# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-23-044751
**Filing Date:** 2023-2
**Character Count:** 259623
**Document Hash:** 0fdb2a21e5ef9aaedff4275eb61a9ac5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044751.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044751

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Strategy Trust
- **CENTRAL INDEX KEY:** 0001423227
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 23679971

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Allianz Funds Multi-Strategy Trust
- **DATE OF NAME CHANGE:** 20080109

## Series and Classes Contracts Data

### Virtus Global Allocation Fund (Series ID: S000025374)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000075793 | Class C              | PALCX           |
| C000075795 | Class P              | AGAPX           |
| C000075797 | Institutional Class  | PALLX           |
| C000075798 | Administrative Class | AGAMX           |
| C000075799 | Class A              | PALAX           |
| C000160541 | Class R6             | AGASX           |

## Nport-Ex

#### VIRTUS Global Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—6.5%** | **U.S. Government Securities—6.5%** | **U.S. Government Securities—6.5%** |
| Tennessee Valley Authority<br> 1.500%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;$1450 | $1138 |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2546 | &nbsp;&nbsp;&nbsp; 2232 |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4339 | &nbsp;&nbsp;&nbsp; 3017 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;2.625%, 5/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp;&nbsp; 4737 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3799 | &nbsp;&nbsp;&nbsp; 3501 |
| **Total U.S. Government Securities<br> (Identified Cost $16,750)** | **Total U.S. Government Securities<br> (Identified Cost $16,750)** | &nbsp;&nbsp;&nbsp;&nbsp; **15003** |
| **Foreign Government Securities—2.1%** | **Foreign Government Securities—2.1%** | **Foreign Government Securities—2.1%** |
| Australia Government Bond RegS<br> 2.750%, <sup>(1)</sup> | &nbsp;&nbsp; 5000<sup>AUD</sup> | &nbsp;&nbsp;&nbsp; 2711 |
| Japan Government Thirty Year Bond<br> 1.400%, | &nbsp;&nbsp;&nbsp; 300000<sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 2185 |
| **Total Foreign Government Securities<br> (Identified Cost $5,002)** | **Total Foreign Government Securities<br> (Identified Cost $5,002)** | &nbsp;&nbsp;&nbsp;&nbsp; **4896** |
| **Mortgage-Backed Securities—8.4%** | **Mortgage-Backed Securities—8.4%** | **Mortgage-Backed Securities—8.4%** |
| **Agency—7.4%** | **Agency—7.4%** |  |
| Federal Home Loan Mortgage Multiclass Certificates 2021-P009, A2<br> 1.878%, 1/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp; 762 |
| Federal National Mortgage Association ACES |  |  |
| &nbsp;&nbsp;&nbsp;2021-M1S, A2<br> 1.383%, 12/25/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1590 |
| &nbsp;&nbsp;&nbsp;2021-M3G, A2<br> 1.246%, 1/25/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp;2021-M2G, A2<br> 1.376%, 3/25/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 787 |
| &nbsp;&nbsp;&nbsp;2021-M2S, A2<br> 1.807%, 10/25/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 808 |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #78446<br> 3.000%, 2/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp;Pool #784648<br> 3.000%, 11/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1586 | &nbsp;&nbsp;&nbsp; 1426 |
| &nbsp;&nbsp;&nbsp;Pool #BV0838<br> 2.500%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4470 | &nbsp;&nbsp;&nbsp; 3785 |
| &nbsp;&nbsp;&nbsp;Pool #MA6985<br> 2.000%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;Pool #MA7366<br> 2.000%, 5/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858 | &nbsp;&nbsp;&nbsp; 1565 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #CK8204<br> 3.000%, 2/20/52 | $4796 | $4245 |
|  |  | &nbsp;&nbsp;&nbsp; 17201 |
| **Non-Agency—1.0%** | **Non-Agency—1.0%** |  |
| Grace Trust 2020-GRCE, A 144A<br> 2.347%, 12/10/40<sup>(3)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 958 |
| One Bryant Park Trust 2019-OBP, A 144A<br> 2.516%, 9/15/54<sup>(3)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1228 |
|  |  | &nbsp;&nbsp;&nbsp; 2186 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $23,778)** | **Total Mortgage-Backed Securities<br> (Identified Cost $23,778)** | &nbsp;&nbsp;&nbsp;&nbsp; **19387** |
| **Asset-Backed Securities—6.4%** | **Asset-Backed Securities—6.4%** | **Asset-Backed Securities—6.4%** |
| **Agency—2.9%** | **Agency—2.9%** |  |
| United States Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;2017-20E, 1<br> 2.880%, 5/1/37 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp;2020-20G, 1<br> 1.030%, 7/1/40 | &nbsp;&nbsp; 1938 | &nbsp;&nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp;2020-25L, 1<br> 1.210%, 12/1/45 | &nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp;2021-25A, 1<br> 1.280%, 1/1/46 | &nbsp;&nbsp; 2841 | &nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp;2021-25B, 1<br> 1.340%, 2/1/46 | &nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp;2021-25I, 1<br> 1.560%, 9/1/46 | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 191 |
|  |  | &nbsp;&nbsp;&nbsp; 6615 |
| **Automobiles—1.0%** | **Automobiles—1.0%** |  |
| Ally Auto Receivables Trust 2019-4, A3<br> 1.840%, 6/17/24 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 45 |
| CarMax Auto Owner Trust 2020-2, A3<br> 1.700%, 11/15/24 | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 193 |
| GM Financial Automobile Leasing Trust 2021-2, A3<br> 0.340%, 5/20/24 | &nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 354 |
| Tesla Auto Lease Trust 2021-A, A3 144A<br> 0.560%, 3/20/25<sup>(3)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 727 |
| Toyota Auto Receivables Owner Trust 2021-B, A3<br> 0.260%, 11/17/25 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 961 |
|  |  | &nbsp;&nbsp;&nbsp; 2280 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Collateralized Loan Obligations—1.2%** | **Collateralized Loan Obligations—1.2%** |  |
| Flatiron CLO 17 Ltd. 2017-1A, AR (3 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A<br> 5.586%, 5/15/30<sup>(2)(3)</sup> | $1670 | $1644 |
| Venture 42 CLO Ltd. 2021-42A, A1A (3 month LIBOR + 1.130%, Cap N/A, Floor 1.130%) 144A<br> 5.209%, 4/15/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp; 1173 |
|  |  | &nbsp;&nbsp;&nbsp; 2817 |
| **Consumer Loans—0.6%** | **Consumer Loans—0.6%** |  |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A1 144A<br> 1.550%, 6/16/36<sup>(3)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;2022-S1, A 144A<br> 4.130%, 5/14/35<sup>(3)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 943 |
|  |  | &nbsp;&nbsp;&nbsp; 1368 |
| **Credit Card—0.4%** | **Credit Card—0.4%** |  |
| Citibank Credit Card Issuance Trust 2018-A2, A2 (1 month LIBOR + 0.330%)<br> 4.683%, 1/20/25<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1000 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| Dell Equipment Finance Trust 2021-2, A3 144A<br> 0.530%, 12/22/26<sup>(3)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 316 |
| **Other—0.2%** | **Other—0.2%** |  |
| Verizon Master Trust 2021-1, A<br> 0.500%, 5/20/27 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 470 |
| **Total Asset-Backed Securities<br> (Identified Cost $16,761)** | **Total Asset-Backed Securities<br> (Identified Cost $16,761)** | &nbsp;&nbsp;&nbsp;&nbsp; **14866** |
| **Corporate Bonds and Notes—15.0%** | **Corporate Bonds and Notes—15.0%** | **Corporate Bonds and Notes—15.0%** |
| **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |  |
| BAE Systems plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.400%, 4/15/30<sup>(3)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;144A 1.900%, 2/15/31<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 155 |
|  |  | &nbsp;&nbsp;&nbsp; 181 |
| **Airlines—0.5%** | **Airlines—0.5%** |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 7/15/25<sup>(3)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 92 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Airlines—continued** | **Airlines—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/20/26<sup>(3)</sup> | $150 | $144 |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/1/25<sup>(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 10/20/28<sup>(3)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 106 |
| Mileage Plus Holdings LLC 144A<br> 6.500%, 6/20/27<sup>(3)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 430 |
| United Airlines, Inc. 144A<br> 4.625%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 175 |
|  |  | &nbsp;&nbsp; 1208 |
| **Auto Manufacturers—0.4%** | **Auto Manufacturers—0.4%** |  |
| Ford Motor Credit Co. LLC<br> 4.687%, 6/9/25 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 205 |
| General Motors Co.<br> 5.150%, 4/1/38 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 250 |
| Mercedes-Benz Finance North America LLC 144A<br> 5.375%, 11/26/25<sup>(3)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 402 |
|  |  | &nbsp;&nbsp; 857 |
| **Banks—4.2%** | **Banks—4.2%** |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.456%, 10/22/25 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;2.972%, 2/4/33 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;Series RR<br> 4.375%<sup>(4)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 216 |
| BNP Paribas S.A. 144A<br> 1.675%, 6/30/27<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 174 |
| Citigroup, Inc.<br> 1.281%, 11/3/25 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1014 |
| Cooperatieve Rabobank UA 144A<br> 1.106%, 2/24/27<sup>(3)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 655 |
| Credit Suisse Group AG 144A<br> 1.305%, 2/2/27<sup>(3)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 399 |
| Deutsche Bank AG<br> 6.000% <sup>(4)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 339 |
| Goldman Sachs Group, Inc. (The)<br> 0.855%, 2/12/26 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 298 |
| Huntington Capital Trust I (3 month LIBOR + 0.700%)<br> 5.115%, 2/1/27<sup>(2)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 198 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.328%, 4/22/52 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;Series U (3 month LIBOR + 0.950%)<br> 5.410%, 2/2/37<sup>(2)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 427 |
| Kreditanstalt fuer Wiederaufbau<br> 1.000%, 10/1/26 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1777 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.210%, 4/20/28 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 238 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| &nbsp;&nbsp;&nbsp;Series I<br> 0.864%, 10/21/25 | $560 | $514 |
| NatWest Group plc<br> 2.359%, 5/22/24 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 429 |
| PNC Financial Services Group, Inc. (The) Series U<br> 6.000% <sup>(4)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 226 |
| Popular, Inc.<br> 6.125%, 9/14/23 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 337 |
| Sumitomo Mitsui Financial Group, Inc.<br> 0.508%, 1/12/24 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 408 |
| SVB Financial Group Series E<br> 4.700% <sup>(4)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 132 |
| Truist Financial Corp.<br> 1.267%, 3/2/27 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 354 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.879%, 10/30/30 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;3.350%, 3/2/33 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 303 |
|  |  | &nbsp;&nbsp; 9751 |
| **Biotechnology—0.0%** | **Biotechnology—0.0%** |  |
| Amgen, Inc.<br> 3.000%, 2/22/29 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 73 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Air Products & Chemicals, Inc.<br> 2.800%, 5/15/50 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 98 |
| Braskem Netherlands Finance B.V. 144A<br> 4.500%, 1/10/28<sup>(3)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 219 |
|  |  | &nbsp;&nbsp; 317 |
| **Commercial Services—0.1%** | **Commercial Services—0.1%** |  |
| Massachusetts Institute of Technology<br> 5.600%, 7/1/2111 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 181 |
| **Computers—0.0%** | **Computers—0.0%** |  |
| Leidos, Inc.<br> 7.125%, 7/1/32 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33 |
| **Cosmetics & Personal Care—0.1%** | **Cosmetics & Personal Care—0.1%** |  |
| GSK Consumer Healthcare Capital U.S. LLC 144A<br> 3.375%, 3/24/27<sup>(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 233 |
| **Diversified Financial Services—0.9%** | **Diversified Financial Services—0.9%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 1/15/25 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 391 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, 5/3/29 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;8.150%, 3/19/38 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 131 |
| Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, 2/9/27 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 179 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Diversified Financial<br> Services—continued** | **Diversified Financial<br> Services—continued** |  |
| &nbsp;&nbsp;&nbsp;6.700%, 11/29/32 | $325 | $331 |
| Intercontinental Exchange, Inc.<br> 4.950%, 6/15/52 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 111 |
| Synchrony Financial<br> 4.375%, 3/19/24 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp; 2187 |
| **Electric Utilities—2.4%** | **Electric Utilities—2.4%** |  |
| American Transmission Systems, Inc. 144A<br> 2.650%, 1/15/32<sup>(3)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 84 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series C<br> 4.350%<sup>(4)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;Series C<br> 2.250%, 8/15/31 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 159 |
| DTE Electric Co. Series A<br> 4.050%, 5/15/48 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 12/1/29 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;2.400%, 12/15/31 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 204 |
| Duke Energy Progress LLC<br> 3.450%, 3/15/29 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 304 |
| Edison International Series B<br> 5.000% <sup>(4)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 207 |
| Enel Finance International N.V. 144A<br> 5.500%, 6/15/52<sup>(3)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 471 |
| Eversource Energy<br> 4.200%, 6/27/24 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 445 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, 6/1/37 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;144A 2.750%, 3/1/32<sup>(3)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 86 |
| MidAmerican Energy Co.<br> 4.250%, 7/15/49 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 |
| Narragansett Electric Co. (The) 144A<br> 5.638%, 3/15/40<sup>(3)</sup> | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 195 |
| New York State Electric & Gas Corp. 144A<br> 2.150%, 10/1/31<sup>(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 199 |
| Niagara Mohawk Power Corp. 144A<br> 1.960%, 6/27/30<sup>(3)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 190 |
| Northern States Power Co.<br> 4.500%, 6/1/52 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 625 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 12/15/41 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;4.950%, 7/1/50 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 167 |
| PacifiCorp. |  |  |
| &nbsp;&nbsp;&nbsp;2.900%, 6/15/52 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;5.350%, 12/1/53 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 643 |
| Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, 10/1/38 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electric Utilities—continued** | **Electric Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 4.150%, 4/15/25<sup>(3)</sup> | $327 | $314 |
| Southern California Edison Co.<br> 2.750%, 2/1/32 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 110 |
| Virginia Electric & Power Co. Series A<br> 3.800%, 4/1/28 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 137 |
| Wisconsin Public Service Corp.<br> 2.850%, 12/1/51 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 5544 |
| **Entertainment—0.2%** | **Entertainment—0.2%** |  |
| Warnermedia Holdings, Inc. 144A<br> 5.050%, 3/15/42<sup>(3)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 390 |
| **Equity Real Estate Investment Trusts<br> (REITs)—0.8%** | **Equity Real Estate Investment Trusts<br> (REITs)—0.8%** |  |
| Alexandria Real Estate Equities, Inc.<br> 2.950%, 3/15/34 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 446 |
| AvalonBay Communities, Inc.<br> 1.900%, 12/1/28 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 351 |
| Boston Properties LP<br> 3.400%, 6/21/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 431 |
| Invitation Homes Operating Partnership LP<br> 2.300%, 11/15/28 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 327 |
| Kimco Realty Corp.<br> 2.700%, 10/1/30 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 413 |
|  |  | &nbsp;&nbsp; 1968 |
| **Food & Beverage—0.2%** | **Food & Beverage—0.2%** |  |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, 7/18/32 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;2.875%, 10/15/49 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp; 520 |
| **Healthcare-Products—0.1%** | **Healthcare-Products—0.1%** |  |
| PerkinElmer, Inc.<br> 2.250%, 9/15/31 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 205 |
| **Healthcare-Services—0.1%** | **Healthcare-Services—0.1%** |  |
| Centene Corp.<br> 2.450%, 7/15/28 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 260 |
| **Insurance—0.7%** | **Insurance—0.7%** |  |
| Athene Global Funding 144A<br> 3.205%, 3/8/27<sup>(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 120 |
| Chubb INA Holdings, Inc.<br> 3.050%, 12/15/61 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 96 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Insurance—continued** | **Insurance—continued** |  |
| Corebridge Financial, Inc. 144A<br> 3.650%, 4/5/27<sup>(3)</sup> | $260 | $242 |
| Global Atlantic Fin Co. 144A<br> 3.125%, 6/15/31<sup>(3)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 554 |
| Massachusetts Mutual Life Insurance Co. 144A<br> 5.077%, 2/15/69<sup>(3)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 307 |
| Metropolitan Life Insurance Co. 144A<br> 7.800%, 11/1/25<sup>(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 229 |
| New York Life Insurance Co. 144A<br> 4.450%, 5/15/69<sup>(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 66 |
|  |  | &nbsp;&nbsp; 1614 |
| **Internet—0.2%** | **Internet—0.2%** |  |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 4/15/28 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/15/28 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 88 |
|  |  | &nbsp;&nbsp; 354 |
| **Media—0.2%** | **Media—0.2%** |  |
| Charter Communications Operating LLC<br> 5.375%, 4/1/38 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 121 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, 10/4/26 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/30/62 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp; 568 |
| **Miscellaneous Manufacturing—0.1%** | **Miscellaneous Manufacturing—0.1%** |  |
| Parker-Hannifin Corp.<br> 4.250%, 9/15/27 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 204 |
| **Multi-National—0.9%** | **Multi-National—0.9%** |  |
| International Bank for Reconstruction & Development (SOFR + 0.370%)<br> 4.473%, 2/11/31<sup>(2)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1983 |
| **Oil, Gas & Consumable Fuels—0.6%** | **Oil, Gas & Consumable Fuels—0.6%** |  |
| Aker BP ASA 144A<br> 3.100%, 7/15/31<sup>(3)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 217 |
| Boston Gas Co. 144A<br> 3.150%, 8/1/27<sup>(3)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 431 |
| BP Capital Markets America, Inc.<br> 3.060%, 6/17/41 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 83 |
| Continental Resources, Inc. 144A<br> 2.875%, 4/1/32<sup>(3)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 117 |
| EQT Corp. 144A<br> 3.125%, 5/15/26<sup>(3)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 340 |
| Hess Corp.<br> 7.125%, 3/15/33 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 194 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oil, Gas & Consumable<br> Fuels—continued** | **Oil, Gas & Consumable<br> Fuels—continued** |  |
| Petroleos Mexicanos<br> 6.700%, 2/16/32 | $67 | $53 |
|  |  | &nbsp;&nbsp; 1435 |
| **Paper & Forest Products—0.1%** | **Paper & Forest Products—0.1%** |  |
| Suzano Austria GmbH<br> 3.750%, 1/15/31 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 159 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |  |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, 3/25/28 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;2.700%, 8/21/40 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 197 |
|  |  | &nbsp;&nbsp; 281 |
| **Pipelines—0.6%** | **Pipelines—0.6%** |  |
| El Paso Natural Gas Co. LLC<br> 8.375%, 6/15/32 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 232 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 2/1/42 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(4)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 180 |
| NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.250%, 7/15/31<sup>(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;144A 7.768%, 12/15/37<sup>(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| Northern Natural Gas Co. 144A<br> 3.400%, 10/16/51<sup>(3)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 73 |
| Plains All American Pipeline LP Series B<br> 8.716% <sup>(2)(4)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 151 |
| Targa Resources Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 1/15/29 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;5.500%, 3/1/30 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 268 |
|  |  | &nbsp;&nbsp; 1332 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Lowe's Cos., Inc.<br> 4.250%, 4/1/52 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 119 |
| **Semiconductors—0.3%** | **Semiconductors—0.3%** |  |
| Broadcom, Inc. 144A<br> 3.137%, 11/15/35<sup>(3)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 277 |
| NXP B.V.<br> 2.500%, 5/11/31 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 520 |
|  |  | &nbsp;&nbsp; 797 |
| **Software—0.3%** | **Software—0.3%** |  |
| Autodesk, Inc.<br> 2.400%, 12/15/31 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 353 |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 11/15/42 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 230 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Software—continued** | **Software—continued** |  |
| &nbsp;&nbsp;&nbsp;2.525%, 6/1/50 | $170 | $112 |
|  |  | &nbsp;&nbsp;&nbsp; 695 |
| **Telecommunications—0.3%** | **Telecommunications—0.3%** |  |
| T-Mobile USA, Inc.<br> 3.875%, 4/15/30 | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 634 |
| **Transportation—0.2%** | **Transportation—0.2%** |  |
| GATX Corp.<br> 1.900%, 6/1/31 | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 424 |
| **Water Utilities—0.1%** | **Water Utilities—0.1%** |  |
| American Water Capital Corp.<br> 4.450%, 6/1/32 | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 273 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $39,452)** | **Total Corporate Bonds and Notes<br> (Identified Cost $39,452)** | &nbsp;&nbsp;&nbsp;&nbsp; **34780** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—12.9%** | **Common Stocks—12.9%** | **Common Stocks—12.9%** |
| **Auto Components—0.0%** | **Auto Components—0.0%** |  |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp; 18 |
| NGK Spark Plug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp; 35 |
| **Banks—0.9%** | **Banks—0.9%** |  |
| AMMB Holdings Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp; 54 |
| Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472 | &nbsp;&nbsp; 58 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp; 77 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;880800 | &nbsp;&nbsp; 562 |
| Bank of China Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 144 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47448 | &nbsp;&nbsp; 90 |
| China Construction Bank Corp. Class H | &nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp; 96 |
| CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp; 87 |
| HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803 | &nbsp;&nbsp; 397 |
| ICICI Bank Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp; 48 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp; 129 |
| Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 15 |
| Postal Savings Bank of China Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp; 41 |
| RHB Bank Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp; 52 |
| Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 73 |
| Tisco Financial Group PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp; 32 |
| Yapi ve Kredi Bankasi AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63545 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 1995 |
| **Beverages—0.2%** | **Beverages—0.2%** |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27811 | &nbsp;&nbsp; 101 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Beverages—continued** | **Beverages—continued** |  |
| Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | $134 |
| Coca-Cola Icecek AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 | &nbsp;&nbsp; 33 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp; 166 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 530 |
| **Biotechnology—0.9%** | **Biotechnology—0.9%** |  |
| 3SBio, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp; 25 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp; 590 |
| BioNTech SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp; 16 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp; 496 |
| Incyte Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp; 171 |
| Regeneron Pharmaceuticals, Inc. Registered shares<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp; 433 |
| Vertex Pharmaceuticals, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp; 380 |
|  |  | &nbsp;&nbsp; 2111 |
| **Capital Markets—0.0%** | **Capital Markets—0.0%** |  |
| TMX Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp; 51 |
| **Chemicals—0.6%** | **Chemicals—0.6%** |  |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp; 336 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp; 286 |
| Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 45 |
| Fufeng Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 49 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp; 257 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 29 |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361 | &nbsp;&nbsp; 268 |
|  |  | &nbsp;&nbsp; 1270 |
| **Commercial Services &<br> Supplies—0.1%** | **Commercial Services &<br> Supplies—0.1%** |  |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp; 164 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp; 172 |
|  |  | &nbsp;&nbsp; 336 |
| **Communications Equipment—0.2%** | **Communications Equipment—0.2%** |  |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543 | &nbsp;&nbsp; 312 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp; 71 |
| Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 411 |
| **Construction & Engineering—0.0%** | **Construction & Engineering—0.0%** |  |
| Ackermans & van Haaren N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp; 60 |
| **Diversified Financial Services—0.1%** | **Diversified Financial Services—0.1%** |  |
| Berkshire Hathaway, Inc. Class B<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp; 153 |
| Plus500 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp; 27 |
| Yuanta Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30900 | &nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp; 202 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Telecommunication<br> Services—0.5%** | **Diversified Telecommunication<br> Services—0.5%** |  |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455 | $119 |
| Deutsche Telekom AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15201 | &nbsp;&nbsp; 303 |
| Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp; 119 |
| Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20862 | &nbsp;&nbsp; 64 |
| KT Corp. Sponsored ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp; 45 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 | &nbsp;&nbsp; 281 |
| NOS SGPS S.A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 | &nbsp;&nbsp; 27 |
| Orange S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16269 | &nbsp;&nbsp; 162 |
| Swisscom AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp; 72 |
| Telefonica Deutschland Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30022 | &nbsp;&nbsp; 74 |
|  |  | &nbsp;&nbsp; 1266 |
| **Electric Utilities—0.4%** | **Electric Utilities—0.4%** |  |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp; 196 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp; 217 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp; 91 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 84 |
| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | &nbsp;&nbsp; 51 |
| Iberdrola S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp; 39 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp; 259 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp; 77 |
|  |  | &nbsp;&nbsp; 1014 |
| **Electrical Equipment—0.4%** | **Electrical Equipment—0.4%** |  |
| Bloom Energy Corp. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608 | &nbsp;&nbsp; 241 |
| Generac Holdings, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp; 106 |
| Plug Power, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11343 | &nbsp;&nbsp; 140 |
| Sunrun, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149 | &nbsp;&nbsp; 148 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp; 294 |
|  |  | &nbsp;&nbsp; 929 |
| **Electronic Equipment, Instruments &<br> Components—0.2%** | **Electronic Equipment, Instruments &<br> Components—0.2%** |  |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp; 55 |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp; 307 |
| Keysight Technologies, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp; 103 |
| Landis+Gyr Group AG<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 497 |
| **Energy Equipment & Services—0.3%** | **Energy Equipment & Services—0.3%** |  |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8120 | &nbsp;&nbsp; 240 |
| Schlumberger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6416 | &nbsp;&nbsp; 343 |
|  |  | &nbsp;&nbsp; 583 |
| **Entertainment—0.1%** | **Entertainment—0.1%** |  |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp; 98 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Entertainment—continued** | **Entertainment—continued** |  |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | $28 |
| Take-Two Interactive Software, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp; 56 |
|  |  | &nbsp;&nbsp; 182 |
| **Equity Real Estate Investment—0.0%** | **Equity Real Estate Investment—0.0%** |  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp; 59 |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 101 |
| **Food & Staples Retailing—0.4%** | **Food & Staples Retailing—0.4%** |  |
| Carrefour S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp; 38 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp; 163 |
| Kesko Oyj Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp; 57 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | &nbsp;&nbsp; 186 |
| Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp; 158 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp; 31 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 | &nbsp;&nbsp; 311 |
|  |  | &nbsp;&nbsp; 944 |
| **Food Products—1.3%** | **Food Products—1.3%** |  |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp; 55 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17194 | &nbsp;&nbsp; 665 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp; 57 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9677 | &nbsp;&nbsp; 811 |
| Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017 | &nbsp;&nbsp; 699 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp; 37 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 | &nbsp;&nbsp; 148 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp; 38 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 82 |
| Mondelez International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 133 |
| Nestle S.A. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp; 199 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 56 |
| PPB Group Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp; 25 |
| Sino Grandness Food Industry Group Ltd.<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77400 | &nbsp;&nbsp; — |
| Thai Union Group PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp; 18 |
| Wilmar International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 3050 |
| **Gas Utilities—0.2%** | **Gas Utilities—0.2%** |  |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp; 49 |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp; 114 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 256 |
|  |  | &nbsp;&nbsp; 419 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare Equipment &<br> Supplies—0.2%** | **Healthcare Equipment &<br> Supplies—0.2%** |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 | $180 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp; 66 |
| QuidelOrtho Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp; 52 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 369 |
| **Healthcare Providers &<br> Services—0.6%** | **Healthcare Providers &<br> Services—0.6%** |  |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp; 788 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp; 30 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp; 28 |
| Galenica AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp; 50 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp; 133 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp; 28 |
| Premier, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp; 50 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp; 75 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 1311 |
| **Hotels, Restaurants & Leisure—0.1%** | **Hotels, Restaurants & Leisure—0.1%** |  |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp; 130 |
| **Household Durables—0.0%** | **Household Durables—0.0%** |  |
| Haseko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 34 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp; 57 |
|  |  | &nbsp;&nbsp; 91 |
| **Independent Power Producers &<br> Energy Traders—0.1%** | **Independent Power Producers &<br> Energy Traders—0.1%** |  |
| Concord New Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 35 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 19 |
| Sunnova Energy International, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8486 | &nbsp;&nbsp; 153 |
|  |  | &nbsp;&nbsp; 207 |
| **Insurance—0.4%** | **Insurance—0.4%** |  |
| Assicurazioni Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp; 55 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp; 371 |
| DB Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp; 56 |
| F&G Annuities & Life, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp; 1 |
| Genworth Financial, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10649 | &nbsp;&nbsp; 56 |
| Hyundai Marine & Fire Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp; 46 |
| Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp; 106 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp; 83 |
| Samsung Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp; 65 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance—continued** | **Insurance—continued** |  |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $50 |
|  |  | &nbsp;&nbsp; 889 |
| **Interactive Media & Services—0.0%** | **Interactive Media & Services—0.0%** |  |
| Alphabet, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp; 91 |
| **Internet & Direct Marketing<br> Retail—0.0%** | **Internet & Direct Marketing<br> Retail—0.0%** |  |
| Amazon.com, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp; 37 |
| **IT Services—0.4%** | **IT Services—0.4%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp; 86 |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp; 51 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp; 112 |
| Digital China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp; 16 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp; 269 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp; 224 |
| VeriSign, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp; 81 |
|  |  | &nbsp;&nbsp; 839 |
| **Life Sciences Tools &<br> Services—0.1%** | **Life Sciences Tools &<br> Services—0.1%** |  |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp; 191 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp; 90 |
|  |  | &nbsp;&nbsp; 281 |
| **Machinery—0.1%** | **Machinery—0.1%** |  |
| Chart Industries, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp; 184 |
| **Marine—0.1%** | **Marine—0.1%** |  |
| Kuehne + Nagel International AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp; 118 |
| **Metals & Mining—0.3%** | **Metals & Mining—0.3%** |  |
| Dundee Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp; 41 |
| First Quantum Minerals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989 | &nbsp;&nbsp; 188 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp; 156 |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30276 | &nbsp;&nbsp; 226 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp; 62 |
|  |  | &nbsp;&nbsp; 673 |
| **Multiline Retail—0.0%** | **Multiline Retail—0.0%** |  |
| Takashimaya Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 70 |
| **Multi-Utilities—0.4%** | **Multi-Utilities—0.4%** |  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp; 96 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp; 112 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp; 174 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp; 156 |
| National Grid plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585 | &nbsp;&nbsp; 92 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp; 58 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities—continued** | **Multi-Utilities—continued** |  |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697 | $159 |
|  |  | &nbsp;&nbsp; 847 |
| **Oil, Gas & Consumable Fuels—0.3%** | **Oil, Gas & Consumable Fuels—0.3%** |  |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp; 276 |
| Cosmo Energy Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 16 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp; 32 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | &nbsp;&nbsp; 299 |
|  |  | &nbsp;&nbsp; 623 |
| **Pharmaceuticals—1.1%** | **Pharmaceuticals—1.1%** |  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp; 154 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp; 306 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp; 208 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp; 943 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp; 58 |
| Novartis AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp; 154 |
| Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp; 95 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 122 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp; 206 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp; 192 |
| Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp; 117 |
|  |  | &nbsp;&nbsp; 2555 |
| **Professional Services—0.0%** | **Professional Services—0.0%** |  |
| Booz Allen Hamilton Holding Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp; 91 |
| **Road & Rail—0.0%** | **Road & Rail—0.0%** |  |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp; 76 |
| **Semiconductors & Semiconductor<br> Equipment—0.4%** | **Semiconductors & Semiconductor<br> Equipment—0.4%** |  |
| ASE Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9862 | &nbsp;&nbsp; 62 |
| Enphase Energy, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 | &nbsp;&nbsp; 418 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp; 56 |
| SolarEdge Technologies, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp; 292 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp; 44 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor<br> Equipment—continued** | **Semiconductors & Semiconductor<br> Equipment—continued** |  |
| United Microelectronics Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | $73 |
|  |  | &nbsp;&nbsp; 945 |
| **Software—0.5%** | **Software—0.5%** |  |
| Cadence Design Systems, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863 | &nbsp;&nbsp; 460 |
| Descartes Systems Group, Inc. (The)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp; 51 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp; 82 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp; 228 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653 | &nbsp;&nbsp; 217 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp; 18 |
| Synopsys, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp; 86 |
|  |  | &nbsp;&nbsp; 1142 |
| **Specialty Retail—0.3%** | **Specialty Retail—0.3%** |  |
| AutoZone, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp; 188 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp; 212 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp; 37 |
| O'Reilly Automotive, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp; 221 |
| Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 60 |
|  |  | &nbsp;&nbsp; 718 |
| **Technology Hardware, Storage &<br> Peripherals—0.3%** | **Technology Hardware, Storage &<br> Peripherals—0.3%** |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp; 507 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp; 69 |
| Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp; 56 |
| Lite-On Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp; 81 |
|  |  | &nbsp;&nbsp; 713 |
| **Trading Companies &<br> Distributors—0.2%** | **Trading Companies &<br> Distributors—0.2%** |  |
| ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp; 186 |
| Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp; 109 |
| Nippon Steel Trading Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 35 |
| Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp; 65 |
| Solar A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp; 16 |
| Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp; 481 |
| **Transportation Infrastructure—0.0%** | **Transportation Infrastructure—0.0%** |  |
| Kamigumi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp; 45 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Wireless Telecommunication<br> Services—0.2%** | **Wireless Telecommunication<br> Services—0.2%** |  |
| Axiata Group Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68800 | $48 |
| KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp; 133 |
| SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp; 185 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33834 | &nbsp;&nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp;&nbsp; 435 |
| **Total Common Stocks<br> (Identified Cost $28,324)** | **Total Common Stocks<br> (Identified Cost $28,324)** | &nbsp;&nbsp;&nbsp;&nbsp; **29947** |
| **Affiliated Mutual Funds—23.1%** | **Affiliated Mutual Funds—23.1%** | **Affiliated Mutual Funds—23.1%** |
| Virtus NFJ Global Sustainability Fund Institutional Shares<sup>(7)(8)</sup> | 3287132 | &nbsp;&nbsp;&nbsp; 46579 |
| Virtus Duff & Phelps Water Fund Institutional Shares<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;387463 | &nbsp;&nbsp;&nbsp; 6780 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $65,431)** | **Total Affiliated Mutual Funds<br> (Identified Cost $65,431)** | &nbsp;&nbsp;&nbsp;&nbsp; **53359** |
| **Exchange-Traded Funds—5.0%** | **Exchange-Traded Funds—5.0%** | **Exchange-Traded Funds—5.0%** |
| iShares ESG Aware MSCI USA ETF<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82681 | &nbsp;&nbsp;&nbsp; 7007 |
| iShares Trust iShares ESG Aware MSCI EAFE ETF<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53959 | &nbsp;&nbsp;&nbsp; 3547 |
| iShares, Inc. iShares ESG Aware MSCI EM ETF<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36917 | &nbsp;&nbsp;&nbsp; 1110 |
| **Total Exchange-Traded Funds<br> (Identified Cost $13,316)** | **Total Exchange-Traded Funds<br> (Identified Cost $13,316)** | &nbsp;&nbsp;&nbsp;&nbsp; **11664** |
| **Total Long-Term Investments—79.4%<br> (Identified Cost $208,814)** | **Total Long-Term Investments—79.4%<br> (Identified Cost $208,814)** | &nbsp;&nbsp;&nbsp;&nbsp;**183902** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—14.3%** | **Short-Term Investment—14.3%** | **Short-Term Investment—14.3%** |
| **Money Market Mutual Fund—14.3%** | **Money Market Mutual Fund—14.3%** | **Money Market Mutual Fund—14.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(8)</sup> | 33181126 | $33181 |
| **Total Short-Term Investment<br> (Identified Cost $33,181)** | **Total Short-Term Investment<br> (Identified Cost $33,181)** | &nbsp;&nbsp;&nbsp;&nbsp; **33181** |
| **TOTAL INVESTMENTS—93.7%<br> (Identified Cost $241,995)** | **TOTAL INVESTMENTS—93.7%<br> (Identified Cost $241,995)** | &nbsp;&nbsp;**$217083** |
| Other assets and liabilities, net—6.3% | Other assets and liabilities, net—6.3% | &nbsp;&nbsp;&nbsp;&nbsp; 14550 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$231633** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACES | Alternative Credit Enhancements Securities |
| ADR | American Depositary Receipt |
| BIST | Borsa Istanbul |
| BNP | BNP Paribas |
| BTP | Italian Buonie |
| CDX.NA.HY | Markit's North American High Yield CDX Index |
| CDX.NA.IG | Credit Default Swap Index North American Investment Grade |
| CLO | Collateralized Loan Obligation |
| DAX | Deutsche Boerse AG German Stock Index |
| DJ | Dow Jones |
| EAFE | Europe, Australasia and Far East |
| ETF | Exchange-Traded Fund |
| IBEX | Spanish Stock Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MIB | Milano Indice di Borsa |
| MSCI | Morgan Stanley Capital International |
| OAT | Obligations Assimilables du Trésor |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| AUD | Australian Dollar |
| JPY | Japanese Yen |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</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>(2)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $15,914 or 6.9% of net assets. |
| <sup>(4)</sup> | No contractual maturity date. |
| <sup>(5)</sup> | Non-income producing. |
| <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> | Affiliated company. |
| <sup>(8)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| ICE | Intercontinental Exchange |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;89% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts<br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| **Long Contracts:** |  |  |  |  |  |
| FTSE China Index Future | January 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;$314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| BIST 30 Index Future | February 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Bovespa Index Future | February 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 2 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
| 30 Year U.S. Treasury Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| 5 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
| Australian Dollar Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| DJ U.S. Real Estate Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |
| Euro Currency Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| FTSE 100 Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| FTSE/JSE Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
| Japanese Yen Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts<br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| MSCI EAFE Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;$13548 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(240) |
| MSCI Emerging Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |
| New Zealand Dollar Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| S&P 500<sup>®</sup> E-Mini Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1433) |
| SPI 200 Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| TOPIX Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| U.S. Treasury Ultra Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;$(2168) |
| **Short Contracts:** |  |  |  |  |  |
| IBEX 35 Index Future | January 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Australian Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Canadian Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Euro-Bund Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Japanese Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;(18842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.K. Gilt Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;(10780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.S. Treasury Ultra Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 3 Year Australian Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;(14543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| British Pound Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Canadian Dollar Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| DAX Mini Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Euro-BTP Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Euro-OAT Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| FTSE/MIB Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| S&P 500<sup>®</sup> E-Mini Index Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| S&P Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| XAP Consumer Staples Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp;$1269 | &nbsp;&nbsp;&nbsp;$(2171) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** |
| **Reference Entity** | **Payment<br> Frequency** | **Fixed<br> Rate** | **Expiration<br> Date** | **Notional<br> Amount<sup>(2)</sup>** | **Value** | **Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| CDX.NA.IG.38<sup>(3)</sup> | Quarterly ICE | 1.000% | 06/20/27 | $9700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Total** |  |  |  |  | $(102) | $(106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** | **Centrally cleared credit default swaps - sell protection<sup>(4)</sup> outstanding as of December 31, 2022 was as follows:** |
| **Reference Entity** | **Payment<br> Frequency** | **Fixed<br> Rate** | **Expiration<br> Date** | **Notional<br> Amount<sup>(2)</sup>** | **Value** | **Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| CDX.N.A..HY.38<sup>(5)</sup> | Quarterly ICE | 5.000% | 6/20/27 | $1089 | $22 | $(10) | $33 | $— |
| **Total** |  |  |  |  | $22 | $(10) | $33 | $— |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
| <sup>(2)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| <sup>(3)</sup> | Markit CDX.NA.IG Index, is comprised of one hundred twenty five (125) of the most liquid North American entities with investment grade credit ratings as published by Markit<sup>®</sup> from time to time. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022
($ reported in thousands)

---

| |
|:---|
| <sup>(4)</sup> |
| <sup>(5)</sup> CDX.NA.HY is composed of 100 liquid North American entities with high yield credit ratings as published by Markit<sup>®</sup> from time to time. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$216101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

<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 December 31, 2022.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

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

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

Debt instruments, including convertible bonds, and restricted securities, are valued based on evaluated 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 Adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22167

- **c. CIK number of Registrant:** 0001423227

- **d. LEI of Registrant:** 549300PO6JSVIR6RII57

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

  - **Street Address 1:** 101 MUNSON STREET

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Global Allocation Fund

- **b. EDGAR series identifier (if any):** S000025374

- **c. LEI of Series:** 549300TOJ076HUKPD274

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $231809496.48

**Total Liabilities:** $95829.92

**Net Assets:** $231713666.56

**Cash Not Reported:** $14114362.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -3478.00000000 | **10-Year:** -12204.00000000 | **30-Year:** -12918.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -23.00000000 | **5-Year:** 3350.00000000 | **10-Year:** -606.00000000 | **30-Year:** -15630.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075795 | 2.59%                | 7.36%                | -2.55%               |
| Class ID C000075799 | -3.09%               | 1.44%                | -8.01%               |
| Class ID C000160541 | 2.53%                | 7.40%                | -2.57%               |
| Class ID C000075793 | 1.43%                | 6.33%                | -3.60%               |
| Class ID C000075798 | 2.56%                | 7.38%                | -2.65%               |
| Class ID C000075797 | 2.46%                | 7.52%                | -2.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6596467.73             | $12203140.64                               |
| Month 2  | $-1184107.29             | $11924522.48                               |
| Month 3  | $-563374.04              | $-14827229.93                              |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ackermans & van Haaren NV                     | Ackermans & van Haaren NV                                                       | CUSIP: 000000000<br>LEI: 5493005E2GHATS0Z6J59 | Long             | EC               | CORP              | BE        |       351 | NS      | $60191.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3799000 | PA      | $3501015.94   | 1.51%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Repsol SA                                     | Repsol SA                                                                       | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |      2011 | NS      | $31967.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co Ltd                 | ASE Technology Holding Co Ltd                                                   | CUSIP: 00215W100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |      9862 | NS      | $61834.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fufeng Group Ltd                              | Fufeng Group Ltd                                                                | CUSIP: 000000000<br>LEI: 549300OQ91X6COVM4483 | Long             | EC               | CORP              | CN        |     80000 | NS      | $48683.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc                    | SolarEdge Technologies Inc                                                      | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |      1030 | NS      | $291768.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                              | QuidelOrtho Corp                                                                | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |       611 | NS      | $52344.37     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER-HANNIFIN CORP                          | Parker-Hannifin Corp                                                            | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    210000 | PA      | $203740.84    | 0.09%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                           | Suzano Austria GmbH                                                             | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    190000 | PA      | $158626.25    | 0.07%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Swisscom AG                                   | Swisscom AG                                                                     | CUSIP: 000000000<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |       132 | NS      | $72320.55     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG                        | Credit Suisse Group AG                                                          | CUSIP: 225401AT5<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $399341.72    | 0.17%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                      | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $153209.61    | 0.07%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                  | Centene Corp                                                                    | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    308000 | PA      | $259967.40    | 0.11%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                       | O'Reilly Automotive Inc                                                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       262 | NS      | $221135.86    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | ICE US MINI MSCI EAFE INDEX                                                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |       139 | NC      | $-240487.38   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                      | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    467000 | PA      | $391241.06    | 0.17%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Accenture PLC                                 | Accenture PLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       323 | NS      | $86189.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM Holdings Corp                        | FUJIFILM Holdings Corp                                                          | CUSIP: 000000000<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |      1379 | NS      | $69611.97     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust iShares ESG Aware MSCI EAFE ETF | iShares Trust iShares ESG Aware MSCI EAFE ETF                                   | CUSIP: 46435G516<br>LEI: 549300IT2A3OM8F0BB22 | Long             | EC               | RF                | US        |     53959 | NS      | $3547264.66   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                    | Evergy Inc                                                                      | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1443 | NS      | $90807.99     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                                     | Amgen Inc                                                                       | CUSIP: 031162DD9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     82000 | PA      | $72611.11     | 0.03%             | 2029-02-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                      | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    113000 | PA      | $106216.97    | 0.05%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                            | CUSIP: 06051GHW2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    425000 | PA      | $401564.26    | 0.17%             | 2025-10-22      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                    | Mondelez International Inc                                                      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      2000 | NS      | $133300.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| 3SBio Inc                                     | 3SBio Inc                                                                       | CUSIP: 000000000<br>LEI: 529900P0TQC1E9Y7FN31 | Long             | EC               | CORP              | CN        |     23500 | NS      | $24988.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                   | BioNTech SE                                                                     | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |       104 | NS      | $15622.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                         | Delta Electronics Inc                                                           | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     33000 | NS      | $307608.47    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES OP                           | Invitation Homes Operating Partnership LP                                       | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    395000 | PA      | $326621.26    | 0.14%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Elisa Oyj                                     | Elisa Oyj                                                                       | CUSIP: 000000000<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |      2239 | NS      | $118542.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                | Microsoft Corp                                                                  | CUSIP: 594918AR5<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    275000 | PA      | $230423.23    | 0.10%             | 2042-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                     | Apple Inc                                                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3902 | NS      | $506986.86    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                | Amazon.com Inc                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       438 | NS      | $36792.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RHB Bank Bhd                                  | RHB Bank Bhd                                                                    | CUSIP: 000000000<br>LEI: 549300ZHRPSV7QIUJT80 | Long             | EC               | CORP              | MY        |     39200 | NS      | $51525.09     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                    | First Quantum Minerals Ltd                                                      | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      8989 | NS      | $187813.01    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PERKINELMER INC                               | PerkinElmer Inc                                                                 | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |    262000 | PA      | $205284.50    | 0.09%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | EMINI S&P500 ESG                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       188 | NC      | $-1433180.40  | -0.62%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS CDX.NA.IG.38.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-105796.82   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| PSBC                                          | Postal Savings Bank of China Co Ltd                                             | CUSIP: 000000000<br>LEI: 300300C1040311005298 | Long             | EC               | CORP              | CN        |     66000 | NS      | $41009.81     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fanniemae-Aces                                | Fannie Mae-Aces                                                                 | CUSIP: 3136BDXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1590416.40   | 0.69%             | 2030-12-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                | Fannie Mae-Aces                                                                 | CUSIP: 3136BJZQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $808057.10    | 0.35%             | 2031-10-25      | Variable      | 1.81%                 | No            |                  2 | On Loan: No      |
| Merck KGaA                                    | Merck KGaA                                                                      | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |       298 | NS      | $57706.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN STATES PWR-MINN                      | Northern States Power Co/MN                                                     | CUSIP: 665772CV9<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    690000 | PA      | $625129.73    | 0.27%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                                | Hershey Co/The                                                                  | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      3017 | NS      | $698646.69    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE                             | MONTREAL EXCHANGE S&P/TSX 60 INDEX                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |        -3 | NC      | $226.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd                              | Lenovo Group Ltd                                                                | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |     68000 | NS      | $55843.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                          | Chart Industries Inc                                                            | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      1599 | NS      | $184252.77    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Loblaw Cos Ltd                                | Loblaw Cos Ltd                                                                  | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |      1790 | NS      | $158270.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Soda Co Ltd                             | Osaka Soda Co Ltd                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1000 | NS      | $29183.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Square Enix Holdings Co Ltd                   | Square Enix Holdings Co Ltd                                                     | CUSIP: 000000000<br>LEI: 529900KCRNRDF8DIA489 | Long             | EC               | CORP              | JP        |       600 | NS      | $28024.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Ltd                             | Sekisui House Ltd                                                               | CUSIP: 000000000<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |      3200 | NS      | $56897.29     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Concord New Energy Group Ltd                  | Concord New Energy Group Ltd                                                    | CUSIP: 000000000<br>LEI: 213800OTQMZQ6WHU8M17 | Long             | EC               | CORP              | HK        |    400000 | NS      | $35359.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                               | CVS Health Corp                                                                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     87000 | PA      | $84150.11     | 0.04%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                  | CUSIP: 6174468R3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    560000 | PA      | $513785.73    | 0.22%             | 2025-10-21      | Fixed         | 0.86%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME NEW ZEALAND DOLLAR CURRENCY                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        18 | NC      | $2860.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                           | Cheniere Energy Inc                                                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1839 | NS      | $275776.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                             | National Grid PLC                                                               | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      7585 | NS      | $91460.44     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - BRASIL, BOLSA, BALCAO               | BMF MINI BOVESPA INDEX                                                          | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | N/A              | DE               | CORP              | BR        |        72 | NC      | $933.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS CORP                                     | Hess Corp                                                                       | CUSIP: 023551AM6<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    180000 | PA      | $193869.78    | 0.08%             | 2033-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                | Ginnie Mae II Pool                                                              | CUSIP: 3617ND4X9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4470113 | PA      | $3785046.71   | 1.63%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Haseko Corp                                   | Haseko Corp                                                                     | CUSIP: 000000000<br>LEI: 529900EH7TSG348O4045 | Long             | EC               | CORP              | JP        |      3000 | NS      | $33671.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tisco Financial Group PCL                     | Tisco Financial Group PCL                                                       | CUSIP: 000000000<br>LEI: 529900OOUQI3OWX2WU06 | Long             | EC               | CORP              | TH        |     11100 | NS      | $31808.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                      | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    750000 | PA      | $655086.48    | 0.28%             | 2027-02-24      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc                     | Keysight Technologies Inc                                                       | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       602 | NS      | $102984.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                    | Amdocs Ltd                                                                      | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |       556 | NS      | $50540.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME Euro Foreign Exchange Currency                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        23 | NC      | $-3933.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | MINI-DAX                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |        -5 | NC      | $3151.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO                           | American Express Co                                                             | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    560000 | PA      | $533257.52    | 0.23%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                       | Vestas Wind Systems A/S                                                         | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     10100 | NS      | $293834.57    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK AG                              | Deutsche Bank AG                                                                | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $339228.64    | 0.15%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                              | Paramount Global                                                                | CUSIP: 92553PBB7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    180000 | PA      | $165639.84    | 0.07%             | 2026-10-04      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BORSA ISTANBUL                                | TURKDEX ISE 30                                                                  | CUSIP: 000000000<br>LEI: 7890005BROHWAPA36140 | N/A              | DE               | CORP              | TR        |        42 | NC      | $3355.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd                           | DB Insurance Co Ltd                                                             | CUSIP: 000000000<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |      1086 | NS      | $56352.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CAL EDISON                           | Southern California Edison Co                                                   | CUSIP: 842400HM8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    132000 | PA      | $110519.38    | 0.05%             | 2032-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                             | CUSIP: 48123KAE6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    520000 | PA      | $426629.54    | 0.18%             | 2037-02-02      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de C                | Sociedad Quimica y Minera de Chile SA                                           | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |      3361 | NS      | $268342.24    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Hol                | Laboratory Corp of America Holdings                                             | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |       119 | NS      | $28022.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                       | Consolidated Edison Inc                                                         | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      1824 | NS      | $173845.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                        | Berkshire Hathaway Inc                                                          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       495 | NS      | $152905.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                        | Motorola Solutions Inc                                                          | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       277 | NS      | $71385.67     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                   | PepsiCo Inc                                                                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       919 | NS      | $166026.54    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Duff & Phelps Water Fund               | Virtus Duff & Phelps Water Fund                                                 | CUSIP: 92838V460<br>LEI: 549300HV77NI47YM2B40 | Long             | EC               | RF                | US        |    387463 | NS      | $6780597.81   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Kintetsu Group Holdings Co Ltd                | Kintetsu Group Holdings Co Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $76322.01     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                                      | Cie Generale des Etablissements Michelin SCA                                    | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |       660 | NS      | $18358.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares ESG Aware MSCI USA ETF                | iShares ESG Aware MSCI USA ETF                                                  | CUSIP: 46435G425<br>LEI: 549300N2OW8SZV95FP93 | Long             | EC               | RF                | US        |     82681 | NS      | $7007214.75   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | S&P500 EMINI                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       -34 | NC      | $212284.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NGK Spark Plug Co Ltd                         | NGK Spark Plug Co Ltd                                                           | CUSIP: 000000000<br>LEI: 549300RG3XQGTFM4HH31 | Long             | EC               | CORP              | JP        |       900 | NS      | $16725.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | French Government Bond s                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -10 | NC      | $72071.27     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co                  | Northwest Natural Holding Co                                                    | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      1038 | NS      | $49398.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                           | Abbott Laboratories                                                             | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1637 | NS      | $179726.23    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                | Eli Lilly & Co                                                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       836 | NS      | $305842.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                | Mastercard Inc                                                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       773 | NS      | $268795.29    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                   | BNP Paribas SA                                                                  | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $174051.46    | 0.08%             | 2027-06-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                      | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $83707.49     | 0.04%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Kesko Oyj                                     | Kesko Oyj                                                                       | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |      2560 | NS      | $56506.06     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFICORP                                    | PacifiCorp                                                                      | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    650000 | PA      | $643304.01    | 0.28%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| iShares Inc iShares ESG Aware MSCI EM ETF     | iShares Inc iShares ESG Aware MSCI EM ETF                                       | CUSIP: 46434G863<br>LEI: 549300JES9K0OUJ8F389 | Long             | EC               | RF                | US        |     36917 | NS      | $1110094.19   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                              | Schlumberger Ltd                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      6416 | NS      | $342999.36    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                               | CMS Energy Corp                                                                 | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      1768 | NS      | $111967.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kamigumi Co Ltd                               | Kamigumi Co Ltd                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2200 | NS      | $45042.67     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC                         | American Airlines Inc                                                           | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     86000 | PA      | $92243.54     | 0.04%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                             | Kimco Realty Corp                                                               | CUSIP: 49446RAW9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |    507000 | PA      | $413236.74    | 0.18%             | 2030-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                       | Jersey Central Power & Light Co                                                 | CUSIP: 476556CX1<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    270000 | PA      | $263821.60    | 0.11%             | 2037-06-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                 | Koninklijke Ahold Delhaize NV                                                   | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      6488 | NS      | $186405.94    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co                                                                | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    625000 | PA      | $530877.91    | 0.23%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                     | Nestle SA                                                                       | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      1716 | NS      | $198834.41    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Holdings Co Ltd                    | Japan Post Holdings Co Ltd                                                      | CUSIP: 000000000<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |     12500 | NS      | $105674.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                      | American Airlines Inc/AAdvantage Loyalty IP Ltd                                 | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    150000 | PA      | $144246.98    | 0.06%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carrefour SA                                  | Carrefour SA                                                                    | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |      2271 | NS      | $38020.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY                         | Tennessee Valley Authority                                                      | CUSIP: 880591EX6<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   1450000 | PA      | $1137760.57   | 0.49%             | 2031-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Sunnova Energy International I                | Sunnova Energy International Inc                                                | CUSIP: 86745K104<br>LEI: 549300JK1Y1VVC3JU540 | Long             | EC               | CORP              | US        |      8486 | NS      | $152832.86    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                                 | TMX Group Ltd                                                                   | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |       507 | NS      | $50744.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                               | McDonald's Corp                                                                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       492 | NS      | $129656.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                      | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd       | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    456000 | PA      | $453356.04    | 0.20%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                            | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    255000 | PA      | $215967.36    | 0.09%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    377000 | PA      | $277195.40    | 0.12%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24        | SFE 10 YEAR AUSTRALIAN BOND                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |       -39 | NC      | $13474.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Landis+Gyr Group AG                           | Landis+Gyr Group AG                                                             | CUSIP: 000000000<br>LEI: 529900PZYVAKCYSLFL19 | Long             | EC               | CORP              | CH        |       450 | NS      | $31755.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Master Trust                          | Verizon Master Trust                                                            | CUSIP: 92348KAA1<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $469672.95    | 0.20%             | 2027-05-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Nissin Foods Holdings Co Ltd                  | Nissin Foods Holdings Co Ltd                                                    | CUSIP: 000000000<br>LEI: 529900YMZMNSHC1W6V41 | Long             | EC               | CORP              | JP        |       700 | NS      | $55577.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24        | SFE S&P ASX SHARE PRICE INDEX 200                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |         2 | NC      | $-8278.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4339000 | PA      | $3017299.90   | 1.30%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                         | AvalonBay Communities Inc                                                       | CUSIP: 053484AC5<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    420000 | PA      | $351417.88    | 0.15%             | 2028-12-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                         | One Bryant Park Trust 2019-OBP                                                  | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1227994.95   | 0.53%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Industries I                | Hawaiian Electric Industries Inc                                                | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |      1228 | NS      | $51391.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                        | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      6455 | NS      | $118836.55    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SVS                        | Discover Financial Services                                                     | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    325000 | PA      | $330354.88    | 0.14%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| General Mills Inc                             | General Mills Inc                                                               | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      9677 | NS      | $811416.45    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc                       | Activision Blizzard Inc                                                         | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      1278 | NS      | $97830.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                          | Edison International                                                            | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    248000 | PA      | $207315.50    | 0.09%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSMC                                          | Taiwan Semiconductor Manufacturing Co Ltd                                       | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       596 | NS      | $44396.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                              | CUSIP: 29273RAR0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148256.67    | 0.06%             | 2042-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Daicel Corp                                   | Daicel Corp                                                                     | CUSIP: 000000000<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |      6100 | NS      | $44388.14     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                           | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     67000 | PA      | $52511.25     | 0.02%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                   | Oracle Corp                                                                     | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2653 | NS      | $216856.22    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                           | STAG Industrial Inc                                                             | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |      1281 | NS      | $41389.11     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                     | Amgen Inc                                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2245 | NS      | $589626.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GM Financial Automobile Leasin                | GM Financial Automobile Leasing Trust 2021-2                                    | CUSIP: 380144AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    359207 | PA      | $354373.06    | 0.15%             | 2024-05-20      | Fixed         | 0.34%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | Euro-BTP Italian Bond                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -9 | NC      | $65865.01     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                              | Coca-Cola Co/The                                                                | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      2108 | NS      | $134089.88    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | 2 YEAR US TREASURY NOTE                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        90 | NC      | $-35695.21    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp L                | Oversea-Chinese Banking Corp Ltd                                                | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |      1600 | NS      | $14549.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                | American Electric Power Co Inc                                                  | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      2067 | NS      | $196261.65    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES                        | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    240000 | PA      | $225509.33    | 0.10%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                      | Plains All American Pipeline LP                                                 | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    175000 | PA      | $150500.00    | 0.06%             | N/A             | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Premier Inc                                   | Premier Inc                                                                     | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1431 | NS      | $50056.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fanniemae-Aces                                | Fannie Mae-Aces                                                                 | CUSIP: 3136BG3C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $783607.40    | 0.34%             | 2031-01-25      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                                | Albemarle Corp                                                                  | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      1319 | NS      | $286038.34    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                               | CVS Health Corp                                                                 | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       326 | NS      | $30379.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                   | Incyte Corp                                                                     | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      2134 | NS      | $171402.88    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | CBOT US Long Bond                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        19 | NC      | $-25436.63    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS                      | Air Products and Chemicals Inc                                                  | CUSIP: 009158BA3<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    141000 | PA      | $97610.86     | 0.04%             | 2050-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Sheng Siong Group Ltd                         | Sheng Siong Group Ltd                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     25500 | NS      | $31413.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NOS SGPS SA                                   | NOS SGPS SA                                                                     | CUSIP: 000000000<br>LEI: 5493004DM8FGIY6QKF37 | Long             | EC               | CORP              | PT        |      6577 | NS      | $26640.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmo Energy Holdings Co Ltd                  | Cosmo Energy Holdings Co Ltd                                                    | CUSIP: 000000000<br>LEI: 353800Y4GZ7KR5X7L150 | Long             | EC               | CORP              | JP        |       600 | NS      | $15955.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                  | Thermo Fisher Scientific Inc                                                    | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       164 | NS      | $90313.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                       | Duke Energy Florida LLC                                                         | CUSIP: 26444HAH4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    143000 | PA      | $122210.04    | 0.05%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                        | Tesla Auto Lease Trust 2021-A                                                   | CUSIP: 88161FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $727066.65    | 0.31%             | 2025-03-20      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US ULTRA TREASURY BOND                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        12 | NC      | $-51667.74    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd                      | Wilmar International Ltd                                                        | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |      8700 | NS      | $27086.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $120720.06    | 0.05%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Anadolu Efes Biracilik Ve Malt                | Anadolu Efes Biracilik Ve Malt Sanayii AS                                       | CUSIP: 000000000<br>LEI: 7890006LGARYVIPOJX03 | Long             | EC               | CORP              | TR        |     27811 | NS      | $100746.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Holdings                | Sumitomo Mitsui Trust Holdings Inc                                              | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |      2100 | NS      | $73413.59     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                             | Cisco Systems Inc                                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      6543 | NS      | $311708.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                         | Quest Diagnostics Inc                                                           | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       482 | NS      | $75404.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                       | Duke Energy Florida LLC                                                         | CUSIP: 26444HAK7<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $204139.85    | 0.09%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    360000 | PA      | $303263.20    | 0.13%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MEIJI Holdings Co Ltd                         | MEIJI Holdings Co Ltd                                                           | CUSIP: 000000000<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      1600 | NS      | $82170.07     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Thai Union Group PCL                          | Thai Union Group PCL                                                            | CUSIP: 000000000<br>LEI: 25490047VDGNFMEYZW95 | Long             | EC               | CORP              | TH        |     37700 | NS      | $18395.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS CDX.NA.HY.38.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $24666.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd                 | CTBC Financial Holding Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |    121000 | NS      | $87003.63     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                       | Becton Dickinson and Co                                                         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       259 | NS      | $65863.70     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                  | Dell Equipment Finance Trust 2021-2                                             | CUSIP: 24702VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $316138.52    | 0.14%             | 2026-12-22      | Fixed         | 0.53%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                       | New York State Electric & Gas Corp                                              | CUSIP: 649840CT0<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    255000 | PA      | $198694.32    | 0.09%             | 2031-10-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                 | HDFC Bank Ltd                                                                   | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      5803 | NS      | $396983.23    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                           | Dominion Energy Inc                                                             | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    309000 | PA      | $259539.44    | 0.11%             | N/A             | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Solar A/S                                     | Solar A/S                                                                       | CUSIP: 000000000<br>LEI: 21380031XTLI9X5MTY92 | Long             | EC               | CORP              | DK        |       173 | NS      | $15440.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yapi ve Kredi Bankasi AS                      | Yapi ve Kredi Bankasi AS                                                        | CUSIP: 000000000<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | EC               | CORP              | TR        |     63545 | NS      | $40127.07     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                         | Costco Wholesale Corp                                                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       356 | NS      | $162514.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                       | Bristol-Myers Squibb Co                                                         | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2148 | NS      | $154548.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                      | Virginia Electric and Power Co                                                  | CUSIP: 927804FZ2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    145000 | PA      | $136602.64    | 0.06%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Plus500 Ltd                                   | Plus500 Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300X8NGW9C5OJZU13 | Long             | EC               | CORP              | IL        |      1264 | NS      | $27567.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                    | Vertex Pharmaceuticals Inc                                                      | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1317 | NS      | $380323.26    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BUND                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -9 | NC      | $76259.07     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                | Ginnie Mae II Pool                                                              | CUSIP: 3622AABR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1585617 | PA      | $1426191.88   | 0.62%             | 2048-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nippon Steel Trading Corp                     | Nippon Steel Trading Corp                                                       | CUSIP: 000000000<br>LEI: 353800F2E977DJG1MD36 | Long             | EC               | CORP              | JP        |       500 | NS      | $35202.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    215000 | PA      | $179525.00    | 0.08%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                            | Valero Energy Corp                                                              | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      2362 | NS      | $299643.32    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                  | Alphabet Inc                                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1031 | NS      | $90965.13     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                    | Pfizer Inc                                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      4017 | NS      | $205831.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME British Pound Currency                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       -25 | NC      | $24790.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                   | BlackRock Liquidity FedFund                                                     | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  32909754 | NS      | $32909754.07  | 14.20%            |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE GLOBAL FUNDING                         | Athene Global Funding                                                           | CUSIP: 04685A3L3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    135000 | PA      | $120296.88    | 0.05%             | 2027-03-08      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                               | NGPL PipeCo LLC                                                                 | CUSIP: 62928CAA0<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65072.24     | 0.03%             | 2031-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                   | PepsiCo Inc                                                                     | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    400000 | PA      | $377156.10    | 0.16%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                 | SoftBank Corp                                                                   | CUSIP: 000000000<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |     16300 | NS      | $184809.51    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT                                           | Nippon Telegraph & Telephone Corp                                               | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |      9788 | NS      | $280573.42    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                            | Long Gilt                                                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       -17 | NC      | $93460.46     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                     | Chubb Ltd                                                                       | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1683 | NS      | $371269.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| INTL BK RECON & DEVELOP                       | International Bank for Reconstruction & Development                             | CUSIP: 459058JU8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   2000000 | PA      | $1982740.00   | 0.86%             | 2031-02-11      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                 | United States Small Business Administration                                     | CUSIP: 83162CYQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1215285 | PA      | $1120353.97   | 0.48%             | 2037-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd                        | Japan Post Bank Co Ltd                                                          | CUSIP: 000000000<br>LEI: 5493006JVO6N2HC2XZ76 | Long             | EC               | CORP              | JP        |     15000 | NS      | $128924.11    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                      | Ford Motor Credit Co LLC                                                        | CUSIP: 345397ZJ5<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    215000 | PA      | $204565.25    | 0.09%             | 2025-06-09      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Takashimaya Co Ltd                            | Takashimaya Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800IFO566STDN4V78 | Long             | EC               | CORP              | JP        |      5000 | NS      | $70214.87     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                            | Franco-Nevada Corp                                                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1143 | NS      | $155807.61    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                                   | PepsiCo Inc                                                                     | CUSIP: 713448EP9<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    200000 | PA      | $142887.97    | 0.06%             | 2049-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Sanofi                                        | Sanofi                                                                          | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      1217 | NS      | $117037.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                  | QUALCOMM Inc                                                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       509 | NS      | $55959.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                                   | Netflix Inc                                                                     | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    275000 | PA      | $265536.25    | 0.11%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                        | BP Capital Markets America Inc                                                  | CUSIP: 10373QBR0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    112000 | PA      | $82905.78     | 0.04%             | 2041-06-17      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Iberdrola SA                                  | Iberdrola SA                                                                    | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      3343 | NS      | $39113.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                 | Regeneron Pharmaceuticals Inc                                                   | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       601 | NS      | $433615.49    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                           | American Tower Corp                                                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       280 | NS      | $59320.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Auto Receivables Owner                 | Toyota Auto Receivables 2021-B Owner Trust                                      | CUSIP: 89190GAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $961522.60    | 0.41%             | 2025-11-17      | Fixed         | 0.26%                 | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                               | Norsk Hydro ASA                                                                 | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     30276 | NS      | $226587.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Auto Owner Trust                       | CarMax Auto Owner Trust 2020-2                                                  | CUSIP: 14315VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193943 | PA      | $192609.15    | 0.08%             | 2024-11-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                | ICICI Bank Ltd                                                                  | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      2203 | NS      | $48223.67     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture CDO Ltd                               | Venture 42 CLO Ltd                                                              | CUSIP: 923260AC7<br>LEI: 5493005OM8P21GK6YE73 | Long             | ABS-CBDO         | CORP              | KY        |   1220000 | PA      | $1173518.00   | 0.51%             | 2034-04-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                       | Jersey Central Power & Light Co                                                 | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    106000 | PA      | $85598.77     | 0.04%             | 2032-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                           | Deutsche Telekom AG                                                             | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     15201 | NS      | $303275.87    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2546000 | PA      | $2232125.94   | 0.96%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Orange SA                                     | Orange SA                                                                       | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     16269 | NS      | $161630.02    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    510000 | PA      | $390191.92    | 0.17%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                | OneMain Financial Issuance Trust 2021-1                                         | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $425443.25    | 0.18%             | 2036-06-16      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Galenica AG                                   | Galenica AG                                                                     | CUSIP: 000000000<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |       608 | NS      | $49677.61     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER CAPITAL C                      | American Water Capital Corp                                                     | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    285000 | PA      | $272661.67    | 0.12%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Canon Marketing Japan Inc                     | Canon Marketing Japan Inc                                                       | CUSIP: 000000000<br>LEI: 529900WMTZBIIROD5K97 | Long             | EC               | CORP              | JP        |      2400 | NS      | $54660.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                      | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAX2<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111347.05    | 0.05%             | 2052-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                             | Eversource Energy                                                               | CUSIP: 30040WAS7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    450000 | PA      | $444784.21    | 0.19%             | 2024-06-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                               | BDO Unibank Inc                                                                 | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |     47448 | NS      | $90367.26     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fanniemae-Aces                                | Fannie Mae-Aces                                                                 | CUSIP: 3136BHB73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $787358.20    | 0.34%             | 2031-03-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Virtus NFJ Global Sustainability Fund         | Virtus NFJ Global Sustainability Fund                                           | CUSIP: 92838V627<br>LEI: 549300UIWIF2OOPSPC69 | Long             | EC               | RF                | US        |   3287132 | NS      | $46578663.42  | 20.10%            |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                                     | KDDI Corp                                                                       | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |      4400 | NS      | $133501.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                           | Elevance Health Inc                                                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |        55 | NS      | $28213.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE                             | Montreal Exchange 10 Year Canadian Bond                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |       -13 | NC      | $1164.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON GAS COMPANY                            | Boston Gas Co                                                                   | CUSIP: 100743AK9<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |    480000 | PA      | $431365.04    | 0.19%             | 2027-08-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                  | AutoZone Inc                                                                    | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        76 | NS      | $187429.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Small Business Administration                 | United States Small Business Administration                                     | CUSIP: 83162CJ38<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   2840647 | PA      | $2254344.29   | 0.97%             | 2046-01-01      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| Novartis AG                                   | Novartis AG                                                                     | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      1708 | NS      | $154406.23    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                  | China Construction Bank Corp                                                    | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    154000 | NS      | $96478.74     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                | Descartes Systems Group Inc/The                                                 | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |       728 | NS      | $50750.31     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                        | UnitedHealth Group Inc                                                          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       243 | NS      | $128833.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PPB Group Bhd                                 | PPB Group Bhd                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |      6400 | NS      | $25338.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gracechurch Mortgage Finance P                | Grace Trust 2020-GRCE                                                           | CUSIP: 38406JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $957600.38    | 0.41%             | 2040-12-10      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Enphase Energy Inc                            | Enphase Energy Inc                                                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      1578 | NS      | $418106.88    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST GROUP PLC                             | NatWest Group PLC                                                               | CUSIP: 780097BN0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    435000 | PA      | $428769.98    | 0.19%             | 2024-05-22      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                          | Enel Finance International NV                                                   | CUSIP: 29278GAY4<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    575000 | PA      | $471285.86    | 0.20%             | 2052-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                        | Massachusetts Institute of Technology                                           | CUSIP: 575718AA9<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180981.93    | 0.08%             | 2111-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                      | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $268162.20    | 0.12%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                           | Delta Air Lines Inc                                                             | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    255000 | PA      | $260594.89    | 0.11%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMMB Holdings Bhd                             | AMMB Holdings Bhd                                                               | CUSIP: 000000000<br>LEI: 254900R0GQB7U67SCH62 | Long             | EC               | CORP              | MY        |     57700 | NS      | $54228.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SVS                        | Discover Financial Services                                                     | CUSIP: 254709AM0<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178789.01    | 0.08%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                   | Bank Mandiri Persero Tbk PT                                                     | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    880800 | NS      | $561550.67    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                                      | EQT Corp                                                                        | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    370000 | PA      | $340042.98    | 0.15%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ELECTRIC CO                      | Pennsylvania Electric Co                                                        | CUSIP: 708696BX6<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |    327000 | PA      | $314139.44    | 0.14%             | 2025-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                           | Gilead Sciences Inc                                                             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      5776 | NS      | $495869.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                   | Ameren Corp                                                                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      1081 | NS      | $96122.52     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTINENTAL RESOURCES                         | Continental Resources Inc/OK                                                    | CUSIP: 212015AV3<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    158000 | PA      | $117028.74    | 0.05%             | 2032-04-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN LIFE INS CO                      | Metropolitan Life Insurance Co                                                  | CUSIP: 592173AE8<br>LEI: 549300H7EXFMRS487544 | Long             | DBT              | CORP              | US        |    215000 | PA      | $228670.16    | 0.10%             | 2025-11-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                            | Conagra Brands Inc                                                              | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     17194 | NS      | $665407.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lite-On Technology Corp                       | Lite-On Technology Corp                                                         | CUSIP: 000000000<br>LEI: 2549005GU1PQ73SZBT32 | Long             | EC               | CORP              | TW        |     39000 | NS      | $80955.25     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                  | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237773.47    | 0.10%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Electric Power Development Co                 | Electric Power Development Co Ltd                                               | CUSIP: 000000000<br>LEI: 549300KMHPUAQI8VEH90 | Long             | EC               | CORP              | JP        |      1200 | NS      | $19164.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino Grandness Food Industry G                | Sino Grandness Food Industry Group Ltd                                          | CUSIP: 000000000<br>LEI: 529900L4CX3OJ8CAOL39 | Long             | EC               | CORP              | CN        |     77400 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AMERICAN EXPRESS CO                           | American Express Co                                                             | CUSIP: 025816AZ2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    105000 | PA      | $130629.59    | 0.06%             | 2038-03-19      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                         | Waste Connections Inc                                                           | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |      1237 | NS      | $163976.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                      | Willis Towers Watson PLC                                                        | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |       202 | NS      | $49405.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL                              | Paramount Global                                                                | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    345000 | PA      | $282040.70    | 0.12%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                | Ginnie Mae II Pool                                                              | CUSIP: 36179VXN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1032382 | PA      | $834425.97    | 0.36%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                               | BAE Systems PLC                                                                 | CUSIP: 05523RAF4<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $155091.66    | 0.07%             | 2031-02-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| NiSource Inc                                  | NiSource Inc                                                                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      2113 | NS      | $57938.46     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software                 | Take-Two Interactive Software Inc                                               | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       542 | NS      | $56438.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                             | Flowers Foods Inc                                                               | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |      1975 | NS      | $56761.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Indofood CBP Sukses Makmur Tbk                | Indofood CBP Sukses Makmur Tbk PT                                               | CUSIP: 000000000<br>LEI: 254900YKZW9GRKZZN285 | Long             | EC               | CORP              | ID        |     57800 | NS      | $37128.63     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                                | Lowe's Cos Inc                                                                  | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $118920.46    | 0.05%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Yuanta Financial                              | Yuanta Financial Holding Co Ltd                                                 | CUSIP: 000000000<br>LEI: 21380045JG57LJEFFE13 | Long             | EC               | CORP              | TW        |     30900 | NS      | $21816.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK INC                                  | Autodesk Inc                                                                    | CUSIP: 052769AH9<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    442000 | PA      | $353080.03    | 0.15%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Nokia Oyj                                     | Nokia Oyj                                                                       | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |      6109 | NS      | $28295.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd                     | Power Assets Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |     14000 | NS      | $76677.19     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Small Business Administration                 | United States Small Business Administration                                     | CUSIP: 83162CG31<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1937673 | PA      | $1596173.37   | 0.69%             | 2040-07-01      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International A                | Kuehne + Nagel International AG                                                 | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |       506 | NS      | $117764.78    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN NATURAL GAS CO                       | Northern Natural Gas Co                                                         | CUSIP: 665501AM4<br>LEI: 5493007M02M6CT9EXE41 | Long             | DBT              | CORP              | US        |    109000 | PA      | $73481.39     | 0.03%             | 2051-10-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                              | Novo Nordisk A/S                                                                | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       705 | NS      | $95193.47     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MEFF RENTA VARIABLE (MADRID)                  | MEFF MADRID IBEX 35 INDEX                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ES        |        -3 | NC      | $482.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                          | Generac Holdings Inc                                                            | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      1055 | NS      | $106196.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                       | GSK Consumer Healthcare Capital US LLC                                          | CUSIP: 36264FAB7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232738.95    | 0.10%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    700000 | PA      | $634070.33    | 0.27%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                 | United States Small Business Administration                                     | CUSIP: 83162CH89<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1274349 | PA      | $996675.34    | 0.43%             | 2045-12-01      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| KT Corp                                       | KT Corp                                                                         | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |      3340 | NS      | $45090.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Microelectronics Corp                  | United Microelectronics Corp                                                    | CUSIP: 000000000<br>LEI: 391200YJCAGH9LF96P73 | Long             | EC               | CORP              | TW        |     55000 | NS      | $72831.09     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Precious Metals Inc                    | Dundee Precious Metals Inc                                                      | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |      8500 | NS      | $40867.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank Credit Card Issuance                 | Citibank Credit Card Issuance Trust                                             | CUSIP: 17305EGL3<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $999880.00    | 0.43%             | 2025-01-20      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                           | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAB1<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    245000 | PA      | $219320.94    | 0.09%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd                               | Mitsui & Co Ltd                                                                 | CUSIP: 000000000<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |      3700 | NS      | $108626.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK LIFE INSURANCE                       | New York Life Insurance Co                                                      | CUSIP: 64952GAQ1<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65838.74     | 0.03%             | 2069-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                              | Flatiron Clo 17 Ltd                                                             | CUSIP: 33882GAE8<br>LEI: 549300ZUHE1G4KLVKW25 | Long             | ABS-CBDO         | CORP              | KY        |   1669806 | PA      | $1643757.43   | 0.71%             | 2030-05-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                               | DTE Electric Co                                                                 | CUSIP: 23338VAH9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    120000 | PA      | $99724.53     | 0.04%             | 2048-05-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Hyundai Marine & Fire Insuranc                | Hyundai Marine & Fire Insurance Co Ltd                                          | CUSIP: 000000000<br>LEI: 988400SYR92543UITC37 | Long             | EC               | CORP              | KR        |      1980 | NS      | $46284.65     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                | Microsoft Corp                                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       952 | NS      | $228308.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co                | Booz Allen Hamilton Holding Corp                                                | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       875 | NS      | $91455.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                            | Koninklijke KPN NV                                                              | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |     20862 | NS      | $64538.69     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                                   | Netflix Inc                                                                     | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     87000 | PA      | $88177.11     | 0.04%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                    | SGX FTSE CHINA A50 CONTRACT                                                     | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DE               | CORP              | SG        |        24 | NC      | $1491.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                             | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    135000 | PA      | $91235.30     | 0.04%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                     | Linde PLC                                                                       | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |       789 | NS      | $257356.02    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                | Microsoft Corp                                                                  | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    170000 | PA      | $111868.32    | 0.05%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                                  | Danaher Corp                                                                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       719 | NS      | $190836.98    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                 | Automatic Data Processing Inc                                                   | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       470 | NS      | $112264.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                              | FirstEnergy Corp                                                                | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      2000 | NS      | $83880.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Multiclass Certifi                | Freddie Mac Multiclass Certificates Series 2021-P009                            | CUSIP: 3137H13V6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    920745 | PA      | $762276.78    | 0.33%             | 2031-01-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                               | CVS Health Corp                                                                 | CUSIP: 126650DP2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    285000 | PA      | $196897.86    | 0.08%             | 2040-08-21      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Humana Inc                                    | Humana Inc                                                                      | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       259 | NS      | $132657.21    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc                        | Genworth Financial Inc                                                          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     10649 | NS      | $56333.21     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                   | Paychex Inc                                                                     | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1937 | NS      | $223839.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME Japanese Yen Currency                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        12 | NC      | $12924.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntory Beverage & Food Ltd                   | Suntory Beverage & Food Ltd                                                     | CUSIP: 000000000<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |      2800 | NS      | $96007.31     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB FINANCIAL GROUP                           | SVB Financial Group                                                             | CUSIP: 78486QAQ4<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |    210000 | PA      | $132243.30    | 0.06%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Plug Power Inc                                | Plug Power Inc                                                                  | CUSIP: 72919P202<br>LEI: 549300JPDKRSJ8JSM954 | Long             | EC               | CORP              | US        |     11343 | NS      | $140312.91    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                           | Synchrony Financial                                                             | CUSIP: 87165BAN3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    375000 | PA      | $368248.64    | 0.16%             | 2024-03-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                             | General Motors Co                                                               | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    290000 | PA      | $250177.52    | 0.11%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc                    | Cadence Design Systems Inc                                                      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2863 | NS      | $459912.32    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDAMERICAN ENERGY CO                         | MidAmerican Energy Co                                                           | CUSIP: 595620AU9<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42411.54     | 0.02%             | 2049-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Samsung Fire & Marine Insuranc                | Samsung Fire & Marine Insurance Co Ltd                                          | CUSIP: 000000000<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |       412 | NS      | $65382.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON CAPTL TRUST I                      | Huntington Capital Trust I                                                      | CUSIP: 446283AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $198252.37    | 0.09%             | 2027-02-01      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                 | United States Small Business Administration                                     | CUSIP: 83162CJ53<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    569734 | PA      | $455671.93    | 0.20%             | 2046-02-01      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| WISCONSIN PUBLIC SERVICE                      | Wisconsin Public Service Corp                                                   | CUSIP: 976843BN1<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |    133000 | PA      | $85050.38     | 0.04%             | 2051-12-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 91282CBV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $378500.00    | 0.16%             | 2024-04-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Co                               | Baker Hughes Co                                                                 | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8120 | NS      | $239783.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                                               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1176 | NS      | $207740.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd                             | Bank of China Ltd                                                               | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |    395000 | NS      | $143720.09    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA EXCHANGE,INC                            | TSE Japanese 10 Year Bond s                                                     | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |       -17 | NC      | $208971.75    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                         | Truist Financial Corp                                                           | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $354360.05    | 0.15%             | 2027-03-02      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| NARRAGANSETT ELECTRIC                         | Narragansett Electric Co/The                                                    | CUSIP: 631005BC8<br>LEI: VAI0KZ806W8MCH0BCZ61 | Long             | DBT              | CORP              | US        |    203000 | PA      | $194989.56    | 0.08%             | 2040-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| POPULAR INC                                   | Popular Inc                                                                     | CUSIP: 733174AK2<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | PR        |    340000 | PA      | $337025.00    | 0.15%             | 2023-09-14      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                      | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MCC2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    428000 | PA      | $407447.72    | 0.18%             | 2024-01-12      | Fixed         | 0.51%                 | No            |                  2 | On Loan: No      |
| VeriSign Inc                                  | VeriSign Inc                                                                    | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       395 | NS      | $81148.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    359000 | PA      | $289217.11    | 0.12%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Sunrun Inc                                    | Sunrun Inc                                                                      | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      6149 | NS      | $147698.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Deutschland Holding                | Telefonica Deutschland Holding AG                                               | CUSIP: 000000000<br>LEI: 391200ECRPJ3SWQJUM30 | Long             | EC               | CORP              | DE        |     30022 | NS      | $74011.63     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                         | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 300000000 | PA      | $2184989.33   | 0.94%             | 2052-09-20      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Sojitz Corp                                   | Sojitz Corp                                                                     | CUSIP: 000000000<br>LEI: 5493004SE33MRLPB1W98 | Long             | EC               | CORP              | JP        |      3400 | NS      | $65103.63     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                              | Roche Holding AG                                                                | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       612 | NS      | $192273.83    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Soup Co                              | Campbell Soup Co                                                                | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |       961 | NS      | $54536.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME AUSTRALIAN DOLLAR CURRENCY                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        12 | NC      | $6946.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS INC                                    | Leidos Inc                                                                      | CUSIP: 808626AE5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33542.21     | 0.01%             | 2032-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                   | Ally Auto Receivables Trust 2019-4                                              | CUSIP: 02007TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44771 | PA      | $44711.61     | 0.02%             | 2024-06-17      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc                      | F&G Annuities & Life Inc                                                        | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        45 | NS      | $900.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                              | Tokyo Gas Co Ltd                                                                | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |     13000 | NS      | $256057.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                       | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXS8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    330000 | PA      | $298393.45    | 0.13%             | 2026-02-12      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Ono Pharmaceutical Co Ltd                     | Ono Pharmaceutical Co Ltd                                                       | CUSIP: 000000000<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |      5200 | NS      | $122154.83    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                             | Bloom Energy Corp                                                               | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     12608 | NS      | $241064.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                | Ginnie Mae II Pool                                                              | CUSIP: 3617Y4DH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4796224 | PA      | $4244731.94   | 1.83%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                    | Intuit Inc                                                                      | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       212 | NS      | $82514.64     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                          | Waste Management Inc                                                            | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      1097 | NS      | $172097.36    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                            | NextEra Energy Inc                                                              | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3102 | NS      | $259327.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiata Group Bhd                              | Axiata Group Bhd                                                                | CUSIP: 000000000<br>LEI: 254900DM0V7OCPDUUC55 | Long             | EC               | CORP              | MY        |     68800 | NS      | $48261.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                    | ResMed Inc                                                                      | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       339 | NS      | $70556.07     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Icecek AS                           | Coca-Cola Icecek AS                                                             | CUSIP: 000000000<br>LEI: 789000WT80VVLUWJDK41 | Long             | EC               | CORP              | TR        |      2999 | NS      | $32776.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES INC                           | United Airlines Inc                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    201000 | PA      | $175009.84    | 0.08%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                           | Dominion Energy Inc                                                             | CUSIP: 25746UDL0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    200000 | PA      | $159135.43    | 0.07%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -45 | NC      | $120725.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                          | WEC Energy Group Inc                                                            | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      1697 | NS      | $159110.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MASS MUTUAL LIFE INS CO                       | Massachusetts Mutual Life Insurance Co                                          | CUSIP: 575767AM0<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    345000 | PA      | $306636.00    | 0.13%             | 2069-02-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                            | TSE TOPIX (TOKYO PRICE INDEX)                                                   | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |         1 | NC      | $-4807.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                         | Australia Government Bond                                                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   5000000 | PA      | $2710872.36   | 1.17%             | 2041-05-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                          | Mercedes-Benz Finance North America LLC                                         | CUSIP: 58769JAB3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402164.53    | 0.17%             | 2025-11-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                   | CUSIP: 172967ND9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1013579.61   | 0.44%             | 2025-11-03      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| Sumitomo Corp                                 | Sumitomo Corp                                                                   | CUSIP: 000000000<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |      4200 | NS      | $70277.35     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                | Merck & Co Inc                                                                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8496 | NS      | $942631.20    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                    | Kellogg Co                                                                      | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |      2077 | NS      | $147965.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFICORP                                    | PacifiCorp                                                                      | CUSIP: 695114CY2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19583.67     | 0.01%             | 2052-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd                           | Yamato Kogyo Co Ltd                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1800 | NS      | $61787.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EL PASO NATURAL GAS                           | El Paso Natural Gas Co LLC                                                      | CUSIP: 283695BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $231823.50    | 0.10%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                  | Synopsys Inc                                                                    | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       269 | NS      | $85889.01     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KFW                                           | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JQ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |   2000000 | PA      | $1777092.16   | 0.77%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                       | Bank Leumi Le-Israel BM                                                         | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |      9182 | NS      | $76562.38     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                   | ITOCHU Corp                                                                     | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      5900 | NS      | $186386.77    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                        | Pacific Gas and Electric Co                                                     | CUSIP: 694308GY7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17641.62     | 0.01%             | 2041-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                      | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $142856.81    | 0.06%             | 2025-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cigna Corp                                    | Cigna Corp                                                                      | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      2378 | NS      | $787926.52    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX CORP                                     | GATX Corp                                                                       | CUSIP: 361448BG7<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    575000 | PA      | $423978.48    | 0.18%             | 2031-06-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                          | Boston Properties LP                                                            | CUSIP: 10112RBB9<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    500000 | PA      | $430604.67    | 0.19%             | 2029-06-21      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                              | Duke Energy Corp                                                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      2104 | NS      | $216690.96    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                               | BAE Systems PLC                                                                 | CUSIP: 05523RAD9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $26472.41     | 0.01%             | 2030-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                              | Bank Hapoalim BM                                                                | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |      6472 | NS      | $58402.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Small Business Administration                 | United States Small Business Administration                                     | CUSIP: 83162CL92<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    237606 | PA      | $191286.22    | 0.08%             | 2046-09-01      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                   | Walmart Inc                                                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      2191 | NS      | $310661.89    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | ICE US MSCI EMERGING MARKETS EM INDEX                                           | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |       131 | NC      | $-92431.64    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH AFRICAN FUTURES EXCHANGE                | SAFEX FTSE/JSE TOP 40 INDEX                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ZA        |        19 | NC      | $-27930.80    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| NIAGARA MOHAWK POWER                          | Niagara Mohawk Power Corp                                                       | CUSIP: 65364UAN6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    240000 | PA      | $189716.70    | 0.08%             | 2030-06-27      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 5 YEAR TREASURY NOTE                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        46 | NC      | $-27988.63    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                           | Dominion Energy Inc                                                             | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      2546 | NS      | $156120.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                            | Home Depot Inc/The                                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       671 | NS      | $211942.06    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                        | Roper Technologies Inc                                                          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |        41 | NS      | $17715.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Tru                | OneMain Financial Issuance Trust 2022-S1                                        | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $942858.80    | 0.41%             | 2035-05-14      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                      | Corebridge Financial Inc                                                        | CUSIP: 21871XAC3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    260000 | PA      | $242369.58    | 0.10%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS INC                        | Chubb INA Holdings Inc                                                          | CUSIP: 171239AJ5<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    149000 | PA      | $96547.55     | 0.04%             | 2061-12-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                        | Pacific Gas and Electric Co                                                     | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    215000 | PA      | $166590.73    | 0.07%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                        | Global Atlantic Fin Co                                                          | CUSIP: 37959GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    755000 | PA      | $553946.00    | 0.24%             | 2031-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A                | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |     33834 | NS      | $68528.22     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimamura Co Ltd                              | Shimamura Co Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       600 | NS      | $59890.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Gas Co Ltd                              | Osaka Gas Co Ltd                                                                | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |      7000 | NS      | $113608.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                | Ginnie Mae II Pool                                                              | CUSIP: 3622A25F5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    704042 | PA      | $614364.95    | 0.27%             | 2048-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Digital China Holdings Ltd                    | Digital China Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 529900I1QWBV75VEW226 | Long             | EC               | CORP              | HK        |     33000 | NS      | $16065.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                | Murphy USA Inc                                                                  | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       133 | NS      | $37178.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                      | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       499 | NS      | $82574.52     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24        | SFE 3 YEAR AUSTRALIAN BOND                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |      -200 | NC      | $124429.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME E MINI CONSUMER STAPLES SELECT SECTOR                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       -63 | NC      | $98702.10     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                      | Duke Energy Progress LLC                                                        | CUSIP: 26442UAH7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    330000 | PA      | $303770.09    | 0.13%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ELECTRIC CO                      | Pennsylvania Electric Co                                                        | CUSIP: 708696BV0<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94605.90     | 0.04%             | 2038-10-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                            | FTSE 100 INDEX                                                                  | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-286.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                      | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271AY5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    550000 | PA      | $445778.58    | 0.19%             | 2034-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | 10 YEAR US TREASURY NOTE                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -96 | NC      | $124514.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NGPL PIPECO LLC                               | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62431.01     | 0.03%             | 2037-12-15      | Fixed         | 7.77%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.              | CME CANADIAN DOLLAR CURRENCY                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        -7 | NC      | $-2753.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Kuala Lumpur Kepong Bhd                       | Kuala Lumpur Kepong Bhd                                                         | CUSIP: 000000000<br>LEI: 2549009JSTRFMR7A8D34 | Long             | EC               | CORP              | MY        |      7400 | NS      | $37562.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Assicurazioni Generali SpA                    | Assicurazioni Generali SpA                                                      | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |      3074 | NS      | $54672.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5025000 | PA      | $4736651.38   | 2.04%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | DOW JONES US REAL ESTATE INDEX                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               | CORP              | US        |       140 | NC      | $-217462.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| BORSA ITALIANA S.P.A.                         | FTSE/MIB INDEX                                                                  | CUSIP: 000000000<br>LEI: 8156005391EE905D3124 | N/A              | DE               | CORP              | IT        |        -1 | NC      | $1104.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                        | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    660000 | PA      | $519667.50    | 0.22%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc                | Air Products and Chemicals Inc                                                  | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      1089 | NS      | $335695.14    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                | Ginnie Mae II Pool                                                              | CUSIP: 36179WFF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1857679 | PA      | $1564572.77   | 0.68%             | 2051-05-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                   | Aker BP ASA                                                                     | CUSIP: 55037AAB4<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    265000 | PA      | $217332.69    | 0.09%             | 2031-07-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer