# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0001752724-23-073274
**Filing Date:** 2023-3
**Character Count:** 248450
**Document Hash:** c943d8d40c11122ae4995c8ef99c2bd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073274.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073274

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETFis Series Trust I
- **CENTRAL INDEX KEY:** 0001559109
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22819
- **FILM NUMBER:** 23778042

**BUSINESS ADDRESS:**
- **STREET 1:** 1540 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 347-903-7347

**MAIL ADDRESS:**
- **STREET 1:** 1540 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ETF Actively Managed Trust
- **DATE OF NAME CHANGE:** 20120926

## Series and Classes Contracts Data

### Virtus Newfleet Multi-Sector Bond ETF (Series ID: S000048895)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000153845 | Virtus Newfleet Multi-Sector Bond ETF | NFLT            |

## Nport-Ex

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS – 36.3%** |  |  |
| **Communication Communication Services – 1.2%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30<sup>(1)</sup> | $100000 | $87500 |
| DISH DBS Corp., 7.75%, 07/01/26 | 160000 | 130156 |
| Gray Television, Inc., 7.00%, 05/15/27<sup>(1)</sup> | 110000 | 100223 |
| Level 3 Financing, Inc., 3.63%, 01/15/29<sup>(1)</sup> | 60000 | 44730 |
| McGraw-Hill Education, Inc., 8.00%, 08/01/29<sup>(1)</sup> | 90000 | 77310 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 110000 | 76678 |
| Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 06/01/28<sup>(1)</sup> | 85000 | 79842 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 65000 | 24049 |
| Total Communication Services |  | 620488 |
| **Consumer Discretionary – 3.6%** |  |  |
| At Home Group, Inc., 4.88%, 07/15/28<sup>(1)</sup> | 15000 | 10819 |
| At Home Group, Inc., 7.13%, 07/15/29<sup>(1)</sup> | 45000 | 27956 |
| Caesars Entertainment, Inc., 7.00%, 02/15/30<sup>(1)</sup> | 5000 | 5094 |
| Carriage Services, Inc., 4.25%, 05/15/29<sup>(1)</sup> | 210000 | 173065 |
| Clarios Global LP / Clarios US Finance Co., 8.50%, 05/15/27<sup>(1)</sup> | 160000 | 159585 |
| Dick's Sporting Goods, Inc., 3.15%, 01/15/32 | 194000 | 158904 |
| Ford Motor Co., 4.75%, 01/15/43 | 70000 | 54722 |
| Jacobs Entertainment, Inc., 6.75%, 02/15/29<sup>(1)</sup> | 200000 | 186302 |
| MDC Holdings, Inc., 3.97%, 08/06/61 | 22000 | 13308 |
| Metis Merger Sub LLC, 6.50%, 05/15/29<sup>(1)</sup> | 75000 | 64023 |
| NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/26<sup>(1)</sup> | 185000 | 176918 |
| Nordstrom, Inc., 4.25%, 08/01/31 | 230000 | 173036 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.63%, 09/01/29<sup>(1)</sup> | 155000 | 111621 |
| PulteGroup, Inc., 7.88%, 06/15/32 | 260000 | 299284 |
| PulteGroup, Inc., 6.38%, 05/15/33 | 30000 | 31382 |
| Royal Caribbean Cruises Ltd., 9.25%, 01/15/29<sup>(1)</sup> | 4000 | 4225 |
| Scientific Games International, Inc., 7.00%, 05/15/28<sup>(1)</sup> | 170000 | 168529 |
| Total Consumer Discretionary |  | 1818773 |
| **Consumer Staples – 0.5%** |  |  |
| HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/29<sup>(1)</sup> | 235000 | 172168 |
| Turning Point Brands, Inc., 5.63%, 02/15/26<sup>(1)</sup> | 120000 | 109148 |
| Total Consumer Staples |  | 281316 |
| **Energy – 4.4%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 7.50%, 05/01/25<sup>(1)</sup> | 160000 | 159154 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/28<sup>(1)</sup> | 200000 | 191509 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 8.25%, 12/31/28<sup>(1)</sup> | 95000 | 93167 |
| CITGO Petroleum Corp., 7.00%, 06/15/25<sup>(1)</sup> | 120000 | 119123 |
| CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/25<sup>(1)</sup> | 50000 | 48811 |
| Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), perpetual<sup>(2)(3)</sup> | 210000 | 197480 |
| Flex Intermediate Holdco LLC, 3.36%, 06/30/31<sup>(1)</sup> | 195000 | 159206 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 20000 | 20350 |
| Hf Sinclair Corp., 5.88%, 04/01/26 | 85000 | 85791 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/31<sup>(1)</sup> | 100000 | 92845 |
| Kinder Morgan, Inc., Series G, 7.75%, 01/15/32 | 203000 | 236200 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26<sup>(1)</sup> | 75000 | 72638 |
| Mesquite Energy, Inc., Escrow, 7.25%, perpetual<sup>(3)(4)</sup> | 12000 | 135 |
| Nabors Industries Ltd., 7.25%, 01/15/26<sup>(1)</sup> | 100000 | 97413 |
| Occidental Petroleum Corp., 6.13%, 01/01/31 | 95000 | 99296 |
| Parsley Energy LLC / Parsley Finance Corp., 4.13%, 02/15/28<sup>(1)</sup> | 85000 | 79117 |
| Southwestern Energy Co., 5.38%, 02/01/29 | 125000 | 117616 |
| Transocean, Inc., 11.50%, 01/30/27<sup>(1)</sup> | 4000 | 4179 |
| Transocean, Inc., 8.75%, 02/15/30 (Cayman Islands)<sup>(1)</sup> | 75000 | 77428 |
| USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 04/01/26 | 118000 | 115969 |
| Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31<sup>(1)</sup> | 155000 | 137641 |
| Total Energy |  | 2205068 |
| **Financials – 9.3%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25<sup>(1)</sup> | 195000 | 185776 |
| Allstate Corp. (The), Series B, 5.75%, (3-Month USD LIBOR + 2.94%), 08/15/53<sup>(2)</sup> | 205000 | 202273 |
| Bank of America Corp., 3.42%, (3-Month USD LIBOR + 1.04%), 12/20/28<sup>(2)</sup> | 205000 | 191844 |
| Bank of America Corp., 5.02%, (SOFR + 2.16%), 07/22/33<sup>(2)</sup> | 75000 | 75021 |
| Bank of America Corp., 2.48%, (US 5 Year CMT T- Note + 1.20%), 09/21/36<sup>(2)</sup> | 60000 | 46872 |
| Bank of New York Mellon Corp. (The), Series G, 4.70%, (US 5 Year CMT T- Note + 4.36%), perpetual<sup>(2)(3)</sup> | 155000 | 151896 |
| Bank of New York Mellon Corp. (The), 5.83%, (SOFR + 2.07%), 10/25/33<sup>(2)</sup> | 130000 | 140896 |
| Blackstone Private Credit Fund, 2.63%, 12/15/26 | 59000 | 50559 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Blue Owl Finance LLC, 3.13%, 06/10/31<sup>(1)</sup> | $75000 | $58438 |
| Brighthouse Financial, Inc., 5.63%, 05/15/30 | 50000 | 50093 |
| BroadStreet Partners, Inc., 5.88%, 04/15/29<sup>(1)</sup> | 160000 | 141561 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)(3)</sup> | 95000 | 81843 |
| Citadel LP, 4.88%, 01/15/27<sup>(1)</sup> | 185000 | 182030 |
| Citigroup, Inc., 3.98%, (3-Month USD LIBOR + 1.34%), 03/20/30<sup>(2)</sup> | 190000 | 178861 |
| Cobra AcquisitionCo. LLC, 6.38%, 11/01/29<sup>(1)</sup> | 50000 | 30560 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T- Note + 3.85%), 12/15/52<sup>(1)(2)</sup> | 164000 | 163374 |
| Discover Financial Services, 6.70%, 11/29/32 | 198000 | 211582 |
| Goldman Sachs Group, Inc. (The), 1.99%, (SOFR + 1.09%), 01/27/32<sup>(2)</sup> | 220000 | 176234 |
| JPMorgan Chase & Co., Series HH, 4.60%, (SOFR + 3.13%), perpetual<sup>(2)(3)</sup> | 34000 | 32045 |
| JPMorgan Chase & Co., 2.96%, (SOFR + 2.52%), 05/13/31<sup>(2)</sup> | 155000 | 134605 |
| JPMorgan Chase & Co., 1.95%, (SOFR + 1.07%), 02/04/32<sup>(2)</sup> | 75000 | 60325 |
| JPMorgan Chase & Co., 5.72%, (SOFR + 2.58%), 09/14/33<sup>(2)</sup> | 125000 | 129088 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 185000 | 163338 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)(2)</sup> | 55000 | 47148 |
| Lincoln National Corp., 6.85%, (3-Month USD LIBOR + 2.04%), 04/20/67<sup>(2)</sup> | 80000 | 60600 |
| MetLife, Inc., Series D, 5.88%, (3-Month USD LIBOR + 2.96%), perpetual<sup>(2)(3)</sup> | 52000 | 51870 |
| MetLife, Inc., Series G, 3.85%, (US 5 Year CMT T- Note + 3.58%), perpetual<sup>(2)(3)</sup> | 145000 | 138361 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | 190000 | 167432 |
| Morgan Stanley, 6.34%, (SOFR + 2.56%), 10/18/33<sup>(2)</sup> | 205000 | 225554 |
| Morgan Stanley, 5.95%, (US 5 Year CMT T- Note + 2.43%), 01/19/38<sup>(2)</sup> | 36000 | 36827 |
| Navient Corp., 6.75%, 06/25/25 | 99000 | 98886 |
| OWL Rock Core Income Corp., 4.70%, 02/08/27 | 38000 | 34801 |
| Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43<sup>(2)</sup> | 240000 | 239092 |
| Prudential Financial, Inc., 5.13%, (US 5 Year CMT T- Note + 3.16%), 03/01/52<sup>(2)</sup> | 79000 | 73804 |
| Prudential Financial, Inc., 6.00%, (US 5 Year CMT T- Note + 3.23%), 09/01/52<sup>(2)</sup> | 10000 | 9989 |
| Santander Holdings USA, Inc., 4.40%, 07/13/27 | 59000 | 57433 |
| State Street Corp., 4.82%, (SOFR + 1.57%), 01/26/34<sup>(2)</sup> | 102000 | 102603 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T- Note + 3.15%), 05/06/31<sup>(2)</sup> | 70000 | 63763 |
| Truist Financial Corp., Series Q, 5.10%, (US 10 Year CMT T- Note + 4.35%), perpetual<sup>(2)(3)</sup> | 165000 | 160710 |
| US Bancorp, 4.84%, (SOFR + 1.60%), 02/01/34<sup>(2)</sup> | 33000 | 32844 |
| Wells Fargo & Co., Series BB, 3.90%, (US 5 Year CMT T-Note + 3.45%), perpetual<sup>(2)(3)</sup> | 130000 | 119925 |
| Wells Fargo & Co., 2.39%, (SOFR + 2.10%), 06/02/28<sup>(2)</sup> | 140000 | 126955 |
| Total Financials |  | 4687711 |
| **Health Care – 3.5%** |  |  |
| Akumin, Inc., 7.00%, 11/01/25<sup>(1)</sup> | 145000 | 112562 |
| Bausch Health Cos., Inc., 6.13%, 02/01/27 (Canada)<sup>(1)</sup> | 5000 | 3418 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(1)</sup> | 19000 | 14961 |
| Bausch Health Cos., Inc., 14.00%, 10/15/30<sup>(1)</sup> | 3000 | 1888 |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/32 | 169000 | 153486 |
| CHS/Community Health Systems, Inc., 6.88%, 04/15/29<sup>(1)</sup> | 25000 | 15851 |
| CHS/Community Health Systems, Inc., 6.13%, 04/01/30<sup>(1)</sup> | 35000 | 21089 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 245000 | 187786 |
| Dentsply Sirona, Inc., 3.25%, 06/01/30 | 275000 | 242012 |
| GE HealthCare Technologies Inc, 5.86%, 03/15/30<sup>(1)</sup> | 230000 | 244228 |
| Illumina, Inc., 2.55%, 03/23/31 | 177000 | 146866 |
| Lannett Co., Inc., 7.75%, 04/15/26<sup>(1)</sup> | 10000 | 2562 |
| Legacy LifePoint Health LLC, 6.75%, 04/15/25<sup>(1)</sup> | 115000 | 112286 |
| Par Pharmaceutical, Inc., 7.50%, 04/01/27<sup>(1)(5)</sup> | 35000 | 27428 |
| Surgery Center Holdings, Inc., 6.75%, 07/01/25<sup>(1)</sup> | 73000 | 72562 |
| Surgery Center Holdings, Inc., 10.00%, 04/15/27<sup>(1)</sup> | 21000 | 21450 |
| Team Health Holdings, Inc., 6.38%, 02/01/25<sup>(1)</sup> | 45000 | 29709 |
| Universal Health Services, Inc., 2.65%, 01/15/32 | 350000 | 283832 |
| Viatris, Inc., Series WI, 2.70%, 06/22/30 | 80000 | 65991 |
| Total Health Care |  | 1759967 |
| **Industrials – 4.8%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | 207433 | 202159 |
| Aviation Capital Group LLC, 3.50%, 11/01/27<sup>(1)</sup> | 76000 | 68113 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/29<sup>(1)</sup> | 85000 | 75461 |
| Boeing Co. (The), 5.15%, 05/01/30 | 125000 | 126081 |
| Boeing Co. (The), 3.75%, 02/01/50 | 20000 | 15410 |
| Boeing Co. (The), 5.93%, 05/01/60 | 123000 | 125938 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Chart Industries, Inc., 7.50%, 01/01/30<sup>(1)</sup> | $5000 | $5119 |
| Chart Industries, Inc., 9.50%, 01/01/31<sup>(1)</sup> | 85000 | 88814 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | 263000 | 222462 |
| Deluxe Corp., 8.00%, 06/01/29<sup>(1)</sup> | 20000 | 17154 |
| Ferguson Finance PLC, 4.65%, 04/20/32<sup>(1)</sup> | 285000 | 270868 |
| General Electric Co., Series D, 8.10%, (3-Month USD LIBOR + 3.33%), perpetual<sup>(2)(3)</sup> | 340000 | 340085 |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/32<sup>(1)</sup> | 155000 | 131993 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28 | 175000 | 148168 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27 | 95000 | 88579 |
| OT Merger Corp., 7.88%, 10/15/29<sup>(1)</sup> | 15000 | 9653 |
| Regal Rexnord Corp., 6.40%, 04/15/33<sup>(1)</sup> | 150000 | 153953 |
| Science Applications International Corp., 4.88%, 04/01/28<sup>(1)</sup> | 170000 | 159579 |
| Sempra Global, 3.25%, 01/15/32<sup>(1)</sup> | 203000 | 169341 |
| Total Industrials |  | 2418930 |
| **Information Technology – 2.9%** |  |  |
| CDW LLC / CDW Finance Corp., 3.57%, 12/01/31 | 139000 | 119566 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 115000 | 107828 |
| Dell International LLC / EMC Corp., 8.10%, 07/15/36 | 87000 | 101948 |
| Entegris Escrow Corp., 4.75%, 04/15/29<sup>(1)</sup> | 138000 | 129540 |
| HP, Inc., 5.50%, 01/15/33 | 230000 | 226022 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 95000 | 69871 |
| Leidos, Inc., 2.30%, 02/15/31 | 315000 | 254102 |
| Micron Technology, Inc., 6.75%, 11/01/29 | 95000 | 101390 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 15000 | 14603 |
| Oracle Corp., 6.15%, 11/09/29 | 245000 | 261998 |
| TD SYNNEX Corp., 2.38%, 08/09/28 | 65000 | 54357 |
| Viasat, Inc., 5.63%, 09/15/25<sup>(1)</sup> | 20000 | 18827 |
| Total Information Technology |  | 1460052 |
| **Materials – 2.6%** |  |  |
| Albemarle Corp., 5.05%, 06/01/32 | 160000 | 158372 |
| Avient Corp., 7.13%, 08/01/30<sup>(1)</sup> | 165000 | 166439 |
| Bayport Polymers LLC, 5.14%, 04/14/32<sup>(1)</sup> | 80000 | 75935 |
| Celanese US Holdings LLC, 5.90%, 07/05/24 | 30000 | 30181 |
| Cleveland-Cliffs, Inc., 6.75%, 03/15/26<sup>(1)</sup> | 40000 | 40701 |
| International Flavors & Fragrances, Inc., 2.30%, 11/01/30<sup>(1)</sup> | 360000 | 298704 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 195000 | 175948 |
| Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26<sup>(1)</sup> | 20000 | 20200 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28<sup>(1)</sup> | 90000 | 85806 |
| Trident TPI Holdings, Inc., 9.25%, 08/01/24<sup>(1)</sup> | 85000 | 83078 |
| Trident TPI Holdings, Inc., 6.63%, 11/01/25<sup>(1)</sup> | 135000 | 121270 |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(1)</sup> | 90000 | 75240 |
| Total Materials |  | 1331874 |
| **Real Estate – 2.0%** |  |  |
| EPR Properties, 4.75%, 12/15/26 | 100000 | 93476 |
| EPR Properties, 3.60%, 11/15/31 | 60000 | 46444 |
| GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25 | 52000 | 51672 |
| GLP Capital LP / GLP Financing II, Inc., 5.75%, 06/01/28 | 81000 | 82595 |
| GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/32 | 5000 | 4152 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | 190000 | 175226 |
| MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/31 | 195000 | 136773 |
| Office Properties Income Trust, 4.50%, 02/01/25 | 75000 | 69809 |
| Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 170000 | 130708 |
| Service Properties Trust, 4.95%, 02/15/27 | 25000 | 20486 |
| VICI Properties LP, 4.95%, 02/15/30 | 60000 | 58103 |
| VICI Properties LP, 5.13%, 05/15/32 | 115000 | 110167 |
| VICI Properties LP / VICI Note Co., Inc., 4.63%, 06/15/25<sup>(1)</sup> | 10000 | 9690 |
| Total Real Estate |  | 989301 |
| **Utilities – 1.5%** |  |  |
| CMS Energy Corp., 4.75%, (US 5 Year CMT T- Note + 4.12%), 06/01/50<sup>(2)</sup> | 225000 | 205191 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 115000 | 95881 |
| Puget Energy, Inc., 4.22%, 03/15/32 | 195000 | 178545 |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T- Note + 2.92%), 09/15/51<sup>(2)</sup> | 213000 | 185916 |
| Vistra Corp., 8.00%, (US 5 Year CMT T- Note + 6.93%), perpetual<sup>(1)(2)(3)</sup> | 85000 | 83433 |
| Total Utilities |  | 748966 |
| **Total Corporate Bonds** |  |  |
| (Cost $18,580,090) |  | **18322446** |
| **FOREIGN BONDS – 20.3%** |  |  |
| **Communication Services – 1.0%** |  |  |
| CT Trust, 5.13%, 02/03/32 (Guatemala)<sup>(1)</sup> | 200000 | 175750 |
| Telecomunicaciones Digitales SA, 4.50%, 01/30/30 (Panama)<sup>(1)</sup> | 200000 | 178125 |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 35000 | 9823 |
| VZ Secured Financing BV, 5.00%, 01/15/32 (Netherlands)<sup>(1)</sup> | 190000 | 162923 |
| Total Communication Services |  | 526621 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Consumer Discretionary – 0.8%** |  |  |
| Ashtead Capital, Inc., 4.38%, 08/15/27 (United Kingdom)<sup>(1)</sup> | $200000 | $191946 |
| Ashtead Capital, Inc., 5.50%, 08/11/32 (United Kingdom)<sup>(1)</sup> | 200000 | 200838 |
| Total Consumer Discretionary |  | 392784 |
| **Consumer Staples – 0.8%** |  |  |
| Bat Capital Corp., 7.75%, 10/19/32 (United Kingdom) | 270000 | 301401 |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 04/27/29 (Guatemala)<sup>(1)</sup> | 95000 | 91228 |
| Total Consumer Staples |  | 392629 |
| **Consumer, Cyclical – 0.4%** |  |  |
| eG Global Finance PLC, 8.50%, 10/30/25 (United Kingdom)<sup>(1)</sup> | 200000 | 188823 |
| **Energy – 4.5%** |  |  |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual (United Kingdom)<sup>(2)(3)</sup> | 275000 | 257641 |
| Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Australia)<sup>(1)</sup> | 68000 | 70286 |
| Ecopetrol SA, 4.63%, 11/02/31 (Colombia) | 100000 | 79130 |
| Ecopetrol SA, 8.88%, 01/13/33 (Colombia) | 150000 | 153757 |
| Enbridge, Inc., 7.63%, (US 5 Year CMT T- Note + 4.42%), 01/15/83 (Canada)<sup>(2)</sup> | 170000 | 175490 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48 (Kazakhstan)<sup>(1)</sup> | 200000 | 172000 |
| Northriver Midstream Finance LP, 5.63%, 02/15/26 (Canada)<sup>(1)</sup> | 40000 | 38466 |
| Petroleos Mexicanos, 6.50%, 03/13/27 (Mexico) | 160000 | 151264 |
| Petroleos Mexicanos, 6.70%, 02/16/32 (Mexico) | 325000 | 269750 |
| Petroleos Mexicanos, 6.35%, 02/12/48 (Mexico) | 55000 | 36020 |
| Petroleos Mexicanos, 7.69%, 01/23/50 (Mexico) | 20000 | 15010 |
| Reliance Industries Ltd., 2.88%, 01/12/32 (India)<sup>(1)</sup> | 250000 | 208045 |
| Saudi Arabian Oil Co., 2.25%, 11/24/30 (Saudi Arabia)<sup>(1)</sup> | 400000 | 339880 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 110000 | 102856 |
| Var Energi ASA, 7.50%, 01/15/28 (Norway)<sup>(1)</sup> | 200000 | 209171 |
| Total Energy |  | 2278766 |
| **Financials – 3.1%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 (Ireland) | 300000 | 270026 |
| Ascot Group Ltd., 4.25%, 12/15/30 (Bermuda)<sup>(1)</sup> | 45000 | 39620 |
| Banco Mercantil del Norte SA, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual (Mexico)<sup>(1)(2)(3)</sup> | 200000 | 177451 |
| Banco Santander Chile, 3.18%, 10/26/31 (Chile)<sup>(1)</sup> | 300000 | 260498 |
| Barclays, 7.44%, (US 1 Year CMT T- Note + 3.50%), 11/02/33 (United Kingdom)<sup>(2)</sup> | 200000 | 225567 |
| BBVA Bancomer SA, 5.13%, (US 5 Year CMT T-Note + 2.65%), 01/18/33 (Mexico)<sup>(1)(2)</sup> | 200000 | 190100 |
| Itau Unibanco Holding SA, 3.88%, (US 5 Year CMT T- Note + 3.45%), 04/15/31 (Brazil)<sup>(1)(2)</sup> | 200000 | 183136 |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup> | 200000 | 212750 |
| Total Financials |  | 1559148 |
| **Government – 6.0%** |  |  |
| Abu Dhabi Government International Bond, 3.13%, 04/16/30 (United Arab Emirates)<sup>(1)</sup> | 200000 | 187315 |
| Angolan Government International Bond, 8.25%, 05/09/28 (Angola)<sup>(1)</sup> | 200000 | 189500 |
| Argentine Republic Government International Bond, 3.50%, 07/09/41 (Argentina)<sup>(6)</sup> | 270000 | 92340 |
| Colombia Government International Bond, 3.25%, 04/22/32 (Colombia) | 200000 | 148050 |
| Dominican Republic International Bond, 4.88%, 09/23/32 (Dominican Republic)<sup>(1)</sup> | 325000 | 277539 |
| Egypt Government International Bond, 7.60%, 03/01/29 (Egypt)<sup>(1)</sup> | 200000 | 167000 |
| Emirate of Dubai Government International Bonds, Series E, 5.25%, 01/30/43 (United Arab Emirates) | 200000 | 193415 |
| Guatemala Government Bond, 3.70%, 10/07/33 (Guatemala)<sup>(1)</sup> | 200000 | 169046 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Indonesia Government International Bond, 2.85%, 02/14/30 (Indonesia) | $200000 | $181750 |
| Ivory Coast Government International Bond, 6.13%, 06/15/33 (Ivory Coast)<sup>(1)</sup> | 200000 | 178500 |
| Mexico Government International Bond, 3.50%, 02/12/34 (Mexico) | 200000 | 168700 |
| Morocco Government International Bond, 3.00%, 12/15/32 (Morocco)<sup>(1)</sup> | 200000 | 160500 |
| Panama Government International Bond, 3.30%, 01/19/33 (Panama) | 200000 | 167554 |
| Philippine Government International Bond, 3.70%, 03/01/41 (Philippines) | 200000 | 168250 |
| Qatar Government International Bond, 3.75%, 04/16/30 (Qatar)<sup>(1)</sup> | 200000 | 196392 |
| Republic of South Africa Government International Bond, 4.85%, 09/27/27 (South Africa) | 200000 | 193250 |
| Turkey Government International Bond, 7.63%, 04/26/29 (Turkey) | 200000 | 188000 |
| Total Government |  | 3027101 |
| **Health Care – 0.6%** |  |  |
| 1375209 BC Ltd., 9.00%, 01/30/28 (Canada)<sup>(1)</sup> | 11000 | 10973 |
| Cheplapharm Arzneimittel GMBH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup> | 190000 | 169830 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 125000 | 112772 |
| Total Health Care |  | 293575 |
| **Industrials – 0.8%** |  |  |
| ARD Finance SA, 6.50%, 06/30/27, 6.50% Cash or 7.25% PIK (Luxembourg)<sup>(1)(7)</sup> | 200000 | 157184 |
| Avolon Holdings Funding Ltd., 4.38%, 05/01/26 (Ireland)<sup>(1)</sup> | 77000 | 73247 |
| Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/26 (Canada)<sup>(1)</sup> | 200000 | 189512 |
| Total Industrials |  | 419943 |
| **Materials – 0.8%** |  |  |
| ArcelorMittal SA, 6.80%, 11/29/32 (Luxembourg) | 185000 | 194666 |
| NOVA Chemicals Corp., 5.00%, 05/01/25 (Canada)<sup>(1)</sup> | 48000 | 46208 |
| Taseko Mines Ltd., 7.00%, 02/15/26 (Canada)<sup>(1)</sup> | 90000 | 85405 |
| Teck Resources Ltd., 6.13%, 10/01/35 (Canada) | 80000 | 83826 |
| Total Materials |  | 410105 |
| **Real Estate – 0.3%** |  |  |
| Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31 (Canada)<sup>(1)</sup> | 200000 | 157262 |
| **Utilities – 1.2%** |  |  |
| ENEL Finance International NV, 7.50%, 10/14/32 (Italy)<sup>(1)</sup> | 200000 | 225580 |
| Eskom Holdings SOC Ltd., 7.13%, 02/11/25 (South Africa)<sup>(1)</sup> | 400000 | 383740 |
| Total Utilities |  | 609320 |
| **Total Foreign Bonds** |  |  |
| (Cost $10,187,740) |  | **10256077** |
| **TERM LOANS – 11.9%** |  |  |
| **Aerospace – 0.3%** |  |  |
| Air Canada, 8.13%, (3-Month USD LIBOR + 3.50%), 08/11/28<sup>(2)</sup> | 7024 | 7042 |
| Amentum Government Services Holdings LLC, 7.56%, (SOFR + 4.00%), 02/10/29<sup>(2)</sup> | 14925 | 14748 |
| Brown Group Holding, LLC, 7.07%, (1-Month USD LIBOR + 2.50%), 06/07/28<sup>(2)</sup> | 31782 | 31680 |
| Mileage Plus Holdings LLC, 10.00%, (3-Month USD LIBOR + 5.25%), 06/21/27<sup>(2)</sup> | 27000 | 28197 |
| TransDigm, Inc., 6.98%, (3-Month USD LIBOR + 2.25%), 05/30/25<sup>(2)</sup> | 14734 | 14725 |
| TransDigm, Inc., 6.98%, (3-Month USD LIBOR + 2.25%), 12/09/25<sup>(2)</sup> | 36797 | 36772 |
| Total Aerospace |  | 133164 |
| **Chemicals – 0.2%** |  |  |
| Aruba Investments Holdings LLC, 8.30%, (1-Month USD LIBOR + 3.75%), 11/24/27<sup>(2)</sup> | 14738 | 14665 |
| Trinseo Materials Operating SCA, 6.57%, (1-Month USD LIBOR + 2.00%), 09/06/24<sup>(2)</sup> | 99738 | 97635 |
| Total Chemicals |  | 112300 |
| **Consumer Non-Durables – 0.2%** |  |  |
| DS Parent, Inc., 9.92%, (3-Month USD LIBOR + 5.75%), 12/10/28<sup>(2)</sup> | 23750 | 23031 |
| Parfums Holding Co., Inc., 8.57%, (1-Month USD LIBOR + 4.00%), 06/30/24<sup>(2)</sup> | 39598 | 38715 |
| Zep Inc., 8.58%, (3-Month USD LIBOR + 4.00%), 08/12/24<sup>(2)</sup> | 28926 | 24298 |
| Total Consumer Non-Durables |  | 86044 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Energy – 0.5%** |  |  |
| Hamilton Projects Acquiror LLC, 9.23%, (3-Month USD LIBOR + 4.50%), 06/17/27<sup>(2)</sup> | $21928 | $21922 |
| Medallion Midland Acquisition LP, 8.59%, (SOFR + 3.75%), 10/18/28<sup>(2)</sup> | 29472 | 29513 |
| Oryx Midstream Services Permian Basin, LLC, 0.00%, (3-Month USD LIBOR + 0.00%), 09/30/28<sup>(8)</sup> | 15000 | 14978 |
| Oryx Midstream Services Permian Basin, LLC, 7.92%, (3-Month USD LIBOR + 3.25%), 09/30/28<sup>(2)</sup> | 44124 | 44059 |
| Traverse Midstream Partners LLC, 8.95%, (SOFR + 4.25%), 09/27/24<sup>(2)</sup> | 134358 | 134593 |
| Total Energy |  | 245065 |
| **Financials – 0.1%** |  |  |
| Asurion LLC, 7.82%, (1-Month USD LIBOR + 3.25%), 07/31/27<sup>(2)</sup> | 24475 | 23185 |
| Blackhawk Network Holdings, Inc., 7.54%, (SOFR + 3.00%), 06/15/25<sup>(2)</sup> | 29612 | 29360 |
| Total Financials |  | 52545 |
| **Food/Tobacco – 0.8%** |  |  |
| Aramark, 6.32%, (1-Month USD LIBOR + 1.75%), 03/11/25<sup>(2)</sup> | 150000 | 149671 |
| Froneri US, Inc., 6.82%, (1-Month USD LIBOR + 2.25%), 01/29/27<sup>(2)</sup> | 163793 | 162501 |
| H-Food Holdings, LLC (aka Hearthside Food Solutions, LLC), 8.26%, (1-Month USD LIBOR + 3.69%), 05/23/25<sup>(2)</sup> | 24300 | 22699 |
| Pegasus Bidco BV, 8.52%, (SOFR + 4.25%), 05/04/29<sup>(2)</sup> | 25000 | 24875 |
| Shearer's Foods LLC, 8.07%, (1-Month USD LIBOR + 3.50%), 09/23/27<sup>(2)</sup> | 19346 | 19039 |
| Triton Water Holdings, Inc., 8.23%, (3-Month USD LIBOR + 3.50%), 03/31/28<sup>(2)</sup> | 29513 | 28170 |
| Total Food/Tobacco |  | 406955 |
| **Forest Prod/Containers – 0.3%** |  |  |
| Anchor Glass Container Corp., 7.48%, (3-Month USD LIBOR + 2.75%), 12/07/23<sup>(2)</sup> | 14689 | 10683 |
| BWAY Holding Co., 7.62%, (1-Month USD LIBOR + 3.25%), 04/03/24<sup>(2)</sup> | 64243 | 63791 |
| Mauser Packaging Solutions Holding Co., 0.00%, (SOFR + 0.00%), 08/31/26<sup>(8)</sup> | 35000 | 34738 |
| TricorBraun Holdings, Inc., 7.82%, (1-Month USD LIBOR + 3.25%), 01/29/28<sup>(2)</sup> | 34536 | 33653 |
| Total Forest Prod/Containers |  | 142865 |
| **Gaming/Leisure – 0.7%** |  |  |
| Carnival Corp., 7.57%, (1-Month USD LIBOR + 3.00%), 06/30/25<sup>(2)</sup> | 4875 | 4809 |
| ECL Entertainment LLC, 0.00%, (3-Month USD LIBOR + 0.00%), 05/01/28<sup>(8)</sup> | 5000 | 5011 |
| ECL Entertainment LLC, 12.06%, (SOFR + 7.50%), 05/01/28<sup>(2)</sup> | 24774 | 24828 |
| J&J Ventures Gaming, LLC, 8.73%, (3-Month USD LIBOR + 4.00%), 04/26/28<sup>(2)</sup> | 19700 | 19189 |
| Playtika Holding Corp., 7.32%, (1-Month USD LIBOR + 2.75%), 03/13/28<sup>(2)</sup> | 49747 | 49391 |
| Raptor Acquisition Corp., 8.75%, (3-Month USD LIBOR + 4.00%), 11/01/26<sup>(2)</sup> | 9950 | 9904 |
| Scientific Games International, Inc., 7.58%, (SOFR + 3.00%), 04/07/29<sup>(2)</sup> | 124550 | 124594 |
| UFC Holdings LLC, 7.57%, (3-Month USD LIBOR + 2.75%), 04/29/26<sup>(2)</sup> | 136571 | 136059 |
| Total Gaming/Leisure |  | 373785 |
| **Health Care – 1.7%** |  |  |
| Agiliti Health, 7.13%, (1-Month USD LIBOR + 2.75%), 01/04/26<sup>(2)</sup> | 59690 | 59765 |
| CHG Healthcare Services, Inc., 7.82%, (1-Month USD LIBOR + 3.25%), 09/22/28<sup>(2)</sup> | 139446 | 138740 |
| Hunter US Bidco, Inc., 8.98%, (3-Month USD LIBOR + 4.25%), 08/19/28<sup>(2)</sup> | 15797 | 15698 |
| Milano Acquisition Corp., 8.73%, (3-Month USD LIBOR + 4.00%), 10/01/27<sup>(2)</sup> | 34287 | 33550 |
| Mozart Borrower LP, 7.82%, (1-Month USD LIBOR + 3.25%), 09/30/28<sup>(2)</sup> | 134661 | 131004 |
| Packaging Coordinators Midco, Inc., 8.23%, (3-Month USD LIBOR + 3.50%), 11/30/27<sup>(2)</sup> | 54260 | 53354 |
| PetVet Care Centers LLC, 8.07%, (1-Month USD LIBOR + 3.50%), 02/14/25<sup>(2)</sup> | 98908 | 94136 |
| Phoenix Guarantor, Inc., 7.82%, (1-Month USD LIBOR + 3.25%), 03/05/26<sup>(2)</sup> | 38897 | 38399 |
| Phoenix Newco, Inc., 7.82%, (1-Month USD LIBOR + 3.25%), 08/11/28<sup>(2)</sup> | 30820 | 30613 |
| R1 RCM Inc, 7.55%, (SOFR + 3.00%), 05/12/29<sup>(2)</sup> | 69825 | 69869 |
| Select Medical Corp., 7.07%, (1-Month USD LIBOR + 2.50%), 03/06/25<sup>(2)</sup> | 120000 | 119625 |
| Sunshine Luxembourg VII Sarl, 8.48%, (3-Month USD LIBOR + 3.75%), 10/01/26<sup>(2)</sup> | 14738 | 14469 |
| Upstream Newco, Inc., 9.09%, (SOFR + 4.25%), 11/20/26<sup>(2)</sup> | 22163 | 18450 |
| Viant Medical Holdings, Inc., 8.32%, (1-Month USD LIBOR + 3.75%), 07/02/25<sup>(2)</sup> | 38864 | 35373 |
| Total Health Care |  | 853045 |
| **Housing – 0.4%** |  |  |
| Quikrete Holdings, Inc., 7.57%, (1-Month USD LIBOR + 3.00%), 06/11/28<sup>(2)</sup> | 99599 | 99384 |
| SRS Distribution, Inc., 8.07%, (1-Month USD LIBOR + 3.50%), 06/02/28<sup>(2)</sup> | 109534 | 105877 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Housing (continued)** |  |  |
| SRS Distribution, Inc., 8.16%, (SOFR + 3.50%), 06/02/28<sup>(2)</sup> | $4950 | $4783 |
| Total Housing |  | 210044 |
| **Information Technology – 1.7%** |  |  |
| Applied Systems, 0.00%, (1-Month USD LIBOR + 0.00%), 09/19/26<sup>(8)</sup> | 155000 | 155630 |
| Applied Systems, 9.08%, (SOFR + 4.50%), 09/19/26<sup>(2)</sup> | 25000 | 25102 |
| Applied Systems, 11.33%, (SOFR + 6.75%), 09/19/27<sup>(2)</sup> | 29460 | 29525 |
| CCC Intelligent Solutions, Inc., 6.80%, (1-Month USD LIBOR + 2.25%), 09/15/28<sup>(2)</sup> | 139547 | 139442 |
| ConnectWise LLC, 8.07%, (1-Month USD LIBOR + 3.50%), 09/24/28<sup>(2)</sup> | 39600 | 38264 |
| Epicor Software Corp., 7.82%, (1-Month USD LIBOR + 3.25%), 07/30/27<sup>(2)</sup> | 34036 | 33488 |
| Greeneden US Holdings II LLC, 8.57%, (1-Month USD LIBOR + 4.00%), 12/01/27<sup>(2)</sup> | 14712 | 14474 |
| Hyland Software, Inc., 8.07%, (1-Month USD LIBOR + 3.50%), 07/01/24<sup>(2)</sup> | 148612 | 148469 |
| Infinite Bidco LLC, 7.98%, (3-Month USD LIBOR + 3.25%), 03/02/28<sup>(2)</sup> | 19626 | 19055 |
| Project Ruby Ultimate Parent Corp., 7.82%, (1-Month USD LIBOR + 3.25%), 03/10/28<sup>(2)</sup> | 29475 | 28554 |
| Proofpoint, Inc., 7.98%, (3-Month USD LIBOR + 3.25%), 06/09/28<sup>(2)</sup> | 29700 | 29173 |
| RealPage, Inc., 7.57%, (1-Month USD LIBOR + 3.00%), 04/24/28<sup>(2)</sup> | 34488 | 33705 |
| Sophia LP, 8.23%, (3-Month USD LIBOR + 3.50%), 10/07/27<sup>(2)</sup> | 24502 | 24187 |
| UKG, Inc., 8.03%, (3-Month USD LIBOR + 3.25%), 05/04/26<sup>(2)</sup> | 142947 | 140857 |
| Total Information Technology |  | 859925 |
| **Manufacturing – 1.1%** |  |  |
| Alliance Laundry Systems LLC, 8.31%, (3-Month USD LIBOR + 3.50%), 10/08/27<sup>(2)</sup> | 33782 | 33757 |
| Arcline FM Holdings LLC, 9.48%, (3-Month USD LIBOR + 4.75%), 06/23/28<sup>(2)</sup> | 129372 | 123874 |
| Arcline FM Holdings LLC, 12.98%, (3-Month USD LIBOR + 8.25%), 06/15/29<sup>(2)</sup> | 15000 | 13650 |
| Chart Industries, Inc., 0.00%, (SOFR + 0.00%), 12/08/29<sup>(8)</sup> | 60000 | 60225 |
| Filtration Group Corp., 7.57%, (1-Month USD LIBOR + 3.00%), 03/31/25<sup>(2)</sup> | 144082 | 144052 |
| Filtration Group Corp., 8.07%, (1-Month USD LIBOR + 3.50%), 10/19/28<sup>(2)</sup> | 19700 | 19635 |
| Safe Fleet Holdings LLC, 8.40%, (SOFR + 3.75%), 02/17/29<sup>(2)</sup> | 119574 | 118079 |
| Star US Bidco LLC, 8.98%, (3-Month USD LIBOR + 4.25%), 03/17/27<sup>(2)</sup> | 24304 | 23940 |
| Total Manufacturing |  | 537212 |
| **Media/Telecom - Cable/Wireless Video – 0.1%** |  |  |
| Directv Financing LLC, 9.57%, (1-Month USD LIBOR + 5.00%), 08/02/27<sup>(2)</sup> | 36011 | 35495 |
| **Media/Telecom - Diversified Media – 0.5%** |  |  |
| Cinemark USA, Inc., 6.48%, (3-Month USD LIBOR + 1.75%), 03/31/25<sup>(2)</sup> | 98403 | 95790 |
| McGraw-Hill Education, Inc., 8.32%, (3-Month USD LIBOR + 4.75%), 07/28/28<sup>(2)</sup> | 23700 | 22734 |
| Neilson Holdings, 9.74%, (SOFR + 5.00%), 04/11/29<sup>(2)</sup> | 125000 | 114687 |
| William Morris Endeavor Entertainment LLC, 7.32%, (1-Month USD LIBOR + 2.75%), 05/18/25<sup>(2)</sup> | 37045 | 36900 |
| Total Media/Telecom - Diversified Media |  | 270111 |
| **Media/Telecom - Telecommunications – 0.0%<sup>(9)</sup>** |  |  |
| Altice France SA/France, 8.52%, (3-Month USD LIBOR + 3.69%), 01/31/26<sup>(2)</sup> | 29079 | 28062 |
| **Metals/Minerals – 0.1%** |  |  |
| Covia Holdings LLC, 8.78%, (3-Month USD LIBOR + 4.00%), 07/31/26<sup>(2)</sup> | 35000 | 34549 |
| **Retail – 0.4%** |  |  |
| CNT Holdings I Corp., 8.13%, (SOFR + 3.50%), 11/08/27<sup>(2)</sup> | 29475 | 29169 |
| Great Outdoors Group LLC, 8.32%, (1-Month USD LIBOR + 3.75%), 03/06/28<sup>(2)</sup> | 29366 | 28954 |
| PetSmart, Inc., 8.41%, (SOFR + 3.75%), 02/11/28<sup>(2)</sup> | 129347 | 128646 |
| Rising Tide Holdings, Inc., 9.48%, (3-Month USD LIBOR + 4.75%), 06/01/28<sup>(2)</sup> | 14775 | 7769 |
| Total Retail |  | 194538 |
| **Service – 1.9%** |  |  |
| Apex Group Treasury LLC, 8.26%, (3-Month USD LIBOR + 3.75%), 07/27/28<sup>(2)</sup> | 29625 | 29162 |
| Brightview Landscapes LLC, 7.81%, (SOFR + 3.25%), 04/07/29<sup>(2)</sup> | 119525 | 117931 |
| Carlisle FoodService Products, Inc., 6.57%, (3-Month USD LIBOR + 3.00%), 03/20/25<sup>(2)</sup> | 29562 | 26877 |
| Dun & Bradstreet Corp. (The), 7.77%, (1-Month USD LIBOR + 3.25%), 02/06/26<sup>(2)</sup> | 37785 | 37769 |
| DXP Enterprises, Inc., 9.95%, (SOFR + 5.25%), 12/23/27<sup>(2)</sup> | 99484 | 95840 |
| Garda World Security Corp., 8.93%, (3-Month USD LIBOR + 4.25%), 10/30/26<sup>(2)</sup> | 10000 | 9985 |
| NAB Holdings LLC, 7.73%, (SOFR + 3.00%), 11/17/28<sup>(2)</sup> | 24700 | 24541 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Service (continued)** |  |  |
| Peraton Corp., 8.32%, (1-Month USD LIBOR + 3.75%), 02/01/28<sup>(2)</sup> | $170123 | $169528 |
| Pike Corp., 7.57%, (1-Month USD LIBOR + 3.00%), 01/21/28<sup>(2)</sup> | 170000 | 169681 |
| PODS LLC, 7.67%, (SOFR + 3.00%), 03/31/28<sup>(2)</sup> | 29254 | 28645 |
| University Support Services LLC, 7.82%, (1-Month USD LIBOR + 3.25%), 06/29/28<sup>(2)</sup> | 126720 | 125991 |
| Weld North Education LLC, 8.32%, (1-Month USD LIBOR + 3.75%), 12/21/27<sup>(2)</sup> | 105408 | 105128 |
| Total Service |  | 941078 |
| **Technology – 0.0%<sup>(9)</sup>** |  |  |
| Central Parent, Inc., 9.08%, (SOFR + 4.50%), 06/09/29<sup>(2)</sup> | 20000 | 19984 |
| **Transportation - Automotive – 0.5%** |  |  |
| American Axle, 8.03%, (SOFR + 3.50%), 12/06/29<sup>(2)</sup> | 105000 | 105175 |
| Clarios Global LP / Clarios US Finance Co., 7.82%, (1-Month USD LIBOR + 3.25%), 04/30/26<sup>(2)</sup> | 125000 | 124855 |
| PAI Holdco, Inc., 8.58%, (3-Month USD LIBOR + 3.75%), 10/28/27<sup>(2)</sup> | 29661 | 27362 |
| Total Transportation - Automotive |  | 257392 |
| **Utilities – 0.4%** |  |  |
| Brookfield WEC Holdings, Inc., 7.32%, (1-Month USD LIBOR + 2.75%), 08/01/25<sup>(2)</sup> | 197616 | 197617 |
| **Total Term Loans** |  |  |
| (Cost $5,981,972) |  | **5991775** |
| **U.S. GOVERNMENT SECURITIES – 11.7%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 11/15/51 | 115000 | 78964 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/52 | 310000 | 331555 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 08/31/23 | 1495000 | 1455856 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/30/24 | 155000 | 151004 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/25 | 125000 | 124868 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 12/31/27 | 1240000 | 1074707 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/32 | 2740000 | 2404671 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/32 | 290000 | 305134 |
| **Total U.S. Government Securities** |  |  |
| (Cost $5,846,280) |  | **5926759** |
| **ASSET BACKED SECURITIES – 9.4%** |  |  |
| ACHV ABS Trust, Class B, Series 2023-1PL, 6.80%, 03/18/30<sup>(1)</sup> | 150000 | 150423 |
| Affirm Asset Securitization Trust, Class 1A, Series 2022-A, 4.30%, 05/17/27<sup>(1)</sup> | 70000 | 67557 |
| Aqua Finance Trust, Class A, Series 2017-A, 3.72%, 11/15/35<sup>(1)</sup> | 68030 | 67105 |
| Arbys Funding LLC, Class A2, Series 2020-1A, 3.24%, 07/30/50<sup>(1)</sup> | 68250 | 60554 |
| Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27<sup>(1)</sup> | 50000 | 46130 |
| BHG Securitization Trust, Class A, Series 2021-A, 1.42%, 11/17/33<sup>(1)</sup> | 262965 | 246034 |
| BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34<sup>(1)</sup> | 100000 | 86065 |
| Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35<sup>(1)</sup> | 7193 | 6608 |
| Carvana Auto Receivables Trust, Class D, Series 2019-2A, 3.28%, 01/15/25<sup>(1)</sup> | 141493 | 140444 |
| Carvana Auto Receivables Trust, Class D, Series 2019-3A, 3.04%, 04/15/25<sup>(1)</sup> | 41107 | 40629 |
| Carvana Auto Receivables Trust, Class E, Series 2019-3A, 4.60%, 07/15/26<sup>(1)</sup> | 55000 | 53049 |
| CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27<sup>(1)</sup> | 100000 | 99253 |
| CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60<sup>(1)</sup> | 90251 | 81650 |
| Conn Funding II LP, Class B, Series 2022-A, 9.52%, 12/15/26<sup>(1)</sup> | 65000 | 64926 |
| Conn's Receivables Funding LLC, Class B, Series 2021-A, 2.87%, 05/15/26<sup>(1)</sup> | 192481 | 190471 |
| CPS Auto Receivables Trust, Class D, Series 2022-D, 8.73%, 01/16/29<sup>(1)</sup> | 100000 | 103466 |
| CPS Auto Receivables Trust, Class E, Series 2019-D, 3.86%, 10/15/25<sup>(1)</sup> | 55000 | 53670 |
| DT Auto Owner Trust, Class D, Series 2023-1A, 6.44%, 11/15/28<sup>(1)</sup> | 155000 | 154605 |
| Encina Equipment Finance LLC, Class B, Series 2022-1A, 5.15%, 01/16/29<sup>(1)</sup> | 100000 | 98447 |
| Exeter Automobile Receivables Trust, Class E, Series 2019-2A, 4.68%, 05/15/26<sup>(1)</sup> | 55000 | 54035 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 4.75%, 04/25/51<sup>(1)</sup> | 50000 | 46433 |
| Flagship Credit Auto Trust, Class C, Series 2019-2, 3.09%, 05/15/25<sup>(1)</sup> | 37252 | 37100 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26<sup>(1)</sup> | 265000 | 257642 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28<sup>(1)</sup> | 65000 | 63473 |
| Hardee's Funding LLC, Class A2, Series 2020-1A, 3.98%, 12/20/50<sup>(1)</sup> | 93100 | 82772 |
| Hertz Vehicle Financing III LLC, Class C, Series 2022-1A, 2.63%, 06/25/26<sup>(1)</sup> | 170000 | 155636 |
| Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 6.56%, 09/25/26<sup>(1)</sup> | 65000 | 61810 |
| Hotwire Funding LLC, Class C, Series 2021-1, 4.46%, 11/20/51<sup>(1)</sup> | 65000 | 56283 |
| Jack in the Box Funding LLC, Class A2I, Series 2022-1A, 3.45%, 02/26/52<sup>(1)</sup> | 54175 | 48609 |
| LAD Auto Receivables Trust, Class A, Series 2022-1A, 5.21%, 06/15/27<sup>(1)</sup> | 76396 | 75424 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| LAD Auto Receivables Trust, Class D, Series 2021-1A, 3.99%, 11/15/29<sup>(1)</sup> | $55000 | $49406 |
| Lendbuzz Securitization Trust, Class A, Series 2022-1A, 4.22%, 05/17/27<sup>(1)</sup> | 309131 | 297098 |
| MAPS Trust, Class A, Series 2021-1A, 2.52%, 06/15/46<sup>(1)</sup> | 38760 | 33236 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2021-1A, 1.54%, 03/20/26<sup>(1)</sup> | 75000 | 75000 |
| MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36<sup>(1)</sup> | 24650 | 23357 |
| NMEF Funding LLC, Class B, Series 2021-A, 1.85%, 12/15/27<sup>(1)</sup> | 65000 | 62717 |
| Octane Receivables Trust, Class B, Series 2020-1A, 1.98%, 06/20/25<sup>(1)</sup> | 107000 | 103200 |
| OneMain Direct Auto Receivables Trust, Class C, Series 2022-1A, 5.31%, 06/14/29<sup>(1)</sup> | 55000 | 53129 |
| Oportun Funding LLC, Class A, Series 2022-1, 3.25%, 06/15/29<sup>(1)</sup> | 33268 | 32599 |
| Santander Drive Auto Receivables Trust 2022-5, Class C, Series 2022-5, 4.74%, 10/16/28 | 100000 | 98970 |
| SoFi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31<sup>(1)</sup> | 86657 | 86685 |
| Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46<sup>(1)</sup> | 72765 | 71840 |
| TRP LLC, Class A, Series 2021-1, 2.07%, 06/19/51<sup>(1)</sup> | 68230 | 59167 |
| United Auto Credit Securitization Trust, Class C, Series 2023-1, 6.28%, 07/10/28<sup>(1)</sup> | 203000 | 202558 |
| Upstart Pass-Through Trust, Class A, Series 2021-ST8, 1.75%, 10/20/29<sup>(1)</sup> | 51615 | 48169 |
| Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31<sup>(1)</sup> | 60000 | 57490 |
| Veros Automobile Receivables Trust, Class B, Series 2022-1, 4.39%, 08/16/27<sup>(1)</sup> | 214000 | 207815 |
| Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25<sup>(1)</sup> | 45000 | 43935 |
| Westlake Automobile Receivables Trust, Class C, Series 2023-1A, 5.74%, 08/15/28<sup>(1)</sup> | 205000 | 206272 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup> | 232460 | 197490 |
| **Total Asset Backed Securities** |  |  |
| (Cost $4,850,329) |  | **4760436** |
| **MORTGAGE BACKED SECURITIES - 9.0%** |  |  |
| **Commercial Mortgage Backed Securities - 2.0%** |  |  |
| BX Trust, Class D, Series 2019-OC11, 3.94%, 12/09/41<sup>(1)(2)(10)</sup> | 85000 | 71391 |
| Bx Trust 2022-Cls, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 94000 | 93128 |
| COMM Mortgage Trust, Class B, Series 2020-CBM, 3.10%, 02/10/37<sup>(1)</sup> | 45000 | 41729 |
| Extended Stay America Trust, Class C, Series 2021-ESH, 6.29%, (1-Month USD LIBOR + 1.70%), 07/15/38<sup>(1)(2)</sup> | 322143 | 315070 |
| KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 5.39%, (1-Month USD LIBOR + 0.80%), 05/15/36<sup>(1)(2)</sup> | 392000 | 389460 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class AS, Series 2015-C22, 3.56%, 04/15/48 | 60000 | 56680 |
| WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47 | 50000 | 47755 |
| Total Commercial Mortgage Backed Securities |  | 1015213 |
| **Mortgage Backed Security - 0.0%** |  |  |
| Federal National Mortgage Association, 3.50%, 05/01/49 | 27622 | 26276 |
| **Residential Mortgage Backed Securities - 7.0%** |  |  |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)(6)</sup> | 59010 | 55876 |
| AMSR Trust, Class D, Series 2021-SFR3, 2.18%, 10/17/38<sup>(1)</sup> | 100000 | 85643 |
| Angel Oak Mortgage Trust, Class A1, Series 2021-7, 1.98%, 10/25/66<sup>(1)(2)(10)</sup> | 393285 | 332278 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)(2)(10)</sup> | 132039 | 124301 |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49<sup>(1)(2)(10)</sup> | 122410 | 116706 |
| CAFL Issuer LLC, Class A1, Series 2021-RTL1, 2.24%, 03/28/29<sup>(1)(6)</sup> | 100000 | 89413 |
| Cascade MH Asset Trust, Class A1, Series 2021-MH1, 1.75%, 02/25/46<sup>(1)</sup> | 80922 | 70521 |
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61<sup>(1)(2)(10)</sup> | 89410 | 85652 |
| COLT Mortgage Pass-Through Certificates, Class A1, Series 2021-1R, 0.86%, 05/25/65<sup>(1)(2)(10)</sup> | 27637 | 23717 |
| Ellington Financial Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)(2)(10)</sup> | 134021 | 118049 |
| Mill City Mortgage Loan Trust, Class B1, Series 2017-3, 3.25%, 01/25/61<sup>(1)(2)(10)</sup> | 98445 | 84081 |
| New Residential Mortgage Loan Trust, Class A1, Series 2016-1A, 3.75%, 03/25/56<sup>(1)(2)(10)</sup> | 42583 | 39662 |
| New Residential Mortgage Loan Trust, Class M2, Series 2019-RPL2, 3.75%, 02/25/59<sup>(1)(2)(10)</sup> | 100000 | 88215 |
| Pretium Mortgage Credit Partners I LLC, Class A1, Series 2021-NPL1, 2.24%, 09/27/60<sup>(1)(6)</sup> | 154835 | 146240 |
| PRPM LLC, Class A1, Series 2021-RPL1, 1.32%, 07/25/51<sup>(1)(6)</sup> | 160065 | 144697 |
| RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50<sup>(1)(2)(10)</sup> | 21834 | 19114 |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** |  |  |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| Sequoia Mortgage Trust, Class B1, Series 2013-8, 3.49%, 06/25/43<sup>(2)(10)</sup> | $65007 | $62048 |
| SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59<sup>(1)(2)(10)</sup> | 4287 | 4142 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)(2)(10)</sup> | 52309 | 50528 |
| Towd Point Mortgage Trust, Class A2, Series 2017-1, 3.50%, 10/25/56<sup>(1)(2)(10)</sup> | 100000 | 97133 |
| Towd Point Mortgage Trust, Class A2, Series 2017-4, 3.00%, 06/25/57<sup>(1)(2)(10)</sup> | 125000 | 114573 |
| Towd Point Mortgage Trust, Class A2, Series 2018-6, 3.75%, 03/25/58<sup>(1)(2)(10)</sup> | 100000 | 89657 |
| Towd Point Mortgage Trust, Class M1, Series 2020-1, 3.50%, 01/25/60<sup>(1)(2)(10)</sup> | 100000 | 83000 |
| Towd Point Mortgage Trust, Class A2, Series 2021-1, 2.75%, 11/25/61<sup>(1)(2)(10)</sup> | 100000 | 82619 |
| Towd Point Mortgage Trust, Class A1, Series 2022-1, 3.75%, 07/25/62<sup>(1)(2)(10)</sup> | 555235 | 529446 |
| TVC Mortgage Trust, Class A1, Series 2020-RTL1, 3.47%, 09/25/24<sup>(1)</sup> | 195575 | 195029 |
| Verus Securitization Trust, Class A1, Series 2022-4, 4.47%, 04/25/67<sup>(1)(6)</sup> | 87290 | 85448 |
| Verus Securitization Trust, Class A1, Series 2022-5, 3.80%, 04/25/67<sup>(1)(6)</sup> | 100830 | 95998 |
| Verus Securitization Trust, Class A1, Series 2022-7, 5.15%, 07/25/67<sup>(1)(6)</sup> | 95196 | 94897 |
| Visio Trust, Class A1, Series 2019-2, 2.72%, 11/25/54<sup>(1)(2)(10)</sup> | 325791 | 308608 |
| Total Residential Mortgage Backed Securities |  | 3517291 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $4,637,613) |  | **4558780** |
| **MUNICIPAL BONDS – 0.2%** |  |  |
| Broward County Fl Water & Sewer Utility Revenue, 4.00%, 10/01/47 | 40000 | 39899 |
| Metropolitan Transportation Authority, 5.00%, 11/15/45 | 60000 | 66643 |
| Sales Tax Securitization Corp., 3.41%, 01/01/43 | 5000 | 3944 |
| **Total Municipal Bonds** |  |  |
| (Cost $118,487) |  | **110486** |
| **MONEY MARKET FUND - 0.7%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 4.08%<sup>(11)</sup><br> (Cost $378,640) | 378640 | 378640 |
| **TOTAL INVESTMENTS - 99.5%** |  |  |
| (Cost $50,581,151) |  | **50305399** |
| Other Assets in Excess of Liabilities - 0.5% |  | 262339 |
| **Net Assets - 100.0%** |  | $**50567738** |

---

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At January 31, 2023, the aggregate value of these securities was $23,620,430, or 46.7% of net assets.

(2) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2023.

(3) Perpetual security with no stated maturity date.

(4) Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

(5) Security in default, no interest payments are being received during the bankruptcy proceedings.

(6) Represents step coupon bond. Rate shown reflects the rate in effect as of January 31, 2023.

(7) Payment in-kind security.

(8) The loan will settle after January 31, 2023. The interest rate, based on the LIBOR and the agreed upon spread on trade date, will be determined at the time of settlement.

(9) Amount rounds to less than 0.05%.

(10) Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(11) The rate shown reflects the seven-day yield as of January 31, 2023.

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |
| LIBOR — London InterBank Offered Rate |
| PIK — Payment in-Kind |
| SOFR — Secured Overnight Financing Rate |
| USD — United States Dollar |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| USD | United States Dollar |

---

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF

January 31, 2023 (unaudited)

---

| |
|:---|
| **Fair Value Measurements** |
| The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2023. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $18322311 | $135 | $18322446 |
| &nbsp;&nbsp;&nbsp;Foreign Bonds |  | 10256077 |  | 10256077 |
| &nbsp;&nbsp;&nbsp;Term Loans |  | 5991775 |  | 5991775 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 5926759 |  | 5926759 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 4760436 |  | 4760436 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 4558780 |  | 4558780 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 110486 |  | 110486 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 378640 |  |  | 378640 |
| Total | $378640 | $49926624 | $135 | $50305399 |

---

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended January 31, 2023.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ETFis Series Trust I

- **b. Investment Company Act file number:** 811-22819

- **c. CIK number of Registrant:** 0001559109

- **d. LEI of Registrant:** 5493002CWTVLBPSYFT98

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

  - **Street Address 1:** 31 West 52nd Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 347-903-7347

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

- **a. Name of Series:** Virtus Newfleet Multi-Sector Bond ETF

- **b. EDGAR series identifier (if any):** S000048895

- **c. LEI of Series:** 549300GEZPD8IV08PZ43

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $51718339.61

**Total Liabilities:** $1149367.34

**Net Assets:** $50568972.27

**Delayed Delivery Securities:** $25000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -794.00000000 | **10-Year:** -6544.00000000 | **30-Year:** -5662.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -1.00000000 | **5-Year:** -2114.00000000 | **10-Year:** -4616.00000000 | **30-Year:** -1130.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153845 | 2.80%                | 0.14%                | 3.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-41814.64               | $1209688.23                                |
| Month 2  | $-39080.12               | $-209442.13                                |
| Month 3  | $-283608.51              | $1727952.57                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ConnectWise LLC                                             | CONNECTWISE LLC 09/24/28                                                  | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     39600 | PA      | $38263.50     | 0.08%             | 2028-09-30      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                         | APPLIED SYSTEMS 09/19/26                                                  | CUSIP: 03827FBB6<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     25000 | PA      | $25101.63     | 0.05%             | 2026-09-19      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                                    | Itau Unibanco Holding SA/Cayman Island                                    | CUSIP: 46556L2A1<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $183136.00    | 0.36%             | 2031-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TITAN ACQ/CO-BORROWER                                       | Titan Acquisition Ltd / Titan Co-Borrower LLC                             | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    200000 | PA      | $189512.00    | 0.37%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                                      | Millennium Escrow Corp                                                    | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $76677.70     | 0.15%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                              | ARD Finance SA                                                            | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $157184.00    | 0.31%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                       | Indonesia Government International Bond                                   | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $181750.00    | 0.36%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ORYX MIDSTREAM S 09/30/28                                   | ORYX MIDSTREAM S 09/30/28                                                 | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |     44124 | PA      | $44059.08     | 0.09%             | 2028-10-05      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment LLC                   | WILLIAM MORRIS E 05/19/25                                                 | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |     22082 | PA      | $21995.40     | 0.04%             | 2025-05-18      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                               | Exeter Automobile Receivables Trust 2019-2                                | CUSIP: 30167LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $54035.17     | 0.11%             | 2026-05-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                                    | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp        | CUSIP: 559665AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $72638.25     | 0.14%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                                            | ArcelorMittal SA                                                          | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    185000 | PA      | $194665.75    | 0.38%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD                                       | Nabors Industries Ltd                                                     | CUSIP: 629571AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    100000 | PA      | $97413.00     | 0.19%             | 2026-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                                     | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp  | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $159153.60    | 0.31%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Greeneden US Holdings II LLC                                | GENESYS TELECOM 10/07/27                                                  | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | LON              | CORP              | US        |      4701 | PA      | $4624.86      | 0.01%             | 2027-12-01      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                    | BX Trust 2022-CLS                                                         | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94000 | PA      | $93128.31     | 0.18%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| DS Parent Inc                                               | DS PARENT INC 12/10/28                                                    | CUSIP: 23344YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     23750 | PA      | $23031.56     | 0.05%             | 2028-12-10      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                            | NORTH AMERICAN B 11/17/28                                                 | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |     24700 | PA      | $24540.81     | 0.05%             | 2028-11-23      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                          | Energy Transfer LP                                                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    210000 | PA      | $197479.80    | 0.39%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                   | Boeing Co/The                                                             | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15409.96     | 0.03%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                                     | Legacy LifePoint Health LLC                                               | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $112286.00    | 0.22%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                                | ALLIANCE LAUNDRY 09/30/27                                                 | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |     33782 | PA      | $33757.53     | 0.07%             | 2027-10-08      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                         | General Electric Co                                                       | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    340000 | PA      | $340085.00    | 0.67%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                | Upstart Securitization Trust 2021-2                                       | CUSIP: 91680FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $57489.77     | 0.11%             | 2031-06-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                                    | OWL Rock Core Income Corp                                                 | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     38000 | PA      | $34800.62     | 0.07%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PODS LLC                                                    | PODS LLC 03/29/28                                                         | CUSIP: 73044EAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29254 | PA      | $28645.05     | 0.06%             | 2028-03-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                       | DIRECTV FINANCIN 07/22/27                                                 | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36011 | PA      | $35495.04     | 0.07%             | 2027-08-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                 | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $270025.66    | 0.53%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2022-5                                         | CUSIP: 924921AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100830 | PA      | $95997.98     | 0.19%             | 2067-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                                 | Deluxe Corp                                                               | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17153.50     | 0.03%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                          | Dominican Republic International Bond                                     | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    325000 | PA      | $277539.44    | 0.55%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| METIS MERGER SUB LLC                                        | Metis Merger Sub LLC                                                      | CUSIP: 59155LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $64022.63     | 0.13%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                 | Southern Co/The                                                           | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    213000 | PA      | $185916.23    | 0.37%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                       | Argentine Republic Government International Bond                          | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    270000 | PA      | $92340.00     | 0.18%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                       | Bausch Health Cos Inc                                                     | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $3418.33      | 0.01%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                 | ASURION 07/28/27                                                          | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     24475 | PA      | $23184.93     | 0.05%             | 2027-07-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                       | Universal Health Services Inc                                             | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    350000 | PA      | $283832.36    | 0.56%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                      | Sequoia Mortgage Trust 2013-8                                             | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     65007 | PA      | $62047.73     | 0.12%             | 2043-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                            | CINEMARK USA INC 03/31/25                                                 | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |      1027 | PA      | $1000.05      | 0.00%             | 2025-03-29      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Packaging Coordinators Midco Inc                            | PACKAGING COORDI 09/25/27                                                 | CUSIP: 69515EAH5<br>LEI: 549300SL20D7D39KSB12 | Long             | LON              | CORP              | US        |     54260 | PA      | $53354.17     | 0.11%             | 2027-11-30      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                            | COLT 2021-1RMortgage Pass-Through Certificates                            | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27637 | PA      | $23717.19     | 0.05%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE MF 12/06/29                                   | AMERICAN AXLE MF 12/06/29                                                 | CUSIP: 000000000<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |    105000 | PA      | $105174.83    | 0.21%             | 2029-12-13      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group LLC                                    | Great Outdoors Group LLC                                                  | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |     29366 | PA      | $28954.39     | 0.06%             | 2028-03-05      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                 | Viatris Inc                                                               | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65990.84     | 0.13%             | 2030-06-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                       | PHOENIX GUARANTO 05/05/26                                                 | CUSIP: 71913BAE2<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |     38897 | PA      | $38398.77     | 0.08%             | 2026-03-05      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| KNDL Mortgage Trust                                         | KNDL 2019-KNSQ Mortgage Trust                                             | CUSIP: 482598AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    392000 | PA      | $389459.80    | 0.77%             | 2036-05-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| University Support Services LLC                             | UNIVERSITY SUPPO 06/29/28                                                 | CUSIP: 78957LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    108617 | PA      | $107992.18    | 0.21%             | 2029-02-10      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                               | Sales Tax Securitization Corp                                             | CUSIP: 79467BDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $3943.76      | 0.01%             | 2043-01-01      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                    | International Flavors & Fragrances Inc                                    | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    360000 | PA      | $298704.29    | 0.59%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS                                      | Discover Financial Services                                               | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    198000 | PA      | $211582.44    | 0.42%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| HP INC                                                      | HP Inc                                                                    | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    230000 | PA      | $226021.88    | 0.45%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                    | Huntington Ingalls Industries Inc                                         | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    175000 | PA      | $148167.95    | 0.29%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2019-4                                  | CUSIP: 36258HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $257641.98    | 0.51%             | 2026-08-17      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                      | BP Capital Markets PLC                                                    | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    275000 | PA      | $257640.63    | 0.51%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN                                    | Brighthouse Financial Inc                                                 | CUSIP: 10922NAG8<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50093.17     | 0.10%             | 2030-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                    | Prudential Financial Inc                                                  | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9988.66      | 0.02%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                    | Avolon Holdings Funding Ltd                                               | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     77000 | PA      | $73247.20     | 0.14%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $151003.91    | 0.30%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                            | BAT Capital Corp                                                          | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    270000 | PA      | $301401.38    | 0.60%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                               | Lendbuzz Securitization Trust 2022-1                                      | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    309131 | PA      | $297097.56    | 0.59%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                  | AMSR 2021-SFR3 Trust                                                      | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $85643.02     | 0.17%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                     | Royal Caribbean Cruises Ltd                                               | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      4000 | PA      | $4224.74      | 0.01%             | 2029-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                  | US Bancorp                                                                | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32844.49     | 0.06%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 91282CGG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $124868.16    | 0.25%             | 2025-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                              | BHG Securitization Trust 2021-B                                           | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $86064.67     | 0.17%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                                        | Conn's Receivables Funding 2021-A LLC                                     | CUSIP: 20825GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192481 | PA      | $190470.53    | 0.38%             | 2026-05-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                       | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     55000 | PA      | $36019.50     | 0.07%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Pike Corp                                                   | PIKE CORP 01/21/28                                                        | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |    170000 | PA      | $169681.25    | 0.34%             | 2028-01-21      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                   | CIM TRUST 2022-R2                                                         | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89410 | PA      | $85651.98     | 0.17%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                        | WR Grace Holdings LLC                                                     | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     90000 | PA      | $75240.00     | 0.15%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1240000 | PA      | $1074707.03   | 2.13%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                        | Abu Dhabi Government International Bond                                   | CUSIP: 29135LAH3<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    200000 | PA      | $187314.75    | 0.37%             | 2030-04-16      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                          | Regal Rexnord Corp                                                        | CUSIP: 758750AF0<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153952.63    | 0.30%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                                                | Bio-Rad Laboratories Inc                                                  | CUSIP: 090572AQ1<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    169000 | PA      | $153486.33    | 0.30%             | 2032-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                              | Var Energi ASA                                                            | CUSIP: 92212WAD2<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $209171.18    | 0.41%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                                           | At Home Group Inc                                                         | CUSIP: 04650YAB6<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |     45000 | PA      | $27955.80     | 0.06%             | 2029-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $331554.69    | 0.66%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                    | Corebridge Financial Inc                                                  | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    164000 | PA      | $163373.55    | 0.32%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                         | COMM 2020-CBM Mortgage Trust                                              | CUSIP: 20049AAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45000 | PA      | $41729.09     | 0.08%             | 2037-02-10      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Brightview Landscapes LLC                                   | BRIGHTVIEW 04/07/29                                                       | CUSIP: 10801XAH0<br>LEI: 549300OSAEQC89PVOW06 | Long             | LON              | CORP              | US        |    119525 | PA      | $117931.43    | 0.23%             | 2029-04-22      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                      | Blackstone Private Credit Fund                                            | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     59000 | PA      | $50558.61     | 0.10%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                    | Prudential Financial Inc                                                  | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239091.60    | 0.47%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                                    | New Enterprise Stone & Lime Co Inc                                        | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85805.56     | 0.17%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                    | AMENTUM 02/10/29                                                          | CUSIP: 57776DAE3<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |      7001 | PA      | $6918.21      | 0.01%             | 2029-02-15      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                      | Taco Bell Funding LLC                                                     | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72765 | PA      | $71839.75     | 0.14%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2019-2                                              | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122410 | PA      | $116706.00    | 0.23%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                              | Pretium Mortgage Credit Partners I 2021-NPL1 LLC                          | CUSIP: 741389AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154835 | PA      | $146239.72    | 0.29%             | 2060-09-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                  | LAD Auto Receivables Trust 2022-1                                         | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76396 | PA      | $75424.26     | 0.15%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                                | PERATON 02/01/28                                                          | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    170123 | PA      | $169527.57    | 0.34%             | 2028-02-01      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                                    | Team Health Holdings Inc                                                  | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |     45000 | PA      | $29708.92     | 0.06%             | 2025-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                              | BHG Securitization Trust 2021-A                                           | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262965 | PA      | $246034.10    | 0.49%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                          | Angolan Government International Bond                                     | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $189500.00    | 0.37%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SHEARER'S FOODS LLC                                         | SHEARER'S FOODS LLC                                                       | CUSIP: 82087UAL1<br>LEI: 549300AQWIJSYS2CIH04 | Long             | LON              | CORP              | US        |     19346 | PA      | $19038.76     | 0.04%             | 2027-09-23      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                                  | Viasat Inc                                                                | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18827.00     | 0.04%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2019-2                                     | CUSIP: 14686UAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141493 | PA      | $140444.10    | 0.28%             | 2025-01-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                                | Illumina Inc                                                              | CUSIP: 452327AM1<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    177000 | PA      | $146865.80    | 0.29%             | 2031-03-23      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                                          | UPSTREAM NEWCO I 11/20/26                                                 | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |     22162 | PA      | $18450.28     | 0.04%             | 2026-11-20      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Star US Bidco LLC                                           | STAR US BIDCO LL 03/03/27                                                 | CUSIP: 85519WAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24304 | PA      | $23939.70     | 0.05%             | 2027-03-17      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                    | Service Properties Trust                                                  | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20486.12     | 0.04%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                    | Mill City Mortgage Loan Trust 2017-3                                      | CUSIP: 59980CAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98445 | PA      | $84081.31     | 0.17%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CDK G 06/09/29                                              | CDK G 06/09/29                                                            | CUSIP: 15477BAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20000 | PA      | $19984.40     | 0.04%             | 2029-07-06      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                     | Philippine Government International Bond                                  | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    200000 | PA      | $168250.00    | 0.33%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc                              | BHN MERGER SUB I 06/15/25                                                 | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |     29612 | PA      | $29360.25     | 0.06%             | 2025-06-15      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| R1 RCM Inc                                                  | R1 RCM 05/12/29                                                           | CUSIP: 74919EAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69825 | PA      | $69868.64     | 0.14%             | 2029-06-21      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                                         | Hotwire Funding LLC                                                       | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $56283.01     | 0.11%             | 2051-11-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                          | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     35000 | PA      | $21088.48     | 0.04%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Milano Acquisition Corp                                     | MILANO ACQUISITI 08/13/27                                                 | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34287 | PA      | $33549.68     | 0.07%             | 2027-10-01      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                        | Aramark 03/11/25                                                          | CUSIP: 03852JAL5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    150000 | PA      | $149671.50    | 0.30%             | 2025-03-11      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                     | VZ Secured Financing BV                                                   | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    190000 | PA      | $162923.10    | 0.32%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                              | Avant Credit Card Master Trust                                            | CUSIP: 05351KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $46129.99     | 0.09%             | 2027-04-15      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                          | BX Trust 2019-OC11                                                        | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85000 | PA      | $71390.50     | 0.14%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                    | Ajax Mortgage Loan Trust 2019-D                                           | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59010 | PA      | $55875.99     | 0.11%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                                    | BroadStreet Partners Inc                                                  | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    160000 | PA      | $141560.80    | 0.28%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                       | Dick's Sporting Goods Inc                                                 | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    194000 | PA      | $158903.50    | 0.31%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                                    | Scientific Games International Inc                                        | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168529.24    | 0.33%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                    | Global Infrastructure Solutions Inc                                       | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    155000 | PA      | $131992.67    | 0.26%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Viant Medical Holdings Inc                                  | MEDPLAST 7/18 CO 07/02/25                                                 | CUSIP: 58506PAF8<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |     38864 | PA      | $35373.38     | 0.07%             | 2025-07-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                                    | CrownRock LP / CrownRock Finance Inc                                      | CUSIP: 228701AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48810.75     | 0.10%             | 2025-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                         | Charles Schwab Corp/The                                                   | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     95000 | PA      | $81842.50     | 0.16%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                   | Boeing Co/The                                                             | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    123000 | PA      | $125938.16    | 0.25%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                          | AGILITI HEALT 01/04/26                                                    | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |     59690 | PA      | $59764.53     | 0.12%             | 2026-01-04      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                          | VICI Properties LP                                                        | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    115000 | PA      | $110166.55    | 0.22%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                      | Eskom Holdings SOC Ltd                                                    | CUSIP: 29646AAB2<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    400000 | PA      | $383740.00    | 0.76%             | 2025-02-11      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                             | MVW Owner Trust 2019-1                                                    | CUSIP: 55389PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24650 | PA      | $23357.42     | 0.05%             | 2036-11-20      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                         | DT Auto Owner Trust 2023-1                                                | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $154605.17    | 0.31%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Rising Tide Holdings Inc                                    | RISING TIDE HOLDINGS INC                                                  | CUSIP: 76770EAB3<br>LEI: 254900T03WM6VU0KWL83 | Long             | LON              | CORP              | US        |     14775 | PA      | $7769.14      | 0.02%             | 2028-06-01      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                              | OneMain Direct Auto Receivables Trust 2022-1                              | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $53128.94     | 0.11%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2022-2                                  | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $63473.29     | 0.13%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Trinseo Materials Operating SCA                             | TRINSEO MATERIAL 09/06/24                                                 | CUSIP: 000000000<br>LEI: 549300WNMXD3KV7LO256 | Long             | LON              | CORP              | LU        |     99738 | PA      | $97634.74     | 0.19%             | 2024-09-06      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                     | KazMunayGas National Co JSC                                               | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    200000 | PA      | $172000.00    | 0.34%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                 | Hertz Vehicle Financing III LLC                                           | CUSIP: 42806MAL3<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $155636.38    | 0.31%             | 2026-06-25      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                    | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    170000 | PA      | $159579.00    | 0.32%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corp                                        | EPICOR 07/17/27 07/30/27                                                  | CUSIP: 29426NAN4<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |     34036 | PA      | $33487.92     | 0.07%             | 2027-07-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                          | Visio 2019-2 Trust                                                        | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325791 | PA      | $308607.66    | 0.61%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Weld North Education LLC                                    | WELD NORTH EDUCA 12/21/27                                                 | CUSIP: 94935RAE3<br>LEI: 254900W855WLN58WNJ32 | Long             | LON              | CORP              | US        |    105408 | PA      | $105128.44    | 0.21%             | 2027-12-17      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2020-1                                          | CUSIP: 89178WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $82999.85     | 0.16%             | 2060-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP/THE                                   | DUN & BRADSTREET CORP/THE                                                 | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |     37785 | PA      | $37768.66     | 0.07%             | 2026-02-08      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                              | Metropolitan Transportation Authority                                     | CUSIP: 59260XAW8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     60000 | PA      | $66643.52     | 0.13%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                    | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp        | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $163338.35    | 0.32%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                       | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    325000 | PA      | $269750.00    | 0.53%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                 | Extended Stay America Trust 2021-ESH                                      | CUSIP: 30227FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    322143 | PA      | $315069.55    | 0.62%             | 2038-07-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                     | BROWN GROUP HOLDING LLC                                                   | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     31782 | PA      | $31680.36     | 0.06%             | 2028-06-07      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                 | MetLife Inc                                                               | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    145000 | PA      | $138360.63    | 0.27%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CABLE ONDA SA                                               | Telecomunicaciones Digitales SA                                           | CUSIP: 12686LAA7<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $178125.00    | 0.35%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TVC Mortgage Trust 2020-RTL1                                | TVC Mortgage Trust 2020-RTL1                                              | CUSIP: 90114YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195575 | PA      | $195029.18    | 0.39%             | 2024-09-25      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                    | USA Compression Partners LP / USA Compression Finance Corp                | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $115969.22    | 0.23%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                             | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $107828.60    | 0.21%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                              | Ellington Financial Mortgage Trust 2022-1                                 | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    134021 | PA      | $118049.01    | 0.23%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                  | Flagship Credit Auto Trust 2019-2                                         | CUSIP: 33845WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37252 | PA      | $37099.75     | 0.07%             | 2025-05-15      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                    | Republic of South Africa Government International Bond                    | CUSIP: 836205AW4<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $193250.00    | 0.38%             | 2027-09-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Pegasus Bidco BV                                            | REFRESCO (PEG 05/04/29                                                    | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |     25000 | PA      | $24875.00     | 0.05%             | 2029-07-12      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2023-1                              | CUSIP: 96042XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $206272.44    | 0.41%             | 2028-08-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                                  | Akumin Inc                                                                | CUSIP: 01021FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $112562.05    | 0.22%             | 2025-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                               | TRANSDIGM INC 05/30/25                                                    | CUSIP: 89364MBV5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     14734 | PA      | $14724.97     | 0.03%             | 2025-05-30      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                     | UKG Inc                                                                   | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    142947 | PA      | $140856.78    | 0.28%             | 2026-05-03      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                                    | HLF Financing Sarl LLC / Herbalife International Inc                      | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    235000 | PA      | $172168.05    | 0.34%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                            | Puget Energy Inc                                                          | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    195000 | PA      | $178544.66    | 0.35%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                      | Egypt Government International Bond                                       | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $167000.00    | 0.33%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                                       | Lincoln National Corp                                                     | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |     80000 | PA      | $60600.00     | 0.12%             | 2067-04-20      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                    | Venture Global Calcasieu Pass LLC                                         | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    155000 | PA      | $137640.78    | 0.27%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                                          | Turkey Government International Bond                                      | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $188000.00    | 0.37%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                           | CUSIP: 31418DB92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27622 | PA      | $26275.55     | 0.05%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                | Enbridge Inc                                                              | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $175489.84    | 0.35%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                            | CINEMARK USA INC 03/31/25                                                 | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     27485 | PA      | $26755.10     | 0.05%             | 2025-03-29      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| 1375209 BC LTD                                              | 1375209 BC Ltd                                                            | CUSIP: 68251PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     11000 | PA      | $10972.56     | 0.02%             | 2028-01-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                        | Bayport Polymers LLC                                                      | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75934.57     | 0.15%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp                                   | GARDA SECURITY 10/26 TL                                                   | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |     10000 | PA      | $9985.00      | 0.02%             | 2026-10-30      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| FRONERI US INC                                              | Froneri US Inc                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     51224 | PA      | $50819.61     | 0.10%             | 2027-01-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $87500.00     | 0.17%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                          | Morocco Government International Bond                                     | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    200000 | PA      | $160500.00    | 0.32%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                              | LSB Industries Inc                                                        | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    195000 | PA      | $175948.50    | 0.35%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp                                         | SELECT MEDICAL C 03/06/25                                                 | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    120000 | PA      | $119625.00    | 0.24%             | 2025-03-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                           | State Street Corp                                                         | CUSIP: 857477CA9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    102000 | PA      | $102602.90    | 0.20%             | 2034-01-26      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| WELLNESS MERGER 06/28/24                                    | WELLNESS MERGER 06/28/24                                                  | CUSIP: 69946PAB2<br>LEI: 549300S46D4GK45PA591 | Long             | LON              | CORP              | US        |     39598 | PA      | $38715.06     | 0.08%             | 2024-06-30      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC                                        | Ferguson Finance PLC                                                      | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |    285000 | PA      | $270867.66    | 0.54%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                                      | Southwestern Energy Co                                                    | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117616.25    | 0.23%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                                  | Citadel LP                                                                | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    185000 | PA      | $182030.14    | 0.36%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming LLC                                     | J&J VENTURES GAM 04/07/28                                                 | CUSIP: 46604BAB4<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |     19700 | PA      | $19189.35     | 0.04%             | 2028-04-26      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                               | New Residential Mortgage Loan Trust 2019-RPL2                             | CUSIP: 64830HAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $88215.31     | 0.17%             | 2059-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA GLOBAL                                               | Sempra Global                                                             | CUSIP: 81685VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    203000 | PA      | $169341.00    | 0.33%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp                                  | GREAT CANADIAN G 11/01/26                                                 | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |      9950 | PA      | $9903.38      | 0.02%             | 2026-11-01      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                | Business Jet Securities 2020-1 LLC                                        | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7193 | PA      | $6607.83      | 0.01%             | 2035-11-15      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $92845.00     | 0.18%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                               | Transdigm Inc 12/09/25                                                    | CUSIP: 89364MBW3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     36797 | PA      | $36772.27     | 0.07%             | 2025-12-09      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Sophia LP                                                   | SOPHIA (ELLUCIAN 10/07/27                                                 | CUSIP: 83578BAN3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     24502 | PA      | $24187.48     | 0.05%             | 2027-10-07      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER CHILE                                       | Banco Santander Chile                                                     | CUSIP: 05970FAD3<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | DBT              | CORP              | CL        |    300000 | PA      | $260498.25    | 0.52%             | 2031-10-26      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                       | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     75000 | PA      | $60324.81     | 0.12%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco Inc                                           | PAREXEL 08/11/28                                                          | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |     30820 | PA      | $30613.09     | 0.06%             | 2028-11-15      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                   | TRITON WATER (NE 03/17/28                                                 | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |     29513 | PA      | $28170.14     | 0.06%             | 2028-03-31      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                          | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     25000 | PA      | $15851.25     | 0.03%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRP LLC                                                     | TRP 2021 LLC                                                              | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68230 | PA      | $59167.05     | 0.12%             | 2051-06-19      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU                              | WFRBS Commercial Mortgage Trust 2014-C24                                  | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $47755.45     | 0.09%             | 2047-11-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                            | CINEMARK USA INC 03/31/25                                                 | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     21595 | PA      | $21021.86     | 0.04%             | 2025-03-29      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| PETVET CARE CENTERS LLC                                     | PETVET CARE CENTERS LLC                                                   | CUSIP: 70476XAK1<br>LEI: 549300V0HK8MSXZNOM91 | Long             | LON              | CORP              | US        |     98908 | PA      | $94136.07     | 0.19%             | 2025-02-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                    | Trident TPI Holdings Inc                                                  | CUSIP: 89616RAA7<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    135000 | PA      | $121270.37    | 0.24%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                                        | Entegris Escrow Corp                                                      | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $129539.71    | 0.26%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                               | New Residential Mortgage Loan Trust 2016-1                                | CUSIP: 64829FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42583 | PA      | $39661.95     | 0.08%             | 2056-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Funding, LLC                                | Jack in the Box Funding LLC                                               | CUSIP: 466365AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54175 | PA      | $48608.95     | 0.10%             | 2052-02-26      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                    | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $93167.15     | 0.18%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                    | Antero Midstream Partners LP / Antero Midstream Finance Corp              | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $191509.00    | 0.38%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2018-6                                          | CUSIP: 89176LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $89657.53     | 0.18%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                        | Bank of America Corp                                                      | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75020.79     | 0.15%             | 2033-07-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                              | PROOFPOINT INC 06/09/28                                                   | CUSIP: 74345HAB7<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |     29700 | PA      | $29173.27     | 0.06%             | 2028-08-31      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                         | ZAXBY'S FUNDING LLC                                                       | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232460 | PA      | $197489.83    | 0.39%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                  | LAD Auto Receivables Trust 2021-1                                         | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $49405.65     | 0.10%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                              | Transocean Inc                                                            | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     75000 | PA      | $77428.13     | 0.15%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                                | REALPAGE 02/18/28                                                         | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |     34488 | PA      | $33705.46     | 0.07%             | 2028-04-22      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2021-1                                          | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $82619.21     | 0.16%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                     | GLP Capital LP / GLP Financing II Inc                                     | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $82595.30     | 0.16%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                        | Colombia Government International Bond                                    | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $148050.00    | 0.29%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment LLC                   | WILLIAM MORRIS E 05/19/25                                                 | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |      1083 | PA      | $1078.82      | 0.00%             | 2025-05-18      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                        | Neptune Bidco US Inc                                                      | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14602.73     | 0.03%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Zep Inc                                                     | ZEP INC 08/12/24                                                          | CUSIP: 98944EAN2<br>LEI: NU75S1Y8UH3706J5CS61 | Long             | LON              | CORP              | US        |     28926 | PA      | $24297.75     | 0.05%             | 2024-08-11      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| PetSmart Inc                                                | PETSMART INC 1/29/2028 TL                                                 | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129347 | PA      | $128646.11    | 0.25%             | 2028-02-12      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                       | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     34000 | PA      | $32045.00     | 0.06%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                              | PulteGroup Inc                                                            | CUSIP: 745867AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $299284.48    | 0.59%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                            | Taseko Mines Ltd                                                          | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $85405.05     | 0.17%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US Inc                                        | NI 04/11/29                                                               | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    125000 | PA      | $114687.50    | 0.23%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                                    | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp        | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $111621.10    | 0.22%             | 2029-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                     | Goldman Sachs Group Inc/The                                               | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    220000 | PA      | $176233.53    | 0.35%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                      | Bank of New York Mellon Corp/The                                          | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    130000 | PA      | $140896.44    | 0.28%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                          | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    245000 | PA      | $187785.79    | 0.37%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LANNETT CO INC                                              | Lannett Co Inc                                                            | CUSIP: 51602UAD0<br>LEI: 5299001DJ6C90XX17G45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $2562.35      | 0.01%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                        | Bank of America Corp                                                      | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $191844.31    | 0.38%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                 | Ivory Coast Government International Bond                                 | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $178500.00    | 0.35%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                         | DENTSPLY SIRONA Inc                                                       | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    275000 | PA      | $242011.81    | 0.48%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTHWEST FIBER LLC/NORT                                    | Northwest Fiber LLC / Northwest Fiber Finance Sub Inc                     | CUSIP: 667449AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $79842.25     | 0.16%             | 2028-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| CT TRUST                                                    | CT Trust                                                                  | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |    200000 | PA      | $175750.00    | 0.35%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES | JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES               | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    378640 | NS      | $378640.18    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CNT Holdings I Corp                                         | 1-800-CONTACTS ( 10/16/27                                                 | CUSIP: 12656AAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29475 | PA      | $29168.39     | 0.06%             | 2027-11-08      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                                          | INFINITE BIDCO L 03/02/28                                                 | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |     19626 | PA      | $19055.25     | 0.04%             | 2028-03-02      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                    | Ferrellgas LP / Ferrellgas Finance Corp                                   | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $95881.25     | 0.19%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                     | MPT Operating Partnership LP / MPT Finance Corp                           | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $136772.61    | 0.27%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                      | Par Pharmaceutical Inc                                                    | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |     35000 | PA      | $27427.39     | 0.05%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                    | Texas Capital Bancshares Inc                                              | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63763.46     | 0.13%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                        | Rackspace Technology Global Inc                                           | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |     65000 | PA      | $24049.03     | 0.05%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                | Ecopetrol SA                                                              | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    150000 | PA      | $153757.50    | 0.30%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                      | VICI Properties LP / VICI Note Co Inc                                     | CUSIP: 92564RAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9689.54      | 0.02%             | 2025-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CADILLAC FAIRVIEW PRP TR                                    | Ontario Teachers' Cadillac Fairview Properties Trust                      | CUSIP: 68327LAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $157262.17    | 0.31%             | 2031-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                              | Qatar Government International Bond                                       | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    200000 | PA      | $196392.00    | 0.39%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                                              | Albemarle Corp                                                            | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158371.99    | 0.31%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                             | TRAVERSE MIDSTRE 09/27/24                                                 | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    134358 | PA      | $134593.02    | 0.27%             | 2024-09-27      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN                                    | Parsley Energy LLC / Parsley Finance Corp                                 | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $79117.19     | 0.16%             | 2028-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                              | SoFi Consumer Loan Program 2022-1S Trust                                  | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86657 | PA      | $86685.11     | 0.17%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                    | Octane Receivables Trust 2020-1                                           | CUSIP: 67592LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107000 | PA      | $103200.27    | 0.20%             | 2025-06-20      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                     | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $88579.42     | 0.18%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC                                       | ECL Entertainment LLC                                                     | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |      5000 | PA      | $5010.95      | 0.01%             | 2028-04-30      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                      | Cascade MH Asset Trust 2021-MH1                                           | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80922 | PA      | $70520.99     | 0.14%             | 2046-02-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Encina Equipment Finance                                    | Encina Equipment Finance 2022-1 LLC                                       | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98447.32     | 0.19%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                      | Acrisure LLC / Acrisure Finance Inc                                       | CUSIP: 00489LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $185776.50    | 0.37%             | 2025-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL WTR & SWR UTIL                              | Broward County FL Water & Sewer Utility Revenue                           | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39899.04     | 0.08%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greeneden US Holdings II LLC                                | GENESYS TELECOM 10/07/27                                                  | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | LON              | CORP              | US        |     10037 | PA      | $9874.70      | 0.02%             | 2027-12-01      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                    | Angel Oak Mortgage Trust 2021-7                                           | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    393285 | PA      | $332277.63    | 0.66%             | 2066-10-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                              | HAMILTON PROJECT 06/17/27                                                 | CUSIP: 14314VAB9<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |     21928 | PA      | $21921.86     | 0.04%             | 2027-06-26      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corp                                       | FILTRATION GROUP 10/19/28                                                 | CUSIP: 31732FAR7<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |     19700 | PA      | $19634.78     | 0.04%             | 2028-10-21      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Medallion Midland Acquisition LP                            | MEDALLION MIDLAN 10/18/28                                                 | CUSIP: 58404BAD7<br>LEI: 549300QCYU94ZA2ELG48 | Long             | LON              | CORP              | US        |     29472 | PA      | $29512.92     | 0.06%             | 2028-10-18      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                           | Kinder Morgan Inc                                                         | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    203000 | PA      | $236200.01    | 0.47%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                          | Panama Government International Bond                                      | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $167554.25    | 0.33%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                               | Starwood Mortgage Residential Trust 2020-1                                | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52309 | PA      | $50527.81     | 0.10%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC                                    | Jacobs Entertainment Inc                                                  | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186302.00    | 0.37%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                        | Chart Industries Inc                                                      | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5118.75      | 0.01%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                       | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    155000 | PA      | $134605.24    | 0.27%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC                                         | Gray Television Inc                                                       | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100222.65    | 0.20%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maps LTD                                                    | MAPS 2021-1 Trust                                                         | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38760 | PA      | $33236.07     | 0.07%             | 2046-06-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2019-1                                              | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132039 | PA      | $124301.28    | 0.25%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC                                   | FAT Brands Royalty LLC                                                    | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $46433.40     | 0.09%             | 2051-04-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings LLC                                     | ARCLINE FM HOLDI 06/15/29                                                 | CUSIP: 03960DAD5<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |     15000 | PA      | $13650.00     | 0.03%             | 2029-06-23      | Floating      | 12.76%                | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                               | DISH DBS Corp                                                             | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $130156.00    | 0.26%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                              | ACHV ABS TRUST 2023-1PL                                                   | CUSIP: 00091XAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150408.90    | 0.30%             | 2030-03-18      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corp                                       | FILTRATION GROUP 03/29/25                                                 | CUSIP: 31732FAM8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |    144082 | PA      | $144051.95    | 0.28%             | 2025-03-29      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                               | Nordstrom Inc                                                             | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    230000 | PA      | $173035.90    | 0.34%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                         | Oportun Funding 2022-1 LLC                                                | CUSIP: 68377XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33268 | PA      | $32598.93     | 0.06%             | 2029-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                     | CF Hippolyta Issuer LLC                                                   | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90251 | PA      | $81649.72     | 0.16%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2019-3                                     | CUSIP: 14686XAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $53048.73     | 0.10%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                       | Guatemala Government Bond                                                 | CUSIP: 401494AT6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $169046.00    | 0.33%             | 2033-10-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2017-4                                          | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $114572.86    | 0.23%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $15010.00     | 0.03%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                   | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22               | CUSIP: 61690FAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $56680.41     | 0.11%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2022-1                                          | CUSIP: 89170VAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    555235 | PA      | $529446.48    | 1.05%             | 2062-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                                  | RCKT Mortgage Trust 2020-1                                                | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21834 | PA      | $19114.35     | 0.04%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                       | Level 3 Financing Inc                                                     | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     60000 | PA      | $44730.00     | 0.09%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                       | Bausch Health Cos Inc                                                     | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $1887.66      | 0.00%             | 2030-10-15      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp                           | PROJECT RUBY ULT 03/03/28                                                 | CUSIP: 74339UAS9<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |     29475 | PA      | $28553.91     | 0.06%             | 2028-03-10      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                              | PulteGroup Inc                                                            | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31382.45     | 0.06%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                  | Affirm Asset Securitization Trust 2022-A                                  | CUSIP: 00834WAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70000 | PA      | $67556.79     | 0.13%             | 2027-05-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                 | Hertz Vehicle Financing LLC                                               | CUSIP: 42806MBG3<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $61810.35     | 0.12%             | 2026-09-25      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                                        | SRS DISTRIBUTION 06/02/28                                                 | CUSIP: 78466YAQ1<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |      4962 | PA      | $4794.52      | 0.01%             | 2028-06-04      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                                              | OT Merger Corp                                                            | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $9653.25      | 0.02%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                             | Ascot Group Ltd                                                           | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |     45000 | PA      | $39619.80     | 0.08%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                  | AIR CANADA 07/27/28                                                       | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |      7024 | PA      | $7042.31      | 0.01%             | 2028-08-11      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                                    | Flex Intermediate Holdco LLC                                              | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    195000 | PA      | $159206.28    | 0.31%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| FRONERI US INC                                              | Froneri US Inc                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    112569 | PA      | $111681.41    | 0.22%             | 2027-01-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| TricorBraun Holdings Inc                                    | TRICORBRAUN 01/29/28                                                      | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |     34536 | PA      | $33653.48     | 0.07%             | 2028-03-03      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                               | Citigroup Inc                                                             | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178861.32    | 0.35%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                 | Oracle Corp                                                               | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    245000 | PA      | $261998.07    | 0.52%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                              | PRPM 2021-RPL1 LLC                                                        | CUSIP: 69360GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160065 | PA      | $144696.59    | 0.29%             | 2051-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Sunshine Luxembourg VII Sarl                                | GALDERMA (SUNSHI 10/02/26                                                 | CUSIP: 000000000<br>LEI: 254900CHQOBZNYV4DY60 | Long             | LON              | CORP              | LU        |     14738 | PA      | $14468.54     | 0.03%             | 2026-10-02      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                                 | Avient Corp                                                               | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    165000 | PA      | $166439.39    | 0.33%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                      | GE HealthCare Technologies Inc                                            | CUSIP: 36267VAG8<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    230000 | PA      | $244228.25    | 0.48%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Scientific Games Corp                                       | SCIENTIFIC GAMES 04/07/29                                                 | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    124550 | PA      | $124593.78    | 0.25%             | 2029-04-14      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| DXP ENTERPRISES INC/TX                                      | DXP ENTERPRISES INC/TX                                                    | CUSIP: 23338DAP1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99484 | PA      | $95840.12     | 0.19%             | 2027-12-23      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $305134.38    | 0.60%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University Support Services LLC                             | UNIVERSITY SUPPO 06/29/28                                                 | CUSIP: 78957LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      3621 | PA      | $3599.74      | 0.01%             | 2029-02-10      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                    | Cheplapharm Arzneimittel GmbH                                             | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $169829.60    | 0.34%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS                                      | Emirate of Dubai Government International Bonds                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    200000 | PA      | $193414.50    | 0.38%             | 2043-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                       | Mexico Government International Bond                                      | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $168700.00    | 0.33%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Altice France SA/France                                     | ALTICE FRANCE SA 01/31/26                                                 | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     29079 | PA      | $28061.51     | 0.06%             | 2026-01-31      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                         | APPLIED SYSTEMS 09/19/27                                                  | CUSIP: 03827FBA8<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     29460 | PA      | $29524.52     | 0.06%             | 2027-09-19      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                        | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40701.20     | 0.08%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                         | MEDLINE INDUSTRI 09/30/28                                                 | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    134661 | PA      | $131004.09    | 0.26%             | 2028-10-21      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                        | Bank of America Corp                                                      | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     60000 | PA      | $46872.03     | 0.09%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                                     | Surgery Center Holdings Inc                                               | CUSIP: 86881WAD4<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21450.31     | 0.04%             | 2027-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                            | UFC HOLDINGS LLC 04/29/26                                                 | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    136571 | PA      | $136059.24    | 0.27%             | 2026-04-29      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                                 | CHG HEALTHCARE 09/22/28                                                   | CUSIP: 000000000<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |    139446 | PA      | $138740.37    | 0.27%             | 2028-09-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                        | Chart Industries Inc                                                      | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88813.95     | 0.18%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment LLC                   | WILLIAM MORRIS E 05/19/25                                                 | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |     11864 | PA      | $11817.63     | 0.02%             | 2025-05-18      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                    | Trident TPI Holdings Inc                                                  | CUSIP: 89616RAB5<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83077.89     | 0.16%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                            | CINEMARK USA INC 03/31/25                                                 | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     21595 | PA      | $21021.86     | 0.04%             | 2025-03-29      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                     | Dell International LLC / EMC Corp                                         | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     87000 | PA      | $101948.26    | 0.20%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                                     | Alaska Airlines 2020-1 Class A Pass Through Trust                         | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    207433 | PA      | $202159.43    | 0.40%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                        | Blue Owl Finance LLC                                                      | CUSIP: 09581JAA4<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     75000 | PA      | $58438.22     | 0.12%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2740000 | PA      | $2404671.10   | 4.76%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                                      | Teck Resources Ltd                                                        | CUSIP: 878742AE5<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $83826.35     | 0.17%             | 2035-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2019-3                                     | CUSIP: 14686XAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41107 | PA      | $40629.06     | 0.08%             | 2025-04-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                       | Bausch Health Cos Inc                                                     | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     19000 | PA      | $14960.60     | 0.03%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC                                   | MILEAGE PLUS 06/25/27                                                     | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     27000 | PA      | $28196.51     | 0.06%             | 2027-06-20      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                       | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    160000 | PA      | $151264.00    | 0.30%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                     | Reliance Industries Ltd                                                   | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    250000 | PA      | $208045.00    | 0.41%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                             | CMS Energy Corp                                                           | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    225000 | PA      | $205191.00    | 0.41%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                                     | Surgery Center Holdings Inc                                               | CUSIP: 84611WAB0<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     73000 | PA      | $72562.00     | 0.14%             | 2025-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment LLC                   | WILLIAM MORRIS E 05/19/25                                                 | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |      2016 | PA      | $2007.92      | 0.00%             | 2025-05-18      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                       | Genesis Energy LP / Genesis Energy Finance Corp                           | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20349.80     | 0.04%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Anchor Glass Container Corp                                 | ANCHOR GLASS CON 12/07/23                                                 | CUSIP: 37712UAE4<br>LEI: 5493004I6HQW11F10C18 | Long             | LON              | CORP              | US        |     14420 | PA      | $10487.13     | 0.02%             | 2023-12-07      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                     | GLP Capital LP / GLP Financing II Inc                                     | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4151.77      | 0.01%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                                           | Arbys Funding LLC                                                         | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68250 | PA      | $60553.99     | 0.12%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2022-7                                         | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95196 | PA      | $94897.33     | 0.19%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                  | Leidos Inc                                                                | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    315000 | PA      | $254102.54    | 0.50%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                         | Ashtead Capital Inc                                                       | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191946.27    | 0.38%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                              | ARUBA INVESTMENT 10/28/27                                                 | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     14738 | PA      | $14664.75     | 0.03%             | 2027-11-24      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                    | Occidental Petroleum Corp                                                 | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99295.90     | 0.20%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                      | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     95000 | PA      | $91227.55     | 0.18%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                       | CCG Receivables Trust 2019-2                                              | CUSIP: 12510FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99253.16     | 0.20%             | 2027-03-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                                       | Carriage Services Inc                                                     | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $173065.20    | 0.34%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                               | CAFL 2021-RTL1 Issuer LLC                                                 | CUSIP: 12468RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $89412.82     | 0.18%             | 2029-03-28      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                              | Transocean Inc                                                            | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |      4000 | PA      | $4179.40      | 0.01%             | 2027-01-30      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                                        | SRS DISTRIBUTION 05/20/28                                                 | CUSIP: 78466YAN8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |    109534 | PA      | $105877.13    | 0.21%             | 2028-06-04      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                            | CoStar Group Inc                                                          | CUSIP: 22160NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    263000 | PA      | $222462.50    | 0.44%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Hunter US Bidco Inc                                         | Hunter US Bidco Inc                                                       | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |      8361 | PA      | $8308.68      | 0.02%             | 2028-08-19      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                       | Wells Fargo & Co                                                          | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119925.00    | 0.24%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                | Barclays PLC                                                              | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $225566.67    | 0.45%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                                       | ECL ENTERTAINMEN 03/31/28                                                 | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |     24774 | PA      | $24828.12     | 0.05%             | 2028-04-30      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                      | Bank of New York Mellon Corp/The                                          | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    155000 | PA      | $151895.71    | 0.30%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                        | Kyndryl Holdings Inc                                                      | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |     95000 | PA      | $69870.99     | 0.14%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                                           | At Home Group Inc                                                         | CUSIP: 04650YAA8<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10818.53     | 0.02%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                                       | eG Global Finance PLC                                                     | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $188823.00    | 0.37%             | 2025-10-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                          | Aqua Finance Trust 2017-A                                                 | CUSIP: 03837PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68030 | PA      | $67104.87     | 0.13%             | 2035-11-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                            | Teine Energy Ltd                                                          | CUSIP: 879068AB0<br>LEI: 5493002EE80G6ER7SM91 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $102856.05    | 0.20%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                    | AMENTUM 02/10/29                                                          | CUSIP: 57776DAE3<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |      7924 | PA      | $7829.56      | 0.02%             | 2029-02-15      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                              | PAI HOLDCO, INC. 10/28/27                                                 | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |     29661 | PA      | $27361.90     | 0.05%             | 2027-10-28      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2020-3                              | CUSIP: 96042QAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45000 | PA      | $43934.94     | 0.09%             | 2025-11-17      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                       | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129088.40    | 0.26%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                       | Toronto-Dominion Bank/The                                                 | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $212750.00    | 0.42%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                              | Santander Drive Auto Receivables Trust 2022-5                             | CUSIP: 80287HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98970.06     | 0.20%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                         | Ashtead Capital Inc                                                       | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200838.21    | 0.40%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                                    | Northriver Midstream Finance LP                                           | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $38466.40     | 0.08%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                              | EPR Properties                                                            | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93475.54     | 0.18%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                                | Navient Corp                                                              | CUSIP: 63938CAH1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     99000 | PA      | $98885.66     | 0.20%             | 2025-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carnival Corp                                               | CARNIVAL CORPORA 06/30/25                                                 | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |      4875 | PA      | $4809.29      | 0.01%             | 2025-06-30      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                       | Truist Financial Corp                                                     | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    165000 | PA      | $160709.50    | 0.32%             | N/A             | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ORYX MIDSTREAM SERVICES                                     | Oryx Midstream Services Permian Basin LLC                                 | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |     15000 | PA      | $14978.10     | 0.03%             | 2028-10-05      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                               | Allstate Corp/The                                                         | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    205000 | PA      | $202273.50    | 0.40%             | 2053-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                     | Office Properties Income Trust                                            | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $69809.15     | 0.14%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                | Ecopetrol SA                                                              | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $79130.00     | 0.16%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                                   | MCGRAW-HILL (MAV 07/21/28                                                 | CUSIP: 58063DAC7<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |     23700 | PA      | $22734.23     | 0.04%             | 2028-07-30      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                      | Aviation Capital Group LLC                                                | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     76000 | PA      | $68113.41     | 0.13%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                       | Caesars Entertainment Inc                                                 | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5093.75      | 0.01%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                            | HF Sinclair Corp                                                          | CUSIP: 403949AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $85790.91     | 0.17%             | 2026-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Carlisle FoodService Products Inc                           | CARLISLE FOODSER 03/20/25                                                 | CUSIP: 14235UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29562 | PA      | $26876.45     | 0.05%             | 2025-03-20      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                                     | Phillips Edison Grocery Center Operating Partnership I LP                 | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    170000 | PA      | $130708.13    | 0.26%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                    | Liberty Mutual Group Inc                                                  | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     55000 | PA      | $47148.20     | 0.09%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                         | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $119565.72    | 0.24%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Hardee's Funding LLC and Carls                              | Hardee's Funding LLC                                                      | CUSIP: 411707AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93100 | PA      | $82771.74     | 0.16%             | 2050-12-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                       | McGraw-Hill Education Inc                                                 | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77310.45     | 0.15%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                           | CLARIOS GLOBAL L 04/30/26                                                 | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |    125000 | PA      | $124855.00    | 0.25%             | 2026-04-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                      | Santander Holdings USA Inc                                                | CUSIP: 80282KAP1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     59000 | PA      | $57432.89     | 0.11%             | 2027-07-13      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                 | MetLife Inc                                                               | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51870.00     | 0.10%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                            | NMEF Funding 2021-A LLC                                                   | CUSIP: 62919TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $62717.41     | 0.12%             | 2027-12-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                          | Ford Motor Co                                                             | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     70000 | PA      | $54722.37     | 0.11%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    115000 | PA      | $78963.67     | 0.16%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                      | Mauser Packaging Solutions Holding Co                                     | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20200.00     | 0.04%             | 2026-08-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Apex Group Treasury LLC                                     | APEX GROUP 07/27/28                                                       | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |     29625 | PA      | $29162.29     | 0.06%             | 2028-07-27      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| COBRA ACQUISITIONCO LLC                                     | Cobra AcquisitionCo LLC                                                   | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $30560.25     | 0.06%             | 2029-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                              | CPS Auto Receivables Trust 2022-D                                         | CUSIP: 12663UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103465.67    | 0.20%             | 2029-01-16      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                                    | Telesat Canada / Telesat LLC                                              | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     35000 | PA      | $9823.17      | 0.02%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                                    | Turning Point Brands Inc                                                  | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109148.45    | 0.22%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                    | Banco Mercantil del Norte SA/Grand Cayman                                 | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $177451.50    | 0.35%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                      | BBVA Bancomer SA/Texas                                                    | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $190100.00    | 0.38%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                       | PLAYTIKA 03/13/28                                                         | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |     49747 | PA      | $49390.65     | 0.10%             | 2028-03-11      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                          | VICI Properties LP                                                        | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58103.35     | 0.11%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                     | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $112772.50    | 0.22%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                    | Celanese US Holdings LLC                                                  | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30180.65     | 0.06%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                    | Midcap Financial Issuer Trust                                             | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $167431.80    | 0.33%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                               | Mercury Financial Credit Card Master Trust                                | CUSIP: 58940BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75000.36     | 0.15%             | 2026-03-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                        | Enel Finance International NV                                             | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $225579.44    | 0.45%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                | Veros Auto Receivables Trust 2022-1                                       | CUSIP: 92512VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214000 | PA      | $207814.52    | 0.41%             | 2027-08-16      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                                         | MESQUITE ENERGY INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $135.00       | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY                                              | Morgan Stanley                                                            | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36826.58     | 0.07%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                         | SG Residential Mortgage Trust 2019-3                                      | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4287 | PA      | $4141.59      | 0.01%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Anchor Glass Container Corp                                 | ANCHOR GLASS CON 12/07/23                                                 | CUSIP: 37712UAE4<br>LEI: 5493004I6HQW11F10C18 | Long             | LON              | CORP              | US        |       269 | PA      | $195.39       | 0.00%             | 2023-12-07      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                              | EPR Properties                                                            | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |     60000 | PA      | $46444.22     | 0.09%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                    | Prudential Financial Inc                                                  | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     79000 | PA      | $73803.78     | 0.15%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                       | Wells Fargo & Co                                                          | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $126954.82    | 0.25%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                              | United Auto Credit Securitization Trust 2023-1                            | CUSIP: 90945CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    203000 | PA      | $202557.62    | 0.40%             | 2028-07-10      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                                            | BlueLinx Holdings Inc                                                     | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |     85000 | PA      | $75460.88     | 0.15%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hunter US Bidco Inc                                         | Hunter US Bidco Inc                                                       | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |      7436 | PA      | $7389.46      | 0.01%             | 2028-08-19      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| Brookfield WEC Holdings Inc                                 | BROOKFIELD WEC H 08/01/25                                                 | CUSIP: 11284EAM5<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    197616 | PA      | $197617.13    | 0.39%             | 2025-08-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                        | Chart Industries Inc                                                      | CUSIP: 16115EAQ0<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |     60000 | PA      | $60225.00     | 0.12%             | 2029-12-08      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                        | Saudi Arabian Oil Co                                                      | CUSIP: 80414L2K0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    400000 | PA      | $339880.00    | 0.67%             | 2030-11-24      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| HEARTHSIDE GROUP 5/23/25                                    | HEARTHSIDE GROUP 5/23/25                                                  | CUSIP: 40422KAB7<br>LEI: 549300JY2LK0EQ95YT44 | Long             | LON              | CORP              | US        |     24300 | PA      | $22698.99     | 0.04%             | 2025-05-31      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings LLC                                     | ARCLINE FM HOLDI 06/16/28                                                 | CUSIP: 03960DAB9<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    129372 | PA      | $123874.14    | 0.24%             | 2028-06-23      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                                        | CITGO Petroleum Corp                                                      | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119122.80    | 0.24%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                         | NOVA Chemicals Corp                                                       | CUSIP: 66977WAP4<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     48000 | PA      | $46207.62     | 0.09%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                                         | Applied Systems Inc                                                       | CUSIP: 03827FBB6<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    155000 | PA      | $155630.08    | 0.31%             | 2026-09-19      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| University Support Services LLC                             | UNIVERSITY SUPPO 06/29/28                                                 | CUSIP: 78957LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     14482 | PA      | $14398.96     | 0.03%             | 2029-02-10      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                   | Boeing Co/The                                                             | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126081.09    | 0.25%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                                  | Upstart Pass-Through Trust Series 2021-ST8                                | CUSIP: 91683LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51615 | PA      | $48169.43     | 0.10%             | 2029-10-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                          | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1495000 | PA      | $1455855.49   | 2.88%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                       | QUIKRETE HOLDING 06/11/28                                                 | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     99599 | PA      | $99383.99     | 0.20%             | 2029-03-18      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS                                     | NMG Holding Co Inc / Neiman Marcus Group LLC                              | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $176918.13    | 0.35%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CCC Intelligent Solutions Inc                               | CCC INTELLIGENT 09/15/28                                                  | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |    139547 | PA      | $139442.45    | 0.28%             | 2028-09-21      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                              | CPS Auto Receivables Trust 2019-D                                         | CUSIP: 12655KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $53669.79     | 0.11%             | 2025-10-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Hyland Software Inc                                         | HYLAND SOFTWARE 07/01/24                                                  | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    148612 | PA      | $148468.67    | 0.29%             | 2024-07-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                              | TD SYNNEX Corp                                                            | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |     65000 | PA      | $54356.70     | 0.11%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                                        | Conn's Receivables Funding 2022-A LLC                                     | CUSIP: 20825YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $64925.85     | 0.13%             | 2026-12-15      | Fixed         | 9.52%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co                       | BWAY CORP 04/03/24                                                        | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |     64243 | PA      | $63791.04     | 0.13%             | 2024-04-03      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                                    | Coronado Finance Pty Ltd                                                  | CUSIP: 21979LAA4<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |     68000 | PA      | $70285.54     | 0.14%             | 2026-05-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Safe Fleet Holdings LLC                                     | SAFE FLEET HOLDI 02/17/29                                                 | CUSIP: 000000000<br>LEI: 549300ZCMGQ2DH2RZB13 | Long             | LON              | CORP              | US        |    119574 | PA      | $118079.14    | 0.23%             | 2029-02-23      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                 | Vistra Corp                                                               | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83432.60     | 0.16%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                       | Micron Technology Inc                                                     | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     95000 | PA      | $101389.77    | 0.20%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                    | Clarios Global LP / Clarios US Finance Co                                 | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    160000 | PA      | $159585.10    | 0.32%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                              | Morgan Stanley                                                            | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    205000 | PA      | $225554.48    | 0.45%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST                                     | Kite Realty Group Trust                                                   | CUSIP: 76131VAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $175226.29    | 0.35%             | 2030-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                            | CINEMARK USA INC 03/31/25                                                 | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     26700 | PA      | $25990.67     | 0.05%             | 2025-03-29      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                      | Mauser Packaging Solutions Holding Co                                     | CUSIP: 000000000<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |     35000 | PA      | $34737.50     | 0.07%             | 2026-08-30      | Floating      | 8.54%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2022-4                                         | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     87290 | PA      | $85448.05     | 0.17%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2017-1                                          | CUSIP: 89173FAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $97133.04     | 0.19%             | 2056-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                     | GLP Capital LP / GLP Financing II Inc                                     | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $51672.40     | 0.10%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Covia Holdings LLC                                          | COVIA HOLDINGS C 07/31/26                                                 | CUSIP: 22305CAB5<br>LEI: 213800IE4YGTGVTQ1806 | Long             | LON              | CORP              | US        |     35000 | PA      | $34549.38     | 0.07%             | 2026-07-31      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-17

**Name of Applicant:** ETFis Series Trust I

**Signature:** Brinton W. Frith

**Name of Signer:** Brinton W. Frith

**Title:** Treasurer and Principal Financial Officer