# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-26-008196
**Filing Date:** 2026-2
**Character Count:** 610100
**Document Hash:** 704a50e226237bd3b278ed8f202535ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008196.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008196

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 26683436

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—7.0%** | **U.S. Government Securities—7.0%** | **U.S. Government Securities—7.0%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 1.625%, 2/15/26<sup>(2)</sup> <br>| $94235 | &nbsp;&nbsp; $93999 |
| &nbsp;&nbsp;&nbsp; 4.625%, 6/30/26 | 65340 | &nbsp;&nbsp; 65679 |
| &nbsp;&nbsp;&nbsp; 4.375%, 8/15/26 | 61245 | &nbsp;&nbsp; 61535 |
| &nbsp;&nbsp;&nbsp; 4.250%, 11/30/26 | 11720 | &nbsp;&nbsp; 11792 |
| &nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 | 75435 | &nbsp;&nbsp; 75821 |
| &nbsp;&nbsp;&nbsp; 2.750%, 5/31/29 | 20715 | &nbsp;&nbsp; 20160 |
| **Total U.S. Government Securities** <br>**(Identified Cost $327,573)** | **Total U.S. Government Securities** <br>**(Identified Cost $327,573)** | &nbsp;&nbsp; **328986** |
| **Foreign Government Securities—5.9%** | **Foreign Government Securities—5.9%** | **Foreign Government Securities—5.9%** |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.600%, 3/1/29<sup>(3)</sup> <br>| 5032 | &nbsp;&nbsp; 5354 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 2/16/31<sup>(3)</sup> <br>| 1515 | &nbsp;&nbsp; 1514 |
| &nbsp;&nbsp;&nbsp; Benin Government International Bond 144A <br>7.960%, 2/13/38<sup>(3)</sup> <br>| 667 | &nbsp;&nbsp; 693 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp; RegS <br>7.000%, 12/1/18<sup>(4)(5)</sup> <br>| 1584 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.750%, 10/13/19<sup>(4)(5)</sup> <br>| 4851 | &nbsp;&nbsp; 1273 |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Series F <br>10.000%, 1/1/31<br>| 58780 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 9436 |
| &nbsp;&nbsp;&nbsp; Czech Republic Government Bond <br>1.750%, 6/23/32<br>| 227610 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 9532 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 2/22/29<sup>(3)</sup> <br>| 2312 | &nbsp;&nbsp; 2339 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 1/30/30<sup>(3)</sup> <br>| 1898 | &nbsp;&nbsp; 1856 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 9/23/32<sup>(3)</sup> <br>| 1469 | &nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.950%, 3/15/37<sup>(3)</sup> <br>| 1361 | &nbsp;&nbsp; 1464 |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco S.a.r.l. 144A <br>5.500%, 8/17/30<sup>(3)</sup> <br>| 8334 | &nbsp;&nbsp; 8476 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Ethiopia 144A <br>6.625%, 12/11/26<sup>(3)(4)</sup> <br>| 890 | &nbsp;&nbsp; 953 |
| 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>3.875%, 6/12/30 | 2264 | &nbsp;&nbsp; 2162 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 7797 | &nbsp;&nbsp; 7881 |
| &nbsp;&nbsp;&nbsp; Government of Jamaica <br>6.750%, 4/28/28<br>| 2000 | &nbsp;&nbsp; 2053 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.125%, 5/22/28<sup>(3)</sup> <br>| 6522 | &nbsp;&nbsp; 6769 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 9/22/32<sup>(3)</sup> <br>| 2815 | &nbsp;&nbsp; 2996 |
| &nbsp;&nbsp;&nbsp; RegS <br>2.125%, 9/22/31<sup>(5)</sup> <br>| 3009 | &nbsp;&nbsp; 2586 |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan 144A <br>7.375%, 4/8/31<sup>(3)</sup> <br>| 1788 | &nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain 144A <br>6.750%, 9/20/29<sup>(3)</sup> <br>| 4350 | &nbsp;&nbsp; 4527 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(3)</sup> <br>| $3517 | &nbsp;&nbsp; $3534 |
| &nbsp;&nbsp;&nbsp; Kyrgyz Republic International Bond 144A <br>7.750%, 6/3/30<sup>(3)</sup> <br>| 3290 | &nbsp;&nbsp; 3385 |
| &nbsp;&nbsp;&nbsp; Malaysia Government Bond <br>2.632%, 4/15/31<br>| 40400 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 9615 |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr <br>8.500%, 5/31/29<br>| 172540 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 9668 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.250%, 5/9/28<sup>(3)</sup> <br>| 2812 | &nbsp;&nbsp; 2824 |
| &nbsp;&nbsp;&nbsp; 144A <br>9.244%, 1/15/31<sup>(3)</sup> <br>| 2411 | &nbsp;&nbsp; 2430 |
| &nbsp;&nbsp;&nbsp; Republic of Argentina <br>0.750%, 7/9/30<sup>(6)</sup> <br>| 16209 | &nbsp;&nbsp; 13810 |
| &nbsp;&nbsp;&nbsp; Republic of Armenia 144A <br>3.950%, 9/26/29<sup>(3)</sup> <br>| 1226 | &nbsp;&nbsp; 1169 |
| 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 | 7343 | &nbsp;&nbsp; 7754 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 604 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 11/7/36 | 1106 | &nbsp;&nbsp; 1153 |
| Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp; RegS <br>6.900%, 7/31/30<sup>(5)(6)</sup> <br>| 4974 | &nbsp;&nbsp; 4920 |
| &nbsp;&nbsp;&nbsp; RegS <br>6.900%, 7/31/35<sup>(5)(6)</sup> <br>| 782 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp; RegS <br>5.000%, 7/31/40<sup>(5)(6)</sup> <br>| 814 | &nbsp;&nbsp; 632 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/28/29<sup>(3)</sup> <br>| 3145 | &nbsp;&nbsp; 3346 |
| &nbsp;&nbsp;&nbsp; RegS <br>9.250%, 4/17/30<sup>(5)</sup> <br>| 2158 | &nbsp;&nbsp; 2346 |
| &nbsp;&nbsp;&nbsp; Republic of Gabon RegS <br>9.500%, 2/18/29<sup>(5)</sup> <br>| 4000 | &nbsp;&nbsp; 3462 |
| &nbsp;&nbsp;&nbsp; Republic of Ghana 144A <br>5.000%, 7/3/29<sup>(3)(6)</sup> <br>| 5891 | &nbsp;&nbsp; 5788 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>5.250%, 8/10/29<sup>(2)(3)</sup> <br>| 1127 | &nbsp;&nbsp; 1137 |
| &nbsp;&nbsp;&nbsp; Republic of Ivory Coast 144A <br>8.075%, 4/1/36<sup>(3)</sup> <br>| 1548 | &nbsp;&nbsp; 1672 |
| &nbsp;&nbsp;&nbsp; Republic of Kazakhstan 144A <br>5.000%, 7/1/32<sup>(3)</sup> <br>| 3960 | &nbsp;&nbsp; 4024 |
| Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>9.750%, 2/16/31<sup>(3)</sup> <br>| 2310 | &nbsp;&nbsp; 2524 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.875%, 10/9/33<sup>(3)</sup> <br>| 1795 | &nbsp;&nbsp; 1795 |
| &nbsp;&nbsp;&nbsp; Republic of Mozambique 144A <br>9.000%, 9/15/31<sup>(3)(6)</sup> <br>| 2059 | &nbsp;&nbsp; 1758 |
| &nbsp;&nbsp;&nbsp; Republic of Nigeria 144A <br>9.625%, 6/9/31<sup>(3)</sup> <br>| 6038 | &nbsp;&nbsp; 6842 |
| &nbsp;&nbsp;&nbsp; Republic of Panama <br>3.875%, 3/17/28<br>| 2874 | &nbsp;&nbsp; 2822 |
| 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>2.783%, 1/23/31 | 5226 | &nbsp;&nbsp; 4837 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 1359 | &nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines <br>4.375%, 3/5/30<sup>(2)</sup> <br>| 8038 | &nbsp;&nbsp; 8155 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| 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>4.625%, 3/18/29 | $3242 | &nbsp;&nbsp; $3304 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 2/12/30 | 4266 | &nbsp;&nbsp; 4407 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 1888 | &nbsp;&nbsp; 1960 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal RegS <br>7.750%, 6/10/31<sup>(5)</sup> <br>| 2047 | &nbsp;&nbsp; 1210 |
| 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>5.875%, 6/22/30 | 3582 | &nbsp;&nbsp; 3709 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 4/20/32 | 1328 | &nbsp;&nbsp; 1366 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 192000 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 11176 |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.000%, 4/15/28<sup>(3)</sup> <br>| 292 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; 144A <br>3.100%, 1/15/30<sup>(3)(6)</sup> <br>| 2610 | &nbsp;&nbsp; 2470 |
| &nbsp;&nbsp;&nbsp; 144A <br>3.350%, 3/15/33<sup>(3)(6)</sup> <br>| 614 | &nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp; 144A <br>3.600%, 6/15/35<sup>(3)(6)</sup> <br>| 414 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; 144A <br>3.600%, 2/15/38<sup>(3)(6)</sup> <br>| 576 | &nbsp;&nbsp; 522 |
| 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 | 4691 | &nbsp;&nbsp; 5361 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 2/12/32 | 2003 | &nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 3426 | &nbsp;&nbsp; 3647 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 1864 | &nbsp;&nbsp; 1920 |
| &nbsp;&nbsp;&nbsp; Republica Orient Uruguay <br>4.375%, 1/23/31<br>| 3882 | &nbsp;&nbsp; 3933 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(3)</sup> <br>| 7363 | &nbsp;&nbsp; 7613 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(3)</sup> <br>| 3458 | &nbsp;&nbsp; 3761 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.625%, 5/16/36<sup>(3)</sup> <br>| 1863 | &nbsp;&nbsp; 1942 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.750%, 1/18/28<sup>(3)</sup> <br>| 2008 | &nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.375%, 1/13/31<sup>(3)</sup> <br>| 3616 | &nbsp;&nbsp; 3779 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 8/4/26<sup>(3)</sup> <br>| 1107 | &nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.950%, 1/14/31<sup>(3)</sup> <br>| 655 | &nbsp;&nbsp; 669 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/34<sup>(3)(6)</sup> <br>| 3308 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/35<sup>(3)(6)</sup> <br>| 1890 | &nbsp;&nbsp; 1125 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/36<sup>(3)(6)</sup> <br>| 1266 | &nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.000%, 2/1/32<sup>(5)(6)</sup> <br>| 3141 | &nbsp;&nbsp; 2342 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.500%, 2/1/35<sup>(5)(6)</sup> <br>| 919 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp; United Mexican States <br>5.375%, 3/22/33<br>| 6744 | &nbsp;&nbsp; 6681 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; Uzbekistan International Bond 144A <br>7.850%, 10/12/28<sup>(3)</sup> <br>| $6350 | &nbsp;&nbsp; $6794 |
| **Total Foreign Government Securities** <br>**(Identified Cost $267,470)** | **Total Foreign Government Securities** <br>**(Identified Cost $267,470)** | &nbsp;&nbsp; **278953** |
| **Mortgage-Backed Securities—25.3%** | **Mortgage-Backed Securities—25.3%** | **Mortgage-Backed Securities—25.3%** |
| **Agency—7.9%** | **Agency—7.9%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #SB8269 <br>6.000%, 10/1/38<br>| 24920 | &nbsp;&nbsp; 25881 |
| &nbsp;&nbsp;&nbsp; Pool #SD3238 <br>5.500%, 12/1/52<br>| 2267 | &nbsp;&nbsp; 2306 |
| &nbsp;&nbsp;&nbsp; Pool #SD8350 <br>6.000%, 8/1/53<br>| 7780 | &nbsp;&nbsp; 8003 |
| &nbsp;&nbsp;&nbsp; Pool #SD8492 <br>5.000%, 1/1/55<br>| 63432 | &nbsp;&nbsp; 63294 |
| &nbsp;&nbsp;&nbsp; Pool #SD8494 <br>5.500%, 1/1/55<br>| 47181 | &nbsp;&nbsp; 47852 |
| &nbsp;&nbsp;&nbsp; Pool #SL1127 <br>6.000%, 12/1/54<br>| 41861 | &nbsp;&nbsp; 42982 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #254549 <br>6.000%, 12/1/32<br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Pool #725762 <br>6.000%, 8/1/34<br>| 30 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Pool #773385 <br>5.500%, 5/1/34<br>| 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Pool #800267 <br>5.500%, 12/1/34<br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Pool #806318 <br>5.500%, 11/1/34<br>| 91 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Pool #808018 <br>5.500%, 1/1/35<br>| 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Pool #889578 <br>6.000%, 4/1/38<br>| 21 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Pool #890710 <br>3.000%, 2/1/31<br>| 1344 | &nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp; Pool #941322 <br>6.000%, 7/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #AC6992 <br>5.000%, 12/1/39<br>| 704 | &nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp; Pool #AD3841 <br>4.500%, 4/1/40<br>| 716 | &nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp; Pool #AD4224 <br>5.000%, 8/1/40<br>| 921 | &nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp; Pool #AE4799 <br>4.000%, 10/1/40<br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Pool #AH4009 <br>4.000%, 3/1/41<br>| 1060 | &nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp; Pool #AI2472 <br>4.500%, 5/1/41<br>| 639 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp; Pool #AO5149 <br>3.000%, 6/1/27<br>| 30 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Pool #AS6515 <br>4.000%, 1/1/46<br>| 1429 | &nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 43317 | &nbsp;&nbsp; 44505 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #FS4438 <br>5.000%, 11/1/52<br>| $10336 | &nbsp;&nbsp; $10351 |
| &nbsp;&nbsp;&nbsp; Pool #FS8479 <br>5.500%, 8/1/53<br>| 20533 | &nbsp;&nbsp; 20896 |
| &nbsp;&nbsp;&nbsp; Pool #FS8791 <br>6.000%, 8/1/54<br>| 8307 | &nbsp;&nbsp; 8550 |
| &nbsp;&nbsp;&nbsp; Pool #MA4785 <br>5.000%, 10/1/52<br>| 9118 | &nbsp;&nbsp; 9146 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 20430 | &nbsp;&nbsp; 20020 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 24017 | &nbsp;&nbsp; 24429 |
| &nbsp;&nbsp;&nbsp; Pool #MA5139 <br>6.000%, 9/1/53<br>| 32885 | &nbsp;&nbsp; 33832 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association Pool <br> #563381 <br>6.500%, 11/15/31<br>| 2 | &nbsp;&nbsp; 2 |
|  |  | &nbsp;&nbsp; 369125 |
| **Non-Agency—17.4%** | **Non-Agency—17.4%** |  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(3)(7)</sup> <br>| 10470 | &nbsp;&nbsp; 10530 |
| &nbsp;&nbsp;&nbsp; 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(3)(7)</sup> <br>| 7430 | &nbsp;&nbsp; 7501 |
| &nbsp;&nbsp;&nbsp; ADMT 2024-NQM6, A1 144A <br>5.666%, 1/25/70<sup>(3)(7)</sup> <br>| 6848 | &nbsp;&nbsp; 6897 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(3)(7)</sup> <br>| 10545 | &nbsp;&nbsp; 10235 |
| &nbsp;&nbsp;&nbsp; 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(3)(7)</sup> <br>| 11511 | &nbsp;&nbsp; 11170 |
| &nbsp;&nbsp;&nbsp; ALA Trust 2025-OANA, A (1 month Term SOFR + <br> 1.743%, Cap N/A, Floor 1.743%) 144A <br>5.494%, 6/15/40<sup>(3)(7)</sup> <br>| 13775 | &nbsp;&nbsp; 13827 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-SFR2, C 144A <br>1.877%, 8/17/38<sup>(3)</sup> <br>| 4535 | &nbsp;&nbsp; 4448 |
| &nbsp;&nbsp;&nbsp; 2021-SFR3, D 144A <br>2.177%, 10/17/38<sup>(3)</sup> <br>| 6675 | &nbsp;&nbsp; 6534 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(3)(7)</sup> <br>| 1510 | &nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp; 2021-3, A2 144A <br>1.305%, 5/25/66<sup>(3)(7)</sup> <br>| 1330 | &nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp; 2021-5, A1 144A <br>0.951%, 7/25/66<sup>(3)(7)</sup> <br>| 4799 | &nbsp;&nbsp; 4186 |
| &nbsp;&nbsp;&nbsp; 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(3)(7)</sup> <br>| 7390 | &nbsp;&nbsp; 6653 |
| &nbsp;&nbsp;&nbsp; 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(3)(7)</sup> <br>| 5156 | &nbsp;&nbsp; 5130 |
| &nbsp;&nbsp;&nbsp; 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(3)(7)</sup> <br>| 3192 | &nbsp;&nbsp; 3181 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(3)(7)</sup> <br>| 3226 | &nbsp;&nbsp; 3156 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(3)(7)</sup> <br>| $1597 | &nbsp;&nbsp; $1561 |
| &nbsp;&nbsp;&nbsp; 2022-1, A1B 144A <br>3.269%, 12/25/56<sup>(3)(7)</sup> <br>| 4252 | &nbsp;&nbsp; 4072 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust 2004-D, 5A1 <br>4.896%, 1/25/35<sup>(7)</sup> <br>| 565 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust 2018-TALL, A (1 month Term <br> SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A <br>4.670%, 3/15/37<sup>(3)(7)</sup> <br>| 9330 | &nbsp;&nbsp; 8832 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust 2023-B38, A2 <br>5.626%, 4/15/56<br>| 4235 | &nbsp;&nbsp; 4320 |
| &nbsp;&nbsp;&nbsp; Bunker Hill Loan Depositary Trust 2019-2, A1 144A <br>2.879%, 7/25/49<sup>(3)(7)</sup> <br>| 561 | &nbsp;&nbsp; 552 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-LP2, D (1 month Term SOFR + 1.961%, Cap <br> N/A, Floor 1.961%) 144A <br>5.711%, 2/15/39<sup>(3)(7)</sup> <br>| 7987 | &nbsp;&nbsp; 7977 |
| &nbsp;&nbsp;&nbsp; 2024-XL5, A (1 month Term SOFR + 1.392%, Cap <br> N/A, Floor 1.392%) 144A <br>5.142%, 3/15/41<sup>(3)(7)</sup> <br>| 6054 | &nbsp;&nbsp; 6057 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(3)</sup> <br>| 1665 | &nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp; 2019-OC11, B 144A <br>3.605%, 12/9/41<sup>(3)</sup> <br>| 5354 | &nbsp;&nbsp; 5123 |
| &nbsp;&nbsp;&nbsp; 2019-OC11, D 144A <br>3.944%, 12/9/41<sup>(3)(7)</sup> <br>| 7089 | &nbsp;&nbsp; 6753 |
| &nbsp;&nbsp;&nbsp; 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(3)</sup> <br>| 17112 | &nbsp;&nbsp; 17167 |
| &nbsp;&nbsp;&nbsp; 2025-ROIC, C (1 month Term SOFR + 1.543%, Cap <br> N/A, Floor 1.543%) 144A <br>5.293%, 3/15/30<sup>(3)(7)</sup> <br>| 996 | &nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(3)(7)</sup> <br>| 9871 | &nbsp;&nbsp; 9991 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp. 2016-SH2, M2 144A <br>3.701%, 12/25/45<sup>(3)(7)</sup> <br>| 3233 | &nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; CIM Trust 2022-R2, A1 144A <br>3.750%, 12/25/61<sup>(3)(7)</sup> <br>| 3810 | &nbsp;&nbsp; 3641 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2013-A, A 144A <br>3.000%, 5/25/42<sup>(3)(7)</sup> <br>| 1845 | &nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp; 2018-RP1, A1 144A <br>3.000%, 9/25/64<sup>(3)(7)</sup> <br>| 1200 | &nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp; 2019-RP1, A1 144A <br>3.500%, 1/25/66<sup>(3)(7)</sup> <br>| 4210 | &nbsp;&nbsp; 4144 |
| &nbsp;&nbsp;&nbsp; 2025-INV1, A2 144A <br>6.000%, 1/25/55<sup>(3)(7)</sup> <br>| 6645 | &nbsp;&nbsp; 6767 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(3)(7)</sup> <br>| 10020 | &nbsp;&nbsp; 9862 |
| &nbsp;&nbsp;&nbsp; 2023-3, A1 144A <br>7.180%, 9/25/68<sup>(3)(7)</sup> <br>| 5625 | &nbsp;&nbsp; 5688 |
| &nbsp;&nbsp;&nbsp; 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(3)(7)</sup> <br>| 1134 | &nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp; 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(3)(7)</sup> <br>| 8063 | &nbsp;&nbsp; 8078 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| COOPR Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-CES1, A1A 144A <br>5.654%, 5/25/60<sup>(3)(7)</sup> <br>| $5409 | &nbsp;&nbsp; $5464 |
| &nbsp;&nbsp;&nbsp; 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(3)(7)</sup> <br>| 5997 | &nbsp;&nbsp; 6048 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2018-1, D 144A <br>4.920%, 6/15/51<sup>(3)</sup> <br>| 7049 | &nbsp;&nbsp; 7064 |
| &nbsp;&nbsp;&nbsp; 2020-3, A 144A <br>1.358%, 8/15/53<sup>(3)</sup> <br>| 308 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; 2022-1, A 144A <br>4.744%, 6/17/55<sup>(3)(7)</sup> <br>| 3926 | &nbsp;&nbsp; 3942 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2017-RPL1, A1 144A <br>2.750%, 7/25/57<sup>(3)(7)</sup> <br>| 7216 | &nbsp;&nbsp; 7080 |
| &nbsp;&nbsp;&nbsp; 2020-NQM1, A1 144A <br>2.208%, 5/25/65<sup>(3)(7)</sup> <br>| 1225 | &nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp; 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(3)(7)</sup> <br>| 8274 | &nbsp;&nbsp; 7525 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-4, A1 144A <br>1.931%, 11/25/66<sup>(3)(7)</sup> <br>| 5058 | &nbsp;&nbsp; 4505 |
| &nbsp;&nbsp;&nbsp; 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(3)(7)</sup> <br>| 4412 | &nbsp;&nbsp; 4149 |
| &nbsp;&nbsp;&nbsp; 2025-INV1, A1 144A <br>5.087%, 11/25/60<sup>(3)(7)</sup> <br>| 6465 | &nbsp;&nbsp; 6479 |
| &nbsp;&nbsp;&nbsp; EFMT 2025-NQM2, A1 144A <br>5.596%, 6/25/70<sup>(3)(7)</sup> <br>| 7966 | &nbsp;&nbsp; 8040 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(3)(7)</sup> <br>| 614 | &nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp; 2020-2, A1 144A <br>1.178%, 10/25/65<sup>(3)(7)</sup> <br>| 2718 | &nbsp;&nbsp; 2578 |
| &nbsp;&nbsp;&nbsp; 2021-1, A2 144A <br>1.003%, 2/25/66<sup>(3)(7)</sup> <br>| 730 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust 2025-ESH, A (1 month <br> Term SOFR + 1.300%, Cap N/A, Floor 1.300%) <br> 144A <br>5.050%, 10/15/42<sup>(3)(7)</sup> <br>| 1550 | &nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC 2024-SHOW, A 144A <br>5.104%, 10/10/41<sup>(3)(7)</sup> <br>| 10220 | &nbsp;&nbsp; 10374 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(3)</sup> <br>| 7260 | &nbsp;&nbsp; 7135 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(3)(7)</sup> <br>| 481 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp; 2019-2, A52 144A <br>3.500%, 6/25/59<sup>(3)(7)</sup> <br>| 2554 | &nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp; GCAT Trust 2023-NQM2, A1 144A <br>5.837%, 11/25/67<sup>(3)(7)</sup> <br>| 8439 | &nbsp;&nbsp; 8410 |
| &nbsp;&nbsp;&nbsp; Homes Trust 2023-NQM2, A1 144A <br>6.456%, 2/25/68<sup>(3)(7)</sup> <br>| 6298 | &nbsp;&nbsp; 6310 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust 2025-SPRL, A 144A <br>5.467%, 1/13/40<sup>(3)(7)</sup> <br>| 4620 | &nbsp;&nbsp; 4790 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust 2022-NQM3, A1 144A <br>4.380%, 5/25/67<sup>(3)(7)</sup> <br>| 7883 | &nbsp;&nbsp; 7857 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; JP Morgan Seasoned Mortgage Trust Series 2024-1, <br> A4 144A <br>4.377%, 1/25/63<sup>(3)(7)</sup> <br>| $6903 | &nbsp;&nbsp; $6767 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(3)(7)</sup> <br>| 503 | &nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; 2014-5, B1 144A <br>2.565%, 10/25/29<sup>(3)(7)</sup> <br>| 1882 | &nbsp;&nbsp; 1818 |
| &nbsp;&nbsp;&nbsp; 2014-5, B2 144A <br>2.565%, 10/25/29<sup>(3)(7)</sup> <br>| 886 | &nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; 2015-1, AM1 144A <br>5.506%, 12/25/44<sup>(3)(7)</sup> <br>| 458 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; 2015-5, A2 144A <br>5.599%, 5/25/45<sup>(3)(7)</sup> <br>| 522 | &nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp; 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(3)(7)</sup> <br>| 1190 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; 2017-5, A1 144A <br>4.746%, 10/26/48<sup>(3)(7)</sup> <br>| 619 | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp; 2018-7FRB, A2 (1 month Term SOFR + 0.864%) <br> 144A <br>4.596%, 4/25/46<sup>(3)(7)</sup> <br>| 3631 | &nbsp;&nbsp; 3569 |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(3)(7)</sup> <br>| 5795 | &nbsp;&nbsp; 5840 |
| &nbsp;&nbsp;&nbsp; 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(3)(7)</sup> <br>| 7840 | &nbsp;&nbsp; 7908 |
| &nbsp;&nbsp;&nbsp; 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(3)(7)</sup> <br>| 9595 | &nbsp;&nbsp; 9670 |
| &nbsp;&nbsp;&nbsp; 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(3)(7)</sup> <br>| 8111 | &nbsp;&nbsp; 8183 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(3)(7)</sup> <br>| 8545 | &nbsp;&nbsp; 8577 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2017-1A, M1 144A <br>3.389%, 4/25/55<sup>(3)(7)</sup> <br>| 7930 | &nbsp;&nbsp; 7282 |
| &nbsp;&nbsp;&nbsp; 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(3)(7)</sup> <br>| 2298 | &nbsp;&nbsp; 2276 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-INV1, A1 144A <br>3.907%, 4/25/66<sup>(3)(7)</sup> <br>| 6283 | &nbsp;&nbsp; 6237 |
| &nbsp;&nbsp;&nbsp; 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(3)(7)</sup> <br>| 2268 | &nbsp;&nbsp; 2263 |
| &nbsp;&nbsp;&nbsp; 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(3)(7)</sup> <br>| 2896 | &nbsp;&nbsp; 2871 |
| &nbsp;&nbsp;&nbsp; 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(3)(7)</sup> <br>| 6938 | &nbsp;&nbsp; 6949 |
| &nbsp;&nbsp;&nbsp; 2020-NQM3, A1 144A <br>1.014%, 1/26/65<sup>(3)(7)</sup> <br>| 835 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp; 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(3)(7)</sup> <br>| 323 | &nbsp;&nbsp; 312 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(3)(7)</sup> <br>| 1502 | &nbsp;&nbsp; 1491 |
| &nbsp;&nbsp;&nbsp; 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(3)(7)</sup> <br>| 12131 | &nbsp;&nbsp; 11300 |
| &nbsp;&nbsp;&nbsp; 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(3)(7)</sup> <br>| 1066 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(3)(7)</sup> <br>| 1933 | &nbsp;&nbsp; 1864 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; MIRA Trust 2023-MILE, A 144A <br>6.755%, 6/10/38<sup>(3)</sup> <br>| $12180 | &nbsp;&nbsp; $12650 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1A, B2 144A <br>5.884%, 6/25/44<sup>(3)(7)</sup> <br>| 910 | &nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp; 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(3)(7)</sup> <br>| 4112 | &nbsp;&nbsp; 4193 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(3)(7)</sup> <br>| 2324 | &nbsp;&nbsp; 2268 |
| &nbsp;&nbsp;&nbsp; 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(3)(7)</sup> <br>| 1997 | &nbsp;&nbsp; 1948 |
| &nbsp;&nbsp;&nbsp; 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(3)(7)</sup> <br>| 1659 | &nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp; 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(3)(7)</sup> <br>| 6639 | &nbsp;&nbsp; 6466 |
| &nbsp;&nbsp;&nbsp; 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(3)(7)</sup> <br>| 3582 | &nbsp;&nbsp; 3553 |
| &nbsp;&nbsp;&nbsp; 2018-3A, A1 144A <br>4.500%, 5/25/58<sup>(3)(7)</sup> <br>| 2853 | &nbsp;&nbsp; 2794 |
| &nbsp;&nbsp;&nbsp; 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(3)(7)</sup> <br>| 1643 | &nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp; 2024-NQM3, A1 144A <br>5.466%, 11/25/64<sup>(3)(7)</sup> <br>| 4685 | &nbsp;&nbsp; 4747 |
| &nbsp;&nbsp;&nbsp; 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(3)(7)</sup> <br>| 2425 | &nbsp;&nbsp; 2362 |
| &nbsp;&nbsp;&nbsp; 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(3)(7)</sup> <br>| 4697 | &nbsp;&nbsp; 4603 |
| &nbsp;&nbsp;&nbsp; NLT Trust 2021-INV2, A1 144A <br>1.162%, 8/25/56<sup>(3)(7)</sup> <br>| 7629 | &nbsp;&nbsp; 6718 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(3)(7)</sup> <br>| 10550 | &nbsp;&nbsp; 10591 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-CP1, A1 144A <br>2.042%, 7/25/61<sup>(3)</sup> <br>| 5692 | &nbsp;&nbsp; 5362 |
| &nbsp;&nbsp;&nbsp; 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(3)(7)</sup> <br>| 3196 | &nbsp;&nbsp; 2983 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-NQM1, A1 144A <br>2.305%, 11/25/61<sup>(3)(7)</sup> <br>| 3089 | &nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;&nbsp; 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(3)(7)</sup> <br>| 5783 | &nbsp;&nbsp; 5837 |
| &nbsp;&nbsp;&nbsp; 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(3)(7)</sup> <br>| 5468 | &nbsp;&nbsp; 5496 |
| &nbsp;&nbsp;&nbsp; 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(3)(7)</sup> <br>| 2551 | &nbsp;&nbsp; 2582 |
| &nbsp;&nbsp;&nbsp; 2024-HYB1, A1 144A <br>3.637%, 3/25/53<sup>(3)(7)</sup> <br>| 7027 | &nbsp;&nbsp; 7008 |
| &nbsp;&nbsp;&nbsp; 2024-HYB2, A1 144A <br>3.695%, 4/25/53<sup>(3)(7)</sup> <br>| 7442 | &nbsp;&nbsp; 7380 |
| &nbsp;&nbsp;&nbsp; 2024-NQM1, A1 144A <br>5.928%, 11/25/63<sup>(3)(7)</sup> <br>| 3286 | &nbsp;&nbsp; 3307 |
| &nbsp;&nbsp;&nbsp; 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(3)(7)</sup> <br>| 5889 | &nbsp;&nbsp; 5947 |
| &nbsp;&nbsp;&nbsp; 2024-NQM9, A1 144A <br>6.030%, 1/25/64<sup>(3)(7)</sup> <br>| 7882 | &nbsp;&nbsp; 7985 |
| &nbsp;&nbsp;&nbsp; 2025-NQM4, A1 144A <br>5.400%, 2/25/55<sup>(3)(7)</sup> <br>| 8120 | &nbsp;&nbsp; 8175 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2025-NQM6, A1 144A <br>5.603%, 3/25/65<sup>(3)(7)</sup> <br>| $7458 | &nbsp;&nbsp; $7530 |
| &nbsp;&nbsp;&nbsp; 2018-1, A2 (1 month Term SOFR + 0.764%) 144A <br>4.496%, 6/25/57<sup>(3)(7)</sup> <br>| 1207 | &nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp; Palisades Mortgage Loan Trust 2021-RTL1, A1 144A <br>3.487%, 6/25/26<sup>(3)(7)</sup> <br>| 1025 | &nbsp;&nbsp; 1025 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(3)(7)</sup> <br>| 4134 | &nbsp;&nbsp; 4202 |
| &nbsp;&nbsp;&nbsp; 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(3)(7)</sup> <br>| 4522 | &nbsp;&nbsp; 4595 |
| &nbsp;&nbsp;&nbsp; PRET Trust 2025-NPL1, A1 144A <br>6.063%, 2/25/55<sup>(3)(7)</sup> <br>| 8933 | &nbsp;&nbsp; 8950 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust 2022-AFC1, A1A 144A <br>4.100%, 4/25/57<sup>(3)(7)</sup> <br>| 9076 | &nbsp;&nbsp; 9060 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust 2021-SFR5, D 144A <br>2.109%, 7/17/38<sup>(3)</sup> <br>| 2500 | &nbsp;&nbsp; 2468 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust 2025-1, A3 144A <br>5.500%, 2/25/55<sup>(3)(7)</sup> <br>| 4679 | &nbsp;&nbsp; 4702 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(3)(7)</sup> <br>| 2911 | &nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp; 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(3)(7)</sup> <br>| 7565 | &nbsp;&nbsp; 7589 |
| &nbsp;&nbsp;&nbsp; 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(3)(7)</sup> <br>| 3930 | &nbsp;&nbsp; 3964 |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(3)(7)</sup> <br>| 4411 | &nbsp;&nbsp; 4447 |
| &nbsp;&nbsp;&nbsp; 2024-CES8, A1A 144A <br>5.490%, 11/25/44<sup>(3)(7)</sup> <br>| 2844 | &nbsp;&nbsp; 2864 |
| &nbsp;&nbsp;&nbsp; 2024-CES9, A1A 144A <br>5.582%, 12/25/44<sup>(3)(7)</sup> <br>| 5972 | &nbsp;&nbsp; 6033 |
| &nbsp;&nbsp;&nbsp; 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(3)(7)</sup> <br>| 4926 | &nbsp;&nbsp; 4989 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(3)(7)</sup> <br>| 132 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; RFR Trust 2025-SGRM, A 144A <br>5.379%, 3/11/41<sup>(3)(7)</sup> <br>| 2930 | &nbsp;&nbsp; 2998 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(3)</sup> <br>| 2735 | &nbsp;&nbsp; 2810 |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(3)</sup> <br>| 7605 | &nbsp;&nbsp; 7908 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust 2013-8, B1 <br>3.481%, 6/25/43<sup>(7)</sup> <br>| 907 | &nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp; SG Residential Mortgage Trust 2021-1, A1 144A <br>1.160%, 7/25/61<sup>(3)(7)</sup> <br>| 13768 | &nbsp;&nbsp; 11483 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, A1 144A <br>2.275%, 2/25/50<sup>(3)(7)</sup> <br>| 331 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; 2021-3, A1 144A <br>1.127%, 6/25/56<sup>(3)(7)</sup> <br>| 6484 | &nbsp;&nbsp; 5754 |
| &nbsp;&nbsp;&nbsp; THPT Mortgage Trust 2023-THL, A 144A <br>6.994%, 12/10/34<sup>(3)(7)</sup> <br>| 11329 | &nbsp;&nbsp; 11470 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2015-6, B2 144A <br>3.754%, 4/25/55<sup>(3)(7)</sup> <br>| 9529 | &nbsp;&nbsp; 9022 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2016-4, B1 144A <br>3.961%, 7/25/56<sup>(3)(7)</sup> <br>| $8095 | &nbsp;&nbsp; $7910 |
| &nbsp;&nbsp;&nbsp; 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(3)(7)</sup> <br>| 9647 | &nbsp;&nbsp; 9545 |
| &nbsp;&nbsp;&nbsp; 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(3)(7)</sup> <br>| 12525 | &nbsp;&nbsp; 12257 |
| &nbsp;&nbsp;&nbsp; 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(3)(7)</sup> <br>| 580 | &nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp; 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(3)(7)</sup> <br>| 925 | &nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp; 2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap <br> N/A, Floor 1.600%) 144A <br>5.446%, 5/25/58<sup>(3)(7)</sup> <br>| 4045 | &nbsp;&nbsp; 4053 |
| &nbsp;&nbsp;&nbsp; 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(3)(7)</sup> <br>| 12111 | &nbsp;&nbsp; 11713 |
| &nbsp;&nbsp;&nbsp; 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(3)(7)</sup> <br>| 12970 | &nbsp;&nbsp; 11187 |
| &nbsp;&nbsp;&nbsp; 2024-1, A1 144A <br>4.859%, 3/25/64<sup>(3)(7)</sup> <br>| 11552 | &nbsp;&nbsp; 11741 |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(3)(7)</sup> <br>| 2904 | &nbsp;&nbsp; 2920 |
| &nbsp;&nbsp;&nbsp; 2017-6, A2 144A <br>3.000%, 10/25/57<sup>(3)(7)</sup> <br>| 11151 | &nbsp;&nbsp; 10758 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust 2020-SFR2, D 144A <br>2.281%, 11/17/39<sup>(3)</sup> <br>| 5243 | &nbsp;&nbsp; 4984 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(3)</sup> <br>| 8815 | &nbsp;&nbsp; 8707 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-2, A1 144A <br>1.031%, 2/25/66<sup>(3)(7)</sup> <br>| 3099 | &nbsp;&nbsp; 2839 |
| &nbsp;&nbsp;&nbsp; 2023-1, A1 144A <br>5.850%, 12/25/67<sup>(3)(7)</sup> <br>| 3424 | &nbsp;&nbsp; 3414 |
| &nbsp;&nbsp;&nbsp; 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(3)(7)</sup> <br>| 5284 | &nbsp;&nbsp; 5334 |
| &nbsp;&nbsp;&nbsp; 2024-3, A1 144A <br>6.338%, 4/25/69<sup>(3)(7)</sup> <br>| 871 | &nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp; 2025-11, A1 144A <br>4.914%, 11/25/70<sup>(3)(7)</sup> <br>| 4580 | &nbsp;&nbsp; 4584 |
| &nbsp;&nbsp;&nbsp; 2025-7, A1 144A <br>5.129%, 8/25/70<sup>(3)(7)</sup> <br>| 2641 | &nbsp;&nbsp; 2651 |
| &nbsp;&nbsp;&nbsp; 2021-R1, A1 144A <br>0.820%, 10/25/63<sup>(3)(7)</sup> <br>| 1290 | &nbsp;&nbsp; 1250 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(3)(7)</sup> <br>| 231 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(3)</sup> <br>| 3699 | &nbsp;&nbsp; 3461 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage Backed Securities Trust 2020-4, <br> A1 144A <br>3.000%, 7/25/50<sup>(3)(7)</sup> <br>| 1995 | &nbsp;&nbsp; 1749 |
|  |  | &nbsp;&nbsp; 816993 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $1,193,225)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $1,193,225)** | &nbsp;&nbsp; **1186118** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Asset-Backed Securities—25.6%** | **Asset-Backed Securities—25.6%** | **Asset-Backed Securities—25.6%** |
| **Automobiles—10.5%** | **Automobiles—10.5%** |  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>6.060%, 2/20/29<sup>(3)</sup> <br>| $720 | &nbsp;&nbsp; $721 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>5.380%, 6/20/29<sup>(3)</sup> <br>| 1090 | &nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp; 2025-2A, A 144A <br>5.550%, 6/20/28<sup>(3)</sup> <br>| 4284 | &nbsp;&nbsp; 4285 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(3)</sup> <br>| 3754 | &nbsp;&nbsp; 3749 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>5.630%, 1/14/30<sup>(3)</sup> <br>| 5373 | &nbsp;&nbsp; 5398 |
| &nbsp;&nbsp;&nbsp; 2024-4, C 144A <br>4.910%, 8/12/31<sup>(3)</sup> <br>| 8335 | &nbsp;&nbsp; 8379 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>5.090%, 8/12/31<sup>(3)</sup> <br>| 13835 | &nbsp;&nbsp; 13954 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1A, B 144A <br>4.770%, 6/15/28<sup>(3)</sup> <br>| 4189 | &nbsp;&nbsp; 4191 |
| &nbsp;&nbsp;&nbsp; 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(3)</sup> <br>| 1396 | &nbsp;&nbsp; 1407 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; (AESOP) 2021-1A, A 144A <br>1.380%, 8/20/27<sup>(3)</sup> <br>| 1870 | &nbsp;&nbsp; 1848 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2021-1A, D 144A <br>3.710%, 8/20/27<sup>(3)</sup> <br>| 11500 | &nbsp;&nbsp; 11402 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2021-1A, D 144A <br>4.080%, 2/20/28<sup>(3)</sup> <br>| 3815 | &nbsp;&nbsp; 3760 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2022-5A, C 144A <br>6.240%, 4/20/27<sup>(3)</sup> <br>| 3100 | &nbsp;&nbsp; 3109 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2023-3A, D 144A <br>7.320%, 2/20/28<sup>(3)</sup> <br>| 4000 | &nbsp;&nbsp; 4054 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2024-1A, A 144A <br>5.360%, 6/20/30<sup>(3)</sup> <br>| 8050 | &nbsp;&nbsp; 8300 |
| &nbsp;&nbsp;&nbsp; BOF URSA VI Funding Trust I 2023-CAR2, A2 144A <br>5.542%, 10/27/31<sup>(3)</sup> <br>| 350 | &nbsp;&nbsp; 352 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1, C <br>5.150%, 12/17/29<br>| 9650 | &nbsp;&nbsp; 9755 |
| &nbsp;&nbsp;&nbsp; 2025-2, D <br>5.620%, 3/17/31<br>| 8170 | &nbsp;&nbsp; 8298 |
| &nbsp;&nbsp;&nbsp; Carmax Select Receivables Trust 2025-B, C <br>4.830%, 6/16/31<br>| 6000 | &nbsp;&nbsp; 6020 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-N2, C <br>1.070%, 3/10/28<br>| 573 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; 2021-N3, D <br>1.580%, 6/12/28<br>| 1506 | &nbsp;&nbsp; 1467 |
| &nbsp;&nbsp;&nbsp; 2021-P3, B <br>1.420%, 8/10/27<br>| 7355 | &nbsp;&nbsp; 7206 |
| &nbsp;&nbsp;&nbsp; 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(3)</sup> <br>| 419 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; 2022-N1, D 144A <br>4.130%, 12/11/28<sup>(3)</sup> <br>| 2994 | &nbsp;&nbsp; 2970 |
| &nbsp;&nbsp;&nbsp; 2023-N1, C 144A <br>5.920%, 7/10/29<sup>(3)</sup> <br>| 3044 | &nbsp;&nbsp; 3059 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(3)</sup> <br>| $4970 | &nbsp;&nbsp; $5091 |
| Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-A, C 144A <br>5.250%, 4/15/31<sup>(3)</sup> <br>| 7074 | &nbsp;&nbsp; 7151 |
| &nbsp;&nbsp;&nbsp; 2025-B, C 144A <br>5.120%, 7/15/31<sup>(3)</sup> <br>| 5305 | &nbsp;&nbsp; 5351 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-D, C 144A <br>7.170%, 1/15/30<sup>(3)</sup> <br>| 3549 | &nbsp;&nbsp; 3586 |
| &nbsp;&nbsp;&nbsp; 2024-A, C 144A <br>5.740%, 4/15/30<sup>(3)</sup> <br>| 2455 | &nbsp;&nbsp; 2472 |
| &nbsp;&nbsp;&nbsp; 2024-C, C 144A <br>5.760%, 10/15/30<sup>(3)</sup> <br>| 6810 | &nbsp;&nbsp; 6892 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, A 144A <br>5.920%, 5/16/33<sup>(3)</sup> <br>| 526 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(3)</sup> <br>| 8404 | &nbsp;&nbsp; 8478 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust 2024-1, C <br>5.430%, 11/17/31<br>| 5680 | &nbsp;&nbsp; 5759 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2A, D 144A <br>5.460%, 3/15/28<sup>(3)</sup> <br>| 5765 | &nbsp;&nbsp; 5787 |
| &nbsp;&nbsp;&nbsp; 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(3)</sup> <br>| 1741 | &nbsp;&nbsp; 1765 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-3A, D <br>6.680%, 4/16/29<br>| 3723 | &nbsp;&nbsp; 3810 |
| &nbsp;&nbsp;&nbsp; 2023-5A, B <br>6.580%, 4/17/28<br>| 1169 | &nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp; 2024-5A, B <br>4.480%, 4/16/29<br>| 3505 | &nbsp;&nbsp; 3507 |
| &nbsp;&nbsp;&nbsp; 2025-3A, D <br>5.570%, 10/15/31<br>| 9260 | &nbsp;&nbsp; 9436 |
| &nbsp;&nbsp;&nbsp; 2025-4A, B <br>4.400%, 5/15/30<br>| 3730 | &nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp; Exeter Select Automobile Receivables Trust 2025-2, C <br>4.910%, 12/15/31<br>| 8365 | &nbsp;&nbsp; 8439 |
| &nbsp;&nbsp;&nbsp; FHF Issuer Trust 2024-1A, A2 144A <br>5.690%, 2/15/30<sup>(3)</sup> <br>| 4978 | &nbsp;&nbsp; 5009 |
| FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2A, B 144A <br>6.570%, 1/16/29<sup>(3)</sup> <br>| 8847 | &nbsp;&nbsp; 8858 |
| &nbsp;&nbsp;&nbsp; 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(3)</sup> <br>| 463 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; FinBe USA Trust 2025-1A, B 144A <br>6.600%, 12/16/30<sup>(3)</sup> <br>| 6500 | &nbsp;&nbsp; 6389 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-2A, C 144A <br>1.470%, 11/15/27<sup>(3)</sup> <br>| 2081 | &nbsp;&nbsp; 2074 |
| &nbsp;&nbsp;&nbsp; 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(3)</sup> <br>| 2298 | &nbsp;&nbsp; 2293 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, D 144A <br>6.460%, 5/15/29<sup>(3)</sup> <br>| 3460 | &nbsp;&nbsp; 3371 |
| &nbsp;&nbsp;&nbsp; 2024-1, B 144A <br>5.630%, 4/16/29<sup>(3)</sup> <br>| 6139 | &nbsp;&nbsp; 6159 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>5.790%, 2/15/30<sup>(3)</sup> <br>| $5600 | &nbsp;&nbsp; $5602 |
| &nbsp;&nbsp;&nbsp; 2024-3, B 144A <br>5.350%, 7/16/29<sup>(3)</sup> <br>| 1900 | &nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp; 2024-3, C 144A <br>5.410%, 9/16/30<sup>(3)</sup> <br>| 5690 | &nbsp;&nbsp; 5635 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(3)</sup> <br>| 693 | &nbsp;&nbsp; 695 |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>5.770%, 11/15/29<sup>(3)</sup> <br>| 5000 | &nbsp;&nbsp; 5078 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-3A, E 144A <br>4.310%, 7/15/27<sup>(3)</sup> <br>| 771 | &nbsp;&nbsp; 771 |
| &nbsp;&nbsp;&nbsp; 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(3)</sup> <br>| 13050 | &nbsp;&nbsp; 12982 |
| &nbsp;&nbsp;&nbsp; 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(3)</sup> <br>| 3742 | &nbsp;&nbsp; 3772 |
| &nbsp;&nbsp;&nbsp; 2024-2A, C 144A <br>6.030%, 2/15/30<sup>(3)</sup> <br>| 5445 | &nbsp;&nbsp; 5556 |
| &nbsp;&nbsp;&nbsp; 2024-3A, C 144A <br>5.210%, 2/18/31<sup>(3)</sup> <br>| 5700 | &nbsp;&nbsp; 5768 |
| &nbsp;&nbsp;&nbsp; 2025-1A, D 144A <br>5.610%, 11/15/30<sup>(3)</sup> <br>| 4614 | &nbsp;&nbsp; 4679 |
| &nbsp;&nbsp;&nbsp; 2025-2A, D 144A <br>5.590%, 1/15/31<sup>(3)</sup> <br>| 4000 | &nbsp;&nbsp; 4050 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(3)</sup> <br>| 4400 | &nbsp;&nbsp; 4489 |
| &nbsp;&nbsp;&nbsp; 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(3)</sup> <br>| 1725 | &nbsp;&nbsp; 1753 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A2 144A <br>5.580%, 6/17/30<sup>(3)</sup> <br>| 2953 | &nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp; 2024-3A, B 144A <br>5.640%, 8/15/30<sup>(3)</sup> <br>| 1660 | &nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp; 2024-3A, C 144A <br>5.920%, 8/15/30<sup>(3)</sup> <br>| 3483 | &nbsp;&nbsp; 3594 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>4.710%, 4/15/30<sup>(3)</sup> <br>| 4590 | &nbsp;&nbsp; 4624 |
| &nbsp;&nbsp;&nbsp; 2025-1A, B 144A <br>5.040%, 2/15/31<sup>(3)</sup> <br>| 1425 | &nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes 2024-1, B1 <br> 144A <br>6.153%, 5/20/32<sup>(3)</sup> <br>| 2616 | &nbsp;&nbsp; 2660 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, D 144A <br>7.300%, 6/17/30<sup>(3)</sup> <br>| 2570 | &nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp; 2023-3A, D 144A <br>6.920%, 12/16/30<sup>(3)</sup> <br>| 3000 | &nbsp;&nbsp; 3091 |
| &nbsp;&nbsp;&nbsp; 2024-3A, C 144A <br>4.930%, 3/15/30<sup>(3)</sup> <br>| 6065 | &nbsp;&nbsp; 6142 |
| &nbsp;&nbsp;&nbsp; 2025-1A, C 144A <br>5.110%, 7/15/30<sup>(3)</sup> <br>| 3130 | &nbsp;&nbsp; 3185 |
| &nbsp;&nbsp;&nbsp; 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(3)</sup> <br>| 3000 | &nbsp;&nbsp; 3058 |
| &nbsp;&nbsp;&nbsp; Lendbuzz Auto Receivables Trust <br>5.570%, 11/15/27<br>| 4817 | &nbsp;&nbsp; 4832 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, A2 144A <br>7.090%, 10/16/28<sup>(3)</sup> <br>| $1968 | &nbsp;&nbsp; $1994 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A2 144A <br>6.190%, 8/15/29<sup>(3)</sup> <br>| 1552 | &nbsp;&nbsp; 1560 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(3)</sup> <br>| 3035 | &nbsp;&nbsp; 3055 |
| &nbsp;&nbsp;&nbsp; 2024-3A, A2 144A <br>4.970%, 10/15/29<sup>(3)</sup> <br>| 2654 | &nbsp;&nbsp; 2654 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(3)</sup> <br>| 5173 | &nbsp;&nbsp; 5174 |
| &nbsp;&nbsp;&nbsp; 2025-1A, B 144A <br>5.470%, 11/15/30<sup>(3)</sup> <br>| 7940 | &nbsp;&nbsp; 7843 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC 2023-1A, A 144A <br>7.210%, 5/20/36<sup>(3)</sup> <br>| 4140 | &nbsp;&nbsp; 4158 |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust 2025-RVM1, A 144A <br>4.480%, 12/20/46<sup>(3)</sup> <br>| 5245 | &nbsp;&nbsp; 5256 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, B 144A <br>1.260%, 7/14/28<sup>(3)</sup> <br>| 15671 | &nbsp;&nbsp; 15651 |
| &nbsp;&nbsp;&nbsp; 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(3)</sup> <br>| 7485 | &nbsp;&nbsp; 7498 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XIII LLC 2021-2A, A4 144A <br>1.270%, 9/11/28<sup>(3)</sup> <br>| 1203 | &nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(3)</sup> <br>| 3651 | &nbsp;&nbsp; 3675 |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust 2023-2A, B 144A <br>6.640%, 12/15/27<sup>(3)</sup> <br>| 2756 | &nbsp;&nbsp; 2756 |
| SAFCO Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(3)</sup> <br>| 2587 | &nbsp;&nbsp; 2591 |
| &nbsp;&nbsp;&nbsp; 2024-1A, C 144A <br>6.960%, 1/18/30<sup>(3)</sup> <br>| 3770 | &nbsp;&nbsp; 3798 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>5.460%, 9/10/29<sup>(3)</sup> <br>| 1739 | &nbsp;&nbsp; 1736 |
| &nbsp;&nbsp;&nbsp; 2025-1A, C 144A <br>5.750%, 11/11/30<sup>(3)</sup> <br>| 6710 | &nbsp;&nbsp; 6660 |
| &nbsp;&nbsp;&nbsp; Tesla Lease Electric Vehicle Securitization LLC <br> 2025-A, A2 144A <br>4.140%, 6/20/28<sup>(3)</sup> <br>| 4950 | &nbsp;&nbsp; 4960 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust 2024-2A, C 144A <br>6.930%, 4/17/28<sup>(3)(8)</sup> <br>| 3355 | &nbsp;&nbsp; 1577 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, D 144A <br>8.000%, 7/10/28<sup>(3)</sup> <br>| 4678 | &nbsp;&nbsp; 4714 |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>7.060%, 10/10/29<sup>(3)</sup> <br>| 5988 | &nbsp;&nbsp; 6006 |
| &nbsp;&nbsp;&nbsp; Upgrade Auto Receivables Trust 2025-1A, B 144A <br>4.900%, 1/15/32<sup>(3)</sup> <br>| 6431 | &nbsp;&nbsp; 6393 |
| &nbsp;&nbsp;&nbsp; Veridian Auto Receivables Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(3)</sup> <br>| 9585 | &nbsp;&nbsp; 9687 |
| Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, B 144A <br>7.170%, 11/15/28<sup>(3)</sup> <br>| 4978 | &nbsp;&nbsp; 4996 |
| &nbsp;&nbsp;&nbsp; 2025-1, B 144A <br>5.540%, 7/16/29<sup>(3)</sup> <br>| 4270 | &nbsp;&nbsp; 4304 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>6.170%, 12/17/29<sup>(3)</sup> <br>| 5435 | &nbsp;&nbsp; 5506 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, C 144A <br>5.740%, 8/15/28<sup>(3)</sup> <br>| $1133 | &nbsp;&nbsp; $1139 |
| &nbsp;&nbsp;&nbsp; 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(3)</sup> <br>| 11590 | &nbsp;&nbsp; 11697 |
| &nbsp;&nbsp;&nbsp; 2025-2A, C 144A <br>4.850%, 1/15/31<sup>(3)</sup> <br>| 12870 | &nbsp;&nbsp; 12956 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A3 144A <br>4.220%, 6/15/29<sup>(3)</sup> <br>| 3775 | &nbsp;&nbsp; 3788 |
|  |  | &nbsp;&nbsp; 490978 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 9 Ltd. <br> 2021-9A, AR (3 month Term SOFR + 1.500%, Cap <br> N/A, Floor 1.500%) 144A <br>5.384%, 4/20/37<sup>(3)(7)</sup> <br>| 13670 | &nbsp;&nbsp; 13702 |
| **Consumer Loans—0.5%** | **Consumer Loans—0.5%** |  |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust 2025-1PL, B 144A <br>5.040%, 4/26/32<sup>(3)</sup> <br>| 2358 | &nbsp;&nbsp; 2368 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust 2024-1A, B 144A <br>6.070%, 7/17/34<sup>(3)</sup> <br>| 4411 | &nbsp;&nbsp; 4435 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-3A, A 144A <br>5.940%, 5/15/34<sup>(3)</sup> <br>| 2720 | &nbsp;&nbsp; 2729 |
| &nbsp;&nbsp;&nbsp; 2025-1A, B 144A <br>5.050%, 7/14/38<sup>(3)</sup> <br>| 2710 | &nbsp;&nbsp; 2745 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust 2021-C, A 144A <br>2.180%, 10/8/31<sup>(3)</sup> <br>| 5024 | &nbsp;&nbsp; 4941 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(3)</sup> <br>| 3825 | &nbsp;&nbsp; 3852 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(3)</sup> <br>| 2039 | &nbsp;&nbsp; 2045 |
|  |  | &nbsp;&nbsp; 23115 |
| **Credit Card—0.5%** | **Credit Card—0.5%** |  |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust <br> 2025-5, A <br>4.510%, 7/15/32<br>| 13575 | &nbsp;&nbsp; 13865 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust 2024-2A, <br> A 144A <br>6.560%, 7/20/29<sup>(3)</sup> <br>| 9530 | &nbsp;&nbsp; 9582 |
|  |  | &nbsp;&nbsp; 23447 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust 2022-1, C 144A <br>4.670%, 7/16/29<sup>(3)</sup> <br>| 3750 | &nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp; Post Road Equipment Finance LLC 2024-1A, A2 144A <br>5.590%, 11/15/29<sup>(3)</sup> <br>| 1203 | &nbsp;&nbsp; 1209 |
|  |  | &nbsp;&nbsp; 4959 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—13.5%** | **Other—13.5%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(3)</sup> <br>| $71 | &nbsp;&nbsp; $71 |
| &nbsp;&nbsp;&nbsp; 2025-X1, A 144A <br>5.080%, 4/15/30<sup>(3)</sup> <br>| 772 | &nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp; Affirm Master Trust Series 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(3)</sup> <br>| 1100 | &nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp; ALLO Issuer LLC 2025-1A, A2 144A <br>5.528%, 4/20/55<sup>(3)</sup> <br>| 8050 | &nbsp;&nbsp; 8142 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XII LLC <br> 2023-1A, A2 144A <br>6.090%, 12/20/29<sup>(3)</sup> <br>| 663 | &nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp; Applebee's Funding LLC 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(3)</sup> <br>| 11135 | &nbsp;&nbsp; 11300 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust 2025-A, A 144A <br>5.250%, 12/19/50<sup>(3)</sup> <br>| 3694 | &nbsp;&nbsp; 3762 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-A, A 144A <br>3.140%, 7/16/40<sup>(3)</sup> <br>| 925 | &nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp; 2019-A, C 144A <br>4.010%, 7/16/40<sup>(3)</sup> <br>| 8412 | &nbsp;&nbsp; 8262 |
| &nbsp;&nbsp;&nbsp; 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(3)</sup> <br>| 1481 | &nbsp;&nbsp; 1422 |
| &nbsp;&nbsp;&nbsp; 2024-A, B 144A <br>5.060%, 4/18/50<sup>(3)</sup> <br>| 8320 | &nbsp;&nbsp; 8389 |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust 2021-B, B 144A <br>1.670%, 10/17/34<sup>(3)</sup> <br>| 3175 | &nbsp;&nbsp; 3146 |
| &nbsp;&nbsp;&nbsp; Blue Owl Asset Leasing Trust LLC 2024-1A, A2 144A <br>5.050%, 3/15/29<sup>(3)</sup> <br>| 3237 | &nbsp;&nbsp; 3249 |
| &nbsp;&nbsp;&nbsp; Bojangles Issuer LLC 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(3)</sup> <br>| 9342 | &nbsp;&nbsp; 9446 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC 2024-2A, A 144A <br>5.364%, 9/15/39<sup>(3)</sup> <br>| 2387 | &nbsp;&nbsp; 2406 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-A, B 144A <br>2.490%, 2/28/36<sup>(3)</sup> <br>| 1274 | &nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp; 2022-A, B 144A <br>4.610%, 9/28/37<sup>(3)</sup> <br>| 1016 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; 2023-A, A 144A <br>5.770%, 11/15/38<sup>(3)</sup> <br>| 2998 | &nbsp;&nbsp; 3058 |
| &nbsp;&nbsp;&nbsp; Castlelake Aircraft Structured Trust 2025-1A, A 144A <br>5.783%, 2/15/50<sup>(3)</sup> <br>| 10188 | &nbsp;&nbsp; 10352 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, B 144A <br>5.080%, 3/15/32<sup>(3)</sup> <br>| 3085 | &nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>4.890%, 10/14/32<sup>(3)</sup> <br>| 2390 | &nbsp;&nbsp; 2414 |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC 2020-1, A1 144A <br>1.690%, 7/15/60<sup>(3)</sup> <br>| 8000 | &nbsp;&nbsp; 6731 |
| &nbsp;&nbsp;&nbsp; Commercial Equipment Finance LLC 2024-1A, A 144A <br>5.970%, 7/16/29<sup>(3)</sup> <br>| 2646 | &nbsp;&nbsp; 2674 |
| &nbsp;&nbsp;&nbsp; COOPR Residential Mortgage Trust 2025-CES3, A1A <br> 144A <br>4.840%, 9/25/60<sup>(3)(7)</sup> <br>| 11374 | &nbsp;&nbsp; 11343 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC 2025-1A, A2I 144A <br>4.891%, 8/20/55<sup>(3)</sup> <br>| 3175 | &nbsp;&nbsp; 3182 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(3)</sup> <br>| $2236 | &nbsp;&nbsp; $2249 |
| &nbsp;&nbsp;&nbsp; 2023-2, B 144A <br>6.410%, 5/15/34<sup>(3)</sup> <br>| 2800 | &nbsp;&nbsp; 2847 |
| &nbsp;&nbsp;&nbsp; 2025-1, B 144A <br>4.980%, 8/15/35<sup>(3)</sup> <br>| 11370 | &nbsp;&nbsp; 11523 |
| &nbsp;&nbsp;&nbsp; EFMT 2025-CES4, A1 144A <br>5.431%, 6/25/60<sup>(3)(7)</sup> <br>| 11716 | &nbsp;&nbsp; 11813 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC 2023-A, A 144A <br>6.160%, 2/25/38<sup>(3)</sup> <br>| 5257 | &nbsp;&nbsp; 5437 |
| &nbsp;&nbsp;&nbsp; FAT Brands Royalty LLC 2021-1A, A2 144A <br>5.750%, 4/25/51<sup>(3)(8)</sup> <br>| 11395 | &nbsp;&nbsp; 6267 |
| &nbsp;&nbsp;&nbsp; Five Guys Holdings, Inc. 2023-1A, A2 144A <br>7.549%, 1/26/54<sup>(3)</sup> <br>| 10509 | &nbsp;&nbsp; 10808 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(3)</sup> <br>| 4142 | &nbsp;&nbsp; 3953 |
| &nbsp;&nbsp;&nbsp; 2023-1A, A 144A <br>5.670%, 12/15/43<sup>(3)</sup> <br>| 1975 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(3)</sup> <br>| 5457 | &nbsp;&nbsp; 5694 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(3)</sup> <br>| 2601 | &nbsp;&nbsp; 2604 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2, A2 144A <br>5.250%, 10/27/59<sup>(3)</sup> <br>| 437 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp; 2025-3A, B 144A <br>4.660%, 12/27/60<sup>(3)</sup> <br>| 4685 | &nbsp;&nbsp; 4699 |
| Hardee's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, A2 144A <br>3.981%, 12/20/50<sup>(3)</sup> <br>| 13338 | &nbsp;&nbsp; 12907 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(3)</sup> <br>| 811 | &nbsp;&nbsp; 838 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1D, B 144A <br>4.100%, 6/20/34<sup>(3)</sup> <br>| 1102 | &nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; 2022-2A, C 144A <br>5.570%, 1/25/37<sup>(3)</sup> <br>| 342 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(3)</sup> <br>| 5050 | &nbsp;&nbsp; 5159 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-A, A 144A <br>5.490%, 3/15/43<sup>(3)</sup> <br>| 7235 | &nbsp;&nbsp; 7373 |
| &nbsp;&nbsp;&nbsp; 2025-A, B 144A <br>5.450%, 3/15/44<sup>(3)</sup> <br>| 866 | &nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp; 2025-B, B 144A <br>4.750%, 5/15/45<sup>(3)</sup> <br>| 3398 | &nbsp;&nbsp; 3408 |
| &nbsp;&nbsp;&nbsp; Hotwire Funding LLC 2023-1A, A2 144A <br>5.687%, 5/20/53<sup>(3)</sup> <br>| 5500 | &nbsp;&nbsp; 5551 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(3)</sup> <br>| 10764 | &nbsp;&nbsp; 10764 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(3)</sup> <br>| 4178 | &nbsp;&nbsp; 4262 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, A 144A <br>1.900%, 11/20/31<sup>(3)</sup> <br>| 10385 | &nbsp;&nbsp; 10119 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.530%, 6/21/32<sup>(3)</sup> <br>| $6000 | &nbsp;&nbsp; $6081 |
| &nbsp;&nbsp;&nbsp; Libra Solutions LLC 2025-1A, A 144A <br>6.355%, 8/15/39<sup>(3)</sup> <br>| 5600 | &nbsp;&nbsp; 5641 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(3)</sup> <br>| 11590 | &nbsp;&nbsp; 11737 |
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC 2025-2A, A2 144A <br>5.400%, 8/20/55<sup>(3)</sup> <br>| 11565 | &nbsp;&nbsp; 11728 |
| &nbsp;&nbsp;&nbsp; Momnt Technologies Trust 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(3)</sup> <br>| 1105 | &nbsp;&nbsp; 1107 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1WA, B 144A <br>1.440%, 1/22/41<sup>(3)</sup> <br>| 636 | &nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp; 2023-1A, B 144A <br>5.420%, 10/20/40<sup>(3)</sup> <br>| 2842 | &nbsp;&nbsp; 2881 |
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust 2021-EA, A <br> 144A <br>0.970%, 12/16/69<sup>(3)</sup> <br>| 2605 | &nbsp;&nbsp; 2350 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-A, B 144A <br>6.830%, 6/17/30<sup>(3)</sup> <br>| 10120 | &nbsp;&nbsp; 10317 |
| &nbsp;&nbsp;&nbsp; 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(3)</sup> <br>| 3313 | &nbsp;&nbsp; 3334 |
| &nbsp;&nbsp;&nbsp; 2025-A, B 144A <br>5.180%, 7/15/32<sup>(3)</sup> <br>| 2500 | &nbsp;&nbsp; 2531 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(3)</sup> <br>| 4444 | &nbsp;&nbsp; 4505 |
| &nbsp;&nbsp;&nbsp; 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(3)</sup> <br>| 4818 | &nbsp;&nbsp; 4937 |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.660%, 5/20/30<sup>(3)</sup> <br>| 3845 | &nbsp;&nbsp; 3901 |
| &nbsp;&nbsp;&nbsp; 2024-3A, B 144A <br>5.310%, 9/20/30<sup>(3)</sup> <br>| 6131 | &nbsp;&nbsp; 6236 |
| &nbsp;&nbsp;&nbsp; 2024-3A, C 144A <br>5.510%, 10/20/31<sup>(3)</sup> <br>| 5000 | &nbsp;&nbsp; 5098 |
| &nbsp;&nbsp;&nbsp; OWN Equipment Fund I LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(3)</sup> <br>| 5684 | &nbsp;&nbsp; 5764 |
| &nbsp;&nbsp;&nbsp; Pawneee Equipment Receivables LLC 2022-1, B 144A <br>5.400%, 7/17/28<sup>(3)</sup> <br>| 7204 | &nbsp;&nbsp; 7218 |
| PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(3)</sup> <br>| 5490 | &nbsp;&nbsp; 5639 |
| &nbsp;&nbsp;&nbsp; 2025-1A, C 144A <br>5.490%, 7/20/32<sup>(3)</sup> <br>| 1150 | &nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC 2024-1A, A2I 144A <br>5.765%, 6/5/54<sup>(3)</sup> <br>| 9948 | &nbsp;&nbsp; 10111 |
| PowerPay Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(3)</sup> <br>| 3321 | &nbsp;&nbsp; 3426 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>5.230%, 11/18/41<sup>(3)</sup> <br>| 3451 | &nbsp;&nbsp; 3460 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(3)</sup> <br>| 11130 | &nbsp;&nbsp; 11042 |
| &nbsp;&nbsp;&nbsp; 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(3)</sup> <br>| 3750 | &nbsp;&nbsp; 3704 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(3)(7)</sup> <br>| $8903 | &nbsp;&nbsp; $9018 |
| &nbsp;&nbsp;&nbsp; 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(3)(7)</sup> <br>| 12360 | &nbsp;&nbsp; 12543 |
| RCKT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1A, B 144A <br>4.990%, 7/25/34<sup>(3)</sup> <br>| 3445 | &nbsp;&nbsp; 3466 |
| &nbsp;&nbsp;&nbsp; 2025-1A, C 144A <br>5.160%, 7/25/34<sup>(3)</sup> <br>| 5607 | &nbsp;&nbsp; 5632 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, B 144A <br>5.840%, 7/15/31<sup>(3)</sup> <br>| 7030 | &nbsp;&nbsp; 7133 |
| &nbsp;&nbsp;&nbsp; 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(3)</sup> <br>| 4090 | &nbsp;&nbsp; 4129 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1, A 144A <br>3.070%, 3/15/32<sup>(3)</sup> <br>| 700 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp; 2024-2, A 144A <br>5.110%, 12/15/33<sup>(3)</sup> <br>| 7290 | &nbsp;&nbsp; 7347 |
| &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust <br> 2025-CES1, A1A 144A <br>5.036%, 9/25/55<sup>(3)(7)</sup> <br>| 5081 | &nbsp;&nbsp; 5083 |
| &nbsp;&nbsp;&nbsp; Scalelogix ABS U.S. Issuer LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(3)</sup> <br>| 9105 | &nbsp;&nbsp; 9131 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>5.140%, 6/20/41<sup>(3)</sup> <br>| 4163 | &nbsp;&nbsp; 4228 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A 144A <br>4.440%, 8/22/44<sup>(3)</sup> <br>| 4385 | &nbsp;&nbsp; 4392 |
| SoFi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1, A 144A <br>4.800%, 2/27/34<sup>(3)</sup> <br>| 4662 | &nbsp;&nbsp; 4679 |
| &nbsp;&nbsp;&nbsp; 2025-4, B 144A <br>4.600%, 8/25/35<sup>(3)</sup> <br>| 2750 | &nbsp;&nbsp; 2759 |
| &nbsp;&nbsp;&nbsp; STAR Trust 2025-SFR5, A (1 month Term SOFR + <br> 1.450%, Cap N/A, Floor 1.450%) 144A <br>5.201%, 2/17/42<sup>(3)(7)</sup> <br>| 7026 | &nbsp;&nbsp; 7034 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(3)</sup> <br>| 10306 | &nbsp;&nbsp; 10523 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(3)</sup> <br>| 9920 | &nbsp;&nbsp; 9949 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>5.036%, 3/25/55<sup>(3)</sup> <br>| 2950 | &nbsp;&nbsp; 2900 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(3)</sup> <br>| 13235 | &nbsp;&nbsp; 13161 |
| &nbsp;&nbsp;&nbsp; TIC Home Improvement Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(3)</sup> <br>| 4525 | &nbsp;&nbsp; 4563 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-MH1, M1 144A <br>2.750%, 2/25/60<sup>(3)(7)</sup> <br>| 3525 | &nbsp;&nbsp; 3387 |
| &nbsp;&nbsp;&nbsp; 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(3)(7)</sup> <br>| 6550 | &nbsp;&nbsp; 6574 |
| &nbsp;&nbsp;&nbsp; Trafigura Securitisation Finance plc 2024-1A, A2 144A <br>5.980%, 11/15/27<sup>(3)</sup> <br>| 6455 | &nbsp;&nbsp; 6533 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust 2024-SFR3, A 144A <br>4.500%, 8/17/41<sup>(3)</sup> <br>| 4628 | &nbsp;&nbsp; 4626 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; Trinity Rail Leasing LLC 2019-1A, A 144A <br>3.820%, 4/17/49<sup>(3)</sup> <br>| $12180 | &nbsp;&nbsp; $12143 |
| &nbsp;&nbsp;&nbsp; Triton Container Finance IX LLC 2025-1A, A 144A <br>5.430%, 6/20/50<sup>(3)</sup> <br>| 6207 | &nbsp;&nbsp; 6250 |
| &nbsp;&nbsp;&nbsp; TSC SPV Funding LLC 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(3)</sup> <br>| 10563 | &nbsp;&nbsp; 10728 |
| &nbsp;&nbsp;&nbsp; UPG HI Issuer Trust 2025-2, A 144A <br>5.000%, 9/25/47<sup>(3)</sup> <br>| 9000 | &nbsp;&nbsp; 8996 |
| Upgrade Master Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-ST3, A 144A <br>5.981%, 6/15/32<sup>(3)</sup> <br>| 3973 | &nbsp;&nbsp; 4019 |
| &nbsp;&nbsp;&nbsp; 2025-ST4, A 144A <br>5.495%, 8/16/32<sup>(3)</sup> <br>| 2492 | &nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp; 2025-ST5, A 144A <br>4.794%, 9/15/32<sup>(3)</sup> <br>| 3205 | &nbsp;&nbsp; 3213 |
| &nbsp;&nbsp;&nbsp; Upgrade Receivables Trust 2024-1A, B 144A <br>5.770%, 2/18/31<sup>(3)</sup> <br>| 9120 | &nbsp;&nbsp; 9138 |
| Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-2, A2 144A <br>5.220%, 6/20/35<sup>(3)</sup> <br>| 7772 | &nbsp;&nbsp; 7811 |
| &nbsp;&nbsp;&nbsp; 2025-3, A2 144A <br>4.600%, 9/20/35<sup>(3)</sup> <br>| 6850 | &nbsp;&nbsp; 6866 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust 2025-1, A 144A <br>5.160%, 1/25/47<sup>(3)</sup> <br>| 3858 | &nbsp;&nbsp; 3888 |
| VFI ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, A 144A <br>7.270%, 3/26/29<sup>(3)</sup> <br>| 207 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>4.780%, 6/24/30<sup>(3)</sup> <br>| 3825 | &nbsp;&nbsp; 3842 |
| Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1A, B 144A <br>2.288%, 8/20/36<sup>(3)</sup> <br>| 490 | &nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>6.060%, 1/20/38<sup>(3)</sup> <br>| 3789 | &nbsp;&nbsp; 3851 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC 2025-1A, A2 144A <br>4.330%, 9/20/33<sup>(3)</sup> <br>| 3795 | &nbsp;&nbsp; 3801 |
| &nbsp;&nbsp;&nbsp; Wingstop Funding LLC 2024-1A, A2 144A <br>5.858%, 12/5/54<sup>(3)</sup> <br>| 7750 | &nbsp;&nbsp; 7963 |
| &nbsp;&nbsp;&nbsp; Zaxby's Funding LLC 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(3)</sup> <br>| 14401 | &nbsp;&nbsp; 13591 |
|  |  | &nbsp;&nbsp; 634577 |
| **Student Loan—0.2%** | **Student Loan—0.2%** |  |
| &nbsp;&nbsp;&nbsp; MPOWER Education Trust 2025-A, A 144A <br>6.620%, 7/21/42<sup>(3)</sup> <br>| 7230 | &nbsp;&nbsp; 7367 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $1,200,514)** | **Total Asset-Backed Securities** <br>**(Identified Cost $1,200,514)** | &nbsp;&nbsp; **1198145** |
| **Corporate Bonds and Notes—27.3%** | **Corporate Bonds and Notes—27.3%** | **Corporate Bonds and Notes—27.3%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| CCO 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 6.375%, 9/1/29<sup>(3)</sup> <br>| 1585 | &nbsp;&nbsp; 1607 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 4.500%, 8/15/30<sup>(3)</sup> <br>| 3370 | &nbsp;&nbsp; 3173 |
| &nbsp;&nbsp;&nbsp; CSC 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>11.750%, 1/31/29<sup>(3)</sup> <br>| 4880 | &nbsp;&nbsp; 3626 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing 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%, 8/15/27<sup>(3)</sup> <br>| $3661 | &nbsp;&nbsp; $3682 |
| &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>7.250%, 8/15/33<sup>(3)</sup> <br>| 3270 | &nbsp;&nbsp; 3341 |
| IHS Holding 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 5.625%, 11/29/26<sup>(3)</sup> <br>| 786 | &nbsp;&nbsp; 781 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 11/29/31<sup>(3)</sup> <br>| 1100 | &nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp; Nexstar 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>5.625%, 7/15/27<sup>(3)</sup> <br>| 9365 | &nbsp;&nbsp; 9390 |
| &nbsp;&nbsp;&nbsp; Sinclair Television 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>8.125%, 2/15/33<sup>(3)</sup> <br>| 4995 | &nbsp;&nbsp; 5217 |
| &nbsp;&nbsp;&nbsp; Snap, 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>6.875%, 3/15/34<sup>(3)</sup> <br>| 2220 | &nbsp;&nbsp; 2286 |
| &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>| 2485 | &nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>3.875%, 4/15/30<br>| 13500 | &nbsp;&nbsp; 13276 |
| &nbsp;&nbsp;&nbsp; Univision Communications, 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>(3)</sup> <br>| 6685 | &nbsp;&nbsp; 6923 |
|  |  | &nbsp;&nbsp; 55592 |
| **Consumer Discretionary—1.5%** | **Consumer Discretionary—1.5%** |  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 8325 | &nbsp;&nbsp; 8683 |
| &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>4.250%, 11/1/29<sup>(3)</sup> <br>| 8000 | &nbsp;&nbsp; 7903 |
| &nbsp;&nbsp;&nbsp; Clarios Global 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%, 2/15/30<sup>(3)</sup> <br>| 225 | &nbsp;&nbsp; 235 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.350%, 11/4/27 | 5165 | &nbsp;&nbsp; 5391 |
| &nbsp;&nbsp;&nbsp; 6.800%, 5/12/28 | 2130 | &nbsp;&nbsp; 2223 |
| &nbsp;&nbsp;&nbsp; Meritage Homes 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>3.875%, 4/15/29<sup>(3)</sup> <br>| 10087 | &nbsp;&nbsp; 9907 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. <br>6.375%, 9/15/27<br>| 9261 | &nbsp;&nbsp; 9311 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA 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>8.000%, 8/1/30<sup>(3)</sup> <br>| 4765 | &nbsp;&nbsp; 4518 |
| &nbsp;&nbsp;&nbsp; Prosus 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>3.061%, 7/13/31<sup>(3)</sup> <br>| 1826 | &nbsp;&nbsp; 1658 |
| &nbsp;&nbsp;&nbsp; Sodexo, 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>5.150%, 8/15/30<sup>(3)</sup> <br>| 6795 | &nbsp;&nbsp; 6963 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison 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>(3)</sup> <br>| 270 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. <br>1.750%, 11/1/30<br>| 10720 | &nbsp;&nbsp; 9494 |
| &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>(3)</sup> <br>| 6005 | &nbsp;&nbsp; 5922 |
|  |  | &nbsp;&nbsp; 72486 |
| **Consumer Staples—0.5%** | **Consumer Staples—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Albertsons 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>5.500%, 3/31/31<sup>(3)</sup> <br>| 525 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; Coty, 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>6.625%, 7/15/30<sup>(3)</sup> <br>| 4685 | &nbsp;&nbsp; 4799 |
| &nbsp;&nbsp;&nbsp; Mars, 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>4.800%, 3/1/30<sup>(3)</sup> <br>| 4165 | &nbsp;&nbsp; 4257 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Post 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 6.250%, 2/15/32<sup>(3)</sup> <br>| $3350 | &nbsp;&nbsp; $3442 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.375%, 3/1/33<sup>(3)</sup> <br>| 3940 | &nbsp;&nbsp; 3979 |
| &nbsp;&nbsp;&nbsp; Primo Water 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%, 4/1/29<sup>(3)</sup> <br>| 4820 | &nbsp;&nbsp; 4843 |
|  |  | &nbsp;&nbsp; 21851 |
| **Energy—3.0%** | **Energy—3.0%** |  |
| &nbsp;&nbsp;&nbsp; Adnoc Murban Rsc 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%, 9/11/29<sup>(3)</sup> <br>| 1824 | &nbsp;&nbsp; 1832 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(9)</sup> <br>| 9800 | &nbsp;&nbsp; 9749 |
| &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>(3)</sup> <br>| 2370 | &nbsp;&nbsp; 2488 |
| Civitas Resources, 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 8.375%, 7/1/28<sup>(3)</sup> <br>| 2340 | &nbsp;&nbsp; 2411 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 8.750%, 7/1/31<sup>(3)</sup> <br>| 3300 | &nbsp;&nbsp; 3423 |
| &nbsp;&nbsp;&nbsp; Ecopetrol S.A. <br>8.625%, 1/19/29<br>| 3727 | &nbsp;&nbsp; 3998 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>7.375%, 1/15/83<br>| 9500 | &nbsp;&nbsp; 9753 |
| Energean Israel 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, RegS 5.375%, 3/30/28<sup>(3)(5)</sup> <br>| 1654 | &nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, RegS 5.875%, 3/30/31<sup>(3)(5)</sup> <br>| 769 | &nbsp;&nbsp; 744 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, 5/15/54 | 1270 | &nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp; Series G 7.125%<sup>(9)</sup> <br>| 3600 | &nbsp;&nbsp; 3686 |
| &nbsp;&nbsp;&nbsp; EQT Corp. <br>6.375%, 4/1/29<br>| 1795 | &nbsp;&nbsp; 1857 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP <br>8.875%, 4/15/30<br>| 7095 | &nbsp;&nbsp; 7466 |
| &nbsp;&nbsp;&nbsp; Gran Tierra 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>9.500%, 10/15/29<sup>(2)(3)</sup> <br>| 3894 | &nbsp;&nbsp; 2706 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>5.750%, 1/15/31<br>| 6610 | &nbsp;&nbsp; 6831 |
| &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>(3)</sup> <br>| 4315 | &nbsp;&nbsp; 4193 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. 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>5.375%, 4/24/30<sup>(3)</sup> <br>| 2505 | &nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services 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>6.500%, 10/1/33<sup>(3)</sup> <br>| 2785 | &nbsp;&nbsp; 2844 |
| &nbsp;&nbsp;&nbsp; Korea National Oil 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>4.875%, 4/3/28<sup>(3)</sup> <br>| 4384 | &nbsp;&nbsp; 4464 |
| Leviathan Bond 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, RegS 6.500%, 6/30/27<sup>(3)(5)</sup> <br>| 2558 | &nbsp;&nbsp; 2569 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, RegS 6.750%, 6/30/30<sup>(3)(5)</sup> <br>| 2000 | &nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo 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%, 8/15/27<sup>(3)</sup> <br>| 10665 | &nbsp;&nbsp; 10706 |
| &nbsp;&nbsp;&nbsp; Noble Finance II 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>8.000%, 4/15/30<sup>(3)</sup> <br>| 6190 | &nbsp;&nbsp; 6431 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.200%, 8/1/29<br>| 5760 | &nbsp;&nbsp; 5904 |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela S.A. 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>| 14050 | &nbsp;&nbsp; 3513 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru S.A. 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>| 2756 | &nbsp;&nbsp; 2051 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 6.840%, 1/23/30 | $1883 | &nbsp;&nbsp; $1913 |
| &nbsp;&nbsp;&nbsp; 5.950%, 1/28/31 | 10269 | &nbsp;&nbsp; 9939 |
| &nbsp;&nbsp;&nbsp; Petronas Capital 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>3.500%, 4/21/30<sup>(3)</sup> <br>| 4532 | &nbsp;&nbsp; 4406 |
| &nbsp;&nbsp;&nbsp; Poinsettia Finance Ltd. S.a.r.l. 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>6.625%, 6/17/31<sup>(5)</sup> <br>| 3853 | &nbsp;&nbsp; 3785 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. <br>7.625%, 3/1/55<br>| 1675 | &nbsp;&nbsp; 1746 |
| &nbsp;&nbsp;&nbsp; Sunoco 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>4.625%, 5/1/30<sup>(3)</sup> <br>| 5070 | &nbsp;&nbsp; 4925 |
| &nbsp;&nbsp;&nbsp; USA Compression 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>7.125%, 3/15/29<sup>(3)</sup> <br>| 2835 | &nbsp;&nbsp; 2935 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz 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>8.750%, 5/7/30<sup>(3)</sup> <br>| 1707 | &nbsp;&nbsp; 1825 |
| &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>6.950%, 7/21/27<sup>(3)</sup> <br>| 2358 | &nbsp;&nbsp; 2371 |
|  |  | &nbsp;&nbsp; 141037 |
| **Financial & Lease—0.1%** | **Financial & Lease—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Banco de Credito e 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>(2)(3)(9)</sup> <br>| 3430 | &nbsp;&nbsp; 3641 |
| **Financials—10.6%** | **Financials—10.6%** |  |
| &nbsp;&nbsp;&nbsp; Acwa Power Management & Investments One 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>5.950%, 12/15/39<sup>(3)</sup> <br>| 1535 | &nbsp;&nbsp; 1573 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp; 6.450%, 4/15/27 | 2365 | &nbsp;&nbsp; 2429 |
| &nbsp;&nbsp;&nbsp; 6.950%, 3/10/55 | 4340 | &nbsp;&nbsp; 4548 |
| &nbsp;&nbsp;&nbsp; 6.500%, 1/31/56 | 3660 | &nbsp;&nbsp; 3775 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 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>7.000%, 5/21/30<sup>(3)</sup> <br>| 4655 | &nbsp;&nbsp; 4858 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate 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%, 4/15/28<sup>(3)</sup> <br>| 4500 | &nbsp;&nbsp; 4582 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) Series B (3 month Term SOFR + <br> 3.200%) <br>7.051%, 8/15/53<sup>(7)</sup> <br>| 5111 | &nbsp;&nbsp; 5112 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.737%, 5/15/29 | 905 | &nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp; 5.543%, 1/17/31 | 4815 | &nbsp;&nbsp; 4927 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.085%, 1/30/31 | 1910 | &nbsp;&nbsp; 1969 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.750%) 4.658%, 4/23/27<sup>(7)</sup> <br>| 4370 | &nbsp;&nbsp; 4377 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.930%) 4.828%, 7/26/28<sup>(7)</sup> <br>| 897 | &nbsp;&nbsp; 900 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc. <br>7.000%, 12/1/55<br>| 1750 | &nbsp;&nbsp; 1752 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC 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>5.200%, 12/8/28<sup>(3)</sup> <br>| 4575 | &nbsp;&nbsp; 4574 |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent 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>8.000%, 10/1/30<sup>(3)</sup> <br>| 2890 | &nbsp;&nbsp; 3067 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica 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%, 10/15/32<sup>(3)</sup> <br>| 4800 | &nbsp;&nbsp; 4957 |
| Avolon Holdings Funding 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 5.750%, 11/15/29<sup>(3)</sup> <br>| 4805 | &nbsp;&nbsp; 4978 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 5/30/30<sup>(3)</sup> <br>| 1765 | &nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 4.700%, 1/30/31<sup>(3)</sup> <br>| 700 | &nbsp;&nbsp; 695 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance 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>8.125%, 1/23/30<sup>(3)</sup> <br>| $1000 | &nbsp;&nbsp; $1001 |
| &nbsp;&nbsp;&nbsp; Banco de Credito del Peru 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>| 928 | &nbsp;&nbsp; 969 |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte 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>5.875% <sup>(3)(9)</sup> <br>| 6492 | &nbsp;&nbsp; 6450 |
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL 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>3.733%, 9/25/34<sup>(3)</sup> <br>| 3220 | &nbsp;&nbsp; 3055 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%<sup>(9)</sup> <br>| 4600 | &nbsp;&nbsp; 4669 |
| &nbsp;&nbsp;&nbsp; 1.734%, 7/22/27 | 9930 | &nbsp;&nbsp; 9803 |
| &nbsp;&nbsp;&nbsp; 2.551%, 2/4/28 | 3725 | &nbsp;&nbsp; 3664 |
| &nbsp;&nbsp;&nbsp; Barclays plc <br>7.385%, 11/2/28<br>| 3215 | &nbsp;&nbsp; 3398 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>5.950%, 7/16/29<br>| 5345 | &nbsp;&nbsp; 5453 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 5/15/32 | 3495 | &nbsp;&nbsp; 3634 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 8/15/30<sup>(3)</sup> <br>| 530 | &nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>6.650%, 3/15/31<br>| 90 | &nbsp;&nbsp; 93 |
| &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>5.975%, 1/18/27<sup>(3)</sup> <br>| 6390 | &nbsp;&nbsp; 6394 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>4.493%, 9/11/31<br>| 9635 | &nbsp;&nbsp; 9621 |
| &nbsp;&nbsp;&nbsp; CBQ Finance Ltd. 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>5.375%, 3/28/29<sup>(5)</sup> <br>| 2646 | &nbsp;&nbsp; 2725 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; Series H 4.000%<sup>(9)</sup> <br>| 7920 | &nbsp;&nbsp; 7394 |
| &nbsp;&nbsp;&nbsp; Series I 4.000%<sup>(9)</sup> <br>| 1895 | &nbsp;&nbsp; 1883 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.503%, 9/11/31 | 4025 | &nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.280%) 5.067%, 2/24/28<sup>(7)</sup> <br>| 8147 | &nbsp;&nbsp; 8209 |
| &nbsp;&nbsp;&nbsp; Series X 3.875%<sup>(9)</sup> <br>| 9370 | &nbsp;&nbsp; 9337 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.841%, 1/23/30<br>| 4566 | &nbsp;&nbsp; 4762 |
| &nbsp;&nbsp;&nbsp; CK Hutchison International 23 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>4.750%, 4/21/28<sup>(3)</sup> <br>| 1555 | &nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp; Constellation Oil Services 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>| 2166 | &nbsp;&nbsp; 2249 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.875%, 12/15/52<br>| 8938 | &nbsp;&nbsp; 9153 |
| &nbsp;&nbsp;&nbsp; DAE Funding 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>3.375%, 3/20/28<sup>(3)</sup> <br>| 4748 | &nbsp;&nbsp; 4613 |
| &nbsp;&nbsp;&nbsp; DBR Land 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>6.250%, 12/1/30<sup>(3)</sup> <br>| 2515 | &nbsp;&nbsp; 2573 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp; 2.311%, 11/16/27 | 1775 | &nbsp;&nbsp; 1746 |
| &nbsp;&nbsp;&nbsp; 6.819%, 11/20/29 | 1700 | &nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp; 4.999%, 9/11/30 | 6780 | &nbsp;&nbsp; 6884 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund 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>5.950%, 9/17/30<sup>(3)</sup> <br>| 7450 | &nbsp;&nbsp; 7106 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 7300 | &nbsp;&nbsp; 7605 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.055%, 4/25/28 | 2565 | &nbsp;&nbsp; 2563 |
| &nbsp;&nbsp;&nbsp; 4.895%, 9/6/30 | 1963 | &nbsp;&nbsp; 1995 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC 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>6.320%, 4/4/34<sup>(5)</sup> <br>| $1267 | &nbsp;&nbsp; $1315 |
| &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>(3)</sup> <br>| 9510 | &nbsp;&nbsp; 9642 |
| &nbsp;&nbsp;&nbsp; Foundry JV 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>5.900%, 1/25/30<sup>(3)</sup> <br>| 6515 | &nbsp;&nbsp; 6814 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin 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>7.950%, 10/15/54<sup>(3)</sup> <br>| 2000 | &nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>4.875%, 11/15/30<br>| 9400 | &nbsp;&nbsp; 9411 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.369%, 10/21/31 | 1160 | &nbsp;&nbsp; 1157 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.920%) 4.850%, 10/21/29<sup>(7)</sup> <br>| 2000 | &nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. <br>6.150%, 1/15/31<br>| 4245 | &nbsp;&nbsp; 4363 |
| &nbsp;&nbsp;&nbsp; HAT Holdings I 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>8.000%, 6/15/27<sup>(3)</sup> <br>| 2273 | &nbsp;&nbsp; 2359 |
| &nbsp;&nbsp;&nbsp; HTA 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>7.500%, 6/4/29<sup>(3)</sup> <br>| 1729 | &nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp; HUB International 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>7.250%, 6/15/30<sup>(3)</sup> <br>| 5305 | &nbsp;&nbsp; 5570 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.208%, 8/21/29 | 3920 | &nbsp;&nbsp; 4111 |
| &nbsp;&nbsp;&nbsp; 5.272%, 1/15/31 | 805 | &nbsp;&nbsp; 828 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance 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>5.500%, 2/1/30<sup>(3)</sup> <br>| 6685 | &nbsp;&nbsp; 6925 |
| &nbsp;&nbsp;&nbsp; Israel Discount Bank Ltd. 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>5.375%, 1/26/28<sup>(3)(5)</sup> <br>| 2619 | &nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp; JH North America 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>5.875%, 1/31/31<sup>(3)</sup> <br>| 9930 | &nbsp;&nbsp; 10136 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.578%, 4/22/27 | 4820 | &nbsp;&nbsp; 4784 |
| &nbsp;&nbsp;&nbsp; 4.323%, 4/26/28 | 5930 | &nbsp;&nbsp; 5954 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.180%) 4.967%, 2/24/28<sup>(7)</sup> <br>| 13015 | &nbsp;&nbsp; 13131 |
| &nbsp;&nbsp;&nbsp; KeyCorp <br>5.121%, 4/4/31<br>| 8900 | &nbsp;&nbsp; 9140 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP 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%, 2/1/27<sup>(3)</sup> <br>| 7870 | &nbsp;&nbsp; 7817 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual 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>4.125%, 12/15/51<sup>(3)</sup> <br>| 9360 | &nbsp;&nbsp; 9229 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance 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>5.375%, 12/4/29<sup>(3)</sup> <br>| 1779 | &nbsp;&nbsp; 1758 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group 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>7.375%, 2/15/31<sup>(3)</sup> <br>| 1390 | &nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer 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>(3)</sup> <br>| 6935 | &nbsp;&nbsp; 6923 |
| &nbsp;&nbsp;&nbsp; Minejesa Capital 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>4.625%, 8/10/30<sup>(3)</sup> <br>| 1731 | &nbsp;&nbsp; 1723 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 2.475%, 1/21/28 | 10911 | &nbsp;&nbsp; 10731 |
| &nbsp;&nbsp;&nbsp; 3.591%, 7/22/28<sup>(7)</sup> <br>| 1730 | &nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp; 3.772%, 1/24/29 | 6000 | &nbsp;&nbsp; 5966 |
| &nbsp;&nbsp;&nbsp; Movida Europe 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>7.850%, 4/11/29<sup>(2)(3)</sup> <br>| 2365 | &nbsp;&nbsp; 2238 |
| &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>| 10189 | &nbsp;&nbsp; 9732 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.375%, 8/15/55<br>| 10100 | &nbsp;&nbsp; 10426 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | $1790 | &nbsp;&nbsp; $1838 |
| &nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 855 | &nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/15/32 | 3405 | &nbsp;&nbsp; 3497 |
| &nbsp;&nbsp;&nbsp; Organon & 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>4.125%, 4/30/28<sup>(3)</sup> <br>| 6085 | &nbsp;&nbsp; 5929 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <br>5.222%, 1/29/31<br>| 8965 | &nbsp;&nbsp; 9276 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding 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>4.600%, 11/25/30<sup>(3)</sup> <br>| 7048 | &nbsp;&nbsp; 7045 |
| &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>6.125%, 8/1/30<sup>(3)</sup> <br>| 1585 | &nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC <br>4.375%, 9/18/26<br>| 1608 | &nbsp;&nbsp; 1598 |
| &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>5.634%, 1/19/30<sup>(3)</sup> <br>| 6240 | &nbsp;&nbsp; 6437 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br>5.026%, 10/1/29<br>| 8560 | &nbsp;&nbsp; 8683 |
| &nbsp;&nbsp;&nbsp; Standard Chartered 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>6.301%, 1/9/29<sup>(3)</sup> <br>| 1475 | &nbsp;&nbsp; 1533 |
| &nbsp;&nbsp;&nbsp; State Street Corp. Series I <br>6.700% <sup>(9)</sup> <br>| 5155 | &nbsp;&nbsp; 5378 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., 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%, 3/18/30<sup>(3)</sup> <br>| 6825 | &nbsp;&nbsp; 7041 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. <br>4.000%, 5/6/31<br>| 5470 | &nbsp;&nbsp; 5405 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br>8.125%, 10/31/82<br>| 7920 | &nbsp;&nbsp; 8352 |
| &nbsp;&nbsp;&nbsp; Truist Bank <br>4.632%, 9/17/29<br>| 6950 | &nbsp;&nbsp; 6972 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. <br>7.161%, 10/30/29<br>| 4440 | &nbsp;&nbsp; 4790 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp <br>5.046%, 2/12/31<br>| 8900 | &nbsp;&nbsp; 9142 |
| &nbsp;&nbsp;&nbsp; UBS AG <br>5.650%, 9/11/28<br>| 6700 | &nbsp;&nbsp; 6994 |
| &nbsp;&nbsp;&nbsp; United Overseas Bank 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>2.000%, 10/14/31<sup>(3)</sup> <br>| 1645 | &nbsp;&nbsp; 1616 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.526%, 3/24/28 | 6675 | &nbsp;&nbsp; 6632 |
| &nbsp;&nbsp;&nbsp; 6.303%, 10/23/29 | 900 | &nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp; 5.150%, 4/23/31 | 4650 | &nbsp;&nbsp; 4800 |
|  |  | &nbsp;&nbsp; 498842 |
| **Health Care—2.4%** | **Health Care—2.4%** |  |
| &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>3.875%, 10/15/29<sup>(3)</sup> <br>| 9625 | &nbsp;&nbsp; 9368 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare 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>5.500%, 7/1/28<sup>(3)</sup> <br>| 195 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. <br>4.900%, 12/15/30<br>| 9410 | &nbsp;&nbsp; 9482 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, 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>5.250%, 5/15/30<sup>(3)</sup> <br>| 10130 | &nbsp;&nbsp; 9514 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>7.000%, 3/10/55<br>| 5610 | &nbsp;&nbsp; 5885 |
| &nbsp;&nbsp;&nbsp; DaVita, 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>4.625%, 6/1/30<sup>(3)</sup> <br>| 4477 | &nbsp;&nbsp; 4354 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| $13108 | &nbsp;&nbsp; $12109 |
| &nbsp;&nbsp;&nbsp; Genmab A/S 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%, 12/15/32<sup>(3)</sup> <br>| 350 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.450%, 4/1/31<br>| 9197 | &nbsp;&nbsp; 9599 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 | 4267 | &nbsp;&nbsp; 4403 |
| &nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 | 2095 | &nbsp;&nbsp; 2208 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.250%, 6/1/32<sup>(3)</sup> <br>| 4515 | &nbsp;&nbsp; 4718 |
| Medline Borrower 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 6.250%, 4/1/29<sup>(3)</sup> <br>| 1590 | &nbsp;&nbsp; 1644 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 10/1/29<sup>(3)</sup> <br>| 5790 | &nbsp;&nbsp; 5821 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.150%, 9/2/29 | 4455 | &nbsp;&nbsp; 4578 |
| &nbsp;&nbsp;&nbsp; 4.450%, 3/25/31 | 1500 | &nbsp;&nbsp; 1496 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>2.032%, 10/14/30<br>| 10625 | &nbsp;&nbsp; 9554 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced 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>(3)</sup> <br>| 275 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare 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>5.500%, 11/15/32<sup>(3)</sup> <br>| 4685 | &nbsp;&nbsp; 4749 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp; 3.150%, 10/1/26 | 2132 | &nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp; 4.750%, 5/9/27 | 707 | &nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>1.650%, 9/1/26<br>| 10250 | &nbsp;&nbsp; 10076 |
| &nbsp;&nbsp;&nbsp; Viatris, 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>2.300%, 6/22/27<sup>(3)</sup> <br>| — <br><sup>(10)</sup><br>| &nbsp;&nbsp; — <br><sup>(10)</sup><br>|
|  |  | &nbsp;&nbsp; 113198 |
| **Industrials—2.4%** | **Industrials—2.4%** |  |
| Adani Ports & Special Economic Zone 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 4.000%, 7/30/27<sup>(3)</sup> <br>| 1800 | &nbsp;&nbsp; 1770 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 4.375%, 7/3/29<sup>(3)</sup> <br>| 500 | &nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust 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>(3)</sup> <br>| 8860 | &nbsp;&nbsp; 8911 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.500%, 4/15/32<sup>(3)</sup> <br>| 3762 | &nbsp;&nbsp; 3607 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.875%, 7/15/32<sup>(3)</sup> <br>| 3057 | &nbsp;&nbsp; 2932 |
| &nbsp;&nbsp;&nbsp; Aviation Capital 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>5.375%, 7/15/29<sup>(3)</sup> <br>| 6235 | &nbsp;&nbsp; 6383 |
| &nbsp;&nbsp;&nbsp; BlueLinx 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>6.000%, 11/15/29<sup>(3)</sup> <br>| 6511 | &nbsp;&nbsp; 6380 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.259%, 5/1/27 | 3670 | &nbsp;&nbsp; 3766 |
| &nbsp;&nbsp;&nbsp; 6.388%, 5/1/31 | 1720 | &nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust 2021-1, 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>2.900%, 9/15/36<sup>(3)</sup> <br>| 8062 | &nbsp;&nbsp; 7369 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, 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>4.250%, 2/1/32<sup>(3)</sup> <br>| 6060 | &nbsp;&nbsp; 5770 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology 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>5.625%, 3/1/34<sup>(3)</sup> <br>| 220 | &nbsp;&nbsp; 223 |
| &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>(3)</sup> <br>| 10019 | &nbsp;&nbsp; 9183 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. <br>3.500%, 10/1/30<br>| $8885 | &nbsp;&nbsp; $8471 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors 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>7.000%, 5/1/31<sup>(3)</sup> <br>| 4460 | &nbsp;&nbsp; 4697 |
| 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 7.000%, 6/15/30<sup>(3)</sup> <br>| 4785 | &nbsp;&nbsp; 5036 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5.750%, 3/15/31<sup>(3)</sup> <br>| 290 | &nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. <br>4.200%, 2/15/27<br>| 10770 | &nbsp;&nbsp; 10747 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating 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>5.750%, 9/15/33<sup>(3)</sup> <br>| 4920 | &nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. <br>2.043%, 8/16/28<br>| 6200 | &nbsp;&nbsp; 5872 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP <br>6.250%, 5/15/26<br>| 424 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding 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>9.250%, 4/15/30<sup>(3)</sup> <br>| 3120 | &nbsp;&nbsp; 2995 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S., 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>9.290%, 4/15/29<sup>(3)</sup> <br>| 4940 | &nbsp;&nbsp; 4948 |
| &nbsp;&nbsp;&nbsp; Quikrete 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>6.375%, 3/1/32<sup>(3)</sup> <br>| 965 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.050%, 2/15/26<br>| 2680 | &nbsp;&nbsp; 2685 |
|  |  | &nbsp;&nbsp; 110853 |
| **Information Technology—1.3%** | **Information Technology—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, 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>4.000%, 7/1/29<sup>(3)</sup> <br>| 11502 | &nbsp;&nbsp; 11238 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.350%, 2/15/30<br>| 8220 | &nbsp;&nbsp; 8274 |
| &nbsp;&nbsp;&nbsp; Cloud Software 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>9.000%, 9/30/29<sup>(3)</sup> <br>| 6965 | &nbsp;&nbsp; 7254 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud 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>6.500%, 10/15/28<sup>(3)</sup> <br>| 2165 | &nbsp;&nbsp; 2175 |
| &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>(3)</sup> <br>| 8810 | &nbsp;&nbsp; 8354 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. <br>2.700%, 10/15/28<br>| 7285 | &nbsp;&nbsp; 6982 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>6.250%, 11/9/32<br>| 6360 | &nbsp;&nbsp; 6630 |
| &nbsp;&nbsp;&nbsp; TSMC Global 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>1.375%, 9/28/30<sup>(2)(3)</sup> <br>| 1884 | &nbsp;&nbsp; 1662 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. <br>2.400%, 4/1/28<br>| 8630 | &nbsp;&nbsp; 8271 |
|  |  | &nbsp;&nbsp; 60840 |
| **Materials—1.7%** | **Materials—1.7%** |  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers 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>4.743%, 4/14/27<sup>(3)</sup> <br>| 10485 | &nbsp;&nbsp; 10502 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>5.800%, 6/15/31<br>| 7775 | &nbsp;&nbsp; 8208 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance 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>4.500%, 1/10/28<sup>(3)</sup> <br>| 6104 | &nbsp;&nbsp; 2519 |
| &nbsp;&nbsp;&nbsp; Capstone Copper 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%, 3/31/33<sup>(3)</sup> <br>| 4650 | &nbsp;&nbsp; 4826 |
| Corp. Nacional del Cobre de 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>144A 3.150%, 1/14/30<sup>(3)</sup> <br>| 5969 | &nbsp;&nbsp; 5663 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Materials—continued** | **Materials—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 5.950%, 1/8/34<sup>(3)</sup> <br>| $1355 | &nbsp;&nbsp; $1415 |
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty 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>5.875%, 4/15/30<sup>(3)</sup> <br>| 3264 | &nbsp;&nbsp; 3357 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 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>(3)</sup> <br>| 5995 | &nbsp;&nbsp; 4152 |
| &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>(3)</sup> <br>| 4825 | &nbsp;&nbsp; 4817 |
| &nbsp;&nbsp;&nbsp; Silgan 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>1.400%, 4/1/26<sup>(3)</sup> <br>| 9178 | &nbsp;&nbsp; 9100 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC <br>5.200%, 1/15/30<br>| 8006 | &nbsp;&nbsp; 8257 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>4.600%, 9/1/29<br>| 9080 | &nbsp;&nbsp; 9153 |
| &nbsp;&nbsp;&nbsp; Standard 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>4.375%, 7/15/30<sup>(3)</sup> <br>| 5040 | &nbsp;&nbsp; 4862 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH <br>6.000%, 1/15/29<br>| 2205 | &nbsp;&nbsp; 2267 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding 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>9.500%, 10/6/28<sup>(3)</sup> <br>| 804 | &nbsp;&nbsp; 811 |
|  |  | &nbsp;&nbsp; 79909 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| &nbsp;&nbsp;&nbsp; EPR Properties <br>4.950%, 4/15/28<br>| 9545 | &nbsp;&nbsp; 9614 |
| &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>5.250%, 7/15/30<sup>(3)</sup> <br>| 4885 | &nbsp;&nbsp; 4826 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, 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%, 8/1/30<sup>(3)</sup> <br>| 2980 | &nbsp;&nbsp; 3049 |
| &nbsp;&nbsp;&nbsp; Port of Spain Waterfront 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>| 1382 | &nbsp;&nbsp; 1376 |
|  |  | &nbsp;&nbsp; 18865 |
| **Retail Food & Drug—0.1%** | **Retail Food & Drug—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Albertsons 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>4.875%, 2/15/30<sup>(3)</sup> <br>| 6670 | &nbsp;&nbsp; 6615 |
| **Utilities—2.1%** | **Utilities—2.1%** |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi National Energy Co. PJSC 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%, 1/24/29<sup>(3)</sup> <br>| 1786 | &nbsp;&nbsp; 1798 |
| &nbsp;&nbsp;&nbsp; Adani Electricity Mumbai Ltd. 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>3.949%, 2/12/30<sup>(5)</sup> <br>| 1000 | &nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) <br>7.600%, 1/15/55<br>| 4075 | &nbsp;&nbsp; 4150 |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. <br>5.365%, 6/15/26<sup>(6)</sup> <br>| 4565 | &nbsp;&nbsp; 4587 |
| &nbsp;&nbsp;&nbsp; Comision Ejecutiva Hidroelectrica del Rio 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>| 1386 | &nbsp;&nbsp; 1487 |
| &nbsp;&nbsp;&nbsp; Electricite de 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>5.700%, 5/23/28<sup>(3)</sup> <br>| 7110 | &nbsp;&nbsp; 7347 |
| &nbsp;&nbsp;&nbsp; Enel Finance International 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>5.125%, 6/26/29<sup>(3)</sup> <br>| 3560 | &nbsp;&nbsp; 3651 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 8775 | &nbsp;&nbsp; 9213 |
| &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>| 1563 | &nbsp;&nbsp; 1677 |
| &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>(3)</sup> <br>| 5285 | &nbsp;&nbsp; 5078 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp; Limak Yenilenebilir Enerji 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>| $900 | &nbsp;&nbsp; $883 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. <br>6.950%, 11/30/54<br>| 5370 | &nbsp;&nbsp; 5589 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara 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>5.450%, 5/21/28<sup>(3)</sup> <br>| 10118 | &nbsp;&nbsp; 10361 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>2.379%, 6/15/28<br>| 7558 | &nbsp;&nbsp; 7232 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. <br>5.450%, 6/1/31<br>| 6715 | &nbsp;&nbsp; 6944 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) Series 21-A <br>3.750%, 9/15/51<br>| 13578 | &nbsp;&nbsp; 13386 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. <br>6.250%, 6/1/56<br>| 1365 | &nbsp;&nbsp; 1358 |
| Venture Global Plaquemines LNG 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 7.500%, 5/1/33<sup>(3)</sup> <br>| 450 | &nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.500%, 1/15/34<sup>(3)</sup> <br>| 4715 | &nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;&nbsp; Vistra Operations 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>6.875%, 4/15/32<sup>(3)</sup> <br>| 7035 | &nbsp;&nbsp; 7411 |
|  |  | &nbsp;&nbsp; 98399 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,267,227)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,267,227)** | &nbsp;&nbsp; **1282128** |
| **Leveraged Loans—4.8%** | **Leveraged Loans—4.8%** | **Leveraged Loans—4.8%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. (3 month Term SOFR + <br> 2.250%) <br>6.134%, 4/20/28<sup>(7)</sup> <br>| 3214 | &nbsp;&nbsp; 3219 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B-1 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(7)</sup> <br>| 2500 | &nbsp;&nbsp; 2508 |
| &nbsp;&nbsp;&nbsp; Tranche B-2 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(7)</sup> <br>| 951 | &nbsp;&nbsp; 954 |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC 2025, Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.672%, 3/18/30<sup>(7)</sup> <br>| 3835 | &nbsp;&nbsp; 3843 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. Tranche J (1 month Term SOFR + <br> 2.500%) <br>6.216%, 2/28/31<sup>(7)</sup> <br>| 3161 | &nbsp;&nbsp; 3172 |
|  |  | &nbsp;&nbsp; 13696 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Ineos Finance plc 2030 (1 month Term SOFR + <br> 3.250%) <br>6.966%, 2/18/30<sup>(7)</sup> <br>| 3098 | &nbsp;&nbsp; 2498 |
| &nbsp;&nbsp;&nbsp; Lummus Technology Holdings V LLC Tranche B (1 <br> month Term SOFR + 2.500%) <br>6.216%, 12/31/29<sup>(7)</sup> <br>| 2662 | &nbsp;&nbsp; 2663 |
|  |  | &nbsp;&nbsp; 5161 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. (3 month Term SOFR + <br> 2.000%) <br>5.723%, 8/13/32<sup>(7)</sup> <br>| $2828 | &nbsp;&nbsp; $2832 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Blackfin Pipeline LLC (1 month Term SOFR + 3.000%) <br>6.750%, 9/30/30<sup>(7)</sup> <br>| 4360 | &nbsp;&nbsp; 4364 |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLP 2025, Tranche B (3 <br> month Term SOFR + 3.250%) <br>7.120%, 12/21/28<sup>(7)</sup> <br>| 2530 | &nbsp;&nbsp; 2538 |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP (3 month Term <br> SOFR + 2.000%) <br>5.935%, 10/4/30<sup>(7)</sup> <br>| 3746 | &nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP Tranche B (1 month Term SOFR + <br> 2.000%) <br>5.736%, 2/11/30<sup>(7)</sup> <br>| 1573 | &nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC Tranche <br> B (1 month Term SOFR + 2.250%) <br>5.977%, 10/5/28<sup>(7)</sup> <br>| 4124 | &nbsp;&nbsp; 4140 |
| &nbsp;&nbsp;&nbsp; Paragon Offshore Finance Co. Escrow <br>3.750%, <sup>(4)(8)</sup> <br>| 4 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Whitewater DBR Holdco LLC Tranche C (3 month <br> Term SOFR + 2.250%) <br>5.938%, 3/3/31<sup>(7)</sup> <br>| 2232 | &nbsp;&nbsp; 2243 |
|  |  | &nbsp;&nbsp; 18609 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR <br> + 3.000%) <br>6.716%, 11/6/30<sup>(7)</sup> <br>| 2629 | &nbsp;&nbsp; 2624 |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP 2024 (3 month Term SOFR + <br> 2.000%) <br>5.672%, 10/31/31<sup>(7)</sup> <br>| 3434 | &nbsp;&nbsp; 3451 |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC 2024, Tranche B (3 <br> month Term SOFR + 2.750%) <br>6.422%, 5/6/31<sup>(7)</sup> <br>| 2895 | &nbsp;&nbsp; 2896 |
|  |  | &nbsp;&nbsp; 8971 |
| **Food / Tobacco—0.3%** | **Food / Tobacco—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Del Monte Foods Corp. II, Inc. (1 month Term SOFR + <br> 9.600%) <br>13.350%, 4/2/26<sup>(7)</sup> <br>| 1161 | &nbsp;&nbsp; 1102 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; (1 month Term SOFR + 9.600%) <br>13.336%, 4/2/26<sup>(7)</sup> <br>| 1712 | &nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp; (3 - 6 month Term SOFR + 4.400%) <br>8.105% - 8.173%, 8/2/28<sup>(8)(11)</sup> <br>| 2198 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; (3 month Term SOFR + 4.900%) <br>8.605%, 8/2/28<sup>(11)</sup> <br>| 5062 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; (3 month Term SOFR + 8.150%) <br>11.923%, 8/2/28<sup>(11)</sup> <br>| 966 | &nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd. Tranche B-4 (6 month Term <br> SOFR + 2.250%) <br>6.447%, 9/30/31<sup>(7)</sup> <br>| 3344 | &nbsp;&nbsp; 3340 |
| &nbsp;&nbsp;&nbsp; Red SPV LLC (1 month Term SOFR + 2.250%) <br>5.984%, 3/15/32<sup>(7)</sup> <br>| 2817 | &nbsp;&nbsp; 2816 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| &nbsp;&nbsp;&nbsp; Sazerac Co., Inc. Tranche B-1 (1 month Term SOFR + <br> 2.500%) <br>6.280%, 7/9/32<sup>(7)</sup> <br>| $2269 | &nbsp;&nbsp; $2271 |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc. 2025 (3 month Term SOFR <br> + 2.250%) <br>5.922%, 3/31/28<sup>(7)</sup> <br>| 3883 | &nbsp;&nbsp; 3893 |
|  |  | &nbsp;&nbsp; 15370 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS 2025, Tranche B, First Lien (3 month <br> Term SOFR + 3.000%) <br>6.686%, 4/28/32<sup>(7)</sup> <br>| 2858 | &nbsp;&nbsp; 2873 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 2025, Tranche B <br> (1 month Term SOFR + 3.250%) <br>7.166%, 4/1/32<sup>(7)</sup> <br>| 3404 | &nbsp;&nbsp; 3400 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 2/6/30<sup>(7)</sup> <br>| 2726 | &nbsp;&nbsp; 2701 |
| &nbsp;&nbsp;&nbsp; Entain plc Tranche B-6 (2 month Term SOFR + <br> 2.250%) <br>5.922%, 10/31/29<sup>(7)</sup> <br>| 3459 | &nbsp;&nbsp; 3436 |
| &nbsp;&nbsp;&nbsp; Flutter Entertainment plc 2024, Tranche B (3 month <br> Term SOFR + 1.750%) <br>5.422%, 11/30/30<sup>(7)</sup> <br>| 4559 | &nbsp;&nbsp; 4551 |
| &nbsp;&nbsp;&nbsp; Life Time, Inc. 2025, Tranche B, First Lien (1 month <br> Term SOFR + 2.000%) <br>5.784%, 11/5/31<sup>(7)</sup> <br>| 3502 | &nbsp;&nbsp; 3513 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc. Tranche B-2 (1 <br> month Term SOFR + 2.250%) <br>5.986%, 4/14/29<sup>(7)</sup> <br>| 3144 | &nbsp;&nbsp; 3151 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.734%, 10/21/32<sup>(7)</sup> <br>| 3515 | &nbsp;&nbsp; 3515 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp. Tranche B-1 (1 month Term <br> SOFR + 2.864%) <br>6.581%, 3/13/28<sup>(7)</sup> <br>| 3920 | &nbsp;&nbsp; 3781 |
|  |  | &nbsp;&nbsp; 24648 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Genmab A/S Tranche B (3 month Term SOFR + <br> 3.000%) <br>6.733%, 12/12/32<sup>(7)</sup> <br>| 810 | &nbsp;&nbsp; 814 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP 2030 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 10/23/30<sup>(7)</sup> <br>| 3242 | &nbsp;&nbsp; 3252 |
| &nbsp;&nbsp;&nbsp; Parexel International, Inc. Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.466%, 12/9/31<sup>(7)</sup> <br>| 4077 | &nbsp;&nbsp; 4088 |
| &nbsp;&nbsp;&nbsp; Phoenix Guarantor, Inc. Tranche B-5 (1 month Term <br> SOFR + 2.500%) <br>6.216%, 2/21/31<sup>(7)</sup> <br>| 2876 | &nbsp;&nbsp; 2888 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; Select Medical Corp. Tranche B-2 (1 month Term <br> SOFR + 2.000%) <br>5.716%, 12/3/31<sup>(7)</sup> <br>| $3807 | &nbsp;&nbsp; $3797 |
|  |  | &nbsp;&nbsp; 14839 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR <br> + 2.250%) <br>5.966%, 12/17/31<sup>(7)</sup> <br>| 2475 | &nbsp;&nbsp; 2488 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 2029, Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.966%, 3/19/29<sup>(7)</sup> <br>| 3742 | &nbsp;&nbsp; 3754 |
|  |  | &nbsp;&nbsp; 6242 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management LLC Tranche <br> B (1 month Term SOFR + 2.000%) <br>5.716%, 1/31/31<sup>(7)</sup> <br>| 2810 | &nbsp;&nbsp; 2806 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. Tranche B-8 (1 <br> month Term SOFR + 2.000%) <br>5.716%, 5/9/31<sup>(7)</sup> <br>| 2227 | &nbsp;&nbsp; 2239 |
| &nbsp;&nbsp;&nbsp; UKG, Inc. Tranche B (3 month Term SOFR + 2.500%) <br>6.338%, 2/10/31<sup>(7)</sup> <br>| 3772 | &nbsp;&nbsp; 3774 |
|  |  | &nbsp;&nbsp; 8819 |
| **Manufacturing—0.3%** | **Manufacturing—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. (1 month Term SOFR + <br> 2.500%) <br>6.216%, 11/3/31<sup>(7)</sup> <br>| 3487 | &nbsp;&nbsp; 3509 |
| &nbsp;&nbsp;&nbsp; Gates Corp. Tranche B-5 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 6/4/31<sup>(7)</sup> <br>| 3935 | &nbsp;&nbsp; 3943 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 2025 (1 month Term SOFR + <br> 2.750%) <br>6.637%, 11/8/32<sup>(7)</sup> <br>| 4268 | &nbsp;&nbsp; 4291 |
| &nbsp;&nbsp;&nbsp; MV Holding GmbH Tranche B (1 month Term SOFR + <br> 2.000%) <br>5.721%, 3/17/32<sup>(7)</sup> <br>| 1159 | &nbsp;&nbsp; 1161 |
|  |  | &nbsp;&nbsp; 12904 |
| **Media / Telecom - Broadcasting—0.2%** | **Media / Telecom - Broadcasting—0.2%** |  |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC Tranche B (1 month Term SOFR + <br> 3.000%) <br>6.716%, 3/24/32<sup>(7)</sup> <br>| 1970 | &nbsp;&nbsp; 1979 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. Tranche B-5 (1 month Term SOFR <br> + 2.500%) <br>6.216%, 6/28/32<sup>(7)</sup> <br>| 4224 | &nbsp;&nbsp; 4242 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 2024, First Lien (1 <br> month Term SOFR + 3.500%) <br>7.331%, 1/31/29<sup>(7)</sup> <br>| 3607 | &nbsp;&nbsp; 3594 |
|  |  | &nbsp;&nbsp; 9815 |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom - Cable/Wireless Video—0.3%** | **Media / Telecom - Cable/Wireless Video—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC Tranche B-5 <br> (3 month Term SOFR + 2.250%) <br>6.235%, 12/15/31<sup>(7)</sup> <br>| $3244 | &nbsp;&nbsp; $3246 |
| &nbsp;&nbsp;&nbsp; Cogeco Communications Finance USA LP Tranche B-1 <br> (1 month Term SOFR + 3.250%) <br>6.966%, 9/18/30<sup>(7)</sup> <br>| 3492 | &nbsp;&nbsp; 3363 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC 2024, Tranche B (3 month <br> Term SOFR + 5.512%) <br>9.352%, 8/2/29<sup>(7)</sup> <br>| 3415 | &nbsp;&nbsp; 3423 |
| &nbsp;&nbsp;&nbsp; Eagle Broadband Investments LLC (3 month Term <br> SOFR + 3.262%) <br>6.934%, 11/12/27<sup>(7)</sup> <br>| 4301 | &nbsp;&nbsp; 4069 |
|  |  | &nbsp;&nbsp; 14101 |
| **Media / Telecom - Diversified Media—0.2%** | **Media / Telecom - Diversified Media—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Century DE Buyer LLC 2025 (3 month Term SOFR + <br> 3.000%) <br>6.840%, 10/30/30<sup>(7)</sup> <br>| 2040 | &nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp; Formula One Management Ltd. Tranche B-1 (3 month <br> Term SOFR + 1.750%) <br>5.422%, 9/30/31<sup>(7)</sup> <br>| 3640 | &nbsp;&nbsp; 3649 |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC Tranche B-5 (3 month Term SOFR + <br> 2.000%) <br>5.868%, 11/21/31<sup>(7)</sup> <br>| 3496 | &nbsp;&nbsp; 3509 |
|  |  | &nbsp;&nbsp; 9193 |
| **Media / Telecom - Telecommunications—0.0%** | **Media / Telecom - Telecommunications—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Altice France S.A. Tranche B-12 (3 month Term SOFR <br> + 5.063%) <br>9.048%, 10/30/28<sup>(7)</sup> <br>| 1061 | &nbsp;&nbsp; 1046 |
| **Media / Telecom - Wireless Communications—0.1%** | **Media / Telecom - Wireless Communications—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Cincinnati Bell, Inc. Tranche B-5 (1 month Term SOFR <br> + 2.250%) <br>5.966%, 11/22/28<sup>(7)</sup> <br>| 3762 | &nbsp;&nbsp; 3764 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, Inc. (1 month Term SOFR + <br> 2.250%) <br>5.966%, 6/11/31<sup>(7)</sup> <br>| 2400 | &nbsp;&nbsp; 2374 |
| &nbsp;&nbsp;&nbsp; Peer Holding III B.V. Tranche B (3 month Term SOFR + <br> 2.500%) <br>6.172%, 10/26/30<sup>(7)</sup> <br>| 2908 | &nbsp;&nbsp; 2919 |
| &nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc. Tranche B-1 (3 month Term <br> SOFR + 3.250%) <br>6.922%, 9/13/32<sup>(7)</sup> <br>| 1260 | &nbsp;&nbsp; 1269 |
|  |  | &nbsp;&nbsp; 6562 |
| **Service—0.4%** | **Service—0.4%** |  |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP 2025 (1 month Term SOFR + <br> 2.000%) <br>5.716%, 8/12/32<sup>(7)</sup> <br>| 3770 | &nbsp;&nbsp; 3774 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings LLC (1 month Term SOFR + <br> 2.000%) <br>5.716%, 9/29/31<sup>(7)</sup> <br>| 3593 | &nbsp;&nbsp; 3599 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Service—continued** | **Service—continued** |  |
| &nbsp;&nbsp;&nbsp; BrightView Landscapes LLC Tranche B (3 month Term <br> SOFR + 2.000%) <br>5.840%, 4/20/29<sup>(7)</sup> <br>| $2910 | &nbsp;&nbsp; $2910 |
| &nbsp;&nbsp;&nbsp; Green Infrastructure Partners, Inc. (3 month Term <br> SOFR + 2.750%) <br>6.422%, 9/24/32<sup>(7)</sup> <br>| 1485 | &nbsp;&nbsp; 1485 |
| &nbsp;&nbsp;&nbsp; NAB Holdings LLC 2025 (3 month Term SOFR + <br> 2.500%) <br>6.172%, 11/24/28<sup>(7)</sup> <br>| 3990 | &nbsp;&nbsp; 3805 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC Tranche B-1 (6 <br> month Term SOFR + 2.000%) <br>6.129%, 10/13/30<sup>(7)</sup> <br>| 2819 | &nbsp;&nbsp; 2822 |
|  |  | &nbsp;&nbsp; 18395 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. Tranche C <br>6.980%, 2/24/32<sup>(7)(12)</sup> <br>| 2305 | &nbsp;&nbsp; 2304 |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC 2031 (3 month Term SOFR + <br> 2.250%) <br>6.120%, 10/16/31<sup>(7)</sup> <br>| 3391 | &nbsp;&nbsp; 3408 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP 2024, Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.216%, 5/6/30<sup>(7)</sup> <br>| 2912 | &nbsp;&nbsp; 2912 |
|  |  | &nbsp;&nbsp; 8624 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Astoria Energy LLC Tranche B (1 - 3 month Term SOFR <br> + 2.750%) <br>6.422% - 6.466%, 6/23/32<sup>(7)</sup> <br>| 2544 | &nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp; Cornerstone Generation LLC Tranche B (2 month Term <br> SOFR + 3.250%) <br>7.093%, 8/11/32<sup>(7)</sup> <br>| 3102 | &nbsp;&nbsp; 3127 |
| &nbsp;&nbsp;&nbsp; Hunterstown Generation LLC (3 month Term SOFR + <br> 3.000%) <br>7.001%, 11/6/31<sup>(7)</sup> <br>| 3488 | &nbsp;&nbsp; 3488 |
| South Field Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B (3 month Term SOFR + 3.000%) <br>7.001%, 8/29/31<sup>(7)</sup> <br>| 1168 | &nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; Tranche C (3 month Term SOFR + 3.000%) <br>6.672%, 8/29/31<sup>(7)</sup> <br>| 70 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; WEC U.S. Holdings Ltd. (1 month Term SOFR + <br> 2.000%) <br>5.873%, 1/27/31<sup>(7)</sup> <br>| 3127 | &nbsp;&nbsp; 3131 |
|  |  | &nbsp;&nbsp; 13552 |
| **Total Leveraged Loans** <br>**(Identified Cost $230,241)** | **Total Leveraged Loans** <br>**(Identified Cost $230,241)** | &nbsp;&nbsp; **223416** |

---

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

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—0.2%** | **Preferred Stock—0.2%** | **Preferred Stock—0.2%** |
| **Financials—0.2%** | **Financials—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) Series F, <br> 4.625%<br>| 9470 <br><sup>(13)</sup><br>| &nbsp;&nbsp; $9409 |
| **Total Preferred Stock** <br>**(Identified Cost $9,423)** | **Total Preferred Stock** <br>**(Identified Cost $9,423)** | &nbsp;&nbsp; **9409** |
| **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** |
| **Communication Services—0.0%** | **Communication Services—0.0%** |  |
| Atento Luxco 1 S.A.<sup>(14)</sup> <br>| 46327 | &nbsp;&nbsp; 816 |
| **Total Common Stock** <br>**(Identified Cost $—**<sup>(10)</sup>**)** | **Total Common Stock** <br>**(Identified Cost $—**<sup>(10)</sup>**)** | &nbsp;&nbsp; **816** |
| **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** |
| **Financials—1.5%** | **Financials—1.5%** |  |
| Virtus Newfleet Securitized Income ETF<sup>(15)(16)</sup> <br>| 1882229 | &nbsp;&nbsp; 45653 |
| &nbsp;&nbsp;&nbsp; Virtus Newfleet Short Duration High Yield Bond <br> ETF<sup>(15)(16)</sup> <br>| 1031000 | &nbsp;&nbsp; 22480 |
|  |  | &nbsp;&nbsp; 68133 |
| **Total Affiliated Exchange-Traded Funds** <br>**(Identified Cost $68,620)** | **Total Affiliated Exchange-Traded Funds** <br>**(Identified Cost $68,620)** | &nbsp;&nbsp; **68133** |
| **Total Long-Term Investments—97.6%** <br>**(Identified Cost $4,564,293)** | **Total Long-Term Investments—97.6%** <br>**(Identified Cost $4,564,293)** | &nbsp;&nbsp; **4576104** |
| **Securities Lending Collateral—2.1%** | **Securities Lending Collateral—2.1%** | **Securities Lending Collateral—2.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.651%)<sup>(16)(17)</sup> <br>| 99719984 | &nbsp;&nbsp; 99720 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $99,720)** | **Total Securities Lending Collateral** <br>**(Identified Cost $99,720)** | &nbsp;&nbsp; **99720** |
| **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $4,664,013)** | **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $4,664,013)** | &nbsp;&nbsp; **$4675824** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp; 13590 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$4689414** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

&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;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> <br>| All or a portion of security is on loan. |
| <sup>(3)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, 2025, these securities <br> amounted to a value of $2,659,914 or 56.7% of net assets.<br>|
| <sup>(4)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(5)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(6)</sup> <br>| Represents step coupon bond. Rate shown reflects the rate in effect as of <br> December 31, 2025.<br>|
| <sup>(7)</sup> <br>| Variable rate security. Rate disclosed is as of December 31, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market <br> conditions, or, for mortgage-backed securities, are impacted by the individual <br> mortgages which are paying off over time. These securities do not indicate a <br> reference rate and spread in their descriptions.<br>|
| <sup>(8)</sup> <br>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(9)</sup> <br>| No contractual maturity date. |
| <sup>(10)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(11)</sup> <br>| Security in default; interest payments are being received. |
| <sup>(12)</sup> <br>| This loan will settle after December 31, 2025, at which time the interest rate, <br> calculated on the base lending rate and the agreed upon spread on trade date, will <br> be reflected.<br>|
| <sup>(13)</sup> <br>| Value shown as par value. |
| <sup>(14)</sup> <br>| Non-income producing. |
| <sup>(15)</sup> <br>| Affiliated investment.  |
| <sup>(16)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|
| <sup>(17)</sup> <br>| Represents security purchased with cash collateral received for securities on <br> loan.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 87<br> %<br>|
| United Kingdom | 1 |
| Ireland | 1 |
| Canada | 1 |
| Mexico | 1 |
| Cayman Islands | 1 |
| France | 1 |
| Other | 7 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

($ reported in thousands)

As of December 31, 2025, the Fund had the following unfunded loan commitment:

The following table summarizes the value of the Fund's investments as of December 31, 2025, 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>December 31, 2025<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;&nbsp;&nbsp;&nbsp; $328986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $328986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7844 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4675824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $168669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4499245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7910 |

---

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

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

Securities held by the Fund with an end of period value of $7,844 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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 December 31, 2025.

See Notes to Schedule of Investments

------

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

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

**December 31, 2025**

**Note 1. Security Valuation**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, Exchange-Traded Funds ("ETFs"), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

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

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

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

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

securities.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4801889919.73

**Total Liabilities:** $125869856.87

**Net Assets:** $4676020062.86

**Cash Not Reported:** $86884336.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -219.69007460 | **1-Year:** -1333.69368600 | **5-Year:** -210104.61070000 | **10-Year:** -144461.53770000 | **30-Year:** -486846.01060000

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

- **3-Month:** -33.13577205 | **1-Year:** -395.32751640 | **5-Year:** -108445.47140000 | **10-Year:** -118316.51170000 | **30-Year:** -69129.56312000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000049918 | 0.40%                | 0.56%                | 0.39%                |
| Class ID C000049920 | 0.38%                | 0.32%                | 0.37%                |
| Class ID C000049921 | 0.33%                | 0.50%                | 0.32%                |
| Class ID C000066828 | 0.43%                | 0.36%                | 0.41%                |
| Class ID C000176709 | 0.66%                | 0.37%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-423712.11              | $1735230.96                                |
| Month 2  | $-840418.81              | $7390539.64                                |
| Month 3  | $101982.73               | $-666970.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACM Auto Trust                                                              | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720439 | PA      | $720949.60    | 0.02%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   2874000 | PA      | $2822268.00   | 0.06%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                    | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   8325000 | PA      | $8683003.64   | 0.19%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON INTL 23                                                        | CK Hutchison International 23 Ltd                                               | CUSIP: 12570FAA9<br>LEI: 2549003AJI1YI8883K46 | Long             | DBT              | CORP              | KY        |   1555000 | PA      | $1578651.55   | 0.03%             | 2028-04-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2024-INV4                        | CUSIP: 61776XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4112073 | PA      | $4192825.94   | 0.09%             | 2054-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2024-3                                               | CUSIP: 505709AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6065000 | PA      | $6142192.89   | 0.13%             | 2030-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   2812000 | PA      | $2824470.10   | 0.06%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7902864.16   | 0.17%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                 | VFI ABS 2025-1 LLC                                                              | CUSIP: 91824UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3824542 | PA      | $3842144.85   | 0.08%             | 2030-06-24      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   8938000 | PA      | $9152831.89   | 0.20%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   6825000 | PA      | $7040802.75   | 0.15%             | 2030-03-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2993574 | PA      | $2970493.95   | 0.06%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3442040.78   | 0.07%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    613634 | PA      | $525423.94    | 0.01%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO                                                           | Tractor Supply Co                                                               | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |  10720000 | PA      | $9494533.44   | 0.20%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                           | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |   3746432 | PA      | $3750477.78   | 0.08%             | 2030-10-04      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBC2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   2008000 | PA      | $2031343.00   | 0.04%             | 2028-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2024-A LLC                                                                | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7234745 | PA      | $7373375.73   | 0.16%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2023-1                                             | CUSIP: 924933AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4977464 | PA      | $4995634.39   | 0.11%             | 2028-11-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7390033 | PA      | $6652737.43   | 0.14%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AJ8<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |   1107000 | PA      | $1097037.00   | 0.02%             | 2026-08-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   6515000 | PA      | $6813873.28   | 0.15%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                              | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    437188 | PA      | $438340.12    | 0.01%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Centragas                                                                   | CENT 2025-CITY                                                                  | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9871000 | PA      | $9991057.02   | 0.21%             | 2040-07-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                                                             | 180 Medical Inc                                                                 | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |   9625000 | PA      | $9368384.03   | 0.20%             | 2029-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2022-2                                                                | CUSIP: 31568EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8847000 | PA      | $8858484.29   | 0.19%             | 2029-01-16      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                                          | RGA Global Funding                                                              | CUSIP: 76209PAK9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   7048000 | PA      | $7044986.13   | 0.15%             | 2030-11-25      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                                           | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7883381 | PA      | $7856895.59   | 0.17%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2015-6                                                | CUSIP: 89172RAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9529000 | PA      | $9021555.02   | 0.19%             | 2055-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                                    | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7870000 | PA      | $7817479.56   | 0.17%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12130657 | PA      | $11300085.17  | 0.24%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   2609842 | PA      | $2469562.80   | 0.05%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   9197000 | PA      | $9598899.43   | 0.21%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                                                    | Adani Electricity Mumbai Ltd                                                    | CUSIP: 000000000<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |   1000000 | PA      | $931560.00    | 0.02%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  20430116 | PA      | $20019554.27  | 0.43%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1996666 | PA      | $1948064.12   | 0.04%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   7920000 | PA      | $8351987.05   | 0.18%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                       | QUIKRETE HOLDINGS INC                                                           | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   3741680 | PA      | $3754139.48   | 0.08%             | 2029-03-19      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |   2400096 | PA      | $2374391.40   | 0.05%             | 2031-06-11      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-1                                                 | CUSIP: 35042AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1974642 | PA      | $2024382.19   | 0.04%             | 2043-12-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                                     | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |   1654000 | PA      | $1625865.46   | 0.03%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $530535.29    | 0.01%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4054072.00   | 0.09%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   4880000 | PA      | $3625583.31   | 0.08%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2022-3 Mortgage Loan Trust                                                 | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10020328 | PA      | $9861995.65   | 0.21%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   6744000 | PA      | $6681483.12   | 0.14%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2586637 | PA      | $2591534.35   | 0.06%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                                       | Petroleos del Peru SA                                                           | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   2756000 | PA      | $2050629.36   | 0.04%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                                     | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3390726 | PA      | $3407679.57   | 0.07%             | 2031-10-16      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust                                               | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1025479 | PA      | $1025479.08   | 0.02%             | 2026-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                       | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   3213850 | PA      | $3219474.24   | 0.07%             | 2028-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                                              | SoFi Consumer Loan Program 2025-1 Trust                                         | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4662058 | PA      | $4679082.31   | 0.10%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $10425694.70  | 0.22%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7930000 | PA      | $7281572.62   | 0.16%             | 2055-04-25      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2024-1 LLC                                          | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1203330 | PA      | $1208525.94   | 0.03%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                                                      | Mozambique International Bond                                                   | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |   2059000 | PA      | $1758509.54   | 0.04%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   5995000 | PA      | $4152296.23   | 0.09%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                                     | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1751883.00   | 0.04%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   5283958 | PA      | $5333703.25   | 0.11%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    655000 | PA      | $669410.00    | 0.01%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   2785000 | PA      | $2844077.82   | 0.06%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    292352 | PA      | $279927.05    | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2013-A                                            | CUSIP: 17320XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1845159 | PA      | $1698873.49   | 0.04%             | 2042-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2023-2                                        | CUSIP: 22537EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525892 | PA      | $526776.50    | 0.01%             | 2033-05-16      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31413CG78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4009 | PA      | $4112.65      | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAA6<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |  10625000 | PA      | $9553921.69   | 0.20%             | 2030-10-14      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR5 Trust                                            | CUSIP: 74333FAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2468387.00   | 0.05%             | 2038-07-17      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1895000 | PA      | $1883419.96   | 0.04%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-1                                               | CUSIP: 505710AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2570000 | PA      | $2603833.54   | 0.06%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                                     | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4696772.48   | 0.10%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing L.P.                                                   | Trinity Rail Leasing 2019-1 LLC                                                 | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12180211 | PA      | $12142974.83  | 0.26%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                                     | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    769000 | PA      | $743592.24    | 0.02%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                    | Benchmark 2023-B38 Mortgage Trust                                               | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4235000 | PA      | $4320237.85   | 0.09%             | 2056-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   2312000 | PA      | $2338588.00   | 0.05%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2018-7FRB                                              | CUSIP: 46650AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3631475 | PA      | $3568949.35   | 0.08%             | 2046-04-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                                              | SoFi Consumer Loan Program 2025-4 Trust                                         | CUSIP: 83405UAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2758853.90   | 0.06%             | 2035-08-25      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6639031 | PA      | $6465639.95   | 0.14%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4411054 | PA      | $4447281.20   | 0.10%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138AFXA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    639262 | PA      | $643348.05    | 0.01%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   3920000 | PA      | $4111311.01   | 0.09%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13775000 | PA      | $13826631.46  | 0.30%             | 2040-06-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                                                             | FinBe USA Trust 2025-1                                                          | CUSIP: 317967AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6389082.05   | 0.14%             | 2030-12-16      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet Short Duration High Yield Bond ETF                          | Virtus Newfleet Short Duration High Yield Bond ETF                              | CUSIP: 92790A207<br>LEI: 549300CTRZXMY9595O30 | Long             | EC               | RF                | US        |   1031000 | NS      | $22479820.90  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Master Issuer L                                              | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   9948075 | PA      | $10111321.92  | 0.22%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-2                                        | CUSIP: 36269EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1725000 | PA      | $1752748.18   | 0.04%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4818000 | PA      | $4937418.95   | 0.11%             | 2029-08-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                            | ENDEAVOR OPERATING CO LLC                                                       | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1970100 | PA      | $1978847.24   | 0.04%             | 2032-03-24      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4411955 | PA      | $4149069.16   | 0.09%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQM53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  20533185 | PA      | $20896271.21  | 0.45%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Light and Wonder International Inc                                          | LIGHT & WONDER INTERNATIONAL INC                                                | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |   3143629 | PA      | $3150513.30   | 0.07%             | 2029-04-14      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2020-2                                       | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2718081 | PA      | $2577746.31   | 0.06%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3215000 | PA      | $3397728.80   | 0.07%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   8560000 | PA      | $8683098.19   | 0.19%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   3495000 | PA      | $3634310.70   | 0.08%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   3160989 | PA      | $3171736.69   | 0.07%             | 2031-02-28      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    805000 | PA      | $828306.38    | 0.02%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8273986 | PA      | $7525193.38   | 0.16%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9370000 | PA      | $9337322.13   | 0.20%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   2310000 | PA      | $2523675.00   | 0.05%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                              | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        | 227610000 | PA      | $9532009.87   | 0.20%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UPG HI Issuer Trust                                                         | UPG HI 2025-2 Issuer Trust                                                      | CUSIP: 90321EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9000000 | PA      | $8996145.30   | 0.19%             | 2047-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4444000 | PA      | $4504712.59   | 0.10%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    530000 | PA      | $540770.66    | 0.01%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust                                             | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9260000 | PA      | $9436411.33   | 0.20%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2236159 | PA      | $2248794.62   | 0.05%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                      | Lendmark Funding Trust 2024-1                                                   | CUSIP: 52603DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6080526.00   | 0.13%             | 2032-06-21      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    772504 | PA      | $773630.35    | 0.02%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-2                                      | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2425328 | PA      | $2362087.22   | 0.05%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   1795000 | PA      | $1795035.90   | 0.04%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                                                         | Minejesa Capital BV                                                             | CUSIP: 602736AA8<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |   1731114 | PA      | $1722995.47   | 0.04%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6675000 | PA      | $6631605.83   | 0.14%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                                                  | RCKT Trust 2025-PL1                                                             | CUSIP: 74939RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3445000 | PA      | $3466028.62   | 0.07%             | 2034-07-25      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |   8062796 | PA      | $8078279.02   | 0.17%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                                     | Pakistan Government International Bond                                          | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   1788000 | PA      | $1781295.00   | 0.04%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   2411000 | PA      | $2429824.85   | 0.05%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                              | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480923 | PA      | $440066.24    | 0.01%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2024-5                                      | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3505000 | PA      | $3507497.66   | 0.08%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   5032000 | PA      | $5353796.40   | 0.11%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                                       | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1779000 | PA      | $1757901.06   | 0.04%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                                          | Bahrain Government International Bond                                           | CUSIP: 05674RAJ3<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |   4350000 | PA      | $4527262.50   | 0.10%             | 2029-09-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                                 | Extended Stay America Trust 2025-ESH                                            | CUSIP: 30227TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1550000 | PA      | $1552420.02   | 0.03%             | 2042-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    414344 | PA      | $314298.40    | 0.01%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |   8006000 | PA      | $8256988.10   | 0.18%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                                                  | RCKT Trust 2025-PL1                                                             | CUSIP: 74939RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5607000 | PA      | $5632396.35   | 0.12%             | 2034-07-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                                              | Residential Mortgage Loan Trust 2020-1                                          | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131527 | PA      | $130849.73    | 0.00%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2266721 | PA      | $2305903.01   | 0.05%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WINGSTOP FUNDING LLC                                                        | Wingstop Funding LLC                                                            | CUSIP: 974153AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7750000 | PA      | $7963040.53   | 0.17%             | 2054-12-05      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM6 Trust                                                             | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |   7458416 | PA      | $7530445.02   | 0.16%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                                 | UPX HIL 2025-1 Issuer Trust                                                     | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3858513 | PA      | $3888315.37   | 0.08%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   6715000 | PA      | $6943752.99   | 0.15%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BrightView Landscapes LLC                                                   | BRIGHTVIEW LANDSCAPES                                                           | CUSIP: 10801XAL1<br>LEI: 549300OSAEQC89PVOW06 | Long             | LON              | CORP              | US        |   2910379 | PA      | $2910378.79   | 0.06%             | 2029-04-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600998 | PA      | $2603539.80   | 0.06%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                                    | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   8334000 | PA      | $8475678.00   | 0.18%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | ADMT 2024-NQM6                                                                  | CUSIP: 00249YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6847888 | PA      | $6896865.44   | 0.15%             | 2070-01-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                                    | Weekley Homes LLC / Weekley Finance Corp                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6005000 | PA      | $5922040.93   | 0.13%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2024-NQM3                                   | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |   4685434 | PA      | $4747442.23   | 0.10%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2025-1                                               | CUSIP: 505712AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3058374.60   | 0.07%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                                     | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    500000 | PA      | $484375.00    | 0.01%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                                    | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |  14050000 | PA      | $3512500.00   | 0.08%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus                                              | Carmax Select Receivables Trust 2025-B                                          | CUSIP: 14320BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6020262.60   | 0.13%             | 2031-06-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB1 Trust                                                             | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7027439 | PA      | $7008153.86   | 0.15%             | 2053-03-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1898000 | PA      | $1856422.03   | 0.04%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-HY2                                              | CUSIP: 89177HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4045000 | PA      | $4053341.60   | 0.09%             | 2058-05-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Tesla Lease Electric Vehicle S                                              | Tesla Lease Electric Vehicle Securitization 2025-A LLC                          | CUSIP: 88162VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4950000 | PA      | $4959605.48   | 0.11%             | 2028-06-20      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Cincinnati Bell Inc                                                         | CINCINNATI BELL INC                                                             | CUSIP: 17187MAU4<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |   3761759 | PA      | $3764429.93   | 0.08%             | 2028-11-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2021-4                                     | CUSIP: 24381JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5057992 | PA      | $4505407.70   | 0.10%             | 2066-11-25      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418RVS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    921543 | PA      | $947666.19    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                                         | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |  40400000 | PA      | $9614712.17   | 0.21%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential Trust                                                      | CUSIP: 74333HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3703735.50   | 0.08%             | 2038-07-17      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2025-1                                               | CUSIP: 505712AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3130000 | PA      | $3185287.07   | 0.07%             | 2030-07-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                                                        | Constellation Oil Services Holding SA                                           | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |   2166000 | PA      | $2248589.58   | 0.05%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                                     | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAD4<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |   1800000 | PA      | $1769625.00   | 0.04%             | 2027-07-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2025-1 LLC                                           | CUSIP: 69392HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1167786.25   | 0.02%             | 2032-07-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1224769 | PA      | $1178271.99   | 0.03%             | 2065-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   4142476 | PA      | $3953475.97   | 0.08%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    925070 | PA      | $904434.81    | 0.02%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1881950 | PA      | $1817855.26   | 0.04%             | 2029-10-25      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                     | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2980000 | PA      | $3049207.52   | 0.07%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6484267 | PA      | $5753684.92   | 0.12%             | 2056-06-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2021-2                                               | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3099311 | PA      | $2839480.74   | 0.06%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                                                | Hardee's Funding LLC                                                            | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    810562 | PA      | $837821.47    | 0.02%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                                | Drive Auto Receivables Trust 2024-1                                             | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5680000 | PA      | $5759414.35   | 0.12%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2025-11                                              | CUSIP: 924935AC3<br>LEI: 213800H1O4C5SRNN4B66 | Long             | ABS-MBS          | CORP              | US        |   4580457 | PA      | $4583520.10   | 0.10%             | 2070-11-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9920000 | PA      | $9948967.39   | 0.21%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                                      | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |   3491886 | PA      | $3363419.99   | 0.07%             | 2030-09-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   4805000 | PA      | $4977980.00   | 0.11%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2323703 | PA      | $2267678.81   | 0.05%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3549000 | PA      | $3585703.40   | 0.08%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                                              | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1995276 | PA      | $1748734.93   | 0.04%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2025-1                             | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13835000 | PA      | $13954465.23  | 0.30%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                                    | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   1675000 | PA      | $1745973.10   | 0.04%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1469000 | PA      | $1413750.91   | 0.03%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2298353 | PA      | $2275569.48   | 0.05%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                         | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13767884 | PA      | $11483300.81  | 0.25%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1837998.85   | 0.04%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                                | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7772201 | PA      | $7811415.76   | 0.17%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   7797000 | PA      | $7880817.75   | 0.17%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-1                                                           | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1089994 | PA      | $1089566.72   | 0.02%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ACWA POWER MGMT INVST                                                       | Acwa Power Management And Investments One Ltd                                   | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |   1534578 | PA      | $1572942.10   | 0.03%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                              | United Auto Credit Securitization Trust 2023-1                                  | CUSIP: 90945CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4678351 | PA      | $4714010.96   | 0.10%             | 2028-07-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AR7<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   6522000 | PA      | $6768531.60   | 0.14%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-A                                   | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7074000 | PA      | $7150986.34   | 0.15%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                                      | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92746.22     | 0.00%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2023-1                                                      | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1741000 | PA      | $1764806.61   | 0.04%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   3405000 | PA      | $3496645.58   | 0.07%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                        | CHARTER COMMUNICATIONS OPERATING LLC                                            | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   3243840 | PA      | $3245656.50   | 0.07%             | 2031-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                 | VFI ABS 2023-1 LLC                                                              | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206927 | PA      | $207416.81    | 0.00%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                                     | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   3772200 | PA      | $3773708.46   | 0.08%             | 2031-02-10      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   8775000 | PA      | $9213341.00   | 0.20%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | EFMT 2025-CES4                                                                  | CUSIP: 267954AA3<br>LEI: 254900UDLJF220C8I638 | Long             | ABS-MBS          | CORP              | US        |  11715554 | PA      | $11812499.06  | 0.25%             | 2060-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8412456 | PA      | $8262167.68   | 0.18%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  10269000 | PA      | $9939365.10   | 0.21%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3815000 | PA      | $3759549.36   | 0.08%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31410LR79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1343672 | PA      | $1320763.86   | 0.03%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                              | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2895000 | PA      | $2896215.90   | 0.06%             | 2031-05-06      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1355667.85   | 0.03%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-2                                                          | CUSIP: 75525QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4090000 | PA      | $4129404.29   | 0.09%             | 2032-08-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    855000 | PA      | $871746.89    | 0.02%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                     | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        | 172540000 | PA      | $9668300.34   | 0.21%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4783848.99   | 0.10%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAA3<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    871448 | PA      | $881227.01    | 0.02%             | 2069-04-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   4245000 | PA      | $4363470.90   | 0.09%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1883000 | PA      | $1912939.70   | 0.04%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                                                | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7203783 | PA      | $7217705.57   | 0.15%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                              | Ginnie Mae I Pool                                                               | CUSIP: 36213S2N4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2062 | PA      | $2109.87      | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5404762.05   | 0.12%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |  13108000 | PA      | $12109134.09  | 0.26%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-5                                      | CUSIP: 30168DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1169128 | PA      | $1171269.26   | 0.03%             | 2028-04-17      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2021-NQM2R                                  | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1642954 | PA      | $1579045.49   | 0.03%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1606787.11   | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |   5888997 | PA      | $5946507.95   | 0.13%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2024-1                                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8404000 | PA      | $8477686.27   | 0.18%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5023950 | PA      | $4940962.83   | 0.11%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2024-1                           | CUSIP: 35105AAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5078154.00   | 0.11%             | 2029-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-2                                        | CUSIP: 379924AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2952552 | PA      | $2986617.19   | 0.06%             | 2030-06-17      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Hardee's Funding LLC and Carls                                              | Hardee's Funding LLC                                                            | CUSIP: 411707AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13338000 | PA      | $12906807.80  | 0.28%             | 2050-12-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                                                   | Spire Inc                                                                       | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1358212.97   | 0.03%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2022-1D                                            | CUSIP: 43283BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1101579 | PA      | $1097493.30   | 0.02%             | 2034-06-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   3882000 | PA      | $3932821.98   | 0.08%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                                | ACRISURE LLC                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   2628571 | PA      | $2623655.89   | 0.06%             | 2030-11-06      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ AUTO RECEIVABLES TRUST                                             | LENDBUZZ AUTO RECEIVABLES TRUST                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4817124 | PA      | $4831825.23   | 0.10%             | 2030-06-17      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                         | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |   1573112 | PA      | $1574103.56   | 0.03%             | 2030-02-11      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2023-A                                               | CUSIP: 123919AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2998505 | PA      | $3058227.05   | 0.07%             | 2038-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3034710 | PA      | $3054760.31   | 0.07%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    919000 | PA      | $546805.00    | 0.01%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Issuer Trust 2025-A                                                | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3694039 | PA      | $3761667.09   | 0.08%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-1                                            | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1551479 | PA      | $1560156.53   | 0.03%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                                    | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   4920000 | PA      | $5035201.80   | 0.11%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 731011AX0<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   3242000 | PA      | $3304116.72   | 0.07%             | 2029-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                                              | First Investors Auto Owner Trust 2022-1                                         | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2298170 | PA      | $2292999.62   | 0.05%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |  11502000 | PA      | $11237767.31  | 0.24%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                                              | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |   4825000 | PA      | $4817299.78   | 0.10%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                    | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  10130000 | PA      | $9514022.05   | 0.20%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   6610000 | PA      | $6830604.39   | 0.15%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2024-1                                                    | CUSIP: 12515PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3085000 | PA      | $3144591.09   | 0.07%             | 2032-03-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   3582249 | PA      | $3552671.21   | 0.08%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10544730 | PA      | $10234682.21  | 0.22%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                        | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |   4532000 | PA      | $4406327.64   | 0.09%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |   3640000 | PA      | $3649100.00   | 0.08%             | 2031-09-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    925000 | PA      | $849211.61    | 0.02%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CC2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   2264000 | PA      | $2162120.00   | 0.05%             | 2030-06-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DE4<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   8038000 | PA      | $8154551.00   | 0.17%             | 2030-03-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-1                                                | CUSIP: 89182NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11552107 | PA      | $11741050.85  | 0.25%             | 2064-03-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330849 | PA      | $319051.48    | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3660000 | PA      | $3775227.78   | 0.08%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | Onemain Financial Issuance Trust 2025-1                                         | CUSIP: 68270DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2710000 | PA      | $2745014.83   | 0.06%             | 2038-07-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust                                                | Blue Owl Asset Leasing Trust 2024-1 LLC                                         | CUSIP: 095921AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3236720 | PA      | $3249157.94   | 0.07%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FIRST ABU DHABI BANK PJS                                                    | First Abu Dhabi Bank PJSC                                                       | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | DBT              | CORP              | AE        |   1267000 | PA      | $1315386.73   | 0.03%             | 2034-04-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                                             | Eagle Broadband Investments LLC                                                 | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |   4300775 | PA      | $4068834.38   | 0.09%             | 2027-11-12      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                                       | GENMAB A/S/GENMAB FINANCE LLC                                                   | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |    350000 | PA      | $358696.29    | 0.01%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                                            | SS&C TECHNOLOGIES INC                                                           | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |   2283504 | PA      | $2295949.29   | 0.05%             | 2031-05-09      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11720000 | PA      | $11791799.77  | 0.25%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1106000 | PA      | $1152728.50   | 0.02%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8335000 | PA      | $8378671.23   | 0.18%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   4515000 | PA      | $4717805.40   | 0.10%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC                                                   | FAT Brands Royalty LLC                                                          | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11395200 | PA      | $6267360.00   | 0.13%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   4075000 | PA      | $4150012.60   | 0.09%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-3                                                 | CUSIP: 67571GAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5097661.00   | 0.11%             | 2031-10-20      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2023-2                           | CUSIP: 35104AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    693115 | PA      | $695461.38    | 0.01%             | 2028-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                                                       | DBR Land Holdings LLC                                                           | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2515000 | PA      | $2572543.20   | 0.06%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7216252 | PA      | $7080205.76   | 0.15%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   1359000 | PA      | $1386859.50   | 0.03%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5061598 | PA      | $50615.98     | 0.00%             | 2028-08-02      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   9261000 | PA      | $9311438.93   | 0.20%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline LLC                                                       | BLACKFIN PIPELINE LLC                                                           | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |   4360000 | PA      | $4363618.80   | 0.09%             | 2032-09-29      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG                                                    | Abu Dhabi National Energy Co PJSC                                               | CUSIP: 00388WAL5<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |   1786000 | PA      | $1797912.62   | 0.04%             | 2029-01-24      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                                                         | Limak Yenilenebilir Enerji AS                                                   | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    900000 | PA      | $882567.00    | 0.02%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   7558000 | PA      | $7232191.85   | 0.15%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                                                   | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9120000 | PA      | $9138292.90   | 0.20%             | 2031-02-18      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2365000 | PA      | $2429434.52   | 0.05%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31405VCC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9850 | PA      | $10045.15     | 0.00%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   6038000 | PA      | $6842020.08   | 0.15%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES2                                       | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9595294 | PA      | $9670234.71   | 0.21%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-A LLC                                                                | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    866340 | PA      | $881824.43    | 0.02%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2023-A LLC                                                         | CUSIP: 62890QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10120000 | PA      | $10316836.02  | 0.22%             | 2030-06-17      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2095000 | PA      | $2208377.84   | 0.05%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3989594 | PA      | $3805075.30   | 0.08%             | 2028-11-24      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | Berry Global Inc                                                                | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   7775000 | PA      | $8207706.43   | 0.18%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                                          | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |   2000000 | PA      | $2030620.00   | 0.04%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-3                                                 | CUSIP: 67571GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6131000 | PA      | $6235597.31   | 0.13%             | 2030-09-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2025-A LLC                                                         | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2530507.50   | 0.05%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                                    | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2175179.83   | 0.05%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                     | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7999551 | PA      | $6730708.31   | 0.14%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   7343000 | PA      | $7754208.00   | 0.17%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-1                            | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9650000 | PA      | $9754726.63   | 0.21%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    619285 | PA      | $626194.86    | 0.01%             | 2048-10-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                                              | Eskom Holdings                                                                  | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |   1563000 | PA      | $1677302.19   | 0.04%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2267640 | PA      | $2263017.68   | 0.05%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                | Huntington Bank Auto Credit-Linked Notes Series 2024-1                          | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2616105 | PA      | $2659865.93   | 0.06%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12525000 | PA      | $12257442.20  | 0.26%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   9800000 | PA      | $9749374.77   | 0.21%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                                        | STAR 2025-SFR5 Trust                                                            | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7025728 | PA      | $7034488.62   | 0.15%             | 2042-02-17      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REL4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |  11500000 | PA      | $11401831.40  | 0.24%             | 2027-08-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                                        | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10563300 | PA      | $10727839.24  | 0.23%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9118045 | PA      | $9146180.73   | 0.20%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1273700 | PA      | $1239779.62   | 0.03%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2014-1                           | CUSIP: 61763YAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    909979 | PA      | $910127.13    | 0.02%             | 2044-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   4995000 | PA      | $5216927.85   | 0.11%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                                    | Standard Industries Inc/NY                                                      | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5040000 | PA      | $4862115.01   | 0.10%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                       | Flowserve Corp                                                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   8885000 | PA      | $8471423.95   | 0.18%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Triton Container Finance LLC                                                | Triton Container Finance IX LLC                                                 | CUSIP: 89679QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6207500 | PA      | $6250329.27   | 0.13%             | 2050-06-20      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   3097866 | PA      | $2497654.11   | 0.05%             | 2030-02-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3172894.93   | 0.07%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES3                                      | CUSIP: 216926AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11374449 | PA      | $11343454.02  | 0.24%             | 2060-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8965000 | PA      | $9275882.44   | 0.20%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                                          | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230675 | PA      | $229392.65    | 0.00%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31406CYP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90866 | PA      | $94203.41     | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                                                      | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8062449 | PA      | $7368703.54   | 0.16%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Madison Iaq LLC                                                             | MADISON IAQ LLC                                                                 | CUSIP: 55759VAE8<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |   4268165 | PA      | $4291426.76   | 0.09%             | 2032-11-08      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation, LLC                                                 | CORNERSTONE GENERATION L                                                        | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |   3110000 | PA      | $3134444.60   | 0.07%             | 2032-08-11      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-5                                                 | CUSIP: 03465HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4798553 | PA      | $4186239.96   | 0.09%             | 2066-07-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus                                              | Veridian Auto Receivables Trust 2023-1                                          | CUSIP: 92347BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9585000 | PA      | $9686810.91   | 0.21%             | 2028-12-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                                       | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   5305000 | PA      | $5569852.66   | 0.12%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                                         | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAB1<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   6104000 | PA      | $2519548.08   | 0.05%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    604000 | PA      | $643411.00    | 0.01%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Wingspire Equipment Finance LL                                              | Wingspire Equipment Finance 2025-1 LLC                                          | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3795000 | PA      | $3801124.37   | 0.08%             | 2033-09-20      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-3 Mortgage Loan Trust                                                 | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |   5625451 | PA      | $5687541.02   | 0.12%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                      | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |    906629 | PA      | $885528.41    | 0.02%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                        | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   7285000 | PA      | $6981601.10   | 0.15%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-3                                      | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3723000 | PA      | $3810499.44   | 0.08%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  43316544 | PA      | $44505089.38  | 0.95%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                                                          | ASTORIA ENERGY LLC                                                              | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |   2543919 | PA      | $2560607.31   | 0.05%             | 2032-06-23      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                      | Oscar US Funding XV LLC                                                         | CUSIP: 68785CAC5<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |   3651256 | PA      | $3675017.95   | 0.08%             | 2027-12-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   4267000 | PA      | $4402690.69   | 0.09%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                              | Upgrade Master Pass-Thru Trust Series 2025-ST3                                  | CUSIP: 91534LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3972654 | PA      | $4019460.21   | 0.09%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                                    | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1000830.00   | 0.02%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4210187 | PA      | $4144051.66   | 0.09%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                                   | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   1826000 | PA      | $1658227.12   | 0.04%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                                       | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2198335 | PA      | $65950.04     | 0.00%             | 2028-08-02      | Floating      | 8.14%                 | No            |                  3 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2022-2                             | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1395638 | PA      | $1407228.48   | 0.03%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SCALELOGIX ABS US ISSUER, LLC                                               | Scalelogix Abs Us Issuer LLC                                                    | CUSIP: 80587FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9105000 | PA      | $9130957.44   | 0.20%             | 2055-07-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8320000 | PA      | $8388775.62   | 0.18%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Ltd.                                                        | WEC US HLDG 01/27/31                                                            | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |   3126602 | PA      | $3130729.11   | 0.07%             | 2031-01-27      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20715000 | PA      | $20159902.63  | 0.43%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                                                    | United Overseas Bank Ltd                                                        | CUSIP: 91127KAE2<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |   1645000 | PA      | $1615554.50   | 0.03%             | 2031-10-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    996115 | PA      | $992381.66    | 0.02%             | 2030-03-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4252000 | PA      | $4072436.34   | 0.09%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Rand Parent LLC                                                             | RAND PARENT LLC                                                                 | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3835628 | PA      | $3843069.26   | 0.08%             | 2030-03-18      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| CBQ FINANCE LTD                                                             | CBQ Finance Ltd                                                                 | CUSIP: 000000000<br>LEI: 213800FNEMX56U9OHK56 | Long             | DBT              | CORP              | BM        |   2646000 | PA      | $2724771.42   | 0.06%             | 2029-03-28      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   4340000 | PA      | $4547607.76   | 0.10%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    965677 | PA      | $444211.49    | 0.01%             | 2028-08-02      | Floating      | 11.92%                | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                                    | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |  10118000 | PA      | $10361464.38  | 0.22%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                                    | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    195000 | PA      | $193812.65    | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   2815000 | PA      | $2996511.20   | 0.06%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |   2809860 | PA      | $2806347.33   | 0.06%             | 2031-01-31      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-B LLC                                                                | CUSIP: 433401AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3398410 | PA      | $3407553.31   | 0.07%             | 2045-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                                       | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |  16208800 | PA      | $13809897.60  | 0.30%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                                   | Sunoco LP                                                                       | CUSIP: 86765KAK5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   5070000 | PA      | $4925396.50   | 0.11%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Parexel International Inc (f/k/a Phoenix Newco Inc)                         | PAREXEL INTL CORP                                                               | CUSIP: 71911KAF1<br>LEI: 549300GCZVUYB6P2OA17 | Long             | LON              | CORP              | US        |   4077204 | PA      | $4088253.24   | 0.09%             | 2031-12-09      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                                               | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9530000 | PA      | $9582090.98   | 0.20%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2025-4                                      | CUSIP: 30167KAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3730000 | PA      | $3749657.47   | 0.08%             | 2030-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    502629 | PA      | $475782.37    | 0.01%             | 2044-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |   4558737 | PA      | $4551123.62   | 0.10%             | 2030-11-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   7110000 | PA      | $7346841.64   | 0.16%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM9 Trust                                                             | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |   7882043 | PA      | $7984667.45   | 0.17%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4535000 | PA      | $4447904.87   | 0.10%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                                               | UBS AG/London                                                                   | CUSIP: 902674ZW3<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   6700000 | PA      | $6993543.01   | 0.15%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Entain PLC                                                                  | ENTAIN HOLDINGS GIBRALTA                                                        | CUSIP: 000000000<br>LEI: 213800ATWJIEYQ8NF838 | Long             | LON              | CORP              | GI        |   3459497 | PA      | $3435729.84   | 0.07%             | 2029-10-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                                    | Snap Inc                                                                        | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2285760.84   | 0.05%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3725000 | PA      | $3664068.50   | 0.08%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12180000 | PA      | $12649757.02  | 0.27%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                                                    | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |   1382333 | PA      | $1375573.73   | 0.03%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    900000 | PA      | $950933.72    | 0.02%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  10911000 | PA      | $10731031.57  | 0.23%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2024-2                                                          | CUSIP: 75525HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7030000 | PA      | $7132817.97   | 0.15%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8903434 | PA      | $9018119.75   | 0.19%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3174887 | PA      | $3145830.07   | 0.07%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  75435000 | PA      | $75821015.23  | 1.62%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-2                            | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8170000 | PA      | $8298436.49   | 0.18%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4049783.20   | 0.09%             | 2031-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1659262 | PA      | $1597901.77   | 0.03%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                                        | GATES CORPORATION                                                               | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |   3934493 | PA      | $3942676.52   | 0.08%             | 2031-06-04      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-2                                                           | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4284104 | PA      | $4284762.81   | 0.09%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                                              | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15671006 | PA      | $15650610.57  | 0.33%             | 2028-07-14      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3226286 | PA      | $3155994.76   | 0.07%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2023-1                                               | CUSIP: 337955AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3460000 | PA      | $3371451.68   | 0.07%             | 2029-05-15      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| South Field Energy LLC                                                      | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 83783XAF3<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |     70200 | PA      | $70639.01     | 0.00%             | 2031-08-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                                                        | Kyrgyz Republic International Bond                                              | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |   3290000 | PA      | $3384587.50   | 0.07%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                                                  | Applebee's Funding LLC / IHOP Funding LLC                                       | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11135000 | PA      | $11300009.57  | 0.24%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB2 Trust                                                             | CUSIP: 67118RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7441886 | PA      | $7379761.61   | 0.16%             | 2053-04-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                                     | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAQ8<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |   2505000 | PA      | $2560110.00   | 0.05%             | 2030-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    897000 | PA      | $900464.21    | 0.02%             | 2028-07-26      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-B                                   | CUSIP: 12630SAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5305000 | PA      | $5351293.55   | 0.11%             | 2031-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                                       | Playtika Holding Corp                                                           | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |   3920484 | PA      | $3780640.12   | 0.08%             | 2028-03-13      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                                             | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |  10664737 | PA      | $10705520.98  | 0.23%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   7363000 | PA      | $7613342.00   | 0.16%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                    | Baxter International Inc                                                        | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |   9410000 | PA      | $9482052.65   | 0.20%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD                                                      | Poinsettia Finance Ltd Sarl                                                     | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | LU        |   3852918 | PA      | $3785144.68   | 0.08%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    814000 | PA      | $632249.27    | 0.01%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                   | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3810084 | PA      | $3641315.62   | 0.08%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   5345000 | PA      | $5453392.22   | 0.12%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2130000 | PA      | $2222603.16   | 0.05%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                                      | Five Guys Holdings Inc                                                          | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |  10508850 | PA      | $10808149.40  | 0.23%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2022-1                                       | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700412 | PA      | $699441.95    | 0.01%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   4815000 | PA      | $4926635.73   | 0.11%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-1                                               | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3424273 | PA      | $3413546.05   | 0.07%             | 2067-12-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   3426000 | PA      | $3646805.70   | 0.08%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| South Field Energy LLC                                                      | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 83783XAG1<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |   1167951 | PA      | $1175250.76   | 0.03%             | 2031-08-29      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2025-3 Receivables Funding LLC                                 | CUSIP: 82650FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4384867 | PA      | $4392058.32   | 0.09%             | 2044-08-22      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10336523 | PA      | $10350834.46  | 0.22%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    885798 | PA      | $852419.52    | 0.02%             | 2029-10-25      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                           | NEXSTAR MEDIA INC                                                               | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |   4224412 | PA      | $4241859.32   | 0.09%             | 2032-06-28      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1968738.57   | 0.04%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1864000 | PA      | $1919920.00   | 0.04%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3232827 | PA      | $3043956.90   | 0.07%             | 2045-12-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2024-1 LLC                                           | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5490000 | PA      | $5639486.66   | 0.12%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Century DE Buyer LLC                                                        | CENTURY DE BUYER LLC                                                            | CUSIP: 15651FAE6<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |   2040278 | PA      | $2034544.98   | 0.04%             | 2030-10-30      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2025-INV1                                         | CUSIP: 17332GAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6644550 | PA      | $6767061.81   | 0.14%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                         | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   5790000 | PA      | $5821300.74   | 0.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                          | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8815000 | PA      | $8706504.10   | 0.19%             | 2038-07-17      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2022-2                                             | CUSIP: 43283GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    342155 | PA      | $345502.02    | 0.01%             | 2037-01-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES1                                                   | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7565057 | PA      | $7589034.17   | 0.16%             | 2043-06-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                                                    | Organon & Co / Organon Foreign Debt Co-Issuer BV                                | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6085000 | PA      | $5929435.03   | 0.13%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT OF JAMAICA                                                       | Jamaica Government International Bond                                           | CUSIP: 470160CA8<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |   2000000 | PA      | $2053000.00   | 0.04%             | 2028-04-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $4037456.49   | 0.09%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                                           | Gabon Government International Bond                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |   4000000 | PA      | $3462520.00   | 0.07%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                                            | LUMMUS TECHNOLOGY HOLDINGS                                                      | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |   2662278 | PA      | $2663236.78   | 0.06%             | 2029-12-31      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3525399 | PA      | $3386660.10   | 0.07%             | 2060-02-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   3458000 | PA      | $3760938.09   | 0.08%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                                        | Carpenter Technology Corp                                                       | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223459.50    | 0.00%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-3                                                           | CUSIP: 00161UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3754025 | PA      | $3748762.10   | 0.08%             | 2030-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| KOREA NATIONAL OIL CORP                                                     | Korea National Oil Corp                                                         | CUSIP: 50065WAP1<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |   4384000 | PA      | $4464139.52   | 0.10%             | 2028-04-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7089000 | PA      | $6752571.66   | 0.14%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T                                              | Tricolor Auto Securitization Trust 2024-2                                       | CUSIP: 89616PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3355000 | PA      | $1576917.10   | 0.03%             | 2028-04-17      | Fixed         | 6.93%                 | No            |                  3 | On Loan: No      |
| Live Nation Entertainment Inc                                               | LIVE NATION ENTERTAINMENT INC                                                   | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |   3515000 | PA      | $3515000.00   | 0.08%             | 2032-10-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA                                                    | Comision Ejecutiva Hidroelectrica del Rio Lempa                                 | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |   1386000 | PA      | $1486485.00   | 0.03%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17112000 | PA      | $17167316.25  | 0.37%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                      | Lendmark Funding Trust 2021-1                                                   | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10385000 | PA      | $10119460.74  | 0.22%             | 2031-11-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                                        | Capstone Copper Corp                                                            | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |   4650000 | PA      | $4826449.88   | 0.10%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-4 Mortgage Loan Trust                                                 | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |   1133599 | PA      | $1147523.89   | 0.02%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-1                             | CUSIP: 02531AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5373388 | PA      | $5397846.51   | 0.12%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                    | EQT Corp                                                                        | CUSIP: 26884LAZ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1857431.77   | 0.04%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4697185 | PA      | $4603157.19   | 0.10%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing Inc                                           | AMERICAN AXLE & MFG INC                                                         | CUSIP: 02406MBB2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   2305000 | PA      | $2304031.90   | 0.05%             | 2032-02-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2025-3                                    | CUSIP: 96043QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3775000 | PA      | $3787820.28   | 0.08%             | 2029-06-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2025-1 LLC                                                             | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11370000 | PA      | $11522894.66  | 0.25%             | 2035-08-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2024-1                                                   | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4411320 | PA      | $4435128.02   | 0.09%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   2565000 | PA      | $2562588.54   | 0.05%             | 2028-04-25      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31404NF27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34852 | PA      | $35415.95     | 0.00%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  61245000 | PA      | $61534869.52  | 1.32%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: 254900BQMS9ITLPQGJ53 | Long             | ABS-MBS          | CORP              | US        |   7966060 | PA      | $8039903.40   | 0.17%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    782000 | PA      | $688942.00    | 0.01%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4133541 | PA      | $4201488.57   | 0.09%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5966107.56   | 0.13%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5468047 | PA      | $5495848.96   | 0.12%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    928000 | PA      | $968600.00    | 0.02%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                                    | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1105222 | PA      | $1107326.83   | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                                            | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    349636 | PA      | $352021.91    | 0.01%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9647013 | PA      | $9544983.30   | 0.20%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   1863000 | PA      | $1942177.50   | 0.04%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2023-2                                            | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1968310 | PA      | $1994113.61   | 0.04%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4400000 | PA      | $4488955.68   | 0.10%             | 2029-03-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2024-CES1                                       | CUSIP: 46658CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5795339 | PA      | $5840236.07   | 0.12%             | 2054-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   9510000 | PA      | $9642189.00   | 0.21%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    613697 | PA      | $596958.78    | 0.01%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                    | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4581789.57   | 0.10%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   7920000 | PA      | $7393994.78   | 0.16%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2023-2                                          | CUSIP: 74113VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2755780 | PA      | $2756012.24   | 0.06%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $7410811.39   | 0.16%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   6685000 | PA      | $6924996.98   | 0.15%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                      | Oscar US Funding XIII LLC                                                       | CUSIP: 68785BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |   1203060 | PA      | $1198904.49   | 0.03%             | 2028-09-11      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2023-NQM2 Trust                                                            | CUSIP: 36169DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8438707 | PA      | $8409999.78   | 0.18%             | 2067-11-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-3                                               | CUSIP: 50168BAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3090742.50   | 0.07%             | 2030-12-16      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   9930000 | PA      | $9803324.08   | 0.21%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-GS2                                          | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1066003 | PA      | $1040295.67   | 0.02%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1289789 | PA      | $1250408.82   | 0.03%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABD2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $695429.00    | 0.01%             | 2031-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3940000 | PA      | $3979399.68   | 0.09%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei                                              | Santander Mortgage Asset Receivable Trust 2025-Ces1                             | CUSIP: 802650AB7<br>LEI: 254900WEZWXJLYHMU869 | Long             | ABS-MBS          | CORP              | US        |   5080686 | PA      | $5083410.34   | 0.11%             | 2055-09-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                                              | Onemain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7485000 | PA      | $7497597.26   | 0.16%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                                | Upstart Securitization Trust 2025-3                                             | CUSIP: 91684FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6850000 | PA      | $6865543.34   | 0.15%             | 2035-09-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                                              | Amur Equipment Finance Receivables XII LLC                                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |    663493 | PA      | $668994.91    | 0.01%             | 2029-12-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                           | Ghana Government International Bond                                             | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |   5891000 | PA      | $5788496.60   | 0.12%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5156077 | PA      | $5130123.12   | 0.11%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                         | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |   3404598 | PA      | $3400035.95   | 0.07%             | 2032-04-01      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   9360000 | PA      | $9229363.60   | 0.20%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                    | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  58780000 | PA      | $9435698.67   | 0.20%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2023-1                                    | CUSIP: 96042XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1133078 | PA      | $1138623.75   | 0.02%             | 2028-08-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                         | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   3241784 | PA      | $3252254.49   | 0.07%             | 2030-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31410KJX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21331 | PA      | $22561.07     | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                                               | FRONERI US INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3343802 | PA      | $3340057.26   | 0.07%             | 2031-09-30      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2021-1R Trust                                                             | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3699179 | PA      | $3461024.88   | 0.07%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                                    | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1643680.45   | 0.04%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2023-1 LLC                                                                  | CUSIP: 62848PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2842306 | PA      | $2881400.13   | 0.06%             | 2040-10-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                                      | Standard Chartered PLC                                                          | CUSIP: 853254CS7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1475000 | PA      | $1532495.50   | 0.03%             | 2029-01-09      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC                                   | ORYX MIDSTREAM SERVICES PERMIAN BASIN LLC                                       | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |   4123733 | PA      | $4139609.77   | 0.09%             | 2028-10-05      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   4370000 | PA      | $4376541.45   | 0.09%             | 2027-04-23      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5691906 | PA      | $5361567.89   | 0.11%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                              | Galton Funding Mortgage Trust 2019-2                                            | CUSIP: 36418ABC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2554230 | PA      | $2325776.81   | 0.05%             | 2059-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1506259 | PA      | $1467067.22   | 0.03%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    424000 | PA      | $423705.87    | 0.01%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LUXCO EUR                                                                   | LUXCO EUR                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | N/A       |     46327 | NS      | $815890.15    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                                                  | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2910820 | PA      | $2548005.20   | 0.05%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                    | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $5871982.24   | 0.13%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2025-1                                                    | CUSIP: 12515XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2390000 | PA      | $2414182.26   | 0.05%             | 2032-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |  10189000 | PA      | $9732232.94   | 0.21%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1775000 | PA      | $1746222.92   | 0.04%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                                                 | Merchants Fleet Funding LLC                                                     | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   4139985 | PA      | $4158398.34   | 0.09%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2950000 | PA      | $2899855.31   | 0.06%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   5760000 | PA      | $5903945.80   | 0.13%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                       | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2411119.62   | 0.05%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | Iron Mountain Inc                                                               | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   4885000 | PA      | $4825915.00   | 0.10%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM4 Trust                                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   8119588 | PA      | $8175156.23   | 0.17%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31371KWJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4874 | PA      | $5041.88      | 0.00%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Frontdoor Inc                                                               | FRONTDOOR INC                                                                   | CUSIP: 35905CAK1<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | LON              | CORP              | US        |   2475000 | PA      | $2487375.00   | 0.05%             | 2031-12-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2904266 | PA      | $2920025.42   | 0.06%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6675000 | PA      | $6533645.53   | 0.14%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2020-3                                        | CUSIP: 36260CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    771388 | PA      | $771408.88    | 0.02%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions) | PRIME SECURITY SERVICES BOR                                                     | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |   2818899 | PA      | $2821717.51   | 0.06%             | 2030-10-13      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                                         | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   9178000 | PA      | $9099973.51   | 0.19%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   4691000 | PA      | $5360804.44   | 0.11%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                              | Mariner Finance Issuance Trust 2025-A                                           | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11590000 | PA      | $11737213.86  | 0.25%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |   2551064 | PA      | $2582240.53   | 0.06%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                                    | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7604996.63   | 0.16%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                                     | Sasol Financing USA LLC                                                         | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   1608000 | PA      | $1597950.00   | 0.03%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TSMC GLOBAL LTD                                                             | TSMC Global Ltd                                                                 | CUSIP: 872882AG0<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |   1884000 | PA      | $1661876.40   | 0.04%             | 2030-09-28      | Fixed         | 1.38%                 | No            |                  2 | On Loan: —       |
| GRAY MEDIA INC                                                              | Gray Media Inc                                                                  | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3341380.27   | 0.07%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31419FKM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9767 | PA      | $9543.30      | 0.00%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HDM4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   9635000 | PA      | $9620868.06   | 0.21%             | 2031-09-11      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                    | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   4165000 | PA      | $4256474.35   | 0.09%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   8220000 | PA      | $8273665.83   | 0.18%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31417TXW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    703914 | PA      | $723872.75    | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER                                                  | Elara HGV Timeshare Issuer 2023-A LLC                                           | CUSIP: 28415AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5256611 | PA      | $5436977.83   | 0.12%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                          | Tricon Residential 2024-SFR3 Trust                                              | CUSIP: 89616YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4627805 | PA      | $4625748.18   | 0.10%             | 2041-08-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-C                                               | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6810000 | PA      | $6891801.04   | 0.15%             | 2030-10-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                       | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   3434132 | PA      | $3450891.04   | 0.07%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   3140960 | PA      | $2341604.21   | 0.05%             | 2032-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2846599.00   | 0.06%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                                            | ALIXPARTNERS LLP                                                                | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |   3769729 | PA      | $3773725.06   | 0.08%             | 2032-08-12      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1509875 | PA      | $1460625.12   | 0.03%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                                         | Benin Government International Bond                                             | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    667000 | PA      | $693053.02    | 0.01%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4270000 | PA      | $4303653.58   | 0.09%             | 2029-07-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                                | Business Jet Securities 2024-2 LLC                                              | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2386829 | PA      | $2405579.52   | 0.05%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                              | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6297828 | PA      | $6309809.61   | 0.13%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7987000 | PA      | $7977038.61   | 0.17%             | 2039-02-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1712503 | PA      | $1387127.47   | 0.03%             | 2026-04-02      | Floating      | 13.34%                | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                                         | PEER HOLDING III BV                                                             | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |   2908200 | PA      | $2919105.75   | 0.06%             | 2030-10-26      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                       | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1584000 | PA      | $415800.00    | 0.01%             | 2018-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5435000 | PA      | $5506068.60   | 0.12%             | 2029-12-17      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1481038 | PA      | $1422057.02   | 0.03%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   9930000 | PA      | $10135799.25  | 0.22%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                 | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  13578000 | PA      | $13385745.02  | 0.29%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                                              | JP Morgan Seasoned Mortgage Trust Series 2024-1                                 | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6903025 | PA      | $6767325.86   | 0.14%             | 2063-01-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| KSA IJARAH SUKUK LTD                                                        | KSA Ijarah Sukuk Ltd                                                            | CUSIP: 50116FAB8<br>LEI: 558600OCHJOSSXHWLV71 | Long             | DBT              | NUSS              | KY        |   3517000 | PA      | $3533705.75   | 0.08%             | 2035-09-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    462935 | PA      | $465125.53    | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1730000 | PA      | $1718163.13   | 0.04%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| Sazerac Company, Inc.                                                       | SAZERAC CO INC                                                                  | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |   2275000 | PA      | $2277206.75   | 0.05%             | 2032-07-09      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7940000 | PA      | $7842684.18   | 0.17%             | 2030-11-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                      | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3120000 | PA      | $2995200.00   | 0.06%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8110659 | PA      | $8183020.42   | 0.17%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun                                              | American Express Credit Account Master Trust Series 2025-5                      | CUSIP: 02582JKT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13575000 | PA      | $13865405.90  | 0.30%             | 2032-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    322887 | PA      | $311822.15    | 0.01%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMAZON HOLDCO INC                                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |   3593517 | PA      | $3599122.91   | 0.08%             | 2031-09-29      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2025-2                                    | CUSIP: 96041KAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12870000 | PA      | $12955894.38  | 0.28%             | 2031-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                                    | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2934540.68   | 0.06%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-2                                    | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11590000 | PA      | $11697513.48  | 0.25%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF                                                 | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |   1882229 | NS      | $45653464.40  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC                                                                  | DaVita Inc                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   4477000 | PA      | $4353390.03   | 0.09%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES1                                      | CUSIP: 12596SAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5409088 | PA      | $5464327.36   | 0.12%             | 2060-05-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7450000 | PA      | $7106105.09   | 0.15%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                                    | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6935000 | PA      | $6922859.59   | 0.15%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                                              | THPT 2023-THL Mortgage Trust                                                    | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11328550 | PA      | $11469974.72  | 0.25%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4970000 | PA      | $5091018.51   | 0.11%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corporation II Inc                                          | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1160550 | PA      | $1102522.62   | 0.02%             | 2026-04-02      | Floating      | 13.35%                | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5173365 | PA      | $5173609.89   | 0.11%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4843299.45   | 0.10%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                                              | Provident Funding Mortgage Trust 2025-1                                         | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4679319 | PA      | $4702089.07   | 0.10%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6670000 | PA      | $6614973.83   | 0.14%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   6685000 | PA      | $6923487.38   | 0.15%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294304.68    | 0.01%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-3                                               | CUSIP: 33843YAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1898128.50   | 0.04%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12111000 | PA      | $11712655.89  | 0.25%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                                      | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7230462 | PA      | $7367099.34   | 0.16%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2064952.00   | 0.04%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9330000 | PA      | $8831734.15   | 0.19%             | 2037-03-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                                      | Arsenal AIC Parent LLC                                                          | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2890000 | PA      | $3066754.74   | 0.07%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1700000 | PA      | $1812696.52   | 0.04%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |  10019000 | PA      | $9183241.47   | 0.20%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                                               | LIFE TIME INC                                                                   | CUSIP: 50218KAN8<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |   3502216 | PA      | $3513177.43   | 0.08%             | 2031-11-05      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                                    | Solstice Advanced Materials Inc                                                 | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277418.37    | 0.01%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   5610000 | PA      | $5885159.73   | 0.13%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                           | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   9365000 | PA      | $9390201.68   | 0.20%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |   2530624 | PA      | $2538013.53   | 0.05%             | 2028-12-21      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    636443 | PA      | $614814.23    | 0.01%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company                                            | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |      3682 | PA      | $0.00         | 0.00%             | 2027-07-19      | Floating      | 3.25%                 | No            |                  3 | On Loan: No      |
| Trafigura Securitisation Finan                                              | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   6455000 | PA      | $6532989.31   | 0.14%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1765000 | PA      | $1813308.05   | 0.04%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Whitewater DBR Holdco LLC                                                   | WHITEWATER DBR HOLDCO LL                                                        | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |   2231806 | PA      | $2242965.51   | 0.05%             | 2031-03-03      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                                             | DAE Funding LLC                                                                 | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |   4748000 | PA      | $4613346.72   | 0.10%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3686230.80   | 0.08%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |   3145000 | PA      | $3345619.55   | 0.07%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                                                       | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5243000 | PA      | $4984233.83   | 0.11%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3765479.89   | 0.08%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                                               | HTA Group Ltd/Mauritius                                                         | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |   1729000 | PA      | $1788443.02   | 0.04%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-5                                                          | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521922 | PA      | $520402.83    | 0.01%             | 2045-05-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                   | PRIMO BRANDS CORP                                                               | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   3893100 | PA      | $3902521.11   | 0.08%             | 2028-03-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    729888 | PA      | $643408.07    | 0.01%             | 2066-02-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                                                     | Algonquin Power & Utilities Corp                                                | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   4565000 | PA      | $4586532.60   | 0.10%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11151000 | PA      | $10757629.52  | 0.23%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    905000 | PA      | $927977.69    | 0.02%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13235000 | PA      | $13160774.15  | 0.28%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    835503 | PA      | $798279.99    | 0.02%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2896458 | PA      | $2871038.15   | 0.06%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                            | Westgate Resorts 2024-1 LLC                                                     | CUSIP: 96034KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3788850 | PA      | $3850805.85   | 0.08%             | 2038-01-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    579822 | PA      | $577137.30    | 0.01%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-3                                      | CUSIP: 64830KAA5<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |   2853046 | PA      | $2794294.28   | 0.06%             | 2058-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2022-1                             | CUSIP: 04047EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4188787 | PA      | $4190781.28   | 0.09%             | 2028-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   4785000 | PA      | $5035870.09   | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                                                               | Uzbekneftegaz JSC                                                               | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |   1707000 | PA      | $1825431.66   | 0.04%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3191760 | PA      | $3180784.28   | 0.07%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24919803 | PA      | $25880832.05  | 0.55%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITION BIDCO                                                         | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |   1260000 | PA      | $1268668.80   | 0.03%             | 2032-09-13      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5165000 | PA      | $5390594.75   | 0.12%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                | NiSource Inc                                                                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   5370000 | PA      | $5589106.74   | 0.12%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7355000 | PA      | $7205880.32   | 0.15%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                                                      | Kazakhstan Government International Bond                                        | CUSIP: 486661BN0<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   3960000 | PA      | $4024053.00   | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |  10087000 | PA      | $9907309.88   | 0.21%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                                        | Republic of Uzbekistan International Bond                                       | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |   6350000 | PA      | $6794373.00   | 0.15%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                    | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    225000 | PA      | $234857.25    | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4650000 | PA      | $4799744.55   | 0.10%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   6390000 | PA      | $6393845.44   | 0.14%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |   3615604 | PA      | $3603166.44   | 0.08%             | 2029-01-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2022-NQM1 Trust                                                             | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3089179 | PA      | $2796825.20   | 0.06%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   2003000 | PA      | $2121177.00   | 0.05%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-3                                               | CUSIP: 33843YAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5690000 | PA      | $5635243.42   | 0.12%             | 2030-09-16      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1638381.44   | 0.04%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAT0<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1495704.53   | 0.03%             | 2031-03-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-1                                                          | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2038741 | PA      | $2044806.18   | 0.04%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2022-A                                               | CUSIP: 12434KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1016049 | PA      | $1012058.98   | 0.02%             | 2037-09-28      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4668494.00   | 0.10%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                        | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   4940000 | PA      | $4948441.23   | 0.11%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1866532.92   | 0.04%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   6780000 | PA      | $6884102.56   | 0.15%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                                                      | Gran Tierra Energy Inc                                                          | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |   3894000 | PA      | $2706330.00   | 0.06%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| Castlelake Aircraft Securitiza                                              | Castlelake Aircraft Structured Trust 2025-1                                     | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10187567 | PA      | $10351641.92  | 0.22%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                                          | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAL7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3495360 | PA      | $3509411.79   | 0.08%             | 2031-11-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                            | Westgate Resorts 2022-1 LLC                                                     | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490115 | PA      | $486460.83    | 0.01%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                                    | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   6492000 | PA      | $6450191.52   | 0.14%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3100000 | PA      | $3108550.11   | 0.07%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBK4<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   3616000 | PA      | $3779172.00   | 0.08%             | 2031-01-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-1                                               | CUSIP: 33843VAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6139000 | PA      | $6158987.36   | 0.13%             | 2029-04-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |   2734325 | PA      | $2709716.08   | 0.06%             | 2030-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  32884781 | PA      | $33831595.18  | 0.72%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MV Holding GmbH FKA Igloo Holdings Corp                                     | MX HOLDINGS US INC                                                              | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |   1159182 | PA      | $1161118.11   | 0.02%             | 2032-03-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2719596 | PA      | $2729383.13   | 0.06%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 857524AF9<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   4266000 | PA      | $4406778.00   | 0.09%             | 2030-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8095000 | PA      | $7910397.57   | 0.17%             | 2056-07-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   6060000 | PA      | $5770400.90   | 0.12%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1328000 | PA      | $1366020.64   | 0.03%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                                        | Taylor Morrison Communities Inc                                                 | CUSIP: 87724RAK8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    270000 | PA      | $277800.84    | 0.01%             | 2032-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4440000 | PA      | $4789769.70   | 0.10%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                         | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4765000 | PA      | $4518142.69   | 0.10%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2025-1                                        | CUSIP: 36271FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4590194 | PA      | $4624165.65   | 0.10%             | 2030-04-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2025-INV1                                  | CUSIP: 24382EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6465307 | PA      | $6478551.49   | 0.14%             | 2060-11-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  24017013 | PA      | $24429120.08  | 0.52%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   6360000 | PA      | $6629730.53   | 0.14%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-3                                                 | CUSIP: 03465EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1330189 | PA      | $1160262.81   | 0.02%             | 2066-05-25      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    458156 | PA      | $452212.71    | 0.01%             | 2044-12-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                | Ecopetrol SA                                                                    | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   3727000 | PA      | $3997766.55   | 0.09%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Green Infrastructure Partners Inc.                                          | GREEN INFRASTRUCTURE PARTNERS INC                                               | CUSIP: 000000000<br>LEI: 549300W1V7LSCKWMX505 | Long             | LON              | CORP              | CA        |   1485000 | PA      | $1485000.00   | 0.03%             | 2032-09-24      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $10076028.90  | 0.22%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                                                                 | Hexcel Corp                                                                     | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |  10770000 | PA      | $10746691.89  | 0.23%             | 2027-02-15      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                                     | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    804000 | PA      | $811286.25    | 0.02%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1548000 | PA      | $1671938.76   | 0.04%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31406EVK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54954 | PA      | $57199.31     | 0.00%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-3                                        | CUSIP: 37989EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1660000 | PA      | $1699110.26   | 0.04%             | 2030-08-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    575370 | PA      | $522148.64    | 0.01%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    450000 | PA      | $486225.45    | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                                | Commercial Equipment Finance 2024-1 LLC                                         | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2645953 | PA      | $2674478.63   | 0.06%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1932549 | PA      | $1864476.86   | 0.04%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3320844 | PA      | $3425611.92   | 0.07%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                  | Navient Private Education Refi Loan Trust 2021-E                                | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2605194 | PA      | $2349608.16   | 0.05%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1190488 | PA      | $1043415.56   | 0.02%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-3                                        | CUSIP: 37989EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3483000 | PA      | $3593621.12   | 0.08%             | 2030-08-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-1                                               | CUSIP: 33843VAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5600000 | PA      | $5602244.48   | 0.12%             | 2030-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4800000 | PA      | $4956537.60   | 0.11%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3825086 | PA      | $3851658.32   | 0.08%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                              | United Auto Credit Securitization Trust 2024-1                                  | CUSIP: 90945DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5988363 | PA      | $6006066.31   | 0.13%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2025-7                                               | CUSIP: 924931AC2<br>LEI: 213800OVCAXDOBS94P47 | Long             | ABS-MBS          | CORP              | US        |   2641021 | PA      | $2651326.73   | 0.06%             | 2070-08-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N2                                          | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    573113 | PA      | $560814.55    | 0.01%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                                    | Albion Financing 1 SARL / Aggreko Holdings Inc                                  | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   4655000 | PA      | $4858473.26   | 0.10%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS Trust 2025-1PL                                                         | CUSIP: 00112MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2357835 | PA      | $2368052.58   | 0.05%             | 2032-04-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                                                    | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4685000 | PA      | $4799239.04   | 0.10%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  41860683 | PA      | $42981996.34  | 0.92%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                                                        | Adnoc Murban Rsc Ltd                                                            | CUSIP: 00723L2A6<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |   1824000 | PA      | $1832390.40   | 0.04%             | 2029-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                               | CoreVest American Finance 2020-3 Trust                                          | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    307657 | PA      | $304717.52    | 0.01%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14400800 | PA      | $13590759.32  | 0.29%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2025-NQM2                                                    | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   7430430 | PA      | $7500758.84   | 0.16%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   6965000 | PA      | $7254119.87   | 0.16%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Auto Receivables Trust                                              | Upgrade Auto Receivables Trust 2025-1                                           | CUSIP: 91531AAE4<br>LEI: 254900GMCGPEMKJRNA46 | Long             | ABS-O            | CORP              | US        |   6431000 | PA      | $6392776.71   | 0.14%             | 2032-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                          | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10305900 | PA      | $10522661.93  | 0.23%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10485000 | PA      | $10501940.30  | 0.22%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                                        | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6190000 | PA      | $6430875.74   | 0.14%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM1 Trust                                                             | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |   3285840 | PA      | $3306698.43   | 0.07%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912828P46<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  94235000 | PA      | $93999780.02  | 2.01%             | 2026-02-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: —       |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-1                                                 | CUSIP: 67571FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3845000 | PA      | $3901224.28   | 0.08%             | 2030-05-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4315000 | PA      | $4192903.19   | 0.09%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31402DJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30236 | PA      | $31425.07     | 0.00%             | 2034-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                                         | Senegal Government International Bond                                           | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |   2047000 | PA      | $1210288.75   | 0.03%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   9080000 | PA      | $9152831.13   | 0.20%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES1                                       | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |   7839581 | PA      | $7907533.57   | 0.17%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| ISRAEL DISCOUNT BANK                                                        | Israel Discount Bank Ltd                                                        | CUSIP: 000000000<br>LEI: 549300XWZ7BG5G23OF51 | Long             | DBT              | CORP              | IL        |   2619000 | PA      | $2644901.91   | 0.06%             | 2028-01-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TIC Home Improvement Trust                                                  | TIC Home Improvement Trust 2024-A                                               | CUSIP: 87252DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4524669 | PA      | $4562831.08   | 0.10%             | 2046-10-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   4455000 | PA      | $4578347.90   | 0.10%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   9500000 | PA      | $9752823.50   | 0.21%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4685000 | PA      | $4749236.04   | 0.10%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3770000 | PA      | $3798029.57   | 0.08%             | 2030-01-18      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| HUNTERSTOWN GENERATION LLC                                                  | KESTREL ACQUISITION LLC                                                         | CUSIP: 44579UAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3488594 | PA      | $3488594.32   | 0.07%             | 2031-11-06      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2025-1                                        | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4614000 | PA      | $4678695.20   | 0.10%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8545000 | PA      | $8576809.62   | 0.18%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2023-NQM3                                                    | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10469806 | PA      | $10530440.38  | 0.23%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                              | OPAL US LLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2857838 | PA      | $2873012.62   | 0.06%             | 2032-04-28      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                              | GreenSky Home Improvement Issuer Trust 2025-3                                   | CUSIP: 39571WAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4685000 | PA      | $4699138.39   | 0.10%             | 2060-12-27      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7780537 | PA      | $8003190.66   | 0.17%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-A                                               | CUSIP: 22411CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2455000 | PA      | $2472376.24   | 0.05%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   5226000 | PA      | $4836663.00   | 0.10%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                       | DB Master Finance LLC                                                           | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |   3175000 | PA      | $3181498.27   | 0.07%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2025-INV7                                                        | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4522017 | PA      | $4594517.34   | 0.10%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                                              | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  99719984 | NS      | $99719984.14  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                       | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   4851000 | PA      | $1273387.50   | 0.03%             | 2019-10-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |   5782547 | PA      | $5836894.72   | 0.12%             | 2063-10-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   5155000 | PA      | $5378350.69   | 0.12%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA                                                            | Movida Europe SA                                                                | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |   2365000 | PA      | $2238472.50   | 0.05%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: —       |
| Resideo Funding Inc                                                         | RESIDEO FUNDING INC                                                             | CUSIP: 76090LAM6<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |   2835000 | PA      | $2838543.75   | 0.06%             | 2032-08-13      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                                     | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    890000 | PA      | $953528.20    | 0.02%             | 2024-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   1888000 | PA      | $1960216.00   | 0.04%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                                          | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |   2558000 | PA      | $2569408.68   | 0.05%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES2                                      | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5996653 | PA      | $6048333.03   | 0.13%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2735000 | PA      | $2809878.56   | 0.06%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                               | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   5111000 | PA      | $5112063.09   | 0.11%             | 2053-08-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3929513 | PA      | $3963516.30   | 0.08%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES8                                                   | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2843948 | PA      | $2864487.57   | 0.06%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                                              | Banc of America Funding 2004-D Trust                                            | CUSIP: 05946XNE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    564866 | PA      | $554130.01    | 0.01%             | 2035-01-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                                     | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2132000 | PA      | $2104017.50   | 0.04%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                                    | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3264000 | PA      | $3356561.13   | 0.07%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                                              | First Investors Auto Owner Trust 2021-2                                         | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2081251 | PA      | $2074545.63   | 0.04%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5285000 | PA      | $5078375.21   | 0.11%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        | 192000000 | PA      | $11176289.86  | 0.24%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |   2499781 | PA      | $2508030.04   | 0.05%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   4974272 | PA      | $4919555.01   | 0.11%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3509133 | PA      | $3516887.76   | 0.08%             | 2029-08-02      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2025-1                                                  | CUSIP: 73940MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3450551 | PA      | $3459964.71   | 0.07%             | 2041-11-18      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2022-B                                                 | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11510617 | PA      | $11169667.23  | 0.24%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2025-RVM1                                              | CUSIP: 67571HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5245000 | PA      | $5255872.89   | 0.11%             | 2046-12-20      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   6938015 | PA      | $6948516.29   | 0.15%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV1 Trust                                                             | CUSIP: 55284TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6283441 | PA      | $6237487.99   | 0.13%             | 2066-04-25      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                    | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4178425 | PA      | $4262409.67   | 0.09%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GD50<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001135.70   | 0.04%             | 2029-10-21      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8307436 | PA      | $8550372.65   | 0.18%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5930000 | PA      | $5954129.64   | 0.13%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBB3<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |   5969000 | PA      | $5662611.23   | 0.12%             | 2030-01-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1665000 | PA      | $1580686.73   | 0.03%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                                                 | Truist Bank                                                                     | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   6950000 | PA      | $6971529.15   | 0.15%             | 2029-09-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | Altice France SA                                                                | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3761938 | PA      | $3606502.35   | 0.08%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   8810000 | PA      | $8354547.40   | 0.18%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |   2158000 | PA      | $2345994.17   | 0.05%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2017-1                                            | CUSIP: 59981HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1502099 | PA      | $1490564.20   | 0.03%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                                    | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    707000 | PA      | $705232.50    | 0.02%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2024-2                                       | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7290000 | PA      | $7346568.21   | 0.16%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138LVWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29653 | PA      | $29406.19     | 0.00%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                                                 | CoreVest American Finance 2022-1 Trust                                          | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3925741 | PA      | $3942383.86   | 0.08%             | 2055-06-17      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   3308000 | PA      | $2009610.00   | 0.04%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |   4926029 | PA      | $4988985.97   | 0.11%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   2680000 | PA      | $2685137.29   | 0.06%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8147000 | PA      | $8209404.88   | 0.18%             | 2028-02-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                              | Upgrade Master Pass-Thru Trust Series 2025-ST5                                  | CUSIP: 91535BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3205105 | PA      | $3213245.38   | 0.07%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                                                | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   8630000 | PA      | $8271064.49   | 0.18%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  65340000 | PA      | $65679024.43  | 1.40%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                                                            | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   6511000 | PA      | $6379841.11   | 0.14%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2024-3                                        | CUSIP: 37989AAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5700000 | PA      | $5768337.87   | 0.12%             | 2031-02-18      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   3582000 | PA      | $3709161.00   | 0.08%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |   1127000 | PA      | $1136861.25   | 0.02%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Altice France SA                                                            | NUMERICABLE US LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1060725 | PA      | $1046140.26   | 0.02%             | 2028-10-30      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2024-CP1                                                        | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3196138 | PA      | $2983075.23   | 0.06%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                       | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7095000 | PA      | $7466217.50   | 0.16%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | Altice France SA                                                                | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3057297 | PA      | $2931762.49   | 0.06%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                                                     | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8860022 | PA      | $8911158.42   | 0.19%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   6235000 | PA      | $6382615.99   | 0.14%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REH3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1870000 | PA      | $1847970.47   | 0.04%             | 2027-08-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   6240000 | PA      | $6437129.52   | 0.14%             | 2030-01-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2022-2                                                      | CUSIP: 23345AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5764750 | PA      | $5787170.18   | 0.12%             | 2028-03-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                               | Goldentree Loan Management US Clo 9 Ltd                                         | CUSIP: 38138JAN3<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |  13670000 | PA      | $13702069.82  | 0.29%             | 2037-04-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  47181503 | PA      | $47851704.52  | 1.02%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2024-2 Receivables Funding LLC                                 | CUSIP: 82650DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4163231 | PA      | $4227939.18   | 0.09%             | 2041-06-20      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1890000 | PA      | $1124550.00   | 0.02%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                              | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   9545000 | PA      | $9614448.56   | 0.21%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                    | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10220000 | PA      | $10373690.40  | 0.22%             | 2041-10-10      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Genmab A/S                                                                  | GENMAB A/S                                                                      | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |    810000 | PA      | $813547.80    | 0.02%             | 2032-12-12      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2024-2                                             | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5050014 | PA      | $5159187.65   | 0.11%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2653509 | PA      | $2654000.43   | 0.06%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                           | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   2911892 | PA      | $2912270.63   | 0.06%             | 2030-05-06      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                      | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   9470000 | PA      | $9408647.66   | 0.20%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $13275561.56  | 0.28%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                       | PHOENIX GUARANTOR INC                                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   2876096 | PA      | $2888031.58   | 0.06%             | 2031-02-21      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7605000 | PA      | $7907548.19   | 0.17%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1266000 | PA      | $740610.00    | 0.02%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1963000 | PA      | $1994658.99   | 0.04%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                                       | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9341588 | PA      | $9446482.32   | 0.20%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                                 | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       330 | PA      | $320.55       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138WGGZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1429281 | PA      | $1383084.43   | 0.03%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4978203 | PA      | $5008632.55   | 0.11%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5456518 | PA      | $5694128.91   | 0.12%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                                  | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7629117 | PA      | $6717863.32   | 0.14%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   8050000 | PA      | $8300181.93   | 0.18%             | 2030-06-20      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418RHT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    715731 | PA      | $721370.12    | 0.02%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                                        | Libra Solutions 2025-1 LLC                                                      | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5600000 | PA      | $5641184.08   | 0.12%             | 2039-08-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |   1355000 | PA      | $1414592.90   | 0.03%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Tr                                              | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    561052 | PA      | $552080.30    | 0.01%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N1                                          | CUSIP: 14688FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3044000 | PA      | $3059364.89   | 0.07%             | 2029-07-10      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                                         | Suzano Austria GmbH                                                             | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |   2205000 | PA      | $2267015.63   | 0.05%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1597252 | PA      | $1560537.06   | 0.03%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                                              | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5683732 | PA      | $5763619.55   | 0.12%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                                                         | Hotwire Funding LLC                                                             | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5550849.70   | 0.12%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Exeter Select Automobile Recei                                              | Exeter Select Automobile Receivables Trust 2025-2                               | CUSIP: 30185EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8365000 | PA      | $8439092.99   | 0.18%             | 2031-12-15      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                              | Upgrade Master Pass-Thru Trust Series 2025-ST4                                  | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2491899 | PA      | $2505059.22   | 0.05%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6053758 | PA      | $6057485.41   | 0.13%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                             | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   1100000 | PA      | $1147542.00   | 0.02%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                         | Affirm Master Trust Series 2025-3                                               | CUSIP: 00833BAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1103446.19   | 0.02%             | 2034-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                               | NYC Commercial Mortgage Trust 2025-300P                                         | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10550000 | PA      | $10591311.69  | 0.23%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4620000 | PA      | $4789968.41   | 0.10%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2025-CES4                                             | CUSIP: 89170UAA8<br>LEI: 254900V1XGR6BSB30T32 | Long             | ABS-MBS          | CORP              | US        |   6549857 | PA      | $6573504.91   | 0.14%             | 2065-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2024-2                                        | CUSIP: 37964VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5445000 | PA      | $5555884.70   | 0.12%             | 2030-02-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                                                 | CoreVest American Finance 2018-1 Trust                                          | CUSIP: 21872BAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7048763 | PA      | $7063818.96   | 0.15%             | 2051-06-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $2487909.87   | 0.05%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2021-1                                                | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12970000 | PA      | $11186761.19  | 0.24%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                                    | Merlin Entertainments Group US Holdings Inc                                     | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1238178.78   | 0.03%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3661000 | PA      | $3682490.07   | 0.08%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                                                  | SELECT MEDICAL CORP                                                             | CUSIP: 816194AY0<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |   3806550 | PA      | $3797033.63   | 0.08%             | 2031-12-03      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                                      | HAT Holdings I LLC / HAT Holdings II LLC                                        | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2273000 | PA      | $2359313.90   | 0.05%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                                        | YPF SA                                                                          | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   2358000 | PA      | $2370520.98   | 0.05%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1361000 | PA      | $1463755.50   | 0.03%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1738775 | PA      | $1735670.77   | 0.04%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2930000 | PA      | $2998331.41   | 0.06%             | 2041-03-11      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8933143 | PA      | $8949599.21   | 0.19%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |   1199558 | PA      | $1184324.40   | 0.03%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                                              | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7260000 | PA      | $7135288.45   | 0.15%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                         | Global Payments Inc                                                             | CUSIP: 37940XAW2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   9400000 | PA      | $9410481.19   | 0.20%             | 2030-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3313187 | PA      | $3333771.50   | 0.07%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                                                         | Republic of Armenia International Bond                                          | CUSIP: 042207AC4<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |   1226000 | PA      | $1168537.38   | 0.02%             | 2029-09-26      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2021-3                                        | CUSIP: 36263LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13050000 | PA      | $12981680.64  | 0.28%             | 2028-10-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |   6795000 | PA      | $6962932.38   | 0.15%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2025-1                                        | CUSIP: 36271FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1425000 | PA      | $1453614.29   | 0.03%             | 2031-02-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                                                    | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2485000 | PA      | $1143100.00   | 0.02%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    950837 | PA      | $953974.61    | 0.02%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES9                                                   | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5971689 | PA      | $6032801.68   | 0.13%             | 2044-12-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11130000 | PA      | $11042316.75  | 0.24%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70536 | PA      | $70556.48     | 0.00%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138A5N32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1059786 | PA      | $1037242.46   | 0.02%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   8900000 | PA      | $9140423.27   | 0.20%             | 2031-04-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5354000 | PA      | $5123071.27   | 0.11%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                    | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   4566000 | PA      | $4762353.66   | 0.10%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1157235.29   | 0.02%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                 | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9075557 | PA      | $9060424.42   | 0.19%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6710000 | PA      | $6660352.71   | 0.14%             | 2030-11-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   3560000 | PA      | $3650798.30   | 0.08%             | 2029-06-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                    | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAH6<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |   4575000 | PA      | $4574141.32   | 0.10%             | 2028-12-08      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  63431582 | PA      | $63293739.15  | 1.35%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1206845 | PA      | $1183242.99   | 0.03%             | 2057-06-25      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Construction Partners Inc                                                   | CONSTRUCTION PARTNERS INC                                                       | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |   3487418 | PA      | $3509214.75   | 0.08%             | 2031-11-03      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                            | ALLO Issuer LLC                                                                 | CUSIP: 01983KAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8050000 | PA      | $8141919.73   | 0.17%             | 2055-04-20      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                             | IHS Holding Ltd                                                                 | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    786000 | PA      | $780663.06    | 0.02%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   8900000 | PA      | $9141643.54   | 0.20%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  13015000 | PA      | $13131075.84  | 0.28%             | 2028-02-24      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    965000 | PA      | $1004449.20   | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                       | Civitas Resources Inc                                                           | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3423424.16   | 0.07%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                                    | Banco de Credito e Inversiones SA                                               | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |   3430000 | PA      | $3641150.80   | 0.08%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2022-1                                                    | CUSIP: 12511JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3750162.00   | 0.08%             | 2029-07-16      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3741817 | PA      | $3771951.53   | 0.08%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                                                         | Bangkok Bank PCL/Hong Kong                                                      | CUSIP: 059895AT9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |   3220000 | PA      | $3055168.20   | 0.07%             | 2034-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES3                                                   | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12359850 | PA      | $12543428.04  | 0.27%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1515000 | PA      | $1513545.60   | 0.03%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   4715000 | PA      | $4829291.74   | 0.10%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2816735 | PA      | $2815552.25   | 0.06%             | 2032-03-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418975 | PA      | $414416.83    | 0.01%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                                                  | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10764270 | PA      | $10764292.60  | 0.23%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   3009000 | PA      | $2586130.19   | 0.06%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                                              | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |  11565000 | PA      | $11728002.89  | 0.25%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer