# EDGAR Filing Document

**Accession Number:** 0000792359
**File Stem:** 0000940400-26-021309
**Filing Date:** 2026-5
**Character Count:** 242801
**Document Hash:** 8ed1dc57d1a2bed1f838cc855af7d1ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021309.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000940400-26-021309

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000792359

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04642
- **FILM NUMBER:** 261023897

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103
- **BUSINESS PHONE:** 8002487971

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIG EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920304

## Series and Classes Contracts Data

### VIRTUS TACTICAL ALLOCATION SERIES (Series ID: S000001966)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005150 | Class A      |  |

## Nport-Ex

**VIRTUS Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—6.0%** | **U.S. Government Securities—6.0%** | **U.S. Government Securities—6.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | $1590 | &nbsp;&nbsp; $755 |
| &nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 595 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 470 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 | 50 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; 3.625%, 2/15/53 | 1640 | &nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 | 155 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 125 | &nbsp;&nbsp; 117 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 11/30/26 | 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; 0.375%, 7/31/27 | 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 195 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 160 | &nbsp;&nbsp; 160 |
| **Total U.S. Government Securities** <br>**(Identified Cost $4,347)** | **Total U.S. Government Securities** <br>**(Identified Cost $4,347)** | &nbsp;&nbsp; **3504** |
| **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.550%, 4/3/34<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.300%, 11/13/54<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Dominican Republic 144A <br>4.875%, 9/23/32<sup>(1)</sup> <br>| 46 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil <br>6.000%, 10/20/33<br>| 22 | &nbsp;&nbsp; 22 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 9/22/32<sup>(1)</sup> <br>| 16 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 3/26/36<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Kingdom of Bahrain |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.625%, 5/18/34<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.100%, 2/3/38<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond 144A <br>6.250%, 1/25/31<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.000%, 11/26/29<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 144A <br>9.244%, 1/15/31<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| 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 | 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 14 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 11/14/53 | 7 | &nbsp;&nbsp; 8 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/28/29<sup>(1)</sup> <br>| 9 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.650%, 6/15/35<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia <br>5.100%, 2/10/54<br>| 28 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Republic of Ivory Coast 144A <br>8.250%, 1/30/37<sup>(1)</sup> <br>| 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Republic of Kazakhstan 144A <br>5.500%, 7/1/37<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 19 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.875%, 10/9/33<sup>(1)</sup> <br>| $10 | &nbsp;&nbsp; $9 |
| &nbsp;&nbsp;&nbsp; 144A <br>9.500%, 3/5/36<sup>(1)</sup> <br>| 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(1)</sup> <br>| 17 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Republic of Panama <br>8.000%, 3/1/38<br>| 24 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Republic of Peru <br>5.375%, 2/8/35<br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines <br>4.750%, 3/5/35<br>| 18 | &nbsp;&nbsp; 17 |
| 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>4.875%, 10/4/33 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 9/18/34 | 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 8 |
| 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>4.850%, 9/30/29 | 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/22/30 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.650%, 9/27/47 | 5 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Republic of Sri Lanka 144A <br>3.600%, 2/15/38<sup>(1)(3)</sup> <br>| 10 | &nbsp;&nbsp; 9 |
| 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>7.625%, 5/15/34 | 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 2/17/45 | 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 32 | &nbsp;&nbsp; 29 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.375%, 1/30/34<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 7/18/33<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.625%, 1/13/35<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 10/26/46<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 12 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%, 2/12/34 | 9 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 5/7/36 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Uzbekistan International Bond 144A <br>6.900%, 2/28/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| **Total Foreign Government Securities** <br>**(Identified Cost $666)** | **Total Foreign Government Securities** <br>**(Identified Cost $666)** | &nbsp;&nbsp; **666** |
| **Mortgage-Backed Securities—6.3%** | **Mortgage-Backed Securities—6.3%** | **Mortgage-Backed Securities—6.3%** |
| **Agency—6.3%** | **Agency—6.3%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #SD5594 <br>5.500%, 7/1/53<br>| 102 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Pool #SD5856 <br>3.500%, 1/1/54<br>| 299 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp; Pool #SD8309 <br>6.000%, 3/1/53<br>| 65 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Pool #SD8383 <br>5.500%, 12/1/53<br>| 154 | &nbsp;&nbsp; 155 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #SD8418 <br>4.500%, 4/1/54<br>| $243 | &nbsp;&nbsp; $235 |
| &nbsp;&nbsp;&nbsp; Pool #SD8492 <br>5.000%, 1/1/55<br>| 260 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Pool #SL3545 <br>3.000%, 10/1/53<br>| 136 | &nbsp;&nbsp; 119 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #254007 <br>6.500%, 10/1/31<br>| —<br> <sup>(4)</sup><br>| &nbsp;&nbsp; —<br> <sup>(4)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pool #835144 <br>5.000%, 10/1/35<br>| 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Pool #882224 <br>6.000%, 9/1/36<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #914724 <br>5.500%, 4/1/37<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #929637 <br>5.500%, 6/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #940524 <br>5.500%, 7/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #949301 <br>6.000%, 10/1/37<br>| 1 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #975097 <br>5.000%, 6/1/38<br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #986012 <br>5.500%, 6/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #991124 <br>5.000%, 1/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #994322 <br>6.000%, 1/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #994383 <br>5.500%, 11/1/38<br>| 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Pool #AA4418 <br>4.500%, 3/1/39<br>| 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #AA4434 <br>5.000%, 3/1/39<br>| 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #AA4436 <br>6.000%, 3/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #CB6857 <br>4.500%, 8/1/53<br>| 97 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| 191 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Pool #FA1378 <br>4.000%, 3/1/55<br>| 271 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 207 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Pool #FA2472 <br>5.000%, 4/1/54<br>| 144 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Pool #FS6679 <br>6.000%, 12/1/53<br>| 91 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Pool #FS7751 <br>4.000%, 3/1/53<br>| 224 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Pool #MA4785 <br>5.000%, 10/1/52<br>| 595 | &nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 110 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Pool #MA4980 <br>6.000%, 4/1/53<br>| 151 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 192 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Pool #MA5385 <br>4.000%, 6/1/54<br>| 233 | &nbsp;&nbsp; 220 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association Pool #563381 <br>6.500%, 11/15/31<br>| $2 | &nbsp;&nbsp; $2 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $3,710)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $3,710)** | &nbsp;&nbsp; **3711** |
| **Corporate Bonds and Notes—11.9%** | **Corporate Bonds and Notes—11.9%** | **Corporate Bonds and Notes—11.9%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC <br>6.484%, 10/23/45<br>| 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 40 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. <br>5.375%, 6/15/33<br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 40 | &nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp; 137 |
| **Consumer Discretionary—0.5%** | **Consumer Discretionary—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 8/11/32<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 80 | &nbsp;&nbsp; 57 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.250%, 2/12/32 | 26 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; 4.750%, 1/15/43 | 15 | &nbsp;&nbsp; 11 |
| &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>(1)</sup> <br>| 59 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. <br>4.900%, 3/1/36<br>| 35 | &nbsp;&nbsp; 34 |
| &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>5.800%, 8/15/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 283 |
| **Consumer Staples—0.4%** | **Consumer Staples—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, 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>5.077%, 9/29/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>7.750%, 10/19/32<br>| 27 | &nbsp;&nbsp; 31 |
| &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>5.200%, 3/1/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.375%, 2/15/33<br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 47 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 232 |
| **Energy—1.5%** | **Energy—1.5%** |  |
| &nbsp;&nbsp;&nbsp; APA Corp. <br>6.750%, 2/15/55<br>| 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(5)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Columbia Pipelines Operating Co. 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 6.036%, 11/15/33<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5.439%, 2/15/35<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 60 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; DT Midstream, 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%, 6/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.500%, 1/15/84<br>| 45 | &nbsp;&nbsp; 51 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.350%, 1/15/36 | $15 | &nbsp;&nbsp; $15 |
| &nbsp;&nbsp;&nbsp; 5.650%, 12/1/54 | 45 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.363%, 6/30/31<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 35 | &nbsp;&nbsp; 36 |
| &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>5.750%, 4/19/47<sup>(1)</sup> <br>| 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%, 6/1/35<br>| 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>6.200%, 3/15/40<br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 5/30/44<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 1/28/31 | 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; 7.690%, 1/23/50 | 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; 6.350%, 2/12/48 | 29 | &nbsp;&nbsp; 22 |
| &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>5.848%, 4/3/55<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Reliance Industries 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>2.875%, 1/12/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 7/17/34<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Sempra Infrastructure Partners LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.250%, 1/15/32<sup>(1)</sup> <br>| 93 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 45 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 40 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 885 |
| **Financials—5.2%** | **Financials—5.2%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp; 6.950%, 3/10/55 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; 6.500%, 1/31/56 | 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 40 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.625%, 7/28/34<br>| 72 | &nbsp;&nbsp; 74 |
| Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp; 6.900%, 4/13/29 | 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; 5.875%, 8/30/30 | 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 50 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 12/15/30<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 1/15/33<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking 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>5.816%, 6/18/36<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding 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>5.750%, 11/15/29<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.687%, 4/22/32 | 27 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; 5.518%, 10/25/35 | 90 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| 53 | &nbsp;&nbsp; 49 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>6.000%, 1/29/32<br>| $50 | &nbsp;&nbsp; $48 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 60 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.003%, 10/19/34<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>5.795%, 4/24/35<br>| 35 | &nbsp;&nbsp; 36 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.359%, 7/29/32 | 32 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; 6.377%, 6/8/34 | 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.189%, 6/1/35<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.136%, 8/24/34 | 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Series H 4.000%<sup>(5)</sup> <br>| 18 | &nbsp;&nbsp; 17 |
| Citadel Finance 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 4.750%, 2/14/29<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5.150%, 2/14/31<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.980%, 3/20/30 | 56 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; 6.270%, 11/17/33 | 56 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 61 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403%, 9/11/35<br>| 55 | &nbsp;&nbsp; 55 |
| &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>(1)</sup> <br>| 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; EMD Finance LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 10/15/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding 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>5.250%, 3/15/36<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 65 | &nbsp;&nbsp; 63 |
| &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>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| &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>5.875%, 1/25/34<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &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>6.750%, 3/15/54<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>5.550%, 11/15/35<br>| 50 | &nbsp;&nbsp; 48 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.450%, 5/1/36 | 24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 4.939%, 10/21/36 | 25 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; 5.065%, 1/21/37 | 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. <br>6.375%, 7/1/34<br>| 49 | &nbsp;&nbsp; 49 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.709%, 2/2/35 | 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 6.141%, 11/18/39 | 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 50 | &nbsp;&nbsp; 51 |
| &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>5.875%, 7/1/34<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &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>6.125%, 7/31/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.956%, 5/13/31 | 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; 5.717%, 9/14/33 | 47 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; 1.953%, 2/4/32 | 73 | &nbsp;&nbsp; 64 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.789%, 6/1/33 | $39 | &nbsp;&nbsp; $38 |
| &nbsp;&nbsp;&nbsp; 6.401%, 3/6/35 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Lseg U.S. Fin 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>5.250%, 3/23/36<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>5.400%, 7/30/35<br>| 47 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. <br>2.564%, 9/13/31<br>| 40 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>5.948%, 1/19/38<br>| 65 | &nbsp;&nbsp; 67 |
| &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>(1)</sup> <br>| 77 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance 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>6.500%, 4/30/55<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. <br>3.375%, 5/8/32<br>| 63 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Omnis Funding 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>6.722%, 5/15/55<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.575%, 1/29/36 | 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; 5.423%, 1/25/41 | 20 | &nbsp;&nbsp; 20 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/1/53 | 46 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; 6.500%, 3/15/54 | 25 | &nbsp;&nbsp; 26 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.584%, 10/1/34 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; 6.176%, 10/1/54 | 25 | &nbsp;&nbsp; 24 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.123%, 11/21/34 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Series I 6.700%<sup>(5)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &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>6.450%, 3/18/35<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 9/10/55<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. <br>5.301%, 2/27/32<br>| 25 | &nbsp;&nbsp; 25 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.967%, 7/22/33 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; 5.424%, 2/12/36 | 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; UBS Group AG 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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% <sup>(1)(5)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.897%, 7/25/33 | 87 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; 6.491%, 10/23/34 | 15 | &nbsp;&nbsp; 16 |
|  |  | &nbsp;&nbsp; 3041 |
| **Health Care—0.9%** | **Health Care—0.9%** |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.300%, 10/8/35<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories <br>5.500%, 3/15/56<br>| 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.650%, 3/2/53<br>| 49 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Augusta SpinCo Corp. <br>5.245%, 3/23/36<br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. <br>3.132%, 12/1/51<br>| 80 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>5.050%, 3/25/48<br>| 50 | &nbsp;&nbsp; 43 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. <br>3.250%, 6/1/30<br>| $59 | &nbsp;&nbsp; $54 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.250%, 6/15/49<br>| 65 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. <br>6.250%, 2/1/29<br>| 21 | &nbsp;&nbsp; 22 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.400%, 9/2/34 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; 3.350%, 9/2/51 | 37 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>5.400%, 3/20/34<br>| 45 | &nbsp;&nbsp; 46 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 28 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; 5.050%, 10/15/34 | 25 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 505 |
| **Industrials—1.2%** | **Industrials—1.2%** |  |
| &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>(1)</sup> <br>| 61 | &nbsp;&nbsp; 61 |
| &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>6.750%, 10/25/28<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC <br>5.850%, 6/15/56<br>| 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) <br>5.930%, 5/1/60<br>| 52 | &nbsp;&nbsp; 50 |
| &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>(1)</sup> <br>| 70 | &nbsp;&nbsp; 65 |
| &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>(1)</sup> <br>| 56 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust 2015-1, AA <br>3.625%, 1/30/29<br>| 68 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.850%, 7/2/37<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. <br>3.500%, 10/1/30<br>| 50 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; New York State Electric & Gas 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>5.850%, 8/15/33<sup>(1)</sup> <br>| 47 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 44 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. <br>6.707%, 3/15/60<br>| 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| 31 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through-Trust 2024-1, AA <br>5.450%, 8/15/38<br>| 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. <br>5.450%, 9/18/33<br>| 38 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co. <br>5.650%, 3/15/46<br>| 10 | &nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp; 703 |
| **Information Technology—0.6%** | **Information Technology—0.6%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 8/4/33 | 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 7/1/29<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Broadcom, 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>3.137%, 11/15/35<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Flex Ltd. <br>5.375%, 11/13/35<br>| 50 | &nbsp;&nbsp; 49 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| &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>(1)</sup> <br>| $70 | &nbsp;&nbsp; $64 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Nokia Oyj <br>6.625%, 5/15/39<br>| 15 | &nbsp;&nbsp; 16 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.550%, 2/6/53 | 27 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; 3.850%, 4/1/60 | 30 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 50 | &nbsp;&nbsp; 48 |
|  |  | &nbsp;&nbsp; 353 |
| **Materials—0.5%** | **Materials—0.5%** |  |
| &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>5.140%, 4/14/32<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>5.650%, 1/15/34<br>| 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 1/8/34<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Glencore 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>2.850%, 4/27/31<sup>(1)</sup> <br>| 56 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC <br>5.777%, 4/3/54<br>| 60 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%, 9/1/34<br>| 40 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 304 |
| **Utilities—0.9%** | **Utilities—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. <br>6.150%, 5/15/34<br>| 40 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. (The) 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.866%, 8/5/32<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>4.750%, 6/1/50<br>| 65 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC <br>5.875%, 1/15/66<br>| 35 | &nbsp;&nbsp; 34 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.200%, 2/15/56 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Series B 7.000%, 6/1/54 | 25 | &nbsp;&nbsp; 26 |
| &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>5.500%, 6/26/34<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 65 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East 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>5.994%, 3/6/33<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 48 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>4.224%, 3/15/32<br>| 42 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 496 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,938)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,938)** | &nbsp;&nbsp; **6939** |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Energy—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Paragon Offshore Finance Co. (6 month PRIME + 1.750%) <br>3.250%, 7/19/27<sup>(6)(7)</sup> <br>$—<br> <sup>(4)</sup><br>| &nbsp;&nbsp; $— |
| **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(4)</sup>  | &nbsp;&nbsp; **—** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—59.0%** | **Common Stocks—59.0%** | **Common Stocks—59.0%** |
| **Communication Services—5.7%** | **Communication Services—5.7%** |  |
| Alphabet, Inc. Class A | 3649 | &nbsp;&nbsp; 1049 |
| Dayamitra Telekomunikasi PT | 4701069 | &nbsp;&nbsp; 151 |
| Infrastrutture Wireless Italiane SpA | 25282 | &nbsp;&nbsp; 202 |
| Meta Platforms, Inc. Class A | 1271 | &nbsp;&nbsp; 727 |
| Netflix, Inc.<sup>(8)</sup> <br>| 4900 | &nbsp;&nbsp; 471 |
| oOh!media Ltd. | 357540 | &nbsp;&nbsp; 235 |
| Reddit, Inc. Class A<sup>(8)</sup> <br>| 2662 | &nbsp;&nbsp; 358 |
| Sarana Menara Nusantara Tbk PT | 4570000 | &nbsp;&nbsp; 132 |
|  |  | &nbsp;&nbsp; 3325 |
| **Consumer Discretionary—6.3%** | **Consumer Discretionary—6.3%** |  |
| Allegro.eu S.A.<sup>(8)</sup> <br>| 29294 | &nbsp;&nbsp; 210 |
| Amazon.com, Inc.<sup>(8)</sup> <br>| 5337 | &nbsp;&nbsp; 1112 |
| Bright Horizons Family Solutions, Inc.<sup>(8)</sup> <br>| 2365 | &nbsp;&nbsp; 194 |
| Choice Hotels International, Inc. | 1543 | &nbsp;&nbsp; 160 |
| Hermes International SCA Unsponsored ADR | 1589 | &nbsp;&nbsp; 301 |
| Marriott International, Inc. Class A | 1587 | &nbsp;&nbsp; 519 |
| MercadoLibre, Inc.<sup>(8)</sup> <br>| 187 | &nbsp;&nbsp; 323 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(8)</sup> <br>| 1604 | &nbsp;&nbsp; 148 |
| Pool Corp. | 777 | &nbsp;&nbsp; 157 |
| Rollins, Inc. | 4916 | &nbsp;&nbsp; 263 |
| SiteOne Landscape Supply, Inc.<sup>(8)</sup> <br>| 1115 | &nbsp;&nbsp; 148 |
| Thor Industries, Inc. | 2223 | &nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp; 3713 |
| **Consumer Staples—0.9%** | **Consumer Staples—0.9%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B | 5000 | &nbsp;&nbsp; 45 |
| BJ's Wholesale Club Holdings, Inc.<sup>(8)</sup> <br>| 1972 | &nbsp;&nbsp; 194 |
| Heineken Malaysia Bhd | 47200 | &nbsp;&nbsp; 266 |
|  |  | &nbsp;&nbsp; 505 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Pason Systems, Inc. | 32872 | &nbsp;&nbsp; 313 |
| **Financials—9.9%** | **Financials—9.9%** |  |
| AJ Bell plc | 81396 | &nbsp;&nbsp; 510 |
| Caixa Seguridade Participacoes S.A. | 220835 | &nbsp;&nbsp; 777 |
| FinecoBank Banca Fineco SpA | 24891 | &nbsp;&nbsp; 554 |
| Hamilton Lane, Inc. Class A | 1609 | &nbsp;&nbsp; 160 |
| IntegraFin Holdings plc | 40507 | &nbsp;&nbsp; 166 |
| Interactive Brokers Group, Inc. Class A | 5261 | &nbsp;&nbsp; 353 |
| Jack Henry & Associates, Inc. | 1268 | &nbsp;&nbsp; 200 |
| LPL Financial Holdings, Inc. | 749 | &nbsp;&nbsp; 225 |
| Mortgage Advice Bureau Holdings Ltd. | 21238 | &nbsp;&nbsp; 157 |
| Progressive Corp. (The) | 2373 | &nbsp;&nbsp; 470 |
| Qualitas Controladora SAB de C.V. | 15038 | &nbsp;&nbsp; 144 |
| S&P Global, Inc. | 979 | &nbsp;&nbsp; 416 |
| Steadfast Group Ltd. | 74636 | &nbsp;&nbsp; 220 |
| Visa, Inc. Class A | 3716 | &nbsp;&nbsp; 1123 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| W. R. Berkley Corp. | 4762 | &nbsp;&nbsp; $316 |
|  |  | &nbsp;&nbsp; 5791 |
| **Health Care—6.4%** | **Health Care—6.4%** |  |
| Align Technology, Inc.<sup>(8)</sup> <br>| 745 | &nbsp;&nbsp; 128 |
| As One Corp. | 27200 | &nbsp;&nbsp; 383 |
| Chemed Corp. | 121 | &nbsp;&nbsp; 46 |
| Cooper Cos., Inc. (The)<sup>(8)</sup> <br>| 2996 | &nbsp;&nbsp; 214 |
| Danaher Corp. | 1449 | &nbsp;&nbsp; 275 |
| Eli Lilly & Co. | 600 | &nbsp;&nbsp; 552 |
| Haw Par Corp., Ltd. | 52600 | &nbsp;&nbsp; 696 |
| IDEXX Laboratories, Inc.<sup>(8)</sup> <br>| 641 | &nbsp;&nbsp; 360 |
| Intuitive Surgical, Inc.<sup>(8)</sup> <br>| 783 | &nbsp;&nbsp; 361 |
| Medline, Inc. Class A<sup>(8)</sup> <br>| 7471 | &nbsp;&nbsp; 332 |
| Riverstone Holdings Ltd. | 279100 | &nbsp;&nbsp; 149 |
| Sartorius Stedim Biotech | 1133 | &nbsp;&nbsp; 220 |
|  |  | &nbsp;&nbsp; 3716 |
| **Industrials—13.2%** | **Industrials—13.2%** |  |
| Allegion plc | 1922 | &nbsp;&nbsp; 279 |
| Beijer Ref AB Class B | 12854 | &nbsp;&nbsp; 178 |
| Comfort Systems USA, Inc. | 332 | &nbsp;&nbsp; 458 |
| Epiroc AB Class B | 25543 | &nbsp;&nbsp; 547 |
| Equifax, Inc. | 981 | &nbsp;&nbsp; 177 |
| Exponent, Inc. | 1684 | &nbsp;&nbsp; 110 |
| Fair Isaac Corp.<sup>(8)</sup> <br>| 471 | &nbsp;&nbsp; 503 |
| Haitian International Holdings Ltd. | 138503 | &nbsp;&nbsp; 360 |
| Howden Joinery Group plc | 34807 | &nbsp;&nbsp; 369 |
| Japan Elevator Service Holdings Co., Ltd. | 16400 | &nbsp;&nbsp; 170 |
| Karman Holdings, Inc.<sup>(8)</sup> <br>| 4636 | &nbsp;&nbsp; 371 |
| Knorr-Bremse AG | 2498 | &nbsp;&nbsp; 285 |
| Lennox International, Inc. | 406 | &nbsp;&nbsp; 188 |
| MEITEC Group Holdings, Inc. | 7000 | &nbsp;&nbsp; 145 |
| MISUMI Group, Inc. | 17200 | &nbsp;&nbsp; 295 |
| MonotaRO Co., Ltd. | 24400 | &nbsp;&nbsp; 264 |
| MTU Aero Engines AG | 1039 | &nbsp;&nbsp; 379 |
| NICE Information Service Co., Ltd. | 15225 | &nbsp;&nbsp; 160 |
| Nordson Corp. | 1023 | &nbsp;&nbsp; 272 |
| S-1 Corp. | 5817 | &nbsp;&nbsp; 336 |
| Saia, Inc.<sup>(8)</sup> <br>| 587 | &nbsp;&nbsp; 206 |
| Spirax Group plc | 4180 | &nbsp;&nbsp; 375 |
| Uber Technologies, Inc.<sup>(8)</sup> <br>| 4972 | &nbsp;&nbsp; 358 |
| UL Solutions, Inc. Class A | 3325 | &nbsp;&nbsp; 285 |
| VAT Group AG | 245 | &nbsp;&nbsp; 153 |
| Watsco, Inc. | 552 | &nbsp;&nbsp; 201 |
| Zurn Elkay Water Solutions Corp. | 6796 | &nbsp;&nbsp; 305 |
|  |  | &nbsp;&nbsp; 7729 |
| **Information Technology—14.8%** | **Information Technology—14.8%** |  |
| Alten S.A. | 1576 | &nbsp;&nbsp; 98 |
| Amphenol Corp. Class A | 10815 | &nbsp;&nbsp; 1366 |
| ARM Holdings plc ADR<sup>(8)</sup> <br>| 2264 | &nbsp;&nbsp; 343 |
| Bentley Systems, Inc. Class B | 4240 | &nbsp;&nbsp; 149 |
| Bouvet ASA | 17748 | &nbsp;&nbsp; 93 |
| Cadence Design Systems, Inc.<sup>(8)</sup> <br>| 1593 | &nbsp;&nbsp; 443 |
| Cloudflare, Inc. Class A<sup>(8)</sup> <br>| 2861 | &nbsp;&nbsp; 590 |
| Datadog, Inc. Class A<sup>(8)</sup> <br>| 2874 | &nbsp;&nbsp; 339 |
| KLA Corp. | 261 | &nbsp;&nbsp; 384 |
| Monolithic Power Systems, Inc. | 436 | &nbsp;&nbsp; 477 |
| NVIDIA Corp. | 9440 | &nbsp;&nbsp; 1646 |
| Riken Keiki Co., Ltd. | 13900 | &nbsp;&nbsp; 264 |
| ServiceNow, Inc.<sup>(8)</sup> <br>| 3186 | &nbsp;&nbsp; 333 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| ServiceTitan, Inc. Class A<sup>(8)</sup> <br>| 3055 | &nbsp;&nbsp; $194 |
| Shopify, Inc. Class A<sup>(8)</sup> <br>| 4958 | &nbsp;&nbsp; 588 |
| Snowflake, Inc. Class A<sup>(8)</sup> <br>| 3776 | &nbsp;&nbsp; 570 |
| Teledyne Technologies, Inc.<sup>(8)</sup> <br>| 510 | &nbsp;&nbsp; 309 |
| Trimble, Inc.<sup>(8)</sup> <br>| 2418 | &nbsp;&nbsp; 158 |
| Universal Display Corp. | 1827 | &nbsp;&nbsp; 167 |
| Zebra Technologies Corp. Class A<sup>(8)</sup> <br>| 693 | &nbsp;&nbsp; 145 |
|  |  | &nbsp;&nbsp; 8656 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| Corp. Moctezuma SAB de C.V. | 100433 | &nbsp;&nbsp; 452 |
| Forterra plc | 79830 | &nbsp;&nbsp; 166 |
| Ibstock plc | 100497 | &nbsp;&nbsp; 135 |
|  |  | &nbsp;&nbsp; 753 |
| **Total Common Stocks** <br>**(Identified Cost $26,535)** | **Total Common Stocks** <br>**(Identified Cost $26,535)** | &nbsp;&nbsp; **34501** |
| **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** |
| **Fixed Income Funds—13.3%** | **Fixed Income Funds—13.3%** |  |
| Virtus Newfleet ABS MACS<sup>(9)(10)</sup> <br>| 216188 | &nbsp;&nbsp; 2138 |
| Virtus Newfleet CMBS MACS<sup>(9)(10)</sup> <br>| 118606 | &nbsp;&nbsp; 1181 |
| Virtus Newfleet Floating Rate MACS<sup>(9)(10)</sup> <br>| 106568 | &nbsp;&nbsp; 1021 |
| Virtus Newfleet High Yield MACS<sup>(9)(10)</sup> <br>| 107511 | &nbsp;&nbsp; 1040 |
| Virtus Newfleet RMBS MACS<sup>(9)(10)</sup> <br>| 236742 | &nbsp;&nbsp; 2393 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $7,851)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $7,851)** | &nbsp;&nbsp; **7773** |
| **Total Long-Term Investments—97.6%** <br>**(Identified Cost $50,047)** | **Total Long-Term Investments—97.6%** <br>**(Identified Cost $50,047)** | &nbsp;&nbsp; **57094** |
| **TOTAL INVESTMENTS—97.6%** <br>**(Identified Cost $50,047)** | **TOTAL INVESTMENTS—97.6%** <br>**(Identified Cost $50,047)** | &nbsp;&nbsp; **$57094** |
| Other assets and liabilities, net—2.4% | Other assets and liabilities, net—2.4% | &nbsp;&nbsp; 1388 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$58482** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| CMBS | Commercial Mortgage-Backed Securities |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MACS | Managed Account Completion Shares |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</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 March 31, 2026, these securities <br> amounted to a value of $2,722 or 4.7% of net assets.<br>|

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

($ reported in thousands)

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

<sup>(2)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. 

<sup>(3)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of March 31, 2026. 

<sup>(4)</sup> Amount is less than $500 (not in thousands).

<sup>(5)</sup> No contractual maturity date.

<sup>(6)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. 

<sup>(7)</sup> Security in default; no interest payments are being received.

<sup>(8)</sup> Non-income producing.

<sup>(9)</sup> Affiliated investment. 

<sup>(10)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 76<br> %<br>|
| United Kingdom | 4 |
| Japan | 3 |
| Brazil | 2 |
| Singapore | 2 |
| Italy | 1 |
| Sweden | 1 |
| Other | 11 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of March 31, 2026 were as follows :** | **Exchange-traded futures contracts as of March 31, 2026 were as follows :** | **Exchange-traded futures contracts as of March 31, 2026 were as follows :** | **Exchange-traded futures contracts as of March 31, 2026 were as follows :** | **Exchange-traded futures contracts as of March 31, 2026 were as follows :** | **Exchange-traded futures contracts as of March 31, 2026 were as follows :** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Short Contracts:** |  |  |  |  |  |
| U.S. Treasury Ultra Bond Future | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; $(117)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1)<br>|
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1)<br>|

---

The following table summarizes the value of the Series' investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes <br>to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

Some of the Series' investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations <br>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 March 31, 2026.

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**March 31, 2026**

**Note 1. Security Valuation**

The Series' 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 Series utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Series' 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 Series' 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 Series 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 Series 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 Series' net assets by each major security type is disclosed at the end of the Schedule of Investments for the

Series. 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 Series' 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 Variable Insurance Trust

- **b. Investment Company Act file number:** 811-04642

- **c. CIK number of Registrant:** 0000792359

- **d. LEI of Registrant:** 5493003VWTC7OD2WQT04

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

  - **Street Address 1:** One Financial Plaza

  - **City:** Hartford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06103

  - **Telephone number:** 800-248-4790

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

- **a. Name of Series:** Virtus Tactical Allocation Series

- **b. EDGAR series identifier (if any):** S000001966

- **c. LEI of Series:** 549300DQUY8629YQT565

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $58658496.74

**Total Liabilities:** $127971.76

**Net Assets:** $58530524.98

**Cash Not Reported:** $1215195.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -259.58390680 | **10-Year:** -2493.31708800 | **30-Year:** -5245.37887200

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -340.03698810 | **10-Year:** -129.35729860 | **30-Year:** -415.72844550

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005150 | 0.34%                | -1.01%               | -5.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $83767.57                | $29407.95                                  |
| Month 2  | $1514242.02              | $-2272585.54                               |
| Month 3  | $539600.53               | $-4163913.35                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Visa Inc                                                                               | Visa Inc COM CL A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3716 | NS      | $1123123.84   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Finance Llc                                                                   | OWL 3.125 06/10/31                                | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51736.85     | 0.09%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                             | SOAF 5.65 09/27/47 30Y                            | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      5000 | PA      | $3887.50      | 0.01%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                     | STT V6.123 11/21/34                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26417.07     | 0.05%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                     | F 4.75 01/15/43                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11330.64     | 0.02%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                             | SOAF 4.85 09/30/29 10Y                            | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     10000 | PA      | $9795.00      | 0.02%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 3.137 11/15/35 144A                          | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     60000 | PA      | $50975.15     | 0.09%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                                                 | COLOM 8.75 11/14/53                               | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      7000 | PA      | $7502.25      | 0.01%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Virtus Managed Account Completion Shares (MACS) Trust                                  | Virtus Newfleet ABS MACS                          | CUSIP: 92839Q106<br>LEI: 2549002ITWIQU02JEJ86 | Long             | EC               | RF                | US        |    215227 | NS      | $2128597.82   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                                                        | CVS 5.05 03/25/48                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42900.13     | 0.07%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 5.25 02/01/50                                 | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     45000 | PA      | $37953.84     | 0.06%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                              | FLEX 5.375 11/13/35                               | CUSIP: 33938XAG0<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     50000 | PA      | $48909.50     | 0.08%             | 2035-11-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                    | D V7 06/01/54 B                                   | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26442.25     | 0.05%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech SA                                                            | Sartorius Stedim Biotech SA EUR0.20               | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      1133 | NS      | $220665.59    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 4.5 11/15/54                                    | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $116777.34    | 0.20%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                                                   | MTB V5.4 07/30/35                                 | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     47000 | PA      | $46848.83     | 0.08%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 949301                                         | CUSIP: 31413MDE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1407 | PA      | $1469.98      | 0.00%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allegion PLC                                                                           | Allegion PLC COM USD0.01                          | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      1922 | NS      | $279247.38    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                                           | PEMEX 5.95 01/28/31                               | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      6000 | PA      | $5738.70      | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                  | FN MA5385                                         | CUSIP: 31418E6X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    232962 | PA      | $219922.54    | 0.38%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                    | MTH 3.875 04/15/29 144A                           | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     59000 | PA      | $57418.17     | 0.10%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                     | Meta Platforms Inc CL A                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1271 | NS      | $727177.23    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                                                      | Hamilton Lane Inc CL A                            | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      1609 | NS      | $159934.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                                                                     | RPRX 3.35 09/02/51                                | CUSIP: 78081BAP8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     37000 | PA      | $23974.26     | 0.04%             | 2051-09-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                             | BA 5.93 05/01/60                                  | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     52000 | PA      | $49914.18     | 0.09%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile                                                | CDEL 5.95 01/08/34 144A                           | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     50000 | PA      | $51168.50     | 0.09%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                  | URUGUA 5.1 06/18/50                               | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     32000 | PA      | $29365.12     | 0.05%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                                                                      | OMC 5.375 06/15/33                                | CUSIP: 681919BS4<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24999.67     | 0.04%             | 2033-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                     | HBAN V5.709 02/02/35                              | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25510.38     | 0.04%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Smurfit Kappa Treasury Unlimited Company                                               | SW 5.777 04/03/54                                 | CUSIP: 83272GAF8<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |     60000 | PA      | $57939.89     | 0.10%             | 2054-04-03      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                                        | UHS 2.65 01/15/32                                 | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     28000 | PA      | $24393.13     | 0.04%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Atlas Warehouse Lending Co. LP                                                         | ATWALD 5.25 01/15/33                              | CUSIP: 049463AH5<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48423.55     | 0.08%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Misumi Group Inc.                                                                      | Misumi Group Inc. NPV                             | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     17200 | NS      | $294838.72    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                                   | Infrastrutture Wireless Italiane SpA NPV          | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |     25282 | NS      | $201757.96    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                                                     | SNLN 5.4 03/20/34                                 | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $45643.59     | 0.08%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC                                                               | Howden Joinery Group PLC ORD GBP0.10              | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |     34807 | NS      | $368668.02    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Life Insurance Co.                                                              | NIPLIF V6.5 04/30/55 144a                         | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |     15000 | PA      | $15466.14     | 0.03%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance Us Inc                                                              | STLA 6.45 03/18/35 144A                           | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39402.54     | 0.07%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                      | WFC V6.491 10/23/34                               | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16241.31     | 0.03%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation                                                 | Zurn Elkay Water Solutions Corporation COM        | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      6796 | NS      | $304732.64    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibstock Public Limited Company                                                         | Ibstock Public Limited Company ORD GBP0.01        | CUSIP: 000000000<br>LEI: 2138003QHTNX34CN9V93 | Long             | EC               | CORP              | GB        |    100497 | NS      | $135503.93    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                                                           | APO V6 12/15/54                                   | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46879.98     | 0.08%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                 | UAL 5.45 02/15/37 AA                              | CUSIP: 90932WAA1<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |     14096 | PA      | $14363.29     | 0.02%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Henry Jack & Associates Inc.                                                           | Henry Jack & Associates Inc. COM                  | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      1268 | NS      | $200394.72    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                                                                  | Align Technology Inc. COM                         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       745 | NS      | $127715.35    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                          | Alphabet Inc. CAP STK CL A                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3649 | NS      | $1049306.44   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                                                    | KMI 5.85 06/01/35                                 | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31438.69     | 0.05%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems, Inc.                                                           | Cadence Design Systems, Inc. COM                  | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1593 | NS      | $442646.91    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Colombia (Republic Of)                                                                 | COLOM 8 11/14/35                                  | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     14000 | PA      | $14658.70     | 0.03%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                   | AHTLN 5.5 08/11/32 144A                           | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49686.47     | 0.08%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CORPORACION MOCTEZUMA SAB DE CV                                                        | Corp Moctezuma Sab COM NPV                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    100433 | NS      | $451536.64    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                                              | KSA 4.875 07/18/33 144A                           | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     25000 | PA      | $24684.50     | 0.04%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                                               | RILIN 2.875 01/12/32 144A                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |     35000 | PA      | $31500.00     | 0.05%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Alten SA                                                                               | Alten SA NPV                                      | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      1576 | NS      | $97712.50     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 6.484 10/23/45                               | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27658.95     | 0.05%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| The Brooklyn Union Gas Company                                                         | NGGLN 4.866 08/05/32 144A                         | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50839.57     | 0.09%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FA0685                                         | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191118 | PA      | $195267.13    | 0.33%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                              | RRX 6.4 04/15/33                                  | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46507.54     | 0.08%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FS7751                                         | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    223984 | PA      | $211807.25    | 0.36%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                          | USB V4.967 07/22/33 MTN                           | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14836.19     | 0.03%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Caixa Seguridade Participacoes SA                                                      | Caixa Seguridade Participacoes SA COM NPV         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    220835 | NS      | $776781.90    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                       | NRG 7 03/15/33 144A                               | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     48000 | PA      | $51964.32     | 0.09%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Costar Group Inc                                                                       | CSGP 2.8 07/15/30 144A                            | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |     56000 | PA      | $50640.19     | 0.09%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| KeySpan Gas East Corporation                                                           | NGGLN 5.994 03/06/33 144A                         | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35498.91     | 0.06%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)    | AER V6.95 03/10/55                                | CUSIP: 00774MBK0<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25586.93     | 0.04%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NICE INFORMATION SERVICE COMPANY LTD                                                   | Nice Information Service Co Ltd KRW500            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     15225 | NS      | $160499.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Angola (Republic of)                                                                   | ANGOL 9.244 01/15/31 144A                         | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      5000 | PA      | $5054.69      | 0.01%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| RIVERSTONE HOLDINGS LTD                                                                | Riverstone Holding Ltd. NPV                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    279100 | NS      | $149214.63    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                           | NVIDIA Corp. COM                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      9440 | NS      | $1646336.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                         | MEX 3.5 02/12/34                                  | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      9000 | PA      | $7662.33      | 0.01%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 3.625 02/15/53                                  | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1640000 | PA      | $1316228.12   | 2.25%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Qualitas Controladora Sab De CV                                                        | Qualitas Controladora Sab De CV COM NPV CLASS 'I' | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     15038 | NS      | $144297.01    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                              | SOBOCN 5.584 10/01/34                             | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29794.80     | 0.05%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                                | INDON 5.1 02/10/54                                | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     28000 | PA      | $25410.00     | 0.04%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 1.875 02/15/51                                  | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    470000 | PA      | $260978.52    | 0.45%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| 180 Medical Inc.                                                                       | CTECLN 5.3 10/08/35 144a                          | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58818.23     | 0.10%             | 2035-10-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                         | MEX 6 05/07/36                                    | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     30000 | PA      | $29805.00     | 0.05%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                                | BHI 5.85 06/15/56                                 | CUSIP: 05724BAQ2<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34248.98     | 0.06%             | 2056-06-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 991124                                         | CUSIP: 31415WAZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1398 | PA      | $1411.91      | 0.00%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)    | AER V6.5 01/31/56                                 | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25025.75     | 0.04%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                       | Amazon.com, Inc. COM                              | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5337 | NS      | $1111536.99   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITEC GROUP HOLDINGS INC                                                              | Meitec Group Holdings Inc. NPV                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7000 | NS      | $144928.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FA1378                                         | CUSIP: 3140W1Q89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    270592 | PA      | $256295.54    | 0.44%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                                                     | RPRX 5.4 09/02/34                                 | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $30247.39     | 0.05%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                              | IVYCST 8.25 01/30/37 144A                         | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      6000 | PA      | $6141.63      | 0.01%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                              | CRBG V6.375 09/15/54                              | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     61000 | PA      | $59952.77     | 0.10%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V1.953 02/04/32                               | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     73000 | PA      | $64276.30     | 0.11%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                                | KEY V6.401 03/06/35                               | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26506.05     | 0.05%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| APA Corp.                                                                              | APA 6.75 02/15/55                                 | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35071.86     | 0.06%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Mortgage Advice Bureau (Hldgs) Ltd                                                     | Mortgage Advice Bureau (Hldgs) Ltd ORD GBP0.001   | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |     21238 | NS      | $157143.32    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                                                   | PANAMA 8 03/01/38                                 | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     24000 | PA      | $27511.20     | 0.05%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                      | WFC V4.897 07/25/33 MTN                           | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     87000 | PA      | $86555.09     | 0.15%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                               | AXP V5.625 07/28/34                               | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73580.50     | 0.13%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                    | ABT 5.5 03/15/56                                  | CUSIP: 002824BW9<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13727.38     | 0.02%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                                               | COSTAR 7.3 11/13/54 144A                          | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      5000 | PA      | $5425.00      | 0.01%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                    | FITB V4.337 04/25/33                              | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62638.89     | 0.11%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| SERVICETITAN INC                                                                       | ServiceTitan Inc. SHS CL A                        | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3055 | NS      | $193870.30    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Inc                                                                       | AMCR 5.65 01/15/34                                | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40909.00     | 0.07%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                             | BAX 3.132 12/01/51                                | CUSIP: 071813CV9<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     80000 | PA      | $45797.01     | 0.08%             | 2051-12-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| The Cooper Companies, Inc.                                                             | The Cooper Companies, Inc. COM                    | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      2996 | NS      | $214214.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 11/15/34                                   | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $159956.25    | 0.27%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                         | C V6.27 11/17/33                                  | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     56000 | PA      | $59852.16     | 0.10%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                 | UAL 5.8 01/15/36                                  | CUSIP: 90932LAJ6<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |     30961 | PA      | $31867.88     | 0.05%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                   | Amphenol Corporation CL A                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     10815 | NS      | $1366475.25   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Angola (Republic of)                                                                   | ANGOL 8 11/26/29 144A                             | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     10000 | PA      | $9855.00      | 0.02%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 2 08/15/51                                      | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $28466.80     | 0.05%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                           | SWK V6.707 03/15/60                               | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34182.16     | 0.06%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| SARANA MENARA NUSANTARA TBK                                                            | Sarana Menara Nusantara Tbk PT IDR10              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   4570000 | NS      | $131981.03    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Inc.                                                                               | HCA 5.25 06/15/49                                 | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     65000 | PA      | $57359.11     | 0.10%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                                                              | ELSALV 7.65 06/15/35 REGS                         | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     10000 | PA      | $9790.00      | 0.02%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                             | LHX 5.4 07/31/33                                  | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56429.64     | 0.10%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                                          | NGERIA 10.375 12/09/34 144A                       | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     17000 | PA      | $19448.00     | 0.03%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Sodexo Inc                                                                             | SWFP 5.8 08/15/35 144A                            | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51075.20     | 0.09%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ANZ GROUP HOLDINGS LTD                                                                 | ANZ V5.816 06/18/36 144A                          | CUSIP: 052528AV8<br>LEI: 9845005D9C6BAA10BK72 | Long             | DBT              | CORP              | AU        |     35000 | PA      | $35610.39     | 0.06%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                              | Teledyne Technologies Inc COM                     | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       510 | NS      | $308555.10    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Steadfast Group Ltd.                                                                   | Steadfast Group Ltd. NPV                          | CUSIP: 000000000<br>LEI: 9845003B6BEAA12DBD91 | Long             | EC               | CORP              | AU        |     74636 | NS      | $219727.62    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Finecobank Banca Fineco S.p.A.                                                         | Finecobank Banca Fineco S.p.A. EUR0.33            | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |     24891 | NS      | $553793.08    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                                                                     | EOG 5.65 12/01/54                                 | CUSIP: 26875PAW1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43825.71     | 0.07%             | 2054-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                              | MARS 5.2 03/01/35 144A                            | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50476.04     | 0.09%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V4.939 10/21/36                                | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24210.40     | 0.04%             | 2036-10-21      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                    | GPN 5.55 11/15/35                                 | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48181.94     | 0.08%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V2.956 05/13/31                               | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27953.21     | 0.05%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                      | PNC V5.423 01/25/41                               | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19592.97     | 0.03%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                  | ROMANI 5.875 01/30/29 144A                        | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     20000 | PA      | $20103.60     | 0.03%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                                                | SON 5 09/01/34                                    | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39126.69     | 0.07%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Serbia (Republic Of)                                                                   | SERBIA 6.5 09/26/33 144A                          | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      8000 | PA      | $8337.68      | 0.01%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                                                      | Choice Hotels International, Inc. COM             | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      1543 | NS      | $159700.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                                                             | PRU V6.75 03/01/53                                | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47601.26     | 0.08%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New York State Electric & Gas Corporation                                              | AGR 5.85 08/15/33 144A                            | CUSIP: 649840CV5<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |     47000 | PA      | $49034.16     | 0.08%             | 2033-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 994383                                         | CUSIP: 31416AUG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3373 | PA      | $3457.52      | 0.01%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| S1 CORP (KR)                                                                           | S-1 Corporation KRW500                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5817 | NS      | $335799.64    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Generation LLC                                                    | CEG 5.875 01/15/66                                | CUSIP: 210385AR1<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33601.90     | 0.06%             | 2066-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Saia Inc                                                                               | Saia Inc COM                                      | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |       587 | NS      | $206201.36    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc.                                                                   | Thor Industries Inc. COM                          | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      2223 | NS      | $177595.47    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                                           | PEMEX 7.69 01/23/50                               | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      1000 | PA      | $866.50       | 0.00%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Forterra PLC                                                                           | Forterra PLC ORD GBP0.01                          | CUSIP: 000000000<br>LEI: 213800O5DD6ATBVJAD23 | Long             | EC               | CORP              | GB        |     79830 | NS      | $165828.66    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                           | T 0.375 07/31/27                                  | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $38215.62     | 0.07%             | 2027-07-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                | BPCEGP V7.003 10/19/34 144A                       | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     50000 | PA      | $54644.09     | 0.09%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                             | BATSLN 7.75 10/19/32                              | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     27000 | PA      | $31003.56     | 0.05%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                                              | KSA 5.625 01/13/35 144A                           | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      8000 | PA      | $8255.28      | 0.01%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                     | META 5.75 11/15/65                                | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37152.15     | 0.06%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V5.948 01/19/38                                | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66586.74     | 0.11%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Bouvet Asa                                                                             | Bouvet Asa NOK0.10                                | CUSIP: 000000000<br>LEI: 5967007LIEEXZXFMBC26 | Long             | EC               | CORP              | NO        |     17748 | NS      | $92682.80     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hungary (Republic Of)                                                                  | REPHUN 6.25 09/22/32 144A                         | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     16000 | PA      | $16646.56     | 0.03%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                         | TCBI V5.301 02/27/32                              | CUSIP: 88224QAC1<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24648.88     | 0.04%             | 2032-02-27      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                             | ACGCAP 6.75 10/25/28 144A                         | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36622.33     | 0.06%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                        | FR SD5594                                         | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    101994 | PA      | $102794.12    | 0.18%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 6.9 02/28/32 144A                           | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      5000 | PA      | $5190.90      | 0.01%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Guatemala (Republic of)                                                                | GUATEM 6.6 06/13/36 144A                          | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      8000 | PA      | $8373.60      | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Medline Inc.                                                                           | Medline Inc. COM CL A                             | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |      7471 | NS      | $332459.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.375 12/31/29                                  | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    195000 | PA      | $198298.24    | 0.34%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                   | POLAND 4.875 10/04/33 10Y                         | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     30000 | PA      | $29934.90     | 0.05%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HEINEKEN MALAYSIA BHD                                                                  | Heiniken Malaysia Berhad MYR0.50                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     47200 | NS      | $266213.63    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                                 | MRVL 5.45 07/15/35                                | CUSIP: 573874AS3<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50805.49     | 0.09%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                                                 | COLOM 7.375 04/25/30                              | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      5000 | PA      | $5190.00      | 0.01%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 882224                                         | CUSIP: 31409YD53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       531 | PA      | $547.05       | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Snowflake Inc                                                                          | Snowflake Inc COM SHS                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      3776 | NS      | $569496.32    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                                                                 | CMS V4.75 06/01/50                                | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63038.87     | 0.11%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                          | ENBCN V8.5 01/15/84                               | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $50628.47     | 0.09%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                 | FABSJV 5.875 01/25/34                             | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25312.45     | 0.04%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                     | DOMREP 4.875 09/23/32 144A                        | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     46000 | PA      | $42400.50     | 0.07%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Flex Intermediate Holdco LLC                                                           | FLEXIH 3.363 06/30/31 144A                        | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72842.65     | 0.12%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II MORTGAGE-BACKED SECURITIES                 | GN 563381                                         | CUSIP: 36213S2N4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      1907 | PA      | $1951.71      | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                        | MRKGR 5 10/15/35 144a                             | CUSIP: 26867LAR1<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49332.83     | 0.08%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virtus Managed Account Completion Shares (MACS) Trust                                  | Virtus Newfleet RMBS MACS                         | CUSIP: 92839Q502<br>LEI: 254900G2LHZGHTBHPK18 | Long             | EC               | RF                | US        |    235941 | NS      | $2385362.94   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.                                                        | UHS 5.05 10/15/34                                 | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23868.66     | 0.04%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Alaska Airlines Pass Through Trust 2020-1A                                             | ALK 4.8 08/15/27 144A                             | CUSIP: 01166VAA7<br>LEI: PG4W4UTDTMMEBRGLO537 | Long             | ABS-O            | CORP              | US        |     61437 | PA      | $61445.56     | 0.10%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                     | HBAN V6.141 11/18/39                              | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40740.32     | 0.07%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc.                                                                | IDEXX Laboratories Inc. COM                       | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       641 | NS      | $360171.49    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Morocco (Kingdom of)                                                                   | MOROC 3 12/15/32 144A                             | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     10000 | PA      | $8575.00      | 0.01%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 986012                                         | CUSIP: 31415QKZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1039 | PA      | $1068.94      | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                                 | ROP 5.1 09/15/35                                  | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48618.90     | 0.08%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| DT Midstream Inc                                                                       | DTMINC 4.375 06/15/31 144A                        | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38557.28     | 0.07%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DAYAMITRA TELEKOMUNIKASI TBK PT                                                        | PT Dayamitra Telekomunikasi Tbk IDR228            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   4701069 | NS      | $150774.38    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Puget Energy Inc                                                                       | PSD 4.224 03/15/32                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40063.43     | 0.07%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Ollies Bargain Outlet Holdings Inc.                                                    | Ollies Bargain Outlet Holdings Inc. COM           | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      1604 | NS      | $147632.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                                                           | Bentley Systems Incorporated COM CL B             | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      4240 | NS      | $148908.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijer Ref AB                                                                          | Beijer Ref AB SER'B'NPV                           | CUSIP: 000000000<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |     12854 | NS      | $178196.60    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                   | TURKEY 7.625 05/15/34 10Y                         | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     35000 | PA      | $35490.00     | 0.06%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                                                | BAH 4 07/01/29 144A                               | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9675.78      | 0.02%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                  | FN MA4785                                         | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    594610 | PA      | $589588.97    | 1.01%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                          | USB V5.424 02/12/36                               | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51092.49     | 0.09%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                            | GBLATL 6.75 03/15/54 144A                         | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23288.30     | 0.04%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD8418                                         | CUSIP: 3132DWK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    243292 | PA      | $234909.00    | 0.40%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                     | STT V6.7 PERP I                                   | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35563.57     | 0.06%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Harbour Energy PLC                                                                     | HBRLN 6.327 04/01/35 144A                         | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $51239.31     | 0.09%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc                                              | HASI 6.375 07/01/34                               | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49324.44     | 0.08%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Pass Through Trust 2015-1AA                                            | DAL 3.625 07/30/27 15-1                           | CUSIP: 24736XAA6<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | ABS-O            | CORP              | US        |     67735 | PA      | $66909.26     | 0.11%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Servicenow Inc                                                                         | Servicenow Inc COM                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      3186 | NS      | $333096.30    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                                                                       | Pool Corporation COM                              | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       777 | NS      | $157210.41    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                                                                       | Mercadolibre Inc COM                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       187 | NS      | $323326.74    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AS ONE CORP                                                                            | AS One Corporation NPV                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27200 | NS      | $382953.83    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAGON OFFSHORE FINANCE CO                                                            | PGN L 07/18/22 1                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | N/A       |        12 | PA      | $0.00         | 0.00%             | 2027-07-19      | Floating      | 3.25%                 | No            |                  3 | On Loan: No      |
| JH North America Holdings Inc.                                                         | JHXAU 6.125 07/31/32 144A                         | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49800.74     | 0.09%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FS6679                                         | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91262 | PA      | $93460.72     | 0.16%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bahrain (Kingdom of)                                                                   | BHRAIN 5.625 05/18/34 144A                        | CUSIP: 05675M2J2<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      8000 | PA      | $7048.00      | 0.01%             | 2034-05-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | PM 5.375 02/15/33                                 | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51387.13     | 0.09%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Virtus Managed Account Completion Shares (MACS) Trust                                  | Virtus Newfleet CMBS MACS                         | CUSIP: 92839Q205<br>LEI: 254900GVMTWAZZTHYO11 | Long             | EC               | RF                | US        |    118092 | NS      | $1176198.36   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp.                                                                          | VLTO 5.45 09/18/33                                | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38804.87     | 0.07%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                        | Eli Lilly & Co. COM                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       600 | NS      | $551862.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc.                                                                           | Equifax Inc. COM                                  | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       981 | NS      | $176648.67    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                                                              | Epiroc AB SER'B'NPV                               | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     25543 | NS      | $547171.06    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                         | SCHW V4 PERP H                                    | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16650.67     | 0.03%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                         | SCHW V6.136 08/24/34                              | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37253.55     | 0.06%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Kazakhstan (Republic Of)                                                               | KAZAKS 5.5 07/01/37 144A                          | CUSIP: 486661BP5<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |     19000 | PA      | $19033.25     | 0.03%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FA2472                                         | CUSIP: 3140W2XA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143803 | PA      | $142356.87    | 0.24%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SL3545                                         | CUSIP: 31427Q5F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    135560 | PA      | $119302.40    | 0.20%             | 2053-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BJ Wholesale Club Holdings Inc                                                         | BJ Wholesale Club Holdings Inc COM                | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1972 | NS      | $194084.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Romania (Republic Of)                                                                  | ROMANI 6.375 01/30/34 144A                        | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     15000 | PA      | $14910.00     | 0.03%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| British Airways PLC                                                                    | IAGLN 2.9 03/15/35 144A                           | CUSIP: 11042CAA8<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |     70391 | PA      | $64560.10     | 0.11%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UL Solutions Inc.                                                                      | UL Solutions Inc. CLASS A COM SHS                 | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |      3325 | NS      | $284985.75    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                                                             | Reddit Inc CL A                                   | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |      2662 | NS      | $358438.30    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Iqvia Inc                                                                              | IQV 6.25 02/01/29                                 | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21826.06     | 0.04%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                             | AMGN 5.65 03/02/53                                | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     49000 | PA      | $47458.57     | 0.08%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                                               | FLTR 5.875 06/04/31 144A                          | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     50000 | PA      | $49534.50     | 0.08%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                                                                  | REPHUN 5.5 03/26/36 144A                          | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     10000 | PA      | $9725.00      | 0.02%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Trimble Inc                                                                            | Trimble Inc COM                                   | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      2418 | NS      | $157726.14    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Debt Solutions BDC                                                              | APODS 6.9 04/13/29                                | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20463.83     | 0.03%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| JAPAN ELEVATOR SERVICE HOLDINGS CO LTD                                                 | Japan Elevator Service Hldgs Co Ltd NPV           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16400 | NS      | $169585.10    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                              | SOBOCN 6.176 10/01/54                             | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23800.32     | 0.04%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| DP World Ltd.                                                                          | DPWDU 6.85 07/02/37 144A                          | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     10000 | PA      | $10623.70     | 0.02%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                             | PPC 6.25 07/01/33                                 | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     47000 | PA      | $49217.46     | 0.08%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                  | BAC V5.518 10/25/35                               | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89997.94     | 0.15%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                                    | KENINT 7.875 10/09/33 144A                        | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     10000 | PA      | $9287.50      | 0.02%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                   | TURKEY 6.625 02/17/45 31Y                         | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     10000 | PA      | $8475.00      | 0.01%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V5.717 09/14/33                               | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     47000 | PA      | $48662.36     | 0.08%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 4.25 02/15/54                                   | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $138846.09    | 0.24%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc.                                                          | Monolithic Power Systems Inc. COM                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       436 | NS      | $476700.60    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason System Incor                                                                     | Pason System Incor COM NPV                        | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |     32872 | NS      | $312864.12    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| IntegraFin Holdings plc                                                                | IntegraFin Holdings plc ORD GBP0.01               | CUSIP: 000000000<br>LEI: 213800CYIZKXK9PQYE87 | Long             | EC               | CORP              | GB        |     40507 | NS      | $165828.61    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Trust Corporation                                                             | NTRS V3.375 05/08/32                              | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     63000 | PA      | $62121.29     | 0.11%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                                 | BPLN V4.875 PERP                                  | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     40000 | PA      | $39488.56     | 0.07%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Flowserve Corporation                                                                  | FLS 3.5 10/01/30                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47034.44     | 0.08%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VAT Group AG                                                                           | VAT Group AG CHF0.10 (REGD)                       | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |       245 | NS      | $152841.23    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                                                    | MTU Aero Engines AG NPV (REGD)                    | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      1039 | NS      | $379046.83    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra Infrastructure Partners LP                                                      | SMPINF 3.25 01/15/32 144A                         | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |     93000 | PA      | $82179.21     | 0.14%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                                    | ETR V7.125 12/01/54                               | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66604.07     | 0.11%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                     | F 3.25 02/12/32                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     26000 | PA      | $22582.33     | 0.04%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                             | PRU V6.5 03/15/54                                 | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25608.70     | 0.04%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                                                       | Spirax Group PLC ORD GBP0.269230769               | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |      4180 | NS      | $375003.98    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                  | FN MA4980                                         | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    151195 | PA      | $154791.75    | 0.26%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENEL Finance International N.V.                                                        | ENELIM 5.5 06/26/34 144A                          | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     55000 | PA      | $55867.80     | 0.10%             | 2034-06-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rollins Inc                                                                            | Rollins Inc COM                                   | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      4916 | NS      | $262563.56    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                  | FN MA5072                                         | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191768 | PA      | $193272.83    | 0.33%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nordson Corp                                                                           | Nordson Corp COM                                  | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      1023 | NS      | $272179.38    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                                                     | VRT 5.65 03/15/46                                 | CUSIP: 92537NAB4<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9537.92      | 0.02%             | 2046-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN AA4436                                         | CUSIP: 31416M4W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       876 | PA      | $892.97       | 0.00%             | 2039-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                         | S&P Global Inc COM                                | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       979 | NS      | $416407.86    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Power (US Holdings) Inc                                                        | CPXCN 6.189 06/01/35 144A                         | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30718.55     | 0.05%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Cloudflare Inc                                                                         | Cloudflare Inc CL A COM                           | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      2861 | NS      | $590338.74    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                                                         | PHM 4.9 03/01/36                                  | CUSIP: 745867AZ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $33812.46     | 0.06%             | 2036-03-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                                               | COSTAR 6.55 04/03/34 144A                         | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      5000 | PA      | $5273.75      | 0.01%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                           | SRILAN 3.6 02/15/38 144A                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     10000 | PA      | $8937.50      | 0.02%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Ascot Group Limited                                                                    | ASCOTG 4.25 12/15/30 144A                         | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |     65000 | PA      | $60458.79     | 0.10%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                                           | PEMEX 6.35 02/12/48                               | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     29000 | PA      | $22163.25     | 0.04%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                    | D V6.2 02/15/56                                   | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29736.13     | 0.05%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                                                              | ARAMCO 5.25 07/17/34 144A                         | CUSIP: 80414L2N4<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     40000 | PA      | $39741.60     | 0.07%             | 2034-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                                                        | BAMCN 5.795 04/24/35                              | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $35662.16     | 0.06%             | 2035-04-24      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                                                                  | PETMK 5.848 04/03/55 144A                         | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     18000 | PA      | $18415.44     | 0.03%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN AA4418                                         | CUSIP: 31416M4C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2156 | PA      | $2133.60      | 0.00%             | 2039-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hermes International                                                                   | Hermes International ADR                          | CUSIP: 42751Q105<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |      1589 | NS      | $301449.19    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                                                           | Exponent Inc COM                                  | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      1684 | NS      | $109881.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Inc                                                                | BAH 5.95 08/04/33                                 | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25512.75     | 0.04%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Sumitomo Life Insurance Co.                                                            | SUMILF V5.875 09/10/55 144A                       | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $48921.45     | 0.08%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LSEG US Finance Corp                                                                   | LSELN 5.25 03/23/36 144A                          | CUSIP: 50222CAF7<br>LEI: 2138007FV67QQ13CGJ43 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24754.49     | 0.04%             | 2036-03-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                  | FN MA4805                                         | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110116 | PA      | $106707.75    | 0.18%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                                            | The Progressive Corporation COM                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      2373 | NS      | $470423.52    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                            | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -1 | NC      | $-785.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                                                            | Datadog Inc CL A COM                              | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      2874 | NS      | $339275.70    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc.                                                            | MIZUHO 2.564 09/13/31                             | CUSIP: 60687YBU2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |     40000 | PA      | $35233.66     | 0.06%             | 2031-09-13      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                             | OXY 6.2 03/15/40                                  | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35746.69     | 0.06%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FA1728                                         | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    207551 | PA      | $212440.65    | 0.36%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                   | POLAND 5.125 09/18/34 10Y                         | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      7000 | PA      | $7014.00      | 0.01%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AJ Bell PLC                                                                            | AJ Bell PLC ORD GBP0.000125                       | CUSIP: 000000000<br>LEI: 213800VNKA7DPWXWJJ36 | Long             | EC               | CORP              | GB        |     81396 | NS      | $509469.52    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                                                               | Comfort Systems USA Inc. COM                      | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       332 | NS      | $457824.68    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                                                                      | DINO 6.25 01/15/35                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36138.43     | 0.06%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KARMAN HOLDINGS INC                                                                    | Karman Holdings Inc. COMMON STOCK                 | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4636 | NS      | $371111.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS LLC                                                   | Bright Horizons Family Solutions Inc Del COM      | CUSIP: 109194100<br>LEI: 254900BHOU40CFNXWQ75 | Long             | EC               | CORP              | US        |      2365 | NS      | $194237.45    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Peru (Republic Of)                                                                     | PERU 5.375 02/08/35                               | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     25000 | PA      | $24937.50     | 0.04%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nokia Corp                                                                             | NOKIA 6.625 05/15/39                              | CUSIP: 654902AC9<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |     15000 | PA      | $15707.19     | 0.03%             | 2039-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Omnis Funding Trust                                                                    | RGA 6.722 05/15/55                                | CUSIP: 68218WAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40436.93     | 0.07%             | 2055-05-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                    | NEE V6.5 08/15/55 .                               | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56755.88     | 0.10%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                          | WMB 5.15 03/15/34                                 | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40051.34     | 0.07%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN AA4434                                         | CUSIP: 31416M4U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1704 | PA      | $1722.26      | 0.00%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bayport Polymers LLC                                                                   | BRLS 5.14 04/14/32 144A                           | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64329.75     | 0.11%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                            | COF V2.359 07/29/32                               | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     32000 | PA      | $27586.87     | 0.05%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN CB6857                                         | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97121 | PA      | $94049.91     | 0.16%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                           | ORCL 5.55 02/06/53                                | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     27000 | PA      | $21542.25     | 0.04%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                           | AVOL 5.75 11/15/29 144A                           | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $35805.35     | 0.06%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL DISPLAY CORP                                                                 | Universal Display Corp. COM                       | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1827 | NS      | $167462.82    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                         | C V3.98 03/20/30                                  | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     56000 | PA      | $55096.18     | 0.09%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD8492                                         | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    260131 | PA      | $256739.65    | 0.44%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 940524                                         | CUSIP: 31413BLD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3749 | PA      | $3863.76      | 0.01%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                  | Uber Technologies Inc COM                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4972 | NS      | $357635.96    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                                                           | UBS V7 PERP 144                                   | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     35000 | PA      | $33835.22     | 0.06%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                                              | MSCI 3.625 09/01/30 144A                          | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     77000 | PA      | $72780.25     | 0.12%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPERATING CO LLC                                                    | CPGX 5.439 02/15/35 144A                          | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25353.64     | 0.04%             | 2035-02-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP/DRAWBRIDGE SPECIAL OPPORTUNITIES FINANCE CORP | DRAWBR 5.95 09/17/30 144A                         | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $37560.18     | 0.06%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 914724                                         | CUSIP: 31411UG96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1060 | PA      | $1090.63      | 0.00%             | 2037-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPERATING CO LLC                                                    | CPGX 6.036 11/15/33 144A                          | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $23180.64     | 0.04%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                                 | FANG 5.9 04/18/64                                 | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56774.32     | 0.10%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Danaher Corporation                                                                    | Danaher Corporation COM                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1449 | NS      | $274730.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Debt Solutions BDC                                                              | APODS 5.875 08/30/30                              | CUSIP: 03770DAK9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24606.69     | 0.04%             | 2030-08-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LPL Financial Holdings Inc.                                                            | LPL Financial Holdings Inc. COM                   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       749 | NS      | $225321.67    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD8383                                         | CUSIP: 3132DWJ46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    154094 | PA      | $155090.71    | 0.26%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citadel Finance LLC                                                                    | CITADL 5.15 02/14/31 144A                         | CUSIP: 17287HAF7<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9764.66      | 0.02%             | 2031-02-14      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD8309                                         | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64759 | PA      | $66356.38     | 0.11%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                   | GLENLN 2.85 04/27/31 144A                         | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     56000 | PA      | $50969.78     | 0.09%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                                | KEY V4.789 06/01/33 MTN                           | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38111.07     | 0.07%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| KLA Corp.                                                                              | KLA Corp. COM NEW                                 | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       261 | NS      | $384299.01    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 994322                                         | CUSIP: 31416ASK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       733 | PA      | $749.45       | 0.00%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                      | PNC V5.575 01/29/36                               | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30627.15     | 0.05%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                         | BLK 5.25 03/14/54                                 | CUSIP: 09290DAC5<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |     53000 | PA      | $49300.30     | 0.08%             | 2054-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc.                                                              | Lennox International Inc. COM                     | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       406 | NS      | $188436.78    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                           | T 1.375 08/15/50                                  | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    595000 | PA      | $290945.71    | 0.50%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Chemed Corporation                                                                     | Chemed Corporation COM                            | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       121 | NS      | $45706.54     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                           | T 1.25 05/15/50                                   | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1590000 | PA      | $754566.79    | 1.29%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                                              | KSA 4.5 10/26/46 144A                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     15000 | PA      | $12153.75     | 0.02%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                                 | Fair Isaac Corporation COM                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       471 | NS      | $502811.34    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| JSC National Company KazMunayGas                                                       | KZOKZ 5.75 04/19/47 144A                          | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     11000 | PA      | $10191.94     | 0.02%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                                                                             | Watsco Inc COM                                    | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |       552 | NS      | $200812.08    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                                           | BRAZIL 6 10/20/33                                 | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     22000 | PA      | $22016.50     | 0.04%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                              | PHILIP 4.75 03/05/35                              | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     18000 | PA      | $17280.00     | 0.03%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Zebra Technologies Corporation                                                         | Zebra Technologies Corporation CL A               | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       693 | NS      | $144892.44    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                                                    | ALLY 8 11/01/31 *                                 | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $44353.08     | 0.08%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                                                          | Allegro.eu SA PLN0.01                             | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |     29294 | NS      | $210271.38    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                                                            | Shopify Inc CL A SUB VTG SHS                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      4958 | NS      | $588117.96    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHUI GUJING DISTILLERY CO LTD                                                         | Anhui Gujing Distillery Co Ltd. 'B'CNY1           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5000 | NS      | $44766.04     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands Finance Plc                                                            | IMBLN 5.875 07/01/34 144A                         | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $35998.59     | 0.06%             | 2034-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 835144                                         | CUSIP: 31407MZH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5597 | PA      | $5648.59      | 0.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                                                              | ELSALV 8.625 02/28/29 144A                        | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      9000 | PA      | $9391.50      | 0.02%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                                    | KENINT 9.5 03/05/36 144A                          | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      7000 | PA      | $6813.10      | 0.01%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Virtus Managed Account Completion Shares (MACS) Trust                                  | Virtus Newfleet High Yield MACS                   | CUSIP: 92839Q403<br>LEI: 254900FGQQEMGNJ19E23 | Long             | EC               | RF                | US        |    106884 | NS      | $1033571.49   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 254007                                         | CUSIP: 31371KDL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       360 | PA      | $371.76       | 0.00%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kingdom Of Bahrain Acting Through Ministry Of Finance (The)                            | BHRAIN 7.1 02/03/38 144A                          | CUSIP: 056909AB0<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | CORP              | BH        |     19000 | PA      | $17813.17     | 0.03%             | 2038-02-03      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Arm Holdings PLC                                                                       | Arm Holdings PLC SPONSORED ADS                    | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      2264 | NS      | $342497.92    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 975097                                         | CUSIP: 31414SX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3987 | PA      | $4029.44      | 0.01%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                           | Marriott International, Inc. CL A                 | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1587 | NS      | $519060.09    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                           | ORCL 3.85 04/01/60                                | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $17654.22     | 0.03%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                                | BKH 6.15 05/15/34                                 | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42053.66     | 0.07%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| AUGUSTA SPINCO CORP                                                                    | WAT 5.245 03/23/36                                | CUSIP: 051473AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15003.60     | 0.03%             | 2036-03-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                            | COF V6.377 06/08/34                               | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10538.62     | 0.02%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Siteone Landscape Supply Inc                                                           | Siteone Landscape Supply Inc COM                  | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      1115 | NS      | $148417.65    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Pertamina (Persero)                                                                 | PERTIJ 6.45 05/30/44 144A                         | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     40000 | PA      | $40400.00     | 0.07%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc.                                                                | Intuitive Surgical Inc. COM NEW                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       783 | NS      | $360955.17    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HAW Par Corp Ltd                                                                       | HAW Par Corp Ltd NPV(SINGAPORE REG)               | CUSIP: 000000000<br>LEI: 254900579AKHEY30PA63 | Long             | EC               | CORP              | SG        |     52600 | NS      | $695711.98    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Sprint Capital Corporation                                                             | S 8.75 03/15/32                                   | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     40000 | PA      | $47562.80     | 0.08%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 929637                                         | CUSIP: 31412MZA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       837 | PA      | $860.25       | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                                                        | Knorr-Bremse AG NPV                               | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |      2498 | NS      | $285400.96    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Riken Keiki Co Ltd                                                                     | Riken Keiki Co Ltd NPV                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13900 | NS      | $264409.11    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro CoLtd                                                                         | Monotaro CoLtd NPV                                | CUSIP: 000000000<br>LEI: 5299005JUER5ANXWTC33 | Long             | EC               | CORP              | JP        |     24400 | NS      | $264484.29    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS 6.45 05/01/36                                  | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     24000 | PA      | $25382.23     | 0.04%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V5.065 01/21/37                                | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1955.34      | 0.00%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Interactive Brokers Group Inc                                                          | Interactive Brokers Group Inc COM CL A            | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      5261 | NS      | $352855.27    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                         | FDX 5.25 03/15/36 144A                            | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33862.11     | 0.06%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citadel Finance LLC                                                                    | CITADL 4.75 02/14/29 144A                         | CUSIP: 17287HAE0<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24494.62     | 0.04%             | 2029-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dick's Sporting Goods, Inc.                                                            | DKS 4.1 01/15/52                                  | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |     80000 | PA      | $56663.15     | 0.10%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.                                                          | ATDBCN 5.077 09/29/35 144A                        | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49484.07     | 0.08%             | 2035-09-29      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                         | BCRED 6 01/29/32                                  | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48488.92     | 0.08%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                             | SOAF 5.875 06/22/30 12Y                           | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     15000 | PA      | $15142.50     | 0.03%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| W.R. Berkley Corporation                                                               | W.R. Berkley Corporation COM                      | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      4762 | NS      | $315625.36    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                        | FR SD5856                                         | CUSIP: 3132DTQH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    299045 | PA      | $274404.58    | 0.47%             | 2054-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                                                                    | OMAN 6.25 01/25/31 144A                           | CUSIP: 68205LAS2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     25000 | PA      | $26068.75     | 0.04%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                                       | DB V5.403 09/11/35                                | CUSIP: 251526CY3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $54719.89     | 0.09%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| HAITIAN INTERNATIONAL HOLDINGS LTD                                                     | Haitian International Holdings Limited HKD0.10    | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | KY        |    138503 | NS      | $359890.12    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Virtus Managed Account Completion Shares (MACS) Trust                                  | Virtus Newfleet Floating Rate MACS                | CUSIP: 92839Q304<br>LEI: 254900KZEW1HA1768U33 | Long             | EC               | RF                | US        |    105954 | NS      | $1015039.34   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                                                           | IT 3.75 10/01/30 144A                             | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63650.17     | 0.11%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 11/30/26                                   | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200666.02    | 0.34%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                                                     | EOG 5.35 01/15/36                                 | CUSIP: 26875PAZ4<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15222.37     | 0.03%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Ooh Media Ltd.                                                                         | Ooh Media Ltd. NPV                                | CUSIP: 000000000<br>LEI: 984500D581E7E7A88078 | Long             | EC               | CORP              | AU        |    357540 | NS      | $234833.74    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                          | Netflix, Inc. COM                                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      4900 | NS      | $471135.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                                               | FG 6.5 06/04/29                                   | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45188.05     | 0.08%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dentsply Sirona Inc                                                                    | XRAY 3.25 06/01/30                                | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     59000 | PA      | $54339.10     | 0.09%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                               | ICLR 6 05/08/34                                   | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |     50000 | PA      | $50649.99     | 0.09%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                  | BAC V2.687 04/22/32                               | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24467.90     | 0.04%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Virtus Variable Insurance Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer