.<br>|
| <sup>(3)</sup> <br>| Security exempt from registration under <br> Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt <br> from registration, normally to qualified <br> institutional buyers. At February 28, 2026, these <br> securities amounted to a value of $77,401 or <br> 19.3% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(4)</sup> Security in default; no interest payments are being received. 

<sup>(5)</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>(6)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of February 28, 2026. 

<sup>(7)</sup> Variable rate security. Rate disclosed is as of February 28, 2026. 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>(8)</sup> No contractual maturity date.

<sup>(9)</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>(10)</sup> Amount is less than $500 (not in thousands).

<sup>(11)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(12)</sup> This loan will settle after February 28, 2026, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. 

<sup>(13)</sup> Security in default; interest payments are being received. 

<sup>(14)</sup> Value shown as par value.

<sup>(15)</sup> Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments

------

**VIRTUS Total Return Fund Inc.**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

($ reported in thousands)

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 62<br> %<br>|
| Spain | 7 |
| Canada | 6 |
| United Kingdom | 5 |
| France | 3 |
| Australia | 2 |
| Switzerland | 2 |
| Other | 13 |
| Total | 100<br> %<br>|
| <sup>†</sup>% of total investments as of February 28, 2026. | <sup>†</sup>% of total investments as of February 28, 2026. |

---

The following table summarizes the value of the Fund's investments as of February 28, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>February 28, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp; $5768 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5768 | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp; 23428 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23428 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; 35694 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35694 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; 19076 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19076 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp; 51123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51123 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp; 12174 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12085 | &nbsp;&nbsp;&nbsp; 89 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp; 411062 | &nbsp;&nbsp;&nbsp; 410902 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 150 <br><sup>(2)</sup><br>|
| Total Investments | &nbsp;&nbsp;&nbsp; $558634 | &nbsp;&nbsp;&nbsp; $410902 | &nbsp;&nbsp;&nbsp; $147493 | &nbsp;&nbsp;&nbsp; $239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(2)</sup> Includes internally fair valued securities currently priced at zero ($0).

Security held by the Fund with an end of period value of $124 was transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

Security held by the Fund with an end of period value of $73 was transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

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 February 28, 2026.

See Notes to Schedule of Investments

------

**VIRTUS TOTAL RETURN FUND INC.**

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

**February 28, 2026**

**(Unaudited)**

**Note 1. Security Valuation**

The Fund's Board of Directors 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 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

------

**VIRTUS TOTAL RETURN FUND INC.**

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

**(Unaudited)**

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 and futures, 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, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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 report.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Virtus Total Return Fund Inc.

- **b. Investment Company Act file number:** 811-05620

- **c. CIK number of Registrant:** 0000836412

- **d. LEI of Registrant:** 549300KKRHI4GF7RNQ81

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9683

  - **Telephone number:** 866-270-7788

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

- **a. Name of Series:** Virtus Total Return Fund Inc.

- **c. LEI of Series:** 549300KKRHI4GF7RNQ81

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-27

**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:** $565488464.11

**Total Liabilities:** $163736569.62

**Net Assets:** $401751894.49

**Delayed Delivery Securities:** $334999.25

**Cash Not Reported:** $1586501.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2317.51176100 | **10-Year:** -12391.50019000 | **30-Year:** -23890.20253000

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

- **3-Month:** -0.63284085 | **1-Year:** -12.13348339 | **5-Year:** -5537.87961100 | **10-Year:** -7647.46251600 | **30-Year:** -6563.23059300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -1.44%               | 4.91%                | 10.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10263393.80             | $-18428799.74                              |
| Month 2  | $371427.99               | $16541921.96                               |
| Month 3  | $2746238.22              | $33004311.96                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WESTLAKE AUTOMOBLE RECV 2024-2                                      | WLAKE 2024-2A B                                                                                         | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $363129.59    | 0.09%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 4 02/01/32 144A                                                                                  | CUSIP: 903724CH3<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    162000 | PA      | $125550.00    | 0.03%             | 2032-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                   | CSCHLD 11.75 01/31/29 144A                                                                              | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $178140.80    | 0.04%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                        | BRAZIL 7.25 01/12/56                                                                                    | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    217000 | PA      | $220472.00    | 0.05%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA                                   | PETRPE 4.75 06/19/32 REGS                                                                               | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     70000 | PA      | $51429.00     | 0.01%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Trinidad And Tobago (Republic Of)                                   | TRITOB 6.4 06/26/34 144A                                                                                | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     40000 | PA      | $40600.00     | 0.01%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PT Pertamina (Persero)                                              | PERTIJ 2.3 02/09/31 144A                                                                                | CUSIP: 69370PAL5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    379000 | PA      | $340069.50    | 0.08%             | 2031-02-09      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| PALISADES MORTGAGE LOAN TRUST                                       | PALI 2021-RTL1 A1                                                                                       | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25977 | PA      | $25976.72     | 0.01%             | 2026-06-25      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 5.85 07/02/32                                                                                       | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    150000 | PA      | $156000.00    | 0.04%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust 2019-1                                 | MST 2017-1A M1                                                                                          | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240900 | PA      | $224428.27    | 0.06%             | 2055-04-25      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                                 | AZORRA 7.25 01/15/31 144A                                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    145000 | PA      | $151335.43    | 0.04%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                           | XYZ 6 08/15/33 144A                                                                                     | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50809.30     | 0.01%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 5.375 03/22/33                                                                                      | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     79000 | PA      | $79284.40     | 0.02%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                                        | ANGINC V7 12/01/55                                                                                      | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     57000 | PA      | $56520.68     | 0.01%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2019-Inv3                                | VERUS 2023-8 A1                                                                                         | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-O            | CORP              | US        |    164859 | PA      | $166248.71    | 0.04%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | TPMT 2019-4 A2                                                                                          | CUSIP: 89178BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    445000 | PA      | $417746.42    | 0.10%             | 2059-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                        | UAL 4.875 03/01/29                                                                                      | CUSIP: 910047AM1<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40288.53     | 0.01%             | 2029-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Transurban Group                                                    | Transurban Group STAPLED UNITS NPV                                                                      | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   1022782 | NS      | $10437552.70  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinidad And Tobago (Republic Of)                                   | TRITOB 5.95 01/14/31 144A                                                                               | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     65000 | PA      | $66534.65     | 0.02%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finance Ltd.                                         | ARDGRP 8.875 02/15/32 144A                                                                              | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |      5000 | PA      | $4934.85      | 0.00%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                                 | AZORRA 6.25 02/15/34 144A                                                                               | CUSIP: 05480AAC9<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |     55000 | PA      | $54084.43     | 0.01%             | 2034-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                           | CRBG V6.375 09/15/54                                                                                    | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    321000 | PA      | $321095.66    | 0.08%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                            | COSTAR 7.3 11/13/54 144A                                                                                | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    107000 | PA      | $122225.09    | 0.03%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                    | NRG 7 03/15/33 144A                                                                                     | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    223000 | PA      | $248166.36    | 0.06%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2023-1                                   | LADAR 2023-1A D                                                                                         | CUSIP: 505710AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $556044.56    | 0.14%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| NMEF FUNDING 2026-A LLC                                             | NMEF 2026-A C                                                                                           | CUSIP: 62919FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $372480.07    | 0.09%             | 2034-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                | ANGOL 8.75 04/14/32 144A                                                                                | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     96000 | PA      | $94181.48     | 0.02%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                        | ENOIGA 5.875 03/30/31                                                                                   | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     44000 | PA      | $42322.72     | 0.01%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-B38 MORTGAGE TRUST                                   | BMARK 2023-B38 A2                                                                                       | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $214412.56    | 0.05%             | 2056-04-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                             | KGS 6.75 10/01/35 144A                                                                                  | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99264.76     | 0.02%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PEGASUS BIDCO BV                                                    | PEGASUS BIDCO BV                                                                                        | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |     65000 | PA      | $64891.45     | 0.02%             | 2029-07-12      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                                     | STAR PARENT INC                                                                                         | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |     69240 | PA      | $66941.02     | 0.02%             | 2030-09-30      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                  | HBAN V5.709 02/02/35                                                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    275000 | PA      | $289676.56    | 0.07%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                                  | NextEra Energy Inc COM                                                                                  | CUSIP: 65339F101<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EC               | CORP              | US        |    226195 | NS      | $21210305.15  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WEEKLEY HOMES LLC                                                   | WEEKHM 4.875 09/15/28 144A                                                                              | CUSIP: 948565AD8<br>LEI: 5493009MTTQO8ZN53F13 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212212.74    | 0.05%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WOODWARD CAPITAL MANAGEMENT                                         | RCKT 2024-CES1 A1A                                                                                      | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145838 | PA      | $146993.09    | 0.04%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                   | NWG V6.475 06/01/34                                                                                     | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $274523.40    | 0.07%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Garda World Security                                                | Garda World Security Term Loan B 275 2029-02-01                                                         | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    126723 | PA      | $126327.36    | 0.03%             | 2029-02-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| ALA TRUST 2025-OANA                                                 | ALA 2025-OANA A                                                                                         | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    435000 | PA      | $437182.40    | 0.11%             | 2040-06-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                        | T 4.75 05/15/55                                                                                         | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1120000 | PA      | $1139818.75   | 0.28%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                        | BRAZIL 6.625 03/15/35                                                                                   | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    195000 | PA      | $204750.00    | 0.05%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MTG TR 2022-1                                 | DRMT 2022-1 A1                                                                                          | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197082 | PA      | $186789.92    | 0.05%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust 2024-1                                   | FCAT 2024-1 D                                                                                           | CUSIP: 33843VAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $247471.80    | 0.06%             | 2030-04-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| LERNEN US FINCO LLC                                                 | LERNEN US FINCO LLC                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    108632 | PA      | $108405.91    | 0.03%             | 2031-10-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC              | FTAI 7 06/15/32 144A                                                                                    | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    255000 | PA      | $267674.27    | 0.07%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ConnectWise                                                         | ConnectWise Term Loan B 350 2028-09-07                                                                  | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    173607 | PA      | $155377.84    | 0.04%             | 2028-09-29      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                  | BANORT V8.375 PERP 144a                                                                                 | CUSIP: 05971PAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     67000 | PA      | $71448.80     | 0.02%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                                                 | Mesquite Energy Inc. 7.25% SNR SEC PERP NTS USD (144A)                                                  | CUSIP: 799ESCAK4<br>LEI: 549300SB0HTIM17TVR61 | Long             | DBT              | CORP              | US        |    105000 | PA      | $10.50        | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| Block Inc                                                           | XYZ 6.5 05/15/32                                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169745.24    | 0.04%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-RPL4                                                      | CSMC 2020-RPL4 A1                                                                                       | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    211062 | PA      | $193858.04    | 0.05%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                 | KENINT 9.5 03/05/36 144A                                                                                | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    119000 | PA      | $125039.25    | 0.03%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Trinidad And Tobago (Republic Of)                                   | TRITOB 6.5 01/28/36 144A                                                                                | CUSIP: 896292AN9<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    181000 | PA      | $183126.75    | 0.05%             | 2036-01-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                                                 | CZGB 1.75 06/23/32 138                                                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |  20590000 | PA      | $883886.51    | 0.22%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                         | COF V2.359 07/29/32                                                                                     | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    190000 | PA      | $167424.80    | 0.04%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Applied Systems                                                     | Applied Systems Second-lien Term Loan 450 2031-02-01                                                    | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     20000 | PA      | $19675.00     | 0.00%             | 2032-02-23      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                 | NEE V6.5 08/15/55 .                                                                                     | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    215000 | PA      | $227927.09    | 0.06%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Global Medical Response (fka Air Medical Group)                     | Global Medical Response (fka Air Medical Group) Term Loan B 350 2032-08-31                              | CUSIP: 37956SAB0<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |    124685 | PA      | $124589.32    | 0.03%             | 2032-09-20      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| ION Platform                                                        | ION Platform Term Loan B 375 2032-09-16                                                                 | CUSIP: 46206RAC9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | LON              | CORP              | US        |    110000 | PA      | $90028.40     | 0.02%             | 2032-09-30      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                       | NGERIA 7.375 09/28/33 144A                                                                              | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    188000 | PA      | $190632.00    | 0.05%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Karman Holdings                                                     | Karman Holdings Term Loan B (Add-on) 275 2032-04-01                                                     | CUSIP: 48571CAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25000 | PA      | $25031.25     | 0.01%             | 2032-04-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                             | BPCEGP V7.003 10/19/34 144A                                                                             | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $280961.75    | 0.07%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                  | SNLN 5.4 03/20/34                                                                                       | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $270719.71    | 0.07%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                        | BACR V7.437 11/02/33                                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    234000 | PA      | $268576.32    | 0.07%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                          | OXY 6.2 03/15/40                                                                                        | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    255000 | PA      | $265779.36    | 0.07%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH INC                                         | LifePoint Health Term Loan B 375 2031-05-01                                                             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    123468 | PA      | $123502.87    | 0.03%             | 2031-05-19      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                              | EDP SA EUR1(REGD)                                                                                       | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |   1099937 | NS      | $5869379.99   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerpoint Energy Inc                                              | Centerpoint Energy Inc COM                                                                              | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    130063 | NS      | $5657740.50   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                                          | AMNPHA 6.875 08/01/32 144A                                                                              | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10513.29     | 0.00%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                 | KENINT 7.875 10/09/33 144A                                                                              | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     87000 | PA      | $86673.75     | 0.02%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Pakistan (Islamic Republic of)                                      | PKSTAN 7.375 04/08/31 144A                                                                              | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    132000 | PA      | $130350.00    | 0.03%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                | ANGOL 9.244 01/15/31 144A                                                                               | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     43000 | PA      | $43646.74     | 0.01%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| Galton Fd Mtg Tr 2018-1                                             | GFMT 2018-1 A23                                                                                         | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10618 | PA      | $9936.82      | 0.00%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                 | CHILE 5.33 01/05/54                                                                                     | CUSIP: 168863EA2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     47000 | PA      | $46753.25     | 0.01%             | 2054-01-05      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                            | NGL 8.125 02/15/29 144A                                                                                 | CUSIP: 62922LAC2<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57000.24     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                           | SOBOCN 5.584 10/01/34                                                                                   | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162971.58    | 0.04%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                       | MPEL 5.375 12/04/29 144A                                                                                | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    110000 | PA      | $108718.94    | 0.03%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance Us Inc                                           | STLA 6.45 03/18/35 144A                                                                                 | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    255000 | PA      | $263575.81    | 0.07%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                        | SRILAN 3.6 06/15/35 144A                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    365000 | PA      | $298205.00    | 0.07%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                           | AES V7.6 01/15/55                                                                                       | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175900.03    | 0.04%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Atlas Warehouse Lending Co. LP                                      | ATWALD 5.25 01/15/33                                                                                    | CUSIP: 049463AH5<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298177.08    | 0.07%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kingdom Of Bahrain Acting Through Ministry Of Finance (The)         | BHRAIN 7.1 02/03/38 144A                                                                                | CUSIP: 056909AB0<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | CORP              | BH        |    326000 | PA      | $327304.00    | 0.08%             | 2038-02-03      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                       | OMF 7.125 11/15/31                                                                                      | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    210000 | PA      | $214667.88    | 0.05%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                       | RIG 7.875 10/15/32 144A                                                                                 | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     10000 | PA      | $10737.14     | 0.00%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                            | NGL 8.375 02/15/32 144A                                                                                 | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    240000 | PA      | $251736.48    | 0.06%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 ISSUER TRUST                                         | UPXHI 2025-1 A                                                                                          | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302126 | PA      | $304578.46    | 0.08%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                        | MEXPCP 5.5 08/17/30 144A                                                                                | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |    133000 | PA      | $135660.00    | 0.03%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                 | KENINT 8.7 02/26/39 144A                                                                                | CUSIP: 491798AS3<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    120000 | PA      | $117130.70    | 0.03%             | 2039-02-26      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                      | MS V6.342 10/18/33                                                                                      | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    202000 | PA      | $222317.60    | 0.06%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                            | MRP 6.25 09/15/32 144A                                                                                  | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $126567.88    | 0.03%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                        | SWK V6.707 03/15/60                                                                                     | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210883.26    | 0.05%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                          | ADSEZ 4.375 07/03/29 144A                                                                               | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    120000 | PA      | $117562.80    | 0.03%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CARMAX SELECT RECIEVABLES TRUST 2025-B                              | CMXS 2025-B C                                                                                           | CUSIP: 14320BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $387278.60    | 0.10%             | 2031-06-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                           | PDVSA 9 11/17/21 REGS                                                                                   | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |   1257000 | PA      | $468861.00    | 0.12%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 4.5 02/01/36 REGS                                                                                | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      6971 | PA      | $4182.40      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                            | EDF 6.9 05/23/53 144A                                                                                   | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    206000 | PA      | $230835.64    | 0.06%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                                      | VCAT 2026-NPL2 LLC                                                                                      | CUSIP: 921968AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $299999.73    | 0.07%             | 2056-02-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                    | CYH 4.75 02/15/31 144A                                                                                  | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    285000 | PA      | $261485.01    | 0.07%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                 | Dominion Energy Inc COM                                                                                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     76133 | NS      | $4807037.62   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gainwell Technologies (fka Milano Acqusition/DXC State & Local HHS) | Gainwell Technologies (fka Milano Acqusition/DXC State & Local HHS) First-lien Term Loan 400 2027-08-03 | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    133625 | PA      | $126442.72    | 0.03%             | 2027-10-01      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| OASIS SECURITISATION 24-1A                                          | OASIS 2024-1A A                                                                                         | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $350262.33    | 0.09%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                              | LVIATH 6.75 06/30/30                                                                                    | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     54000 | PA      | $55647.00     | 0.01%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings Inc                                    | COOP 5.75 11/15/31 144A                                                                                 | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $226968.74    | 0.06%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 6 05/07/36                                                                                          | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     72000 | PA      | $73890.00     | 0.02%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                                            | MGS 2.632 04/15/31 0220                                                                                 | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   3630000 | PA      | $902196.34    | 0.22%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| VEROS AUTO RECE TR 2024-1                                           | VEROS 2024-1 C                                                                                          | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $308799.81    | 0.08%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Constellation Oil Services Holding SA                               | COSHSA 9.375 11/07/29 144A                                                                              | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     65000 | PA      | $67782.00     | 0.02%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                  | IRM 6.25 01/15/33 144A                                                                                  | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183925.44    | 0.05%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                             | INDON 5.6 01/15/35                                                                                      | CUSIP: 455780EA0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    130000 | PA      | $137088.25    | 0.03%             | 2035-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants, Inc.                                               | HNGRY 2024-1A A2                                                                                        | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    451950 | PA      | $468453.00    | 0.12%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                                                 | OMAN 6.25 01/25/31 144A                                                                                 | CUSIP: 68205LAS2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    197000 | PA      | $211381.00    | 0.05%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                | POLAND 4.875 10/04/33 10Y                                                                               | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    153000 | PA      | $156866.31    | 0.04%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Global Infrastructure Solutions Inc.                                | GOINSO 7.5 04/15/32 144A                                                                                | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    215000 | PA      | $227011.59    | 0.06%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                               | FN FS7751                                                                                               | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1283438 | PA      | $1250050.84   | 0.31%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westlake Corporation                                                | WLK 5.55 11/15/35                                                                                       | CUSIP: 960413BB7<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228488.37    | 0.06%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Senegal (Republic of)                                               | SENEGL 6.25 05/23/33 144A                                                                               | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     91000 | PA      | $56141.54     | 0.01%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COGECO COMMUNICATIONS (USA) LP                                      | COGECO COMMUNICATIONS USA II LP                                                                         | CUSIP: 19239BAD0<br>LEI: 549300SM780G0XC48K12 | Long             | LON              | CORP              | US        |     97084 | PA      | $89753.80     | 0.02%             | 2030-09-30      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                       | Enbridge Inc. COM                                                                                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    124180 | NS      | $6598925.20   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust 2014 1                          | NRZT 2014-1A A                                                                                          | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24012 | PA      | $23678.91     | 0.01%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MTG SEC 2020-4                                          | WFMBS 2020-4 A1                                                                                         | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101859 | PA      | $91470.39     | 0.02%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ESC NMG Parent LLC                                                  | ESC NMG Parent LLC                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       368 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Evergy Inc                                                          | Evergy Inc COM                                                                                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     90484 | NS      | $7569891.44   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominican Republic                                                  | DOMREP 4.875 09/23/32 144A                                                                              | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     57000 | PA      | $54720.00     | 0.01%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust 2019-1                                 | MST 2019-1A A1A                                                                                         | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18848 | PA      | $18675.07     | 0.00%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                    | BMCAUS 5.875 03/15/34 144A                                                                              | CUSIP: 853192AA0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124695.31    | 0.03%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Pennon Group PLC                                                    | Pennon Group PLC ORD GBP0.6105                                                                          | CUSIP: 000000000<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    784362 | NS      | $6342272.70   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GeoPark Ltd.                                                        | GEOPAR 8.75 01/31/30 144A                                                                               | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     67000 | PA      | $63636.60     | 0.02%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Under Armour, Inc.                                                  | UA 7.25 07/15/30 144A                                                                                   | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129105.25    | 0.03%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                        | BRAZIL 6 10/20/33                                                                                       | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    316000 | PA      | $323031.00    | 0.08%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 0 02/01/34 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     28458 | PA      | $13944.30     | 0.00%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Databank Issuer LLC / Databank Co-Issuer LLC                        | COLO 2026-1A A2                                                                                         | CUSIP: 23802WAQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304967.06    | 0.08%             | 2056-02-25      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Dechra                                                              | Dechra Term Loan B 275 2032-01-01                                                                       | CUSIP: 24343EAC9<br>LEI: 213800J4UVB5OWG8VX82 | Long             | LON              | CORP              | US        |     79400 | PA      | $79317.42     | 0.02%             | 2032-01-27      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                 | Entergy Corporation COM                                                                                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     75625 | NS      | $8100193.75   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile (Republic Of)                                                 | CHILE 4.95 01/05/36                                                                                     | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    162000 | PA      | $165888.00    | 0.04%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LSF12 CROWN US COMMERCIAL BIDCO LLC                                 | LSF12 CROWN US COMMERCIA                                                                                | CUSIP: 50221UAE1<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    131156 | PA      | $131024.83    | 0.03%             | 2031-12-01      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Keyera Corp.                                                        | Keyera Corp. COM NPV                                                                                    | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     84359 | NS      | $3219625.04   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fs Luxembourg SARL                                                  | FSBIOE 8.625 06/25/33 144A                                                                              | CUSIP: 30315XAD6<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     72000 | PA      | $71290.80     | 0.02%             | 2033-06-25      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Suriname (Republic of)                                              | SURINM 8.5 11/06/35 144A                                                                                | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    111000 | PA      | $118548.00    | 0.03%             | 2035-11-06      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                                    | Severn Trent PLC ORD GBP0.9789                                                                          | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    123734 | NS      | $5469404.10   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                                 | Cheniere Energy Inc COM NEW                                                                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     22579 | NS      | $5322547.67   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LANNETT CO INC                                                      | LANNETT CO INC                                                                                          | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |     17358 | PA      | $13572.29     | 0.00%             | 2030-06-16      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| Blue Owl Finance Llc                                                | OWL 3.125 06/10/31                                                                                      | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222213.32    | 0.06%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                                           | ELSALV 7.65 06/15/35 REGS                                                                               | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    273000 | PA      | $281736.00    | 0.07%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| UKG                                                                 | UKG Term Loan B 350 2031-01-20                                                                          | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    114193 | PA      | $107855.45    | 0.03%             | 2031-02-10      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                 | ETR V7.125 12/01/54                                                                                     | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    290000 | PA      | $303399.45    | 0.08%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 0 02/01/30 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      7615 | PA      | $4889.12      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MODIVCARE BUYER LLC                                                 | MODIVCARE BUYER LLC                                                                                     | CUSIP: 000000000<br>LEI: 254900MKEPTFAS1J2168 | Long             | LON              | CORP              | US        |      9183 | PA      | $8448.35      | 0.00%             | 2030-12-29      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust 2019-A                                           | AQFIT 2019-A C                                                                                          | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271632 | PA      | $267800.71    | 0.07%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                        | PEMEX 6.95 01/28/60                                                                                     | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    228000 | PA      | $187697.58    | 0.05%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ARGENT FINCO LLC                                                    | ARGENT FINCO LLC                                                                                        | CUSIP: 000000000<br>LEI: 25490056WY4KUA3JI752 | Long             | LON              | CORP              | US        |     30000 | PA      | $30093.90     | 0.01%             | 2032-11-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                        | PEMEX 5.95 01/28/31                                                                                     | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     47000 | PA      | $46013.00     | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                              | CMS V4.75 06/01/50                                                                                      | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    366000 | PA      | $362069.89    | 0.09%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                        | BRAZIL 6.25 03/18/31                                                                                    | CUSIP: 105756CG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     45000 | PA      | $47648.25     | 0.01%             | 2031-03-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                   | HRI 6 03/15/34 144A                                                                                     | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15080.00     | 0.00%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| USQ RAIL III LLC/ LLP                                               | STEAM 2024-1A A                                                                                         | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    344261 | PA      | $343138.07    | 0.09%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                                               | REPHUN 5.5 06/16/34 144A                                                                                | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     32000 | PA      | $32800.00     | 0.01%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                                                        | ACRISU 6 08/01/29 144A                                                                                  | CUSIP: 00489LAH6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    210000 | PA      | $195995.10    | 0.05%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                             | VENLNG V9 PERP 144a                                                                                     | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87457.60     | 0.02%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                | AHTLN 5.5 08/11/32 144A                                                                                 | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261965.86    | 0.07%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MBONO 8.5 05/31/29 M                                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   9050000 | PA      | $538841.69    | 0.13%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                       | OMF 6.125 05/15/30                                                                                      | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35104.41     | 0.01%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide                                                   | Grifols Worldwide Term Loan B 200 2027-10-26                                                            | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130000 | PA      | $129763.40    | 0.03%             | 2027-11-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                             | INDON 4.95 02/21/36                                                                                     | CUSIP: 455780EF9<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    105000 | PA      | $104517.53    | 0.03%             | 2036-02-21      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LENDMARK FUNDING TRUST 2025-3                                       | LFT 2025-3A A                                                                                           | CUSIP: 525951AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $226649.81    | 0.06%             | 2035-05-21      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                        | PEMEX 6.84 01/23/30                                                                                     | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    221000 | PA      | $226525.00    | 0.06%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                                                 | APPLIED SYSTEMS INC                                                                                     | CUSIP: 000000000<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    129150 | PA      | $126387.48    | 0.03%             | 2031-02-24      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S                                                          | GMABDC 7.25 12/15/33 144A                                                                               | CUSIP: 37230JAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |     15000 | PA      | $15917.04     | 0.00%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                              | COLOM 6.125 01/21/31                                                                                    | CUSIP: 195325EU5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    105000 | PA      | $104753.25    | 0.03%             | 2031-01-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Guatemala (Republic of)                                             | GUATEM 6.25 08/15/36 REGS                                                                               | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    112000 | PA      | $118685.00    | 0.03%             | 2036-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                                   | National Grid PLC ORD GBP0.12431289                                                                     | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    517815 | NS      | $9706862.38   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                      | TCBI V4 05/06/31                                                                                        | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    495000 | PA      | $492343.50    | 0.12%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dentsply Sirona Inc                                                 | XRAY 3.25 06/01/30                                                                                      | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    308000 | PA      | $288918.02    | 0.07%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                  | CIFR 7.125 11/15/30 144A                                                                                | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15635.16     | 0.00%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ENSEMBLE RCM LLC                                                    | ENSEMBLE RCM LLC                                                                                        | CUSIP: 000000000<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     80000 | PA      | $76866.40     | 0.02%             | 2033-02-09      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                               | Targa Resources Corp. COM                                                                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     37508 | NS      | $8844386.40   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2026-NQM3                       | NRZT 2026-NQM3 A1                                                                                       | CUSIP: 64832PAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $270569.41    | 0.07%             | 2066-02-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                                       | WHTCAP 7.375 11/15/30 144A                                                                              | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55843.54     | 0.01%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                 | CHILE 3.25 09/21/71                                                                                     | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     88000 | PA      | $56786.40     | 0.01%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                                     | Iberdrola, S.A. EUR0.75                                                                                 | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    299455 | NS      | $7094412.36   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                 | CLYDESDALE ACQUISITION                                                                                  | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    120000 | PA      | $118922.40    | 0.03%             | 2029-04-13      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Synergy Infrastructure Holdings LLC                                 | SYNRGY 7.875 12/01/30 144a                                                                              | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31250.31     | 0.01%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                                     | CSX Corporation COM                                                                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    291794 | NS      | $12456685.86  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Finastra (fka Misys plc)                                            | Finastra (fka Misys plc) First-lien Term Loan 400 2032-07-19                                            | CUSIP: 31772YAD8<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |     75000 | PA      | $68625.00     | 0.02%             | 2032-09-15      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                         | COF V6.377 06/08/34                                                                                     | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $157199.53    | 0.04%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ashton Woods (USA) LLC/Ashton Woods Finance Co.                     | ASHWOO 4.625 04/01/30 144A                                                                              | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $119401.14    | 0.03%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.                     | SOBOCN V7.5 03/01/55                                                                                    | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    285000 | PA      | $302509.83    | 0.08%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Acrisure                                                            | Acrisure Term Loan B 300 2030-11-01                                                                     | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    113281 | PA      | $109514.87    | 0.03%             | 2030-11-01      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                | PANAMA 6.7 01/26/36                                                                                     | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     54000 | PA      | $58766.58     | 0.01%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| AQUA FINANCE ISSUERTRUST 2025-A                                     | AQFIT 2025-A A                                                                                          | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230550 | PA      | $236046.97    | 0.06%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                       | OMF 6.75 09/15/33                                                                                       | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34737.95     | 0.01%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CPM Holdings                                                        | CPM Holdings Term Loan B 450 2028-09-13                                                                 | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |    126532 | PA      | $123941.56    | 0.03%             | 2028-09-28      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                            | WCC 5.5 04/15/34 144A                                                                                   | CUSIP: 95081QAU8<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80620.80     | 0.02%             | 2034-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                | POLAND 5.5 04/04/53 30Y                                                                                 | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     35000 | PA      | $34213.55     | 0.01%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bulgaria (Republic Of)                                              | BGARIA 5 03/05/37 13Y                                                                                   | CUSIP: 000000000<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |    120000 | PA      | $120874.85    | 0.03%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LSB Industries Inc                                                  | LXU 6.25 10/15/28 144A                                                                                  | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    240000 | PA      | $241256.16    | 0.06%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 6.4 05/07/54                                                                                        | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     76000 | PA      | $74282.40     | 0.02%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                    | CYH 5.25 05/15/30 144A                                                                                  | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115299.86    | 0.03%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                     | GPOR 6.75 09/01/29 144A                                                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103556.30    | 0.03%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust 2019-D                                     | AJAXM 2019-D A1                                                                                         | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139108 | PA      | $135846.45    | 0.03%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                                               | PETMK 3.5 04/21/30 144A                                                                                 | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    110000 | PA      | $107938.60    | 0.03%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TOWD PT MTG TR 2019-2                                               | TPMT 2019-2 A2                                                                                          | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    515000 | PA      | $481381.78    | 0.12%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                        | T 4.625 02/15/55                                                                                        | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3440000 | PA      | $3430728.13   | 0.85%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                          | AER V6.5 01/31/56                                                                                       | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    145000 | PA      | $150318.75    | 0.04%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SL0019                                                                                               | CUSIP: 31427MAV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2098122 | PA      | $2133428.65   | 0.53%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                                        | Cotiviti Inc Term Loan B 325 2031-02-12                                                                 | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     67324 | PA      | $59518.14     | 0.01%             | 2031-05-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                             | BAH 5.95 08/04/33                                                                                       | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    135000 | PA      | $138490.11    | 0.03%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EAGLE BROADBAND INVESTMENTS LLC                                     | Eagle Broadband Investments LLC                                                                         | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    298429 | PA      | $281568.06    | 0.07%             | 2027-11-12      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                        | Public Service Enterprise Group Incorporated COM                                                        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     43720 | NS      | $3762980.40   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GENMAB A/S                                                          | GMABDC 6.25 12/15/32 144A                                                                               | CUSIP: 37230JAA0<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |     10000 | PA      | $10378.23     | 0.00%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                                     | TCELLT 7.65 01/24/32 144A                                                                               | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     80000 | PA      | $85375.20     | 0.02%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Capital Farm Credit ACA                                             | CFCFCS V5 PERP 1                                                                                        | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    310000 | PA      | $309070.01    | 0.08%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ghana (Republic of)                                                 | GHANA 5 07/03/35 REGS                                                                                   | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    250000 | PA      | $226203.13    | 0.06%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                            | BROPAR 5.875 04/15/29 144A                                                                              | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    285000 | PA      | $276021.61    | 0.07%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corporation                                          | Alliant Energy Corporation COM                                                                          | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     67965 | NS      | $4916588.10   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                      | C V6.174 05/25/34                                                                                       | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    212000 | PA      | $226317.05    | 0.06%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Global Education Holdings                               | McGraw-Hill Global Education Holdings Term Loan B 275 2031-08-01                                        | CUSIP: 58063DAG8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |     73103 | PA      | $72862.99     | 0.02%             | 2031-08-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 3.5 02/12/34                                                                                        | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    309000 | PA      | $270529.50    | 0.07%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Flughafen Zurich AG                                                 | Flughafen Zurich AG CHF10(REGD) POST SPLIT                                                              | CUSIP: 000000000<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     24384 | NS      | $8372733.30   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| New Home Company Inc                                                | NWHM 8.5 11/01/30 144A                                                                                  | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20826.36     | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DBR Land Holdings LLC                                               | LB 6.25 12/01/30 144A                                                                                   | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $87669.00     | 0.02%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                  | PERU 5.375 02/08/35                                                                                     | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    145000 | PA      | $149712.50    | 0.04%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                     | MYT Holding LLC                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22362 | NS      | $5031.45      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| IRV TRUST 2025-200P                                                 | IRV 2025-200P B                                                                                         | CUSIP: 45006HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $133458.44    | 0.03%             | 2047-03-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                | PANAMA 3.875 03/17/28                                                                                   | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     85000 | PA      | $84335.94     | 0.02%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Applebees's Funding LLC / IHOP Funding LLC                          | DIN 2023-1A A2                                                                                          | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347000 | PA      | $351605.45    | 0.09%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                        | UBS V4.988 08/05/33 144A                                                                                | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    114000 | PA      | $116258.07    | 0.03%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS INC                                                 | DELMFD L 08/02/28 4                                                                                     | CUSIP: 24521WAD1<br>LEI: 549300U9K7TD84Q24R17 | Long             | LON              | CORP              | US        |    189083 | PA      | $1890.83      | 0.00%             | 2028-08-01      | Floating      | 7.25%                 | No            |                  3 | On Loan: No      |
| PNC Financial Services Group Inc.                                   | PNC V5.575 01/29/36                                                                                     | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    195000 | PA      | $205231.62    | 0.05%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline                                                   | Blackfin Pipeline Term Loan B 300 2032-09-21                                                            | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |    139650 | PA      | $140216.98    | 0.03%             | 2032-09-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| TruGreen                                                            | TruGreen First-lien Term Loan 400 2027-10-18                                                            | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    115606 | PA      | $113534.23    | 0.03%             | 2027-11-02      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| BROWN GROUP HOLDING LLC                                             | BROWN GROUP HOLDING LLC                                                                                 | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     35000 | PA      | $35050.40     | 0.01%             | 2031-07-01      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                        | UZBEK 6.9 02/28/32 144A                                                                                 | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    152000 | PA      | $164464.00    | 0.04%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| New Home Company Inc                                                | NWHM 9.25 10/01/29 144A                                                                                 | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    165000 | PA      | $173772.06    | 0.04%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                  | NWL 6.625 09/15/29                                                                                      | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    205000 | PA      | $208194.52    | 0.05%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Limak Yenilenebilir Enerji AS                                       | LIMYEN 9.625 08/12/30 144A                                                                              | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |     55000 | PA      | $55292.05     | 0.01%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                | AIMEGR 7.375 10/01/32 144A                                                                              | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    115000 | PA      | $120391.20    | 0.03%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                       | NGERIA 9.625 06/09/31 144A                                                                              | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     73000 | PA      | $82512.63     | 0.02%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                           | Spire Inc COM                                                                                           | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     45171 | NS      | $4138115.31   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NAB HOLDINGS LLC                                                    | North American Bancard Term Loan B 250 2028-11-01                                                       | CUSIP: 66345FAB7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |    223869 | PA      | $206759.01    | 0.05%             | 2028-11-24      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                  | PERU 5.875 08/08/54                                                                                     | CUSIP: 715638EC2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    179000 | PA      | $180745.25    | 0.04%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                          | BA 5.93 05/01/60                                                                                        | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    262000 | PA      | $262764.82    | 0.07%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL & GAS OPERATING LLC                                    | MGY 6.875 12/01/32 144A                                                                                 | CUSIP: 559665AB0<br>LEI: 984500CG376B0B99F016 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209051.60    | 0.05%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                                   | DINO 6.25 01/15/35                                                                                      | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    205000 | PA      | $215833.15    | 0.05%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Helix Energy Solutions Group, Inc.                                  | HLX 9.75 03/01/29 144A                                                                                  | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $288698.58    | 0.07%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                           | SUN 5.875 03/15/34 144A                                                                                 | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60239.64     | 0.01%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GROUP US LLC                                  | MOTION FINCO SARL                                                                                       | CUSIP: 000000000<br>LEI: 549300TQHWZQPJXTPK60 | Long             | LON              | CORP              | US        |    132111 | PA      | $111105.60    | 0.03%             | 2029-11-30      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                           | EOFP 6.75 09/15/33 144A                                                                                 | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    175000 | PA      | $180239.61    | 0.04%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                              | COLOM 7.375 04/25/30                                                                                    | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     62000 | PA      | $65124.80     | 0.02%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Park River Holdings Inc                                             | PRIMBP 8 03/15/31 144A                                                                                  | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30192.39     | 0.01%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Limited                                          | ESKOM 8.45 08/10/28 144A                                                                                | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    101000 | PA      | $108291.19    | 0.03%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                                   | Canadian Pacific Kansas City Ltd. COM                                                                   | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    139693 | NS      | $12231906.40  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA TRUST 2022-INV2                                                 | MFRA 2022-INV2 A1                                                                                       | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    501242 | PA      | $500283.35    | 0.12%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                    | PG&E Corporation COM                                                                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    464874 | NS      | $8832606.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BP Capital Markets PLC                                              | BPLN V4.875 PERP                                                                                        | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    167000 | PA      | $166445.93    | 0.04%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRAVERSE MIDSTREAM PARTN                                            | TRAVERSE MIDSTREAM PARTN                                                                                | CUSIP: 000000000<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    125207 | PA      | $125481.27    | 0.03%             | 2028-02-16      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated                          | RGA V6.65 09/15/55                                                                                      | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269158.76    | 0.07%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| TROPEA HOLDING SA                                                   | TROP 2024-1A A2                                                                                         | CUSIP: 898912AA8<br>LEI: 21380072ODEONQKNZ348 | Long             | ABS-O            | CORP              | GR        |    365375 | PA      | $375970.29    | 0.09%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| CIM TRUST 2022-R2                                                   | CIM 2022-R2 A1                                                                                          | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315523 | PA      | $304980.61    | 0.08%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust 2018-A                                   | BXGNT 2020-A B                                                                                          | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101857 | PA      | $99634.39     | 0.02%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                     | SBGI 8.125 02/15/33 144A                                                                                | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    160000 | PA      | $166600.00    | 0.04%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                               | URUGUA 4.975 04/20/55                                                                                   | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    243000 | PA      | $225261.00    | 0.06%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Ineos Group                                                         | Ineos Group Term Loan B 325 2030-02-01                                                                  | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    158988 | PA      | $133152.62    | 0.03%             | 2030-02-19      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                                             | VENZ 8.25 10/13/24                                                                                      | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     85000 | PA      | $33107.50     | 0.01%             | 2024-10-13      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Aena SME S.A.                                                       | Aena SME S.A. EUR10                                                                                     | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    854999 | NS      | $26943816.05  | 6.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                         | TRACTC 5.875 03/01/31 144A                                                                              | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20089.60     | 0.01%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                     | COOPR 2025-CES3 A1A                                                                                     | CUSIP: 216926AA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    379492 | PA      | $380395.43    | 0.09%             | 2060-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                           | GS 6.45 05/01/36                                                                                        | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    220000 | PA      | $242079.33    | 0.06%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                                             | VENZ 12.75 08/23/22                                                                                     | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    260000 | PA      | $120380.00    | 0.03%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                            | JPMMT 2014-5 B2                                                                                         | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205367 | PA      | $198686.77    | 0.05%             | 2029-10-25      | Variable      | 2.54%                 | No            |                  2 | On Loan: No      |
| Coronado Finance Pty Limited                                        | CRNAU 9.25 10/01/29 144A                                                                                | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    185000 | PA      | $171447.93    | 0.04%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Bbcms Mortgage Trust 2018-CBM                                       | BBCMS 2018-CBM A                                                                                        | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $365379.45    | 0.09%             | 2037-07-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                       | CHTR 4.75 03/01/30 144A                                                                                 | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $232023.17    | 0.06%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tortuga Resorts (Turquoise)                                         | Tortuga Resorts (Turquoise) Term Loan B 325 2032-08-02                                                  | CUSIP: 89776TAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     75000 | PA      | $73687.50     | 0.02%             | 2032-12-30      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                         | W 6.75 11/15/32 144A                                                                                    | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66247.68     | 0.02%             | 2032-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rocket Software                                                     | Rocket Software Term Loan B 475 2028-11-01                                                              | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    116718 | PA      | $108304.97    | 0.03%             | 2028-11-28      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                              | COLOM 8 11/14/35                                                                                        | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    527000 | PA      | $562440.75    | 0.14%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2013-8                                       | SEMT 2013-8 B1                                                                                          | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-O            | CORP              | US        |     47400 | PA      | $46474.13     | 0.01%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| White Cap                                                           | White Cap Term Loan B (Incremental) 350 2033-01-31                                                      | CUSIP: 96350TAK6<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    100000 | PA      | $98813.00     | 0.02%             | 2033-02-09      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                               | FN FA1728                                                                                               | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1164915 | PA      | $1200007.94   | 0.30%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DYNAMO US BIDCO INC                                                 | DYNAMO US BIDCO INC                                                                                     | CUSIP: 26806DAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34563 | PA      | $34563.37     | 0.01%             | 2031-10-31      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2                          | EART 2023-3A D                                                                                          | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $540682.95    | 0.13%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| GREAT CANADIAN GAMING CORP                                          | GCCN 8.75 11/15/29 144A                                                                                 | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $66065.61     | 0.02%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UPGRADE MASTER PASS - THRU TRUST SERIES 2025-ST3                    | UMPT 2025-ST3 A                                                                                         | CUSIP: 91534LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185249 | PA      | $187543.33    | 0.05%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Azule Energy Finance PLC                                            | AZURGY 8.125 01/23/30 144A                                                                              | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $71094.33     | 0.02%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                                               | REPHUN 5.5 03/26/36 144A                                                                                | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    371000 | PA      | $375823.00    | 0.09%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLNG LIQUEFACTION 2 LLC                                             | Freeport LNG Investments Term Loan B 325 2033-01-18                                                     | CUSIP: 35670CAE8<br>LEI: 5493008RXZY6NJ5WF161 | Long             | LON              | CORP              | US        |    115000 | PA      | $114066.20    | 0.03%             | 2033-01-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| RealPage                                                            | RealPage First-lien Term Loan 325 2028-02-09                                                            | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |     75000 | PA      | $69125.25     | 0.02%             | 2028-04-24      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| American Express Company                                            | AXP V5.625 07/28/34                                                                                     | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    258000 | PA      | $270344.95    | 0.07%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS INC                                                 | DELMFD L 08/02/28 1                                                                                     | CUSIP: 24521WAC3<br>LEI: 549300U9K7TD84Q24R17 | Long             | LON              | CORP              | US        |     82122 | PA      | $2463.66      | 0.00%             | 2028-08-01      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                                | ALPGEN 6.25 01/15/34 144A                                                                               | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71085.49     | 0.02%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                  | BX 2019-OC11 D                                                                                          | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $303979.79    | 0.08%             | 2041-12-11      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                             | ARGENT 4.125 07/09/35                                                                                   | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    142000 | PA      | $106801.75    | 0.03%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                | JPM V1.953 02/04/32                                                                                     | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $269258.44    | 0.07%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Keyera Corp.                                                        | Keyera Corp. SUBSCRIPTION RCP                                                                           | CUSIP: 493271118<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     18486 | NS      | $694554.82    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE LLC                                                        | ACRISU 8.25 02/01/29 144A                                                                               | CUSIP: 00489LAK9<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130031.98    | 0.03%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SCALELOGIX ABS US ISSUER LLC                                        | SCLGX 2025-1A A2                                                                                        | CUSIP: 80587FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $425079.94    | 0.11%             | 2055-07-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Genesys Telecommunications Laboratories                             | Genesys Telecommunications Laboratories Term Loan B 250 2032-01-01                                      | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |    109447 | PA      | $100417.84    | 0.02%             | 2032-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Westinghouse Electric Co                                            | Westinghouse Electric Co Term Loan B 275 2031-01-03                                                     | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    113559 | PA      | $113184.16    | 0.03%             | 2031-01-27      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                              | COLOM 8.75 11/14/53                                                                                     | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     39000 | PA      | $42833.70     | 0.01%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                        | PEMEX 6.7 02/16/32                                                                                      | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    120000 | PA      | $120348.00    | 0.03%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BX Trust 2025-Roic                                                  | BX 2025-ROIC C                                                                                          | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263524 | PA      | $262866.76    | 0.07%             | 2030-03-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru                                           | BCP V6.45 07/30/35 144A                                                                                 | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     51000 | PA      | $53223.91     | 0.01%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| E.ON SE                                                             | E.ON SE NPV                                                                                             | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    237109 | NS      | $5513706.13   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust 2022-1                 | ARIVO 2025-1A A2                                                                                        | CUSIP: 039962AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    269939 | PA      | $271024.39    | 0.07%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                       | Williams Companies Inc. (The) COM                                                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    192313 | NS      | $14369627.36  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RAND PARENT LLC                                                     | RAND PARENT LLC                                                                                         | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348241 | PA      | $348067.08    | 0.09%             | 2030-03-18      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                                                 | 1-800 Contacts Term Loan B 250 2032-11-01                                                               | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    120542 | PA      | $120372.50    | 0.03%             | 2032-11-08      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                          | AER V6.95 03/10/55                                                                                      | CUSIP: 00774MBK0<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $158531.22    | 0.04%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS INC                                                 | DELMFD L 08/02/28 2                                                                                     | CUSIP: 24521WAB5<br>LEI: 549300U9K7TD84Q24R17 | Long             | LON              | CORP              | US        |     36074 | PA      | $17045.10     | 0.00%             | 2028-08-01      | Floating      | 11.81%                | No            |                  2 | On Loan: No      |
| Snap Inc                                                            | SNAP 6.875 03/01/33 144A                                                                                | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114542.25    | 0.03%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Company, Inc.                                     | ACHC 5.5 07/01/28 144A                                                                                  | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9952.45      | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                             | ARGENT 0.75 07/09/30                                                                                    | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    391680 | PA      | $331574.04    | 0.08%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                      | SCHW V4 PERP H                                                                                          | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    249000 | PA      | $235240.78    | 0.06%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                               | FN CB6857                                                                                               | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    345019 | PA      | $342369.23    | 0.09%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                                             | VENZ 11.75 10/21/26                                                                                     | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    145000 | PA      | $67135.00     | 0.02%             | 2026-10-21      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                   | WFC V5.389 04/24/34                                                                                     | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $323052.47    | 0.08%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| PAREXEL INTERNATIONAL INC                                           | Parexel Term Loan B 275 2031-12-01                                                                      | CUSIP: 71911KAF1<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |     40000 | PA      | $39500.00     | 0.01%             | 2031-12-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 6.338 05/04/53                                                                                      | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    205000 | PA      | $198839.75    | 0.05%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Zambia (Republic Of)                                                | ZAMBIN 5.75 06/30/33 144A                                                                               | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     80605 | PA      | $78388.21     | 0.02%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Harbour Energy PLC                                                  | HBRLN 6.327 04/01/35 144A                                                                               | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    265000 | PA      | $276001.81    | 0.07%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                                    | KMI 7.5 11/15/40                                                                                        | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    239000 | PA      | $289871.51    | 0.07%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                     | Xcel Energy Inc COM                                                                                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    132231 | NS      | $11022776.16  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hungary (Republic Of)                                               | REPHUN 6 09/26/35 144A                                                                                  | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    345000 | PA      | $363329.85    | 0.09%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                                        | TREASURE HOLDCO INC                                                                                     | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |     94240 | PA      | $94239.76     | 0.02%             | 2031-11-04      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| KUEHG CORP                                                          | KUEHG CORP                                                                                              | CUSIP: 50118YAH2<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    122187 | PA      | $116892.86    | 0.03%             | 2030-06-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Alliancebernstein Corprte Inc                                       | AMSR 2021-SFR2 C                                                                                        | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $241742.24    | 0.06%             | 2038-08-19      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Snap Inc                                                            | SNAP 6.875 03/15/34 144A                                                                                | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89725.34     | 0.02%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Port of Spain Waterfront Development Ltd.                           | POSWDL 7.875 02/19/40 REGS                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     48533 | PA      | $49322.00     | 0.01%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LOGISTICS PARTNERS OPERATIONS LP                             | SUN 5.625 07/15/34 144A                                                                                 | CUSIP: 86765KAN9<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19996.89     | 0.00%             | 2034-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                       | NGERIA 10.375 12/09/34 144A                                                                             | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    251000 | PA      | $299185.73    | 0.07%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CDK GLOBAL II LLC                                                   | CENTRAL PARENT INC                                                                                      | CUSIP: 15477BAE7<br>LEI: 5493000L10CYRTHIJ385 | Long             | LON              | CORP              | US        |    145639 | PA      | $91024.40     | 0.02%             | 2029-07-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                               | URUGUA 5.1 06/18/50                                                                                     | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    188000 | PA      | $180668.00    | 0.04%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                   | PNC V5.423 01/25/41                                                                                     | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90986.42     | 0.02%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables VI LLC                           | AXIS 2025-1A D                                                                                          | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $348720.56    | 0.09%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US INC                                         | IONPLA 9.5 05/30/29 144a                                                                                | CUSIP: 46206AAB8<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |    155000 | PA      | $145596.28    | 0.04%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Guatemala (Republic of)                                             | GUATEM 6.875 08/15/55 144A                                                                              | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     49000 | PA      | $53500.16     | 0.01%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| New Resi Mtg Ln Tr 2016-4                                           | NRZT 2016-4A A1                                                                                         | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14370 | PA      | $14054.78     | 0.00%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                                               | PETMK 5.848 04/03/55 144A                                                                               | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    210000 | PA      | $223293.00    | 0.06%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                            | EGYPT 6.875 04/30/40 144A                                                                               | CUSIP: 038461AF6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     60000 | PA      | $54731.40     | 0.01%             | 2040-04-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VISIO TRUST                                                         | VISIO 2020-1R A2                                                                                        | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21507 | PA      | $20890.23     | 0.01%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| SUNOCO LOGISTICS PARTNERS OPERATIONS LP                             | SUN 5.375 07/15/31 144A                                                                                 | CUSIP: 86765KAM1<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10023.35     | 0.00%             | 2031-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust 2018-2                                        | ARRW 2019-1 A1                                                                                          | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197779 | PA      | $194309.78    | 0.05%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Auckland International Airport Ltd.                                 | Auckland International Airport Ltd. NPV                                                                 | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |   1321450 | NS      | $7260873.53   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| New Enterprise Stone & Lime Co., Inc.                               | NEENST 9.75 07/15/28 144A                                                                               | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231725.00    | 0.06%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                           | IVYCST 6.125 06/15/33 144A                                                                              | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $198100.00    | 0.05%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Kyrgyzstan (Republic of)                                            | KYRGYZ 7.75 06/03/30 144A                                                                               | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    161000 | PA      | $168144.38    | 0.04%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                 | CHILE 4.35 04/13/31                                                                                     | CUSIP: 168863EF1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    149000 | PA      | $149253.30    | 0.04%             | 2031-04-13      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE 2019-3 TRUST                              | CAFL 2019-3 C                                                                                           | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $381433.52    | 0.09%             | 2052-10-18      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                               | ROMANI 5.875 01/30/29 144A                                                                              | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    273000 | PA      | $283361.72    | 0.07%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| West Marine / Rising Tide - Common Stock                            | West Marine / Rising Tide - Common Stock                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       475 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ecuador (Republic Of)                                               | ECUA 5 07/31/40 REGS                                                                                    | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     53000 | PA      | $43248.51     | 0.01%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                 | FITB V4.337 04/25/33                                                                                    | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    293000 | PA      | $289501.59    | 0.07%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| VistaJet                                                            | VistaJet Term Loan B 375 2031-03-17                                                                     | CUSIP: 92842EAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25000 | PA      | $25015.75     | 0.01%             | 2031-04-01      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                                 | USLBMH 6.25 01/15/29 144A                                                                               | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    300000 | PA      | $228726.72    | 0.06%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RESILIENCE PARENT LLC                                               | RESILIENCE PARENT LLC                                                                                   | CUSIP: 75908HAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     70000 | PA      | $69825.00     | 0.02%             | 2033-01-24      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                               | FN CB0534                                                                                               | CUSIP: 3140QKSY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    835316 | PA      | $756874.15    | 0.19%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2018-6                                    | TPMT 2018-6 A2                                                                                          | CUSIP: 89176LAC8<br>LEI: 549300ZHISOOIT5VZP03 | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $456372.00    | 0.11%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COMPANIES INC                                            | ACI 4.875 02/15/30 144A                                                                                 | CUSIP: 013092AE1<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277689.36    | 0.07%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance Plc                                         | IMBLN 5.625 07/01/35 144A                                                                               | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    235000 | PA      | $243398.45    | 0.06%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                | TURKEY 7.25 05/29/32                                                                                    | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     44000 | PA      | $46213.64     | 0.01%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                      | DTE Energy Co. COM                                                                                      | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     27087 | NS      | $4015376.88   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                               | FN FS4438                                                                                               | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    704142 | PA      | $710891.42    | 0.18%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SL0627                                                                                               | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1070458 | PA      | $1100432.53   | 0.27%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISIO 2022-1 TRUST                                                  | VISIO 2022-1 A2                                                                                         | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    174312 | PA      | $174126.67    | 0.04%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                | TURKEY 6.95 09/16/35                                                                                    | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    120000 | PA      | $122040.00    | 0.03%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Trust 2016-2                                         | CHASE 2016-SH2 M2                                                                                       | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    191051 | PA      | $182735.26    | 0.05%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MBONO 7.75 11/13/42 M                                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   7000000 | PA      | $357927.53    | 0.09%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                                        | OGN 5.125 04/30/31 144A                                                                                 | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31101.19     | 0.01%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                            | EGYPT 8.75 09/30/51 144A                                                                                | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    142000 | PA      | $137314.00    | 0.03%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                    | Duke Energy Corp COM NEW                                                                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     45854 | NS      | $5999995.90   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY DE BUYER LLC                                                | CENTURY DE BUYER LLC                                                                                    | CUSIP: 15651FAE6<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |    123444 | PA      | $118752.87    | 0.03%             | 2030-10-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| PEAC SOLUTIONS RECEIVABLES 2024-1 L                                 | PEAC 2024-1A B                                                                                          | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $375577.66    | 0.09%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES LP                                                | IEP 5.25 05/15/27                                                                                       | CUSIP: 451102BZ9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39398.01     | 0.01%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp.                                                     | CMGMCO L 06/18/29 5                                                                                     | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129858 | PA      | $122520.56    | 0.03%             | 2029-06-17      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                             | ARGENT 4.125 07/09/46                                                                                   | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    533932 | PA      | $379692.27    | 0.09%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                 | MEDIND 5.25 10/01/29 144A                                                                               | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299976.18    | 0.07%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2021-SFR1 TRUST                                  | TCN 2021-SFR1 B                                                                                         | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185000 | PA      | $183235.56    | 0.05%             | 2038-07-19      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                                        | OGN 4.125 04/30/28 144a                                                                                 | CUSIP: 68622TAA9<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176699.80    | 0.04%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco S.a r.l.                                          | ICECR 6 08/01/32 144a                                                                                   | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     65000 | PA      | $65361.27     | 0.02%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                               | BELL 2025-1A A2I                                                                                        | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379050 | PA      | $383265.91    | 0.10%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Flex Intermediate Holdco LLC                                        | FLEXIH 3.363 06/30/31 144A                                                                              | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    467000 | PA      | $434975.44    | 0.11%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Modivcare                                                           | Modivcare                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1781 | NS      | $10018.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                       | F 7.35 03/06/30                                                                                         | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    137000 | PA      | $148471.09    | 0.04%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Lummus Technology                                                   | Lummus Technology Term Loan B 250 2029-12-01                                                            | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |    149624 | PA      | $149540.31    | 0.04%             | 2029-12-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                               | ROMANI 7.125 01/17/33 144A                                                                              | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    206000 | PA      | $227615.58    | 0.06%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                    | KZOKZ 6.375 10/24/48 144A                                                                               | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     94000 | PA      | $95885.64     | 0.02%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Carpenter Technology Corporation                                    | CRS 5.625 03/01/34 144A                                                                                 | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5098.40      | 0.00%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                            | ICLR 6 05/08/34                                                                                         | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    265000 | PA      | $271930.63    | 0.07%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                             | MOH 6.25 01/15/33 144A                                                                                  | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78697.29     | 0.02%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group (Citrix/TIBCO)                                 | Cloud Software Group (Citrix/TIBCO) Term Loan B 325 2031-03-01                                          | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    143554 | PA      | $133002.43    | 0.03%             | 2031-03-24      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc                           | HASI 6.375 07/01/34                                                                                     | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    281000 | PA      | $290574.67    | 0.07%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                          | PRU V5.125 03/01/52                                                                                     | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    148000 | PA      | $145439.88    | 0.04%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                                 | UAL 5.8 01/15/36                                                                                        | CUSIP: 90932LAJ6<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |    269546 | PA      | $286001.13    | 0.07%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Comision Ejecutiva Hidroelectrica Del Rio Lempa                     | CELELS 8.65 01/24/33 144A                                                                               | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     52000 | PA      | $55172.00     | 0.01%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                                | CAPCOP 6.75 03/31/33 144A                                                                               | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $191185.66    | 0.05%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2022-CLS                                                   | BX 2022-CLS A                                                                                           | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    293000 | PA      | $293806.31    | 0.07%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                          | BAX 5.65 12/15/35                                                                                       | CUSIP: 071813DE6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305063.43    | 0.08%             | 2035-12-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                               | RGCARE 10 06/01/32 144A                                                                                 | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114730.44    | 0.03%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ELM TRUST 2024-ELM                                                  | ELM 2024-ELM A10                                                                                        | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    317000 | PA      | $318424.44    | 0.08%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO SE                                                    | Delivery Hero Term Loan B 500 2029-12-01                                                                | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | LON              | CORP              | DE        |    132330 | PA      | $131866.53    | 0.03%             | 2029-12-12      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                           | Union Pacific Corporation COM                                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     80845 | NS      | $21422308.10  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Trivium Packaging Finance BV                                        | TRIVIU 12.25 01/15/31 144A                                                                              | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $99095.40     | 0.02%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Kimmeridge Texas Gas LLC                                            | Caturus Energy LLC                                                                                      | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    210000 | PA      | $219432.57    | 0.05%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                          | PRU V6.75 03/01/53                                                                                      | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    140000 | PA      | $150138.10    | 0.04%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                               | ECUA 6.9 07/31/35 REGS                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    164000 | PA      | $148804.99    | 0.04%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                               | FN FA0685                                                                                               | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    309250 | PA      | $317872.45    | 0.08%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOMNT TECHNOLOGIES TRUST 2023-1                                     | MMNT 2023-1A A                                                                                          | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42127 | PA      | $42226.75     | 0.01%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                                         | BBVASM V8.125 01/08/39 144A                                                                             | CUSIP: 07336UAB9<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | US        |     67000 | PA      | $73895.42     | 0.02%             | 2039-01-08      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Towd Pt Mtg Tr 2017-1                                               | TPMT 2017-1 M1                                                                                          | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385000 | PA      | $381794.91    | 0.10%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 3.771 05/24/61                                                                                      | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     95000 | PA      | $59470.00     | 0.01%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL     | BNTNF 10 01/01/29 NTNF                                                                                  | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1660000 | PA      | $304718.97    | 0.08%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TC Energy Corp                                                      | TC Energy Corp COM                                                                                      | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    153630 | NS      | $9889163.10   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JAGGAER                                                             | JAGGAER First-lien Term Loan 275 2031-12-01                                                             | CUSIP: 47189BAF6<br>LEI: 254900GL30A9G6Z7OW50 | Long             | LON              | CORP              | US        |     80000 | PA      | $74400.00     | 0.02%             | 2031-12-08      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                | CPGX 6.036 11/15/33 144A                                                                                | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $195022.62    | 0.05%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes 2019-Sfr1                                     | TAH 2019-SFR1 C                                                                                         | CUSIP: 89612LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $588613.26    | 0.15%             | 2038-03-18      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                            | FLTR 5.875 06/04/31 144A                                                                                | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    270000 | PA      | $269226.20    | 0.07%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-2                           | EFMT 2019-2 A3                                                                                          | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15708 | PA      | $15355.67     | 0.00%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES 2023-4                                         | LADAR 2023-4A C                                                                                         | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    412000 | PA      | $423125.69    | 0.11%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Prairie Acquiror LP                                                 | TGE 9 08/01/29 144A                                                                                     | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114783.35    | 0.03%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                  | PERU 3 01/15/34                                                                                         | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    109000 | PA      | $95783.75     | 0.02%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                      | WES 5.25 02/01/50                                                                                       | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    305000 | PA      | $264887.18    | 0.07%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UPSTREAM NEWCO INC                                                  | UPSTREAM NEWCO INC                                                                                      | CUSIP: 91678HAJ1<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    224123 | PA      | $206505.00    | 0.05%             | 2029-11-20      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                               | RGCARE 9.875 08/15/30 144A                                                                              | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    145000 | PA      | $154710.22    | 0.04%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BroadStreet Partners                                                | BroadStreet Partners Term Loan B-4 300 2031-06-01                                                       | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    125000 | PA      | $119362.50    | 0.03%             | 2031-06-16      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Focus Financial                                                     | Focus Financial Term Loan B-8 (add-on) 275 2031-09-01                                                   | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    129348 | PA      | $121748.39    | 0.03%             | 2031-09-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Onemain Direct Auto Receivables Tst                                 | ODART 2022-1A C                                                                                         | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $410898.06    | 0.10%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                                            | TK ELEVATOR US NEWCO INC                                                                                | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    114140 | PA      | $114088.29    | 0.03%             | 2030-04-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                             | INDON 2.85 02/14/30                                                                                     | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     89000 | PA      | $84483.25     | 0.02%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                         | SAGLEN 11 12/15/29 144*                                                                                 | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     62500 | PA      | $15.63        | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2024-10                                    | AOMT 2022-5 A1                                                                                          | CUSIP: 03464HAA3<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-O            | CORP              | US        |    294788 | PA      | $293564.61    | 0.07%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Bristow Group Inc                                                   | VTOL 6.75 02/01/33 144A                                                                                 | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30440.28     | 0.01%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LUMEXA IMAGING HOLDINGS INC                                         | Lumexa Imaging (fka US Radiology) Term Loan B 300 2032-12-03                                            | CUSIP: 90372AAN8<br>LEI: 254900QCDFUYXJEFMY06 | Long             | LON              | CORP              | US        |     55000 | PA      | $55068.75     | 0.01%             | 2032-12-17      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| KLEOPATRA FINCO SARL                                                | Kloeckner Pentaplast Term Loan B 475 2026-01-24                                                         | CUSIP: 49865NAT7<br>LEI: 222100M6T1N8VIC8M726 | Long             | LON              | CORP              | LU        |    139897 | PA      | $21334.31     | 0.01%             | 2026-02-09      | Floating      | 8.52%                 | No            |                  3 | On Loan: No      |
| AI Aqua Merger Sub Inc                                              | Culligan International Term Loan B 275 2028-07-01                                                       | CUSIP: 00132UAQ7<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    113937 | PA      | $113316.20    | 0.03%             | 2028-07-31      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust 2024-3                                | LBZZ 2024-3A B                                                                                          | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $424527.66    | 0.11%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL     | BNTNF 10 01/01/31 NTNF                                                                                  | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   3440000 | PA      | $600673.47    | 0.15%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                                          | LIBMUT V4.125 12/15/51 144A                                                                             | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    185000 | PA      | $183612.18    | 0.05%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ViaSat                                                              | ViaSat Term Loan B 450 2029-02-08                                                                       | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    156301 | PA      | $156282.62    | 0.04%             | 2029-03-05      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                            | EGYPT 8.5 01/31/47 144A                                                                                 | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    528000 | PA      | $504240.00    | 0.13%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                           | KSA 5.625 01/13/35 REGS                                                                                 | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    240000 | PA      | $255790.80    | 0.06%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                  | PERU 3.6 01/15/72                                                                                       | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    139000 | PA      | $90808.70     | 0.02%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE PLC                                          | VSTJET 9.5 06/01/28 144A                                                                                | CUSIP: 92841HAA0<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    420000 | PA      | $433191.36    | 0.11%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust 2024-1                 | ARIVO 2024-1A B                                                                                         | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    462000 | PA      | $471274.88    | 0.12%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                               | ROMANI 6.375 01/30/34 144A                                                                              | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    316000 | PA      | $333741.82    | 0.08%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LUXCO EUR                                                           | LUXCO EUR                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | N/A       |      4451 | NS      | $81782.14     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Post Holdings Inc.                                                  | POST 6.25 02/15/32 144A                                                                                 | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164591.52    | 0.04%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                  | ET V6.5 PERP H                                                                                          | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351524.34    | 0.09%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                          | SOAF 5.375 07/24/44 30Y                                                                                 | CUSIP: 836205AS3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     54000 | PA      | $45360.00     | 0.01%             | 2044-07-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST 2020-1                                          | RCKT 2020-1 A1                                                                                          | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150941 | PA      | $135376.59    | 0.03%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                 | Kinder Morgan, Inc. COM                                                                                 | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    122160 | NS      | $4064263.20   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                                           | MSCI 3.625 09/01/30 144A                                                                                | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    286000 | PA      | $273668.44    | 0.07%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                     | UHS 2.65 01/15/32                                                                                       | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    322000 | PA      | $288155.18    | 0.07%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Radiology Partners                                                  | Radiology Partners Term Loan B 450 2032-06-18                                                           | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |     74688 | PA      | $73815.90     | 0.02%             | 2032-06-30      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC 2024-1                                        | SWTCH 2025-1A A2                                                                                        | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $407162.47    | 0.10%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Gray Television                                                     | Gray Television Term Loan D (Incremental) 300 2028-10-17                                                | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     87196 | PA      | $86941.11     | 0.02%             | 2028-12-01      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| FUGUE FINANCE LLC                                                   | FUGUE FINANCE LLC                                                                                       | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | US        |     34738 | PA      | $34433.98     | 0.01%             | 2032-01-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building                                                | Cornerstone Building Term Loan B 325 2028-03-17                                                         | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    166933 | PA      | $121921.20    | 0.03%             | 2028-04-12      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                           | APODS 5.875 08/30/30                                                                                    | CUSIP: 03770DAK9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85607.21     | 0.02%             | 2030-08-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM4 TRUST                                                 | OBX 2025-NQM4 A1                                                                                        | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-O            | CORP              | US        |    303808 | PA      | $306531.81    | 0.08%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                      | MS V5.948 01/19/38                                                                                      | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    133000 | PA      | $140146.79    | 0.03%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                      | JHXAU 6.125 07/31/32 144A                                                                               | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    285000 | PA      | $292510.89    | 0.07%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Teine Energy Ltd                                                    | TEINEN 6.875 04/15/29 144A                                                                              | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    330000 | PA      | $330606.21    | 0.08%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMSR 2020-Sfr5 Trust                                                | AMSR 2021-SFR3 D                                                                                        | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $255972.86    | 0.06%             | 2038-10-19      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust 2017 4                                    | TPMT 2017-4 A2                                                                                          | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $588328.65    | 0.15%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                | TURKEY 9.125 07/13/30                                                                                   | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    320000 | PA      | $362499.20    | 0.09%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                               | BAC V5.518 10/25/35                                                                                     | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    310000 | PA      | $318127.87    | 0.08%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                                           | FG 6.5 06/04/29                                                                                         | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $226456.29    | 0.06%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Endo GUC Trust Units Cl A-1                                         | Endo GUC Trust Units Cl A-1                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7168 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mexico (United Mexican States)                                      | MEX 6.125 02/09/38                                                                                      | CUSIP: 91087BBR0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     90000 | PA      | $91192.50     | 0.02%             | 2038-02-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFTWARE HOLDINGS INC                                        | IONCOR 8.75 05/01/29 144a                                                                               | CUSIP: 42329HAB4<br>LEI: 2138002XO5EAYFHPPT53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92687.26     | 0.02%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PPL Corporation                                                     | PPL Corporation COM                                                                                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    165827 | NS      | $6463936.46   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CompoSecure/Husky Technologies                                      | CompoSecure/Husky Technologies Term Loan B 225 2032-12-31                                               | CUSIP: 20459KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50000 | PA      | $49687.50     | 0.01%             | 2033-01-14      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Ascend Learning                                                     | Ascend Learning First-lien Term Loan 300 2028-12-01                                                     | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    133974 | PA      | $127274.91    | 0.03%             | 2028-12-11      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| CATAWBA NATION GAMING AU                                            | CATAWBA NATION GAMING AUTHORITY                                                                         | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    110000 | PA      | $111925.00    | 0.03%             | 2032-03-29      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                | TURKEY 7.625 05/15/34 10Y                                                                               | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    272000 | PA      | $291312.00    | 0.07%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| M6 Midstream                                                        | M6 Midstream Term Loan B 250 2032-04-01                                                                 | CUSIP: 55285DAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     93455 | PA      | $93703.76     | 0.02%             | 2032-04-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Vinci SA                                                            | Vinci SA EUR2.50                                                                                        | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     39862 | NS      | $6629457.19   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXT ABS                                                            | DEXT 2023-2 B                                                                                           | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405000 | PA      | $410438.50    | 0.10%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 4 02/01/32 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    259960 | PA      | $201469.00    | 0.05%             | 2032-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cellnex Telecom S.A.U                                               | Cellnex Telecom S.A.U EUR0.25                                                                           | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    155996 | NS      | $5924201.44   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HOPPER MERGER SUB INC                                               | HOPPER MERGER SUB INC                                                                                   | CUSIP: 000000000<br>LEI: 9845009E9B4548A5N478 | Long             | LON              | CORP              | US        |     90000 | PA      | $88875.00     | 0.02%             | 2033-01-14      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| AlixPartners                                                        | AlixPartners Term Loan B 200 2032-07-26                                                                 | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |     85000 | PA      | $83654.45     | 0.02%             | 2032-08-12      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Benin (The Republic of)                                             | BENIN 7.96 02/13/38 144A                                                                                | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     92000 | PA      | $96462.88     | 0.02%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                           | KSA 4.5 10/26/46 144A                                                                                   | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    492000 | PA      | $423243.00    | 0.11%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rackspace Technology Global Incorporated                            | RAX 5.375 12/01/28 144A                                                                                 | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    490000 | PA      | $156800.00    | 0.04%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petco Animal Supplies                                               | Petco Animal Supplies Term Loan B 425 2031-01-11                                                        | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |     60000 | PA      | $57525.00     | 0.01%             | 2031-02-03      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals                                              | Amneal Pharmaceuticals Term Loan B 300 2032-08-01                                                       | CUSIP: 03167DAS3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |     44888 | PA      | $44868.65     | 0.01%             | 2032-08-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                         | VST V8 PERP 144A                                                                                        | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193128.54    | 0.05%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II                                             | DEL MONTE FOODS CORP II INC                                                                             | CUSIP: 24521WAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     66315 | PA      | $51725.56     | 0.01%             | 2026-04-02      | Floating      | 3.67%                 | No            |                  3 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                                    | LUMMUS 9 07/01/28 144A                                                                                  | CUSIP: 45232TAA9<br>LEI: 549300K1Y0YC1YC1H809 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78934.60     | 0.02%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM16 TRUST                                                | OBX 2024-NQM16 A1                                                                                       | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-O            | CORP              | US        |    315992 | PA      | $319179.22    | 0.08%             | 2064-10-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                                     | GTN 9.625 07/15/32 144A                                                                                 | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $192212.41    | 0.05%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                                            | GRAHAM PACKAGING/GPC CAP                                                                                | CUSIP: 000000000<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |     15000 | PA      | $14963.25     | 0.00%             | 2033-01-26      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES UTICA HOLDINGS LLC                                 | ASCRES 6.625 07/15/33 144A                                                                              | CUSIP: 04364VBA0<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155653.05    | 0.04%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                              | BWY 9.25 04/15/30 144A                                                                                  | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246328.40    | 0.06%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                          | American Tower Corporation COM                                                                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     52143 | NS      | $10004155.98  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Indicor (Roper Industrial)                                          | Indicor (Roper Industrial) Term Loan B 250 2029-11-01                                                   | CUSIP: 77669LAL7<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |    104211 | PA      | $103964.58    | 0.03%             | 2029-11-23      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2025-NQM2                                | JPMMT 2025-NQM2 A1                                                                                      | CUSIP: 46590SAC1<br>LEI: 529900LIO4UMWFLNQ670 | Long             | ABS-O            | CORP              | US        |    214372 | PA      | $216764.82    | 0.05%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Aeroports de Paris                                                  | Aeroports de Paris EUR3                                                                                 | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |     13014 | NS      | $1820677.34   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARIOT BUYER LLC                                                   | Chamberlain Group Term Loan B 300 2032-07-12                                                            | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |     82635 | PA      | $82296.80     | 0.02%             | 2032-09-08      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                                                 | OMAN 6.5 03/08/47 144A                                                                                  | CUSIP: 682051AF4<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    322000 | PA      | $348404.00    | 0.09%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ascot Group Limited                                                 | ASCOTG 4.25 12/15/30 144A                                                                               | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    344000 | PA      | $324560.12    | 0.08%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                           | NIPLIF V6.25 09/13/53 144A                                                                              | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    260000 | PA      | $276487.34    | 0.07%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                | CLF 7.625 01/15/34 144A                                                                                 | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107758.47    | 0.03%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                   | HRI 7.25 06/15/33 144A                                                                                  | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63424.02     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Voltagrid LLC                                                       | VOLTAG 7.375 11/01/30 144A                                                                              | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146186.77    | 0.04%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                                | AMAZON HOLDCO INC                                                                                       | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    149531 | PA      | $148970.51    | 0.04%             | 2031-09-29      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP                            | DRAWBR 5.95 09/17/30 144A                                                                               | CUSIP: 26150TAF6<br>LEI: OTW7FAILU3FWEXAKRN53 | Long             | DBT              | CORP              | US        |    225000 | PA      | $217956.56    | 0.05%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                       | MIDCAP 6.5 05/01/28                                                                                     | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $263031.67    | 0.07%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2023-P3                              | CRVNA 2023-N4 C                                                                                         | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $498335.08    | 0.12%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS INC                                                 | DELMFD L 04/02/26 1                                                                                     | CUSIP: 24521WAK5<br>LEI: 549300U9K7TD84Q24R17 | Long             | LON              | CORP              | US        |     44012 | PA      | $44170.32     | 0.01%             | 2026-04-02      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                    | WULF 7.75 10/15/30 144A                                                                                 | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $132376.75    | 0.03%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MMP CAPITAL 2025-A LLC                                              | MMP 2025-A B                                                                                            | CUSIP: 55317QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $372214.12    | 0.09%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| W. R. Grace Holdings Llc                                            | GRA 5.625 08/15/29 144A                                                                                 | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    319000 | PA      | $305581.74    | 0.08%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                     | CVS V6.75 12/10/54                                                                                      | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    222000 | PA      | $230953.26    | 0.06%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC                                            | PRMWCN 6.25 04/01/29 144A                                                                               | CUSIP: 74168RAC7<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144973.97    | 0.04%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                       | RIG 8.5 05/15/31 144A                                                                                   | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    160000 | PA      | $169205.66    | 0.04%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BIFM CA BUYER INC                                                   | BGIS Term Loan B 325 2028-05-01                                                                         | CUSIP: 000000000<br>LEI: 5493004RP2P0NY84N260 | Long             | LON              | CORP              | CA        |    133354 | PA      | $133645.79    | 0.03%             | 2028-05-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Capital Power (US Holdings) Inc                                     | CPXCN 6.189 06/01/35 144A                                                                               | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $163530.40    | 0.04%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                       | UVN 8 08/15/28 144A                                                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    265000 | PA      | $272208.80    | 0.07%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MPOWER ED TR 2025-A                                                 | MPOWR 2025-A A                                                                                          | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222420 | PA      | $230261.56    | 0.06%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                         | GBLATL V7.95 10/15/54 144A                                                                              | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81347.77     | 0.02%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Kazakhstan (Republic Of)                                            | KAZAKS 5.5 07/01/37 144A                                                                                | CUSIP: 486661BP5<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    179000 | PA      | $184600.91    | 0.05%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MFA 2024-NQM2 TRUST                                                 | MFRA 2024-NQM2 A1                                                                                       | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-O            | CORP              | US        |    244641 | PA      | $245649.65    | 0.06%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNERS LP                                        | SPH 6.5 12/15/35 144A                                                                                   | CUSIP: 864486AM7<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84135.88     | 0.02%             | 2035-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Costar Group Inc                                                    | CSGP 2.8 07/15/30 144A                                                                                  | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    278000 | PA      | $255548.81    | 0.06%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                               | ROMANI 5.75 07/04/36 144A                                                                               | CUSIP: 775921AA7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     75000 | PA      | $74775.00     | 0.02%             | 2036-07-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                  | META 5.75 11/15/65                                                                                      | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    240000 | PA      | $233806.11    | 0.06%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Solstice Advanced Materials Inc.                                    | SOLADV 5.625 09/30/33 144A                                                                              | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10108.21     | 0.00%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                       | NiSource Inc. COM                                                                                       | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    178202 | NS      | $8428954.60   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean International Ltd.                                       | RIG 8.25 05/15/29 144A                                                                                  | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $52095.95     | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finance PLC                                | TRFIG 2024-1A A2                                                                                        | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |    365000 | PA      | $368989.45    | 0.09%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes 2015-SFR1 Trust                               | TAH 2020-SFR2 D                                                                                         | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $631212.25    | 0.16%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| MFA TRUST 2022-NQM2                                                 | MFRA 2022-NQM2 A1                                                                                       | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    159055 | PA      | $159406.69    | 0.04%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                          | Oneok Inc. COM                                                                                          | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     45281 | NS      | $3747908.37   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean International Ltd.                                       | RIG 8.75 02/15/30 144A                                                                                  | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     70000 | PA      | $73280.24     | 0.02%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts 2020-1 Llc                                         | WESTR 2024-1A A                                                                                         | CUSIP: 96034KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176305 | PA      | $179129.76    | 0.04%             | 2038-01-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                   | POWSOL 6.75 09/15/32 144A                                                                               | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51901.25     | 0.01%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                | RKT 6.375 08/01/33 144A                                                                                 | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155027.98    | 0.04%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2023-1                                     | AOMT 2023-1 A1                                                                                          | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    316937 | PA      | $316142.38    | 0.08%             | 2067-09-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                   | Crown Castle Inc. COM                                                                                   | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     88896 | NS      | $7959747.84   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                                                 | MTH 3.875 04/15/29 144A                                                                                 | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    283000 | PA      | $280015.36    | 0.07%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                         | GBLATL 7.95 06/15/33 144A                                                                               | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    169000 | PA      | $184929.78    | 0.05%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                   | POWSOL 6.75 02/15/30 144A                                                                               | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10474.60     | 0.00%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Aspire Bakeries (Aryzta)                                            | Aspire Bakeries (Aryzta) Term Loan B 300 2030-12-01                                                     | CUSIP: 02106XAK2<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |    148500 | PA      | $148685.63    | 0.04%             | 2030-12-23      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| AL GCX Fund VIII Holdings                                           | AL GCX Fund VIII Holdings Term Loan B 200 2032-01-20                                                    | CUSIP: 00162AAB7<br>LEI: 254900KQJGH397AKYT16 | Long             | LON              | CORP              | US        |     79462 | PA      | $79402.02     | 0.02%             | 2032-01-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CONVERGINT TECHNOLOGIES LLC                                         | DG INVESTMENT INTERMEDI                                                                                 | CUSIP: 23344MAM0<br>LEI: 5493000K4943E6XIGE81 | Long             | LON              | CORP              | US        |    128506 | PA      | $128266.11    | 0.03%             | 2032-07-12      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| TreeHouse Foods                                                     | TreeHouse Foods Term Loan B 425 2033-01-19                                                              | CUSIP: 89468XAX3<br>LEI: 5493007M7EVHE470Q576 | Long             | LON              | CORP              | US        |     80000 | PA      | $78783.20     | 0.02%             | 2033-02-04      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Univision Communications/Televisa                                   | Univision Communications/Televisa Term Loan B (Incremental) 350 2029-01-01                              | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    127838 | PA      | $127412.42    | 0.03%             | 2029-01-31      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| DT Midstream Inc                                                    | DT Midstream Inc COMMON STOCK                                                                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22653 | NS      | $3145142.52   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SNACKING INVESTMENTS US                                             | SNACKING INVESTMENTS US                                                                                 | CUSIP: 000000000<br>LEI: 549300W8K88D3SM86Y18 | Long             | LON              | CORP              | US        |     35000 | PA      | $34956.25     | 0.01%             | 2032-10-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                  | DOMREP 5.875 10/28/35 144A                                                                              | CUSIP: 25714PFF0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    209000 | PA      | $208739.63    | 0.05%             | 2035-10-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                | POLAND 5.75 11/16/32 10Y                                                                                | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     87000 | PA      | $93851.25     | 0.02%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                       | ENBCN V8.5 01/15/84                                                                                     | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $300070.94    | 0.07%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                               | NLSN 9.29 04/15/29 144A                                                                                 | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270529.20    | 0.07%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| J P MG CH CM MT SC T 2024-OMNI                                      | JPMCC 2024-OMNI A                                                                                       | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430000 | PA      | $437081.71    | 0.11%             | 2039-10-07      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| CENT TRUST 2025-CITY                                                | CENT 2025-CITY A                                                                                        | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $333102.45    | 0.08%             | 2040-07-12      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                  | DOMREP 6.6 06/01/36 144a                                                                                | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    113000 | PA      | $118876.00    | 0.03%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| KeySpan Gas East Corporation                                        | NGGLN 5.994 03/06/33 144A                                                                               | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    276000 | PA      | $294868.35    | 0.07%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                   | LEBAN 7 03/23/32 15YR                                                                                   | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    207000 | PA      | $60754.50     | 0.02%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2016-4                                    | TPMT 2016-4 B1                                                                                          | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $473904.58    | 0.12%             | 2056-07-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE INDUSTRIAL PRODUCTS INC                                  | GLOVES BUYER INC                                                                                        | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     94762 | PA      | $94288.69     | 0.02%             | 2032-05-24      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES LP                                                | IEP 10 11/15/29 144A                                                                                    | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    220000 | PA      | $217236.73    | 0.05%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                    | DB V5.403 09/11/35                                                                                      | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266587.00    | 0.07%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RESOURCE OPERATING PARTNERS LP                             | ARLP 8.625 06/15/29 144A                                                                                | CUSIP: 01879NAC9<br>LEI: 2549007036KGPSVTHP54 | Long             | DBT              | CORP              | US        |    190000 | PA      | $200029.34    | 0.05%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Taylor Morrison Communities Inc                                     | TMHC 5.75 11/15/32 144A                                                                                 | CUSIP: 87724RAK8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10332.92     | 0.00%             | 2032-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ONTARIO GAMING GTA LP                                               | ONGAME 8 08/01/30 144A                                                                                  | CUSIP: 68306MAA7<br>LEI: 894500EC9KLZLOC3V025 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $159490.12    | 0.04%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST                                          | LADAR 2023-2A D                                                                                         | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $457798.41    | 0.11%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                           | SUN 5.625 03/15/31 144A                                                                                 | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90773.71     | 0.02%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Agiliti (Universal Hospital Services)                               | Agiliti (Universal Hospital Services) Term Loan B 300 2030-04-22                                        | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |     58564 | PA      | $55783.49     | 0.01%             | 2030-05-01      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Chobani Holdco II LLC                                               | CHBANI 8.75 10/01/29 144A                                                                               | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       219 | PA      | $233.92       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Centerfield Media Parent Inc                                        | Millennium Escrow Corp                                                                                  | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $304925.00    | 0.08%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sumitomo Life Insurance Co.                                         | SUMILF V5.875 09/10/55 144A                                                                             | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $304120.80    | 0.08%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Proofpoint                                                          | Proofpoint Term Loan B 300 2028-08-01                                                                   | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    173480 | PA      | $165809.13    | 0.04%             | 2028-08-31      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                        | APO V6 12/15/54                                                                                         | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    265000 | PA      | $254584.39    | 0.06%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GREEN INFRASTRUCTURE                                                | GREEN INFRASTRUCTURE PARTNERS INC                                                                       | CUSIP: 000000000<br>LEI: 549300W1V7LSCKWMX505 | Long             | LON              | CORP              | CA        |     70000 | PA      | $69869.10     | 0.02%             | 2032-09-24      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                               | NLSN 10.375 05/15/31 144A                                                                               | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20186.08     | 0.01%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                           | IVYCST 8.075 04/01/36 144A                                                                              | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     45000 | PA      | $48516.30     | 0.01%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Asp Unifrax Holdings Inc                                            | FRAX 5.25 09/30/28 144A                                                                                 | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    565000 | PA      | $33900.00     | 0.01%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                             | INDON 5.1 02/10/54                                                                                      | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    141000 | PA      | $134196.75    | 0.03%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust 2017                                       | JPMMT 2017-3 2A2                                                                                        | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51449 | PA      | $45952.02     | 0.01%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                | Nielsen Term Loan B 500 2033-01-20                                                                      | CUSIP: 64069JAK8<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    150000 | PA      | $141037.50    | 0.04%             | 2033-02-03      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Dick's Sporting Goods, Inc.                                         | DKS 4.1 01/15/52                                                                                        | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    415000 | PA      | $302429.36    | 0.08%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings Inc.                                          | ENDP 8.5 04/15/31 144A                                                                                  | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $196616.71    | 0.05%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 3 SARL                                             | Aggreko Term Loan B 300 2031-05-01                                                                      | CUSIP: 01330EAD0<br>LEI: 259400QTZA08U7DIP580 | Long             | LON              | CORP              | LU        |     88657 | PA      | $88601.79     | 0.02%             | 2031-05-21      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| REACH ABS TRUST 2023-1                                              | REACH 2024-1A B                                                                                         | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350717 | PA      | $352794.39    | 0.09%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust 2012-1                      | UACST 2024-1 C                                                                                          | CUSIP: 90945DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139857 | PA      | $140108.23    | 0.03%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                 | D V7 06/01/54 B                                                                                         | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    130000 | PA      | $141125.53    | 0.04%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1 SARL                                             | AGKLN 7 05/21/30 144A                                                                                   | CUSIP: 01330AAA4<br>LEI: 259400W9CABUZBRDLP97 | Long             | DBT              | CORP              | LU        |    165000 | PA      | $172796.75    | 0.04%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| POTOMAC ENERGY CENTER                                               | POTOMAC ENERGY CENTER                                                                                   | CUSIP: 000000000<br>LEI: 549300BHYFK6M9HVNA29 | Long             | LON              | CORP              | US        |    128234 | PA      | $128554.51    | 0.03%             | 2032-08-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| OMNIA Partners                                                      | OMNIA Partners Term Loan B 275 2030-07-01                                                               | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     74064 | PA      | $73797.00     | 0.02%             | 2032-12-31      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SL1127                                                                                               | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1300496 | PA      | $1334328.88   | 0.33%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 4.5 02/01/29 144A                                                                                | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     64000 | PA      | $48992.00     | 0.01%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                          | SOAF 6.125 12/11/37 144A                                                                                | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    178000 | PA      | $175508.00    | 0.04%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                          | ALVGR V6.35 09/06/53 144A                                                                               | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    250000 | PA      | $268269.31    | 0.07%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Maxam Prill S.a r.l.                                                | MXPRLL 7.75 07/15/30 144A                                                                               | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $209016.00    | 0.05%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ZAXBY'S FUNDING LLC                                                 | ZAXBY 2021-1A A2                                                                                        | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    546260 | PA      | $523852.74    | 0.13%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                | YPFDAR 9.5 01/17/31 144A                                                                                | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     62000 | PA      | $65720.00     | 0.02%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC                                             | Fairbanks Morse Defense Term Loan B 275 2030-06-01                                                      | CUSIP: 03960DAJ2<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    163145 | PA      | $163322.58    | 0.04%             | 2030-06-24      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                        | THC 6 11/15/33 144A                                                                                     | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36170.05     | 0.01%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2025-NQM2                                        | ADMT 2025-NQM2 A1                                                                                       | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-O            | CORP              | US        |    295907 | PA      | $299438.06    | 0.07%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones                                      | BCICI V7.5 PERP 144A                                                                                    | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     85000 | PA      | $90907.50     | 0.02%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                  | SUBWAY 2024-1A A2II                                                                                     | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350562 | PA      | $359065.95    | 0.09%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                           | TIBX 9 09/30/29 144A                                                                                    | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259501.02    | 0.06%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                        | UAL 5.375 03/01/31                                                                                      | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10195.60     | 0.00%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                 | ALLY 8 11/01/31 *                                                                                       | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $295073.17    | 0.07%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                                           | Veolia Environnement S.A. EUR5                                                                          | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |    104325 | NS      | $4432804.30   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HILCORP ENERGY I LP                                                 | HILCRP 6 04/15/30 144A                                                                                  | CUSIP: 431318AY0<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |    305000 | PA      | $300407.10    | 0.07%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock                                    | Lannett Company Inc Common Stock                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3742 | NS      | $60286.84     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Citadel Finance LLC                                                 | CITADL 5.15 02/14/31 144A                                                                               | CUSIP: 17287HAF7<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19919.34     | 0.00%             | 2031-02-14      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp.                                                     | CMGMCO 8.875 06/18/29 144A                                                                              | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $305449.79    | 0.08%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                          | SOAF 7.95 11/19/54 144A                                                                                 | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    128000 | PA      | $138240.00    | 0.03%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                                    | GWCN 8.375 11/15/32 144A                                                                                | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $194597.24    | 0.05%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                           | PHILIP 3.7 03/01/41                                                                                     | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    326000 | PA      | $275470.00    | 0.07%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                           | GS V5.065 01/21/37                                                                                      | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9063.30      | 0.00%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                | PANAMA 8 03/01/38                                                                                       | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    199000 | PA      | $237158.25    | 0.06%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                           | RRX 6.4 04/15/33                                                                                        | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    259000 | PA      | $281617.37    | 0.07%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                        | T 4.625 02/15/35                                                                                        | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1135000 | PA      | $1197336.33   | 0.30%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                     | TDG 6.125 07/31/34 144A                                                                                 | CUSIP: 893647CB1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15236.04     | 0.00%             | 2034-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                      | ECOPET 4.625 11/02/31                                                                                   | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    110000 | PA      | $98587.50     | 0.02%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                          | SOAF 7.1 11/19/36 144A                                                                                  | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    150000 | PA      | $161287.50    | 0.04%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SD8350                                                                                               | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    370756 | PA      | $382064.10    | 0.10%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bayport Polymers LLC                                                | BRLS 5.14 04/14/32 144A                                                                                 | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $412226.26    | 0.10%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| WOODWARD CAPITAL MANAGEMENT                                         | RCKT 2024-CES3 A1A                                                                                      | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205278 | PA      | $208258.53    | 0.05%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                          | BLDR 6.375 03/01/34 144A                                                                                | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    240000 | PA      | $247203.84    | 0.06%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                    | GEL 6.75 03/15/34                                                                                       | CUSIP: 37185LAS1<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35403.72     | 0.01%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HAMILTON PROJECTS ACQUIR                                            | HAMILTON PROJECTS ACQUIROR LLC                                                                          | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |     90148 | PA      | $90330.79     | 0.02%             | 2031-05-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| FINANCIERE MENDEL SASU                                              | FINANCIERE MENDEL SASU                                                                                  | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |     29700 | PA      | $29737.13     | 0.01%             | 2030-11-13      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| PMT LOAN TRUST 2025-INV7                                            | PMTLT 2025-INV7 A7                                                                                      | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220439 | PA      | $225251.66    | 0.06%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                  | STT V6.7 PERP I                                                                                         | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209389.60    | 0.05%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Ethiopia (Federal Democratic Republic of)                           | ETHOPI 6.625 12/11/24 144A                                                                              | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |     41000 | PA      | $42435.00     | 0.01%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                | POLAND 5.375 02/12/35 10Y                                                                               | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    215000 | PA      | $225137.25    | 0.06%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ferrovial SE                                                        | Ferrovial SE EUR0.01                                                                                    | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |     95062 | NS      | $7094463.37   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCK TR 2024-CNTR                                                   | ROCC 2024-CNTR A                                                                                        | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $232865.24    | 0.06%             | 2041-11-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                            | EGYPT 5.875 02/16/31 144a                                                                               | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     48000 | PA      | $46620.00     | 0.01%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                            | COSTAR 6.55 04/03/34 144A                                                                               | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    110000 | PA      | $119432.50    | 0.03%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                  | DOMREP 6.95 03/15/37 REGS                                                                               | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    199000 | PA      | $213726.00    | 0.05%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                  | STT V6.123 11/21/34                                                                                     | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     90000 | PA      | $97802.78     | 0.02%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                      | BCRED 6 01/29/32                                                                                        | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218549.57    | 0.05%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                                  | N/A                                                                                                     | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    117300 | PA      | $117241.35    | 0.03%             | 2031-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS ESCROW LLC                                               | FGP 5.875 04/01/29 144A                                                                                 | CUSIP: 315289AC2<br>LEI: 549300EW667UKOZLEW85 | Long             | DBT              | CORP              | US        |    275000 | PA      | $265844.32    | 0.07%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                          | PPC 6.25 07/01/33                                                                                       | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    230000 | PA      | $247879.51    | 0.06%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                          | SAGB 8.75 02/28/48 2048                                                                                 | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  14100000 | PA      | $895269.75    | 0.22%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GABON, GOVERNMENT OF                                                | GABON 6.625 02/06/31 144A                                                                               | CUSIP: 362420AD3<br>LEI: 213800XA7X746GRPXA35 | Long             | DBT              | NUSS              | GA        |     72000 | PA      | $59512.32     | 0.01%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV                                                             | DIRECTV Term Loan B 525 2029-08-01                                                                      | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    170576 | PA      | $170523.23    | 0.04%             | 2029-08-01      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| RED SPV LLC                                                         | RED SPV LLC                                                                                             | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    124375 | PA      | $123831.48    | 0.03%             | 2032-03-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                   | SFRFP 6.5 10/15/31 144A                                                                                 | CUSIP: 02090DAC2<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    228659 | PA      | $219967.31    | 0.05%             | 2031-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NUMERICABLE US LLC                                                  | NUMERICABLE US LLC                                                                                      | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | US        |    187044 | PA      | $185583.45    | 0.05%             | 2028-04-28      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.             | DTV 8.875 02/01/30 144a                                                                                 | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25008.58     | 0.01%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                                        | BMRN 5.5 02/15/34 144A                                                                                  | CUSIP: 09061GAL5<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10087.92     | 0.00%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cimpress PLC                                                        | CMPR 7.375 09/15/32 144A                                                                                | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    285000 | PA      | $286718.84    | 0.07%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL LTD                                        | PHOAVI 9.25 07/15/30 144A                                                                               | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    125000 | PA      | $130930.38    | 0.03%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                               | FN FS8791                                                                                               | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    421683 | PA      | $433341.16    | 0.11%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DISH Network Corporation                                            | DISH 11.75 11/15/27 144A                                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155291.40    | 0.04%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Gartner Inc.                                                        | IT 3.75 10/01/30 144A                                                                                   | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    235000 | PA      | $217305.90    | 0.05%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                             | INDON 3.2 09/23/61                                                                                      | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     84000 | PA      | $53046.00     | 0.01%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                        | Southern Co. COM                                                                                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    140671 | NS      | $13698541.98  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                                 | D V6.2 02/15/56                                                                                         | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147618.27    | 0.04%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                        | UBS V7 PERP 144                                                                                         | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    225000 | PA      | $226471.28    | 0.06%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE 2022-1 TRUST                              | CAFL 2022-1 A                                                                                           | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214726 | PA      | $215664.99    | 0.05%             | 2055-06-17      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| WOODWARD CAPITAL MANAGEMENT                                         | RCKT 2025-CES5 A1A                                                                                      | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-O            | CORP              | US        |    202767 | PA      | $205970.91    | 0.05%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SD6322                                                                                               | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    741789 | PA      | $739382.74    | 0.18%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UPGRADE MASTER PASS - THRU TRUST SERIES 2025-ST5                    | UMPT 2025-ST5 A                                                                                         | CUSIP: 91535BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311861 | PA      | $312636.10    | 0.08%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Allied Universal                                                    | Allied Universal Term Loan B 325 2032-07-29                                                             | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    199500 | PA      | $199376.31    | 0.05%             | 2032-08-20      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                               | ECUA 9.25 01/29/39 144A                                                                                 | CUSIP: 27927WAR3<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    200000 | PA      | $203400.00    | 0.05%             | 2039-01-29      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                     | TDG 6.625 03/01/32 144A                                                                                 | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    290000 | PA      | $300437.68    | 0.07%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NUMERICABLE US LLC                                                  | NUMERICABLE US LLC                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     37503 | PA      | $37331.56     | 0.01%             | 2028-10-31      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                             | VENLNG 9.875 02/01/32 144A                                                                              | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    205000 | PA      | $217185.00    | 0.05%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                                    | WAND NEWCO 3 INC                                                                                        | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |    151240 | PA      | $150273.44    | 0.04%             | 2031-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO                                                        | OGN 7.875 05/15/34 144a                                                                                 | CUSIP: 68622FAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27958.87     | 0.01%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Sempra Infrastructure Partners LP                                   | SMPINF 3.25 01/15/32 144A                                                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    475000 | PA      | $428337.47    | 0.11%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP                                                   | GEL 8.875 04/15/30                                                                                      | CUSIP: 37185LAN2<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |    245000 | PA      | $257042.24    | 0.06%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| OGE Energy Corporation                                              | OGE Energy Corporation COM                                                                              | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    137838 | NS      | $6773359.32   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIRLINES INC                                                 | ALK 4.8 08/15/27 144A                                                                                   | CUSIP: 01166VAA7<br>LEI: PG4W4UTDTMMEBRGLO537 | Long             | ABS-O            | CORP              | US        |    366918 | PA      | $369916.95    | 0.09%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Tidewater Inc New                                                   | TDW 9.125 07/15/30 144A                                                                                 | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    135000 | PA      | $146043.27    | 0.04%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SD8494                                                                                               | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1739015 | PA      | $1767924.70   | 0.44%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 4.5 02/01/35 144A                                                                                | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     17667 | PA      | $10723.90     | 0.00%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| JERSEY MIKE'S FUNDING LLC                                           | JMIKE 2026-1A A2I                                                                                       | CUSIP: 476681AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $455825.12    | 0.11%             | 2056-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LV TR 2024-SHOW                                                     | Fashion Show Mall LLC                                                                                   | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $480776.87    | 0.12%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment                                                   | ECL Entertainment Term Loan B 300 2030-08-01                                                            | CUSIP: 26826TAM5<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    181779 | PA      | $180415.37    | 0.04%             | 2030-08-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S                                                          | Genmab A/S Term Loan B 300 2032-11-05                                                                   | CUSIP: 37231EAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |     25000 | PA      | $25089.75     | 0.01%             | 2032-12-13      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                | JPM V5.576 07/23/36                                                                                     | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    235000 | PA      | $244399.12    | 0.06%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                        | PEMEX 6.35 02/12/48                                                                                     | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     92000 | PA      | $73820.80     | 0.02%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SAS                                                   | SFRFP 10 01/15/33 144A                                                                                  | CUSIP: 020956AA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     40000 | PA      | $37588.53     | 0.01%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                          | SOAF 5.65 09/27/47 30Y                                                                                  | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    356000 | PA      | $300464.00    | 0.07%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                           | GS V5.33 07/23/35                                                                                       | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82578.91     | 0.02%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Sempra                                                              | Sempra COM                                                                                              | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    140485 | NS      | $13524490.95  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCK TR 2024-CNTR                                                   | ROCC 2024-CNTR C                                                                                        | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $346022.99    | 0.09%             | 2041-11-15      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 4.5 02/01/36 144A                                                                                | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      4524 | PA      | $2714.32      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Bojangles Inc                                                       | BOJA 2024-1A A2                                                                                         | CUSIP: 09748RAC2<br>LEI: 549300V7MGDZ6K056B43 | Long             | ABS-O            | CORP              | US        |    373125 | PA      | $378336.36    | 0.09%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer LLC.                                 | MNET 2025-2A A2                                                                                         | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $382824.56    | 0.10%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                 | GPN 5.55 11/15/35                                                                                       | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    225000 | PA      | $223809.77    | 0.06%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                               | SOCGEN V6.066 01/19/35 144A                                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $266694.29    | 0.07%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Grifols S.A.                                                        | GRFSM 4.75 10/15/28 144a                                                                                | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    245000 | PA      | $241904.33    | 0.06%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV                                                  | Nouryon (fka AkzoNobel Specialty Chemicals) Term Loan B 325 2028-04-01                                  | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    158083 | PA      | $157885.80    | 0.04%             | 2028-04-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                      | OPALBD 6.5 03/31/32 144A                                                                                | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     20000 | PA      | $20599.84     | 0.01%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                                          | United Utilities Group PLC ORD GBP0.05                                                                  | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    287625 | NS      | $5399516.39   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                                             | SON 5 09/01/34                                                                                          | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277710.99    | 0.07%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                        | UZBEK 3.7 11/25/30 144A                                                                                 | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     34000 | PA      | $32039.56     | 0.01%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| OASIS SECURITISATION 21-2A                                          | OASIS 2025-1A A                                                                                         | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $454358.75    | 0.11%             | 2039-08-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                  | Atmos Energy Corp. COM                                                                                  | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     20079 | NS      | $3750556.41   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp.       | RIVENT 6.25 10/15/30 144A                                                                               | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35762.13     | 0.01%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                          | ACGCAP 4.875 01/28/33 144A                                                                              | CUSIP: 05369AAU5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194333.33    | 0.05%             | 2033-01-28      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile                             | CDEL 5.95 01/08/34 144A                                                                                 | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    233000 | PA      | $246778.69    | 0.06%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                            | ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       167 | NS      | $2663.92      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.             | DTV 8.875 02/01/30 144A                                                                                 | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $110126.83    | 0.03%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Prime Healthcare Services Inc                                       | PRIHEA 9.375 09/01/29 144A                                                                              | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $177570.53    | 0.04%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 0 02/01/30 144A                                                                                  | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2757 | PA      | $1770.20      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENEL Finance International N.V.                                     | ENELIM 7.5 10/14/32 144A                                                                                | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    196000 | PA      | $226892.78    | 0.06%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V.                     | Grupo Aeroportuario Del Pacifico S.A.B. de C.V. COM NPV SER'B'                                          | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     84190 | NS      | $2199636.07   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Arroyo Mortgage Trust 2018-2                                        | ARRW 2019-2 A1                                                                                          | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72469 | PA      | $71206.40     | 0.02%             | 2049-04-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                                     | CNR 9.5 08/15/29 144A                                                                                   | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    215000 | PA      | $156277.20    | 0.04%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                      | C V6.27 11/17/33                                                                                        | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     84000 | PA      | $92176.73     | 0.02%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                   | LEBAN 8.25 04/12/21 REGS                                                                                | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    114000 | PA      | $33459.00     | 0.01%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                               | ALTICE 5 01/15/28 144A                                                                                  | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    515000 | PA      | $363134.23    | 0.09%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                 | IHS 8.25 11/29/31 144A                                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     33000 | PA      | $35147.31     | 0.01%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                  | BX 2024-XL5 A                                                                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    336207 | PA      | $336312.21    | 0.08%             | 2041-03-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Hudson Yards 2025-Sprl Mortgage Trust                               | HY 2025-SPRL A                                                                                          | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $385777.91    | 0.10%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2025-300P                             | NYC 2025-300P A                                                                                         | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404508.08    | 0.10%             | 2042-07-15      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2025-CES4                                 | TPMT 2025-CES4 A1A                                                                                      | CUSIP: 89170UAA8<br>LEI: 254900V1XGR6BSB30T32 | Long             | ABS-O            | CORP              | US        |    344009 | PA      | $347171.10    | 0.09%             | 2065-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                 | BPL 6.75 02/01/30 144A                                                                                  | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99171.74     | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MTG TR 2021-1                                            | TPMT 2021-1 A2                                                                                          | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465000 | PA      | $410074.94    | 0.10%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                           | APODS 6.9 04/13/29                                                                                      | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77971.98     | 0.02%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                              | APTV V6.875 12/15/54                                                                                    | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     25000 | PA      | $26064.15     | 0.01%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.             | DTV 5.875 08/15/27 144A                                                                                 | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $72083.66     | 0.02%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                  | DOMREP 6.95 03/15/37 144A                                                                               | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    157000 | PA      | $168618.00    | 0.04%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| RFR TRUST 2025-SGRM                                                 | RFR 2025-SGRM A                                                                                         | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $409857.84    | 0.10%             | 2041-03-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES 2020-SFR1 TRUST                                      | FKH 2021-SFR1 D                                                                                         | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $326049.27    | 0.08%             | 2038-08-19      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2018-RP1                              | CMLTI 2018-RP1 A1                                                                                       | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     80775 | PA      | $79816.23     | 0.02%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                | PANAMA 5.227 02/23/34                                                                                   | CUSIP: 698299CB8<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $49969.59     | 0.01%             | 2034-02-23      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                                           | ELSALV 7.625 02/01/41 REGS                                                                              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     52000 | PA      | $51977.82     | 0.01%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                             | KEY V6.401 03/06/35                                                                                     | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    241000 | PA      | $262822.54    | 0.07%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MSSG Trust 2017-237P                                                | MSSG 2017-237P A                                                                                        | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    445000 | PA      | $424510.91    | 0.11%             | 2039-09-13      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                   | CSCHLD 4.125 12/01/30 144A                                                                              | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    180000 | PA      | $109812.65    | 0.03%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                | TURKEY 6.625 02/17/45 31Y                                                                               | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    178000 | PA      | $163404.00    | 0.04%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Houston Galleria Mall Trust 2025-HGLR                               | HGMT 2025-HGLR A                                                                                        | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $158249.12    | 0.04%             | 2045-02-07      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Phoenix Aviation Capital                                            | Phoenix Aviation Capital Term Loan B 325 2030-09-30                                                     | CUSIP: 69450PAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    220000 | PA      | $217388.60    | 0.05%             | 2030-10-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA                                                      | TELSAT 6.5 10/15/27 144A                                                                                | CUSIP: 87952VAM8<br>LEI: 5493004V5GLBY6SO5Y34 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $121500.00    | 0.03%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                               | WEC Energy Group Inc. COM                                                                               | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     37895 | NS      | $4432199.20   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hunter Douglas                                                      | Hunter Douglas Term Loan B 325 2032-01-05                                                               | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |    111232 | PA      | $111116.33    | 0.03%             | 2032-01-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| PRKCM TRUST 2022-AFC1                                               | PRKCM 2022-AFC1 A1A                                                                                     | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325634 | PA      | $329346.36    | 0.08%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                               | UKRAIN 0 02/01/36 144A                                                                                  | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     74000 | PA      | $41773.07     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SAFCO AUTO RECEIVABLES TRUST 2025-1                                 | SAFCO 2025-1A C                                                                                         | CUSIP: 785923AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $390717.87    | 0.10%             | 2030-11-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                    | FR SD8492                                                                                               | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3455478 | PA      | $3474334.44   | 0.86%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                           | KSA 4.875 01/12/36 144A                                                                                 | CUSIP: 80413TBR9<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    155000 | PA      | $155620.00    | 0.04%             | 2036-01-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Gek Terna SA                                                        | Gek Terna SA EUR0.57                                                                                    | CUSIP: 000000000<br>LEI: 2138003TO2MTRHWVP686 | Long             | EC               | CORP              | GR        |    110072 | NS      | $4692603.59   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon                                                   | Columbus McKinnon Term Loan B 350 2033-01-12                                                            | CUSIP: 19933MAS2<br>LEI: 549300W3HQB0HO1F3G69 | Long             | LON              | CORP              | US        |     55000 | PA      | $54793.75     | 0.01%             | 2033-02-03      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| 180 Medical Inc.                                                    | CTECLN 5.3 10/08/35 144a                                                                                | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301438.50    | 0.08%             | 2035-10-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DP World Ltd.                                                       | DPWDU 6.85 07/02/37 144A                                                                                | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     15000 | PA      | $16823.40     | 0.00%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                               | FN MA4805                                                                                               | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    748529 | PA      | $743280.44    | 0.19%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                              | FABSJV 5.875 01/25/34                                                                                   | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    135000 | PA      | $140953.75    | 0.04%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc                                        | Kansai Electric Power Co Inc NPV                                                                        | CUSIP: 000000000<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |    295700 | NS      | $5345378.93   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Fund Mortgage Trust 2022-NQM3                              | IMPRL 2022-NQM3 A1                                                                                      | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    319230 | PA      | $318194.90    | 0.08%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COMPANIES INC                                            | ACI 5.75 03/31/34 144A                                                                                  | CUSIP: 01309QAD0<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24875.70     | 0.01%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| White Cap                                                           | White Cap Term Loan B 325 2029-10-01                                                                    | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    113562 | PA      | $112119.12    | 0.03%             | 2029-10-29      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                            | AESOP 2024-2A D                                                                                         | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    336000 | PA      | $344362.70    | 0.09%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Loan Trust 2018-2                                | MCMLT 2019-1 M2                                                                                         | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    354347 | PA      | $334121.65    | 0.08%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                           | KSA 4.875 07/18/33 144A                                                                                 | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    193000 | PA      | $196408.38    | 0.05%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VFI ABS 2025-1 LLC                                                  | VFI 2025-1A C                                                                                           | CUSIP: 91824UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303908.28    | 0.08%             | 2031-04-24      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                           | TD V8.125 10/31/82                                                                                      | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    239000 | PA      | $250058.77    | 0.06%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 PLC                                         | STYRO 9.625 03/15/29 144A                                                                               | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     85000 | PA      | $72887.50     | 0.02%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN VETERINARY PART                                            | Mission Pet (fka Southern Veterinary Partners) Term Loan B 250 2031-12-01                               | CUSIP: 84410HAQ3<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |     59850 | PA      | $59696.78     | 0.01%             | 2031-12-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Harbor Freight                                                      | Harbor Freight Term Loan B 250 2031-05-27                                                               | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |     78429 | PA      | $77140.18     | 0.02%             | 2031-06-11      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| LifePoint Health                                                    | LifePoint Health Term Loan B (Incremental) 350 2031-05-01                                               | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     29626 | PA      | $29575.46     | 0.01%             | 2031-05-19      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                        | BRAZIL 6.25 05/22/36                                                                                    | CUSIP: 105756CQ1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     37000 | PA      | $37351.50     | 0.01%             | 2036-05-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao SA                                                | SAMMIN 9.5 06/30/31 144A                                                                                | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     74894 | PA      | $75244.36     | 0.02%             | 2031-06-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                | ANGOL 8 11/26/29 144A                                                                                   | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    119000 | PA      | $118405.00    | 0.03%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Limited                                                | TKOCN 8.25 05/01/30 144A                                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $105863.40    | 0.03%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V.                 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. SER'B' NPV                                          | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    214400 | NS      | $3276129.60   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| OPORTUN ISSUANCE TR 2024-2                                          | OPTN 2024-2 B                                                                                           | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    299441 | PA      | $299847.84    | 0.07%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                            | HCA 5.5 06/01/33                                                                                        | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    239000 | PA      | $250496.83    | 0.06%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** Virtus Total Return Fund Inc.

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer