# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0000940400-25-003046
**Filing Date:** 2025-9
**Character Count:** 483293
**Document Hash:** e480ecdfe6b28eafb989560326cc6145
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-003046.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000940400-25-003046

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETFis Series Trust I
- **CENTRAL INDEX KEY:** 0001559109

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22819
- **FILM NUMBER:** 251354598

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2125934383

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS – 27.6%** | **CORPORATE BONDS – 27.6%** | |
| **Communication Services – 1.9%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30<sup>(1)</sup> | $710000 | $675159 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(1)</sup> | 390000 | 379354 |
| CSC Holdings LLC, 7.50%, 04/01/28<sup>(1)</sup> | 205000 | 165809 |
| CSC Holdings LLC, 11.75%, 01/31/29<sup>(1)</sup> | 385000 | 360366 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 590000 | 575073 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 135000 | 134342 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(1)</sup> | 400000 | 403797 |
| Gray Television, Inc., 5.38%, 11/15/31<sup>(1)</sup> | 600000 | 443381 |
| Hughes Satellite Systems Corp., 6.63%, 08/01/26 | 315000 | 238616 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 450000 | 424922 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 65000 | 17433 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 350000 | 357227 |
| Snap, Inc., 6.88%, 03/01/33<sup>(1)</sup> | 305000 | 312959 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 380000 | 459195 |
| T-Mobile USA, Inc., 5.05%, 07/15/33 | 96000 | 96180 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 370000 | 380420 |
| Total Communication Services |  | 5424233 |
| **Consumer Discretionary – 1.8%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 450000 | 454091 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/30<sup>(1)</sup> | 445000 | 417787 |
| Churchill Downs, Inc., 6.75%, 05/01/31<sup>(1)</sup> | 65000 | 66448 |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/30<sup>(1)</sup> | 15000 | 15475 |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/52 | 525000 | 374854 |
| Ford Motor Co., 3.25%, 02/12/32 | 105000 | 89004 |
| Ford Motor Co., 4.75%, 01/15/43 | 80000 | 62050 |
| Ford Motor Credit Co. LLC, 6.05%, 11/05/31 | 120000 | 120128 |
| Light & Wonder International, Inc., 7.00%, 05/15/28<sup>(1)</sup> | 175000 | 175294 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup> | 561000 | 542008 |
| New Home Co., Inc. (The), 9.25%, 10/01/29<sup>(1)</sup> | 145000 | 150496 |
| New Home Co., Inc. (The), 8.50%, 11/01/30<sup>(1)</sup> | 15000 | 15333 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 260000 | 262847 |
| Newell Brands, Inc., 6.63%, 09/15/29 | 261000 | 260332 |
| PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 02/15/29<sup>(1)</sup> | 540000 | 529139 |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28<sup>(1)</sup> | 200000 | 200189 |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(1)</sup> | 370000 | 85100 |
| Stellantis Finance US, Inc., 6.45%, 03/18/35<sup>(1)</sup> | 460000 | 460716 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(1)</sup> | 235000 | 240351 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(1)</sup> | 5000 | 5100 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 435000 | 418973 |
| Total Consumer Discretionary |  | 4945715 |
| **Consumer Staples – 0.9%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup> | 185000 | 180545 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Consumer Staples (continued)** |  |  |
| Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% cash / 9.5% PIK)<sup>(1)(3)</sup> | $210 | $225 |
| Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/25<sup>(1)</sup> | 216000 | 217240 |
| Philip Morris International, Inc., 4.90%, 11/01/34 | 480000 | 473965 |
| Pilgrim's Pride Corp., 6.25%, 07/01/33 | 633000 | 666117 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 575000 | 576004 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 455000 | 456486 |
| Total Consumer Staples |  | 2570582 |
| **Energy – 4.2%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup> | 285000 | 302143 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/28<sup>(1)</sup> | 180000 | 179878 |
| Antero Resources Corp., 5.38%, 03/01/30<sup>(1)</sup> | 200000 | 199243 |
| Ascent Resources Utica Holdings LLC / Aru Finance Corp., 6.63%, 07/15/33<sup>(1)</sup> | 285000 | 289194 |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), 12/22/73, perpetual<sup>(2)(4)</sup> | 495000 | 488482 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 150000 | 155404 |
| Civitas Resources, Inc., 8.75%, 07/01/31<sup>(1)</sup> | 280000 | 283805 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(1)</sup> | 135000 | 141957 |
| Columbia Pipelines Operating Co. LLC, 5.44%, 02/15/35<sup>(1)</sup> | 415000 | 414717 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup> | 105000 | 101187 |
| Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), 11/15/73, perpetual<sup>(2)(4)</sup> | 555000 | 557446 |
| EQT Corp., 6.38%, 04/01/29<sup>(1)</sup> | 285000 | 293510 |
| Flex Intermediate Holdco LLC, 3.36%, 06/30/31<sup>(1)</sup> | 430000 | 386381 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 545000 | 577395 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup> | 285000 | 289990 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup> | 385000 | 402377 |
| HF Sinclair Corp., 6.25%, 01/15/35 | 800000 | 814457 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup> | 125000 | 122893 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 7.25%, 02/15/35<sup>(1)</sup> | 395000 | 385309 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(1)</sup> | 270000 | 277659 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/29<sup>(1)</sup> | 385000 | 377839 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32<sup>(1)</sup> | 845000 | 854638 |
| Mesquite Energy, Inc., Escrow, 7.25%, 02/15/23, perpetual<sup>(1)(4)(5)</sup> | 12000 | 45 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 455000 | 459622 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Energy (continued)** |  |  |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.13%, 02/15/29<sup>(1)</sup> | $20000 | $19811 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.38%, 02/15/32<sup>(1)</sup> | 415000 | 406304 |
| Occidental Petroleum Corp., 5.55%, 10/01/34 | 355000 | 348458 |
| Occidental Petroleum Corp., 6.20%, 03/15/40 | 370000 | 362608 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(1)</sup> | 105000 | 110201 |
| Transocean, Inc., 16.34%, 05/15/29<sup>(1)</sup> | 30000 | 28363 |
| Transocean, Inc., 8.75%, 02/15/30<sup>(1)</sup> | 60000 | 62260 |
| Transocean, Inc., 8.21%, 05/15/31<sup>(1)</sup> | 195000 | 179344 |
| Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31<sup>(1)</sup> | 125000 | 115550 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup> | 270000 | 291484 |
| Venture Global LNG, Inc., 9.00%, (US 5 Year CMT T- Note + 5.44%), 12/31/49, perpetual<sup>(1)(2)(4)</sup> | 380000 | 380439 |
| Western Midstream Operating LP, 5.25%, 02/01/50 | 760000 | 638460 |
| Williams Cos., Inc. (The), 5.15%, 03/15/34 | 425000 | 423491 |
| Total Energy |  | 11722344 |
| **Financials – 7.9%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.25%, 02/01/29<sup>(1)</sup> | 135000 | 139826 |
| Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(1)</sup> | 530000 | 517412 |
| Allstate Corp. (The), Series B, 7.53%, (3-Month SOFR + 3.20%), 08/15/53<sup>(2)</sup> | 245000 | 245974 |
| Ally Financial, Inc., 5.54%, (SOFR + 1.73%), 01/17/31<sup>(2)</sup> | 505000 | 512054 |
| American Express Co., 5.63%, (SOFR + 1.93%), 07/28/34<sup>(2)</sup> | 750000 | 769337 |
| Apollo Debt Solutions BDC, 6.90%, 04/13/29 | 340000 | 355297 |
| Apollo Global Management, Inc., 6.00%, (US 5 Year CMT T- Note + 2.17%), 12/15/54<sup>(2)</sup> | 485000 | 476953 |
| Arthur J Gallagher & Co., 5.55%, 02/15/55 | 535000 | 505201 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(1)</sup> | 280000 | 286477 |
| Bank of America Corp., 3.42%, (3-Month SOFR + 1.30%), 12/20/28<sup>(2)</sup> | 150000 | 146497 |
| Bank of America Corp., 2.97%, (SOFR + 1.33%), 02/04/33<sup>(2)</sup> | 110000 | 98504 |
| Bank of America Corp., 5.52%, (SOFR + 1.74%), 10/25/35<sup>(2)</sup> | 430000 | 430610 |
| Bank of New York Mellon Corp. (The), Series G, 4.70%, (US 5 Year CMT T- Note + 4.36%), 09/20/73, perpetual<sup>(2)(4)</sup> | 395000 | 395702 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 | 370000 | 367808 |
| Block, Inc., 6.50%, 05/15/32 | 475000 | 487736 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | 110000 | 113234 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | 510000 | 455616 |
| BroadStreet Partners, Inc., 5.88%, 04/15/29<sup>(1)</sup> | 540000 | 536860 |
| Capital One Financial Corp., 2.36%, (SOFR + 1.34%), 07/29/32<sup>(2)</sup> | 175000 | 149062 |
| Capital One Financial Corp., 6.38%, (SOFR + 2.86%), 06/08/34<sup>(2)</sup> | 360000 | 384403 |
| Charles Schwab Corp. (The), 6.14%, (SOFR + 2.01%), 08/24/34<sup>(2)</sup> | 180000 | 194326 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Financials (continued)** |  |  |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), 03/01/74, perpetual<sup>(2)(4)</sup> | $420000 | $384283 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)(4)</sup> | 390000 | 386390 |
| Citigroup, Inc., 3.98%, (3-Month SOFR + 1.60%), 03/20/30<sup>(2)</sup> | 145000 | 141957 |
| Citigroup, Inc., 6.27%, (SOFR + 2.34%), 11/17/33<sup>(2)</sup> | 130000 | 140068 |
| Citigroup, Inc., 6.17%, (SOFR + 2.66%), 05/25/34<sup>(2)</sup> | 357000 | 373464 |
| Citizens Financial Group, Inc., 5.25%, (SOFR + 1.26%), 03/05/31<sup>(2)</sup> | 335000 | 339423 |
| Corebridge Financial, Inc., 6.38%, (US 5 Year CMT T- Note + 2.65%), 09/15/54<sup>(2)</sup> | 329000 | 329296 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 570000 | 587481 |
| Fifth Third Bancorp, 4.34%, (SOFR + 1.66%), 04/25/33<sup>(2)</sup> | 220000 | 210545 |
| Global Atlantic Finance Co., 7.95%, 06/15/33<sup>(1)</sup> | 180000 | 203819 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)(2)</sup> | 65000 | 68088 |
| Goldman Sachs Group, Inc. (The), 5.33%, (SOFR + 1.55%), 07/23/35<sup>(2)</sup> | 430000 | 434546 |
| Goldman Sachs Group, Inc. (The), 6.45%, 05/01/36 | 130000 | 139460 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 | 483000 | 478845 |
| HA Sustainable Infrastructure Capital, Inc., 6.75%, 07/15/35 | 140000 | 141172 |
| Hub International Ltd., 7.38%, 01/31/32<sup>(1)</sup> | 15000 | 15628 |
| Huntington Bancshares, Inc./Oh, 5.71%, (SOFR + 1.87%), 02/02/35<sup>(2)</sup> | 240000 | 245607 |
| Huntington Bancshares, Inc./Oh, 6.14%, (US 5 Year CMT T- Note + 1.70%), 11/18/39<sup>(2)</sup> | 405000 | 414182 |
| J.P. Morgan Chase & Co., 5.72%, (SOFR + 2.58%), 09/14/33<sup>(2)</sup> | 230000 | 239752 |
| J.P. Morgan Chase & Co., 5.35%, (SOFR + 1.85%), 06/01/34<sup>(2)</sup> | 480000 | 492569 |
| J.P. Morgan Chase & Co., 6.25%, (SOFR + 1.81%), 10/23/34<sup>(2)</sup> | 110000 | 119411 |
| J.P. Morgan Chase & Co., 5.58%, (SOFR + 1.64%), 07/23/36<sup>(2)</sup> | 110000 | 111700 |
| KeyCorp., 4.79%, (SOFR + 2.06%), 06/01/33<sup>(2)</sup> | 100000 | 97999 |
| KeyCorp., 6.40%, (SOFR + 2.42%), 03/06/35<sup>(2)</sup> | 450000 | 481138 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 565000 | 555009 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)(2)</sup> | 675000 | 656995 |
| MetLife, Inc., Series G, 3.85%, (US 5 Year CMT T- Note + 3.58%), 03/15/74, perpetual<sup>(2)(4)</sup> | 185000 | 184813 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | 440000 | 436574 |
| Morgan Stanley, 6.34%, (SOFR + 2.56%), 10/18/33<sup>(2)</sup> | 130000 | 140917 |
| Morgan Stanley, 5.25%, (SOFR + 1.87%), 04/21/34<sup>(2)</sup> | 190000 | 193140 |
| Morgan Stanley, 5.42%, (SOFR + 1.88%), 07/21/34<sup>(2)</sup> | 205000 | 210026 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Financials (continued)** |  |  |
| Morgan Stanley, 5.95%, (US 5 Year CMT T- Note + 2.43%), 01/19/38<sup>(2)</sup> | $97000 | $100105 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup> | 459000 | 430975 |
| National Rural Utilities Cooperative Finance Corp., 7.48%, (3-Month SOFR + 3.17%), 04/30/43<sup>(2)</sup> | 105000 | 105006 |
| Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31<sup>(1)</sup> | 185000 | 187204 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup> | 77000 | 83487 |
| Onemain Finance Corp., 6.13%, 05/15/30 | 65000 | 65161 |
| Onemain Finance Corp., 6.75%, 03/15/32 | 135000 | 137152 |
| OneMain Finance Corp., 7.13%, 11/15/31 | 325000 | 335801 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(1)</sup> | 15000 | 15521 |
| PNC Financial Services Group, Inc. (The), 5.58%, (SOFR + 1.39%), 01/29/36<sup>(2)</sup> | 840000 | 861756 |
| Prudential Financial, Inc., 5.13%, (US 5 Year CMT T- Note + 3.16%), 03/01/52<sup>(2)</sup> | 99000 | 96087 |
| Prudential Financial, Inc., 6.50%, (US 5 Year CMT T- Note + 2.40%), 03/15/54<sup>(2)</sup> | 450000 | 468477 |
| Reinsurance Group of America, Inc., 6.65%, (US 5 Year CMT T- Note + 2.39%), 09/15/55<sup>(2)</sup> | 395000 | 396180 |
| Rocket Cos., Inc., 6.38%, 08/01/33<sup>(1)</sup> | 260000 | 265521 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)(4)</sup> | 100000 | 103350 |
| State Street Corp., 6.12%, (SOFR + 1.96%), 11/21/34<sup>(2)</sup> | 405000 | 432096 |
| Synchrony Financial, 3.70%, 08/04/26 | 50000 | 49502 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T- Note + 3.15%), 05/06/31<sup>(2)</sup> | 70000 | 68609 |
| Truist Financial Corp., 5.12%, (SOFR + 1.85%), 01/26/34<sup>(2)</sup> | 145000 | 145093 |
| Truist Financial Corp., 5.87%, (SOFR + 2.36%), 06/08/34<sup>(2)</sup> | 360000 | 376516 |
| Wells Fargo & Co., 12.84%, (SOFR + 2.02%), 04/24/34<sup>(2)</sup> | 215000 | 220053 |
| Wells Fargo & Co., 8.84%, (SOFR + 2.06%), 10/23/34<sup>(2)</sup> | 475000 | 519498 |
| Wells Fargo & Co., 6.85%, (US 5 Year CMT T- Note + 2.77%), 09/15/73, perpetual<sup>(2)(4)</sup> | 125000 | 129790 |
| Wells Fargo & Co., Series BB, 16.34%, (US 5 Year CMT T- Note + 3.45%), 03/15/74, perpetual<sup>(2)(4)</sup> | 115000 | 113999 |
| Total Financials |  | 22230125 |
| **Health Care – 2.4%** |  |  |
| Amgen, Inc., 5.65%, 03/02/53 | 635000 | 614455 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(1)</sup> | 20000 | 20325 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 45000 | 39408 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 635000 | 531909 |
| CVS Health Corp., 5.05%, 03/25/48 | 335000 | 288503 |
| CVS Health Corp., 6.75%, (US 5 Year CMT T- Note + 2.52%), 12/10/54<sup>(2)</sup> | 331000 | 332102 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 455000 | 413617 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(1)</sup> | 435000 | 463311 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Health Care (continued)** |  |  |
| HCA, Inc., 5.50%, 06/01/33 | $170000 | $173602 |
| HCA, Inc., 5.60%, 04/01/34 | 365000 | 372394 |
| ICON Investments Six Designated Activity Company, 6.00%, 05/08/34 | 645000 | 660403 |
| Iqvia, Inc., 5.70%, 05/15/28 | 200000 | 204854 |
| Iqvia, Inc., 6.25%, 02/01/29 | 320000 | 334626 |
| LifePoint Health, Inc., 9.88%, 08/15/30<sup>(1)</sup> | 330000 | 356082 |
| LifePoint Health, Inc., 10.00%, 06/01/32<sup>(1)</sup> | 195000 | 202680 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 430000 | 421867 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 40000 | 40836 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(1)</sup> | 105000 | 103727 |
| Par Pharmaceutical, Inc., 04/01/27<sup>(1)(5)(6)(7)</sup> | 35000 | 0 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(1)</sup> | 265000 | 263581 |
| Royalty Pharma PLC, 5.40%, 09/02/34 | 310000 | 312833 |
| Universal Health Services, Inc., 5.05%, 10/15/34 | 745000 | 708503 |
| Total Health Care |  | 6859618 |
| **Industrials – 3.1%** |  |  |
| Aecom, 6.00%, 08/01/33<sup>(1)</sup> | 30000 | 30264 |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | 346927 | 347156 |
| Aviation Capital Group LLC, 3.50%, 11/01/27<sup>(1)</sup> | 146000 | 142156 |
| Aviation Capital Group LLC, 6.75%, 10/25/28<sup>(1)</sup> | 80000 | 84780 |
| Aviation Capital Group LLC, 6.38%, 07/15/30<sup>(1)</sup> | 210000 | 222714 |
| Bnsf Funding Trust I, 6.61%, (3-Month LIBOR + 2.35%), 12/15/55<sup>(2)</sup> | 185000 | 186345 |
| Boeing Co. (The), 5.81%, 05/01/50 | 95000 | 91779 |
| Boeing Co. (The), 5.93%, 05/01/60 | 473000 | 453027 |
| Builders FirstSource, Inc., 6.38%, 03/01/34<sup>(1)</sup> | 570000 | 579097 |
| Chart Industries, Inc., 9.50%, 01/01/31<sup>(1)</sup> | 80000 | 85618 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup> | 360000 | 330360 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | 403000 | 363710 |
| CRH America Finance, Inc., 5.40%, 05/21/34 | 450000 | 458971 |
| Delta Air Lines Through Trust, Series 2015-1, 3.63%, 07/30/27 | 70475 | 69021 |
| Fortress Transportation And Infrastructure Investors LLC, 7.00%, 06/15/32<sup>(1)</sup> | 475000 | 492347 |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/32<sup>(1)</sup> | 320000 | 330025 |
| Herc Holdings, Inc., 7.25%, 06/15/33<sup>(1)</sup> | 110000 | 113987 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27 | 90000 | 87759 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup> | 295000 | 299034 |
| L3harris Technologies, Inc., 5.40%, 07/31/33 | 525000 | 539062 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(1)</sup> | 625000 | 548997 |
| Quikrete Holdings, Inc., 6.75%, 03/01/33<sup>(1)</sup> | 65000 | 66707 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(1)</sup> | 10000 | 10323 |
| Regal Rexnord Corp., 6.40%, 04/15/33 | 485000 | 513518 |
| Science Applications International Corp., 4.88%, 04/01/28<sup>(1)</sup> | 80000 | 78927 |
| Sempra Global, 3.25%, 01/15/32<sup>(1)</sup> | 233000 | 198240 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Industrials (continued)** |  |  |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(1)</sup> | $165000 | $168611 |
| TransDigm, Inc., 6.63%, 03/01/32<sup>(1)</sup> | 400000 | 411808 |
| TransDigm, Inc., 6.00%, 01/15/33<sup>(1)</sup> | 265000 | 266541 |
| United Airlines Pass-Through Trust, Class A, Series 2023-1, 5.80%, 01/15/36 | 151141 | 154636 |
| United Airlines Pass-Through Trust, Series AA, 5.45%, 02/15/37 | 307302 | 312178 |
| Veralto Corp., 5.45%, 09/18/33 | 505000 | 518768 |
| WESCO Distribution, Inc., 6.63%, 03/15/32<sup>(1)</sup> | 60000 | 61984 |
| Total Industrials |  | 8618450 |
| **Information Technology – 1.5%** |  |  |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(1)</sup> | 95000 | 100504 |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup> | 130000 | 126120 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup> | 110000 | 106505 |
| Booz Allen Hamilton, Inc., 5.95%, 08/04/33 | 515000 | 533339 |
| Broadcom, Inc., 3.14%, 11/15/35<sup>(1)</sup> | 600000 | 503838 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 320000 | 331389 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 100000 | 99532 |
| Foundry Jv Holdco LLC, 5.88%, 01/25/34<sup>(1)</sup> | 480000 | 485140 |
| Gartner, Inc., 3.75%, 10/01/30<sup>(1)</sup> | 735000 | 688509 |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 8.75%, 05/01/29<sup>(1)</sup> | 290000 | 296038 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(1)</sup> | 15000 | 15355 |
| Oracle Corp., 6.25%, 11/09/32 | 170000 | 183050 |
| Oracle Corp., 5.50%, 08/03/35 | 245000 | 248538 |
| Oracle Corp., 5.55%, 02/06/53 | 120000 | 110963 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 405000 | 419075 |
| Total Information Technology |  | 4247895 |
| **Materials – 1.6%** |  |  |
| Asp Unifrax Holdings, Inc., 5.25%, 09/30/28<sup>(1)</sup> | 305000 | 115138 |
| Bayport Polymers LLC, 5.14%, 04/14/32<sup>(1)</sup> | 455000 | 442075 |
| Graham Packaging Co., Inc., 7.13%, 08/15/28<sup>(1)</sup> | 345000 | 344757 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup> | 465000 | 465644 |
| Jh North America Holdings, Inc., 6.13%, 07/31/32<sup>(1)</sup> | 650000 | 657231 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 705000 | 693707 |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27<sup>(1)</sup> | 330000 | 326930 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28<sup>(1)</sup> | 85000 | 85420 |
| Sealed Air Corp., 6.50%, 07/15/32<sup>(1)</sup> | 65000 | 67008 |
| Sonoco Products Co., 5.00%, 09/01/34 | 560000 | 544717 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup> | 430000 | 456317 |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(1)</sup> | 470000 | 433685 |
| Total Materials |  | 4632629 |
| **Real Estate – 0.2%** |  |  |
| Office Properties Income Trust, 9.00%, 09/30/29<sup>(1)</sup> | 131000 | 97595 |
| Safehold GL Holdings LLC, 6.10%, 04/01/34 | 120000 | 125516 |
| Safehold GL Holdings LLC, 5.65%, 01/15/35 | 238000 | 238361 |
| Total Real Estate |  | 461472 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Utilities – 2.1%** |  |  |
| AES Corp. (The), 7.60%, (US 5 Year CMT T- Note + 3.20%), 01/15/55<sup>(2)</sup> | $285000 | $288575 |
| Black Hills Corp., 6.15%, 05/15/34 | 405000 | 427182 |
| CMS Energy Corp., 4.75%, (US 5 Year CMT T- Note + 4.12%), 06/01/50<sup>(2)</sup> | 370000 | 356925 |
| Dominion Energy, Inc., Series B, 7.00%, (US 5 Year CMT T- Note + 2.51%), 06/01/54<sup>(2)</sup> | 180000 | 192476 |
| Dominion Energy, Inc., 6.63%, (US 5 Year CMT T- Note + 2.21%), 05/15/55<sup>(2)</sup> | 245000 | 251659 |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup> | 475000 | 492945 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26<sup>(1)</sup> | 265000 | 263286 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 210000 | 194110 |
| KeySpan Gas East Corp., 5.99%, 03/06/33<sup>(1)</sup> | 546000 | 566052 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(1)</sup> | 450000 | 470798 |
| Nextera Energy Capital Holdings, Inc., 6.50%, (US 5 Year CMT T- Note + 1.98%), 08/15/55<sup>(2)</sup> | 455000 | 470727 |
| NRG Energy, Inc., 7.00%, 03/15/33<sup>(1)</sup> | 226000 | 248117 |
| Pacificorp, 5.80%, 01/15/55 | 125000 | 118996 |
| Puget Energy, Inc., 4.22%, 03/15/32 | 275000 | 259046 |
| Southern California Edison Co., 6.00%, 01/15/34 | 360000 | 369511 |
| Vistra Corp., 8.00%, (US 5 Year CMT T- Note + 6.93%), 04/15/74, perpetual<sup>(1)(2)(4)</sup> | 51000 | 52098 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(1)</sup> | 310000 | 322298 |
| Vistra Operations Co. LLC, 5.70%, 12/30/34<sup>(1)</sup> | 425000 | 433039 |
| Total Utilities |  | 5777840 |
| **Total Corporate Bonds** |  |  |
| (Cost $76,586,065) |  | **77490903** |
| **MORTGAGE BACKED SECURITIES - 22.6%** |  |  |
| **Agency Mortgage Backed Security - 8.6%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38 | 118698 | 122044 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/53 | 2045161 | 2040913 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53 | 509502 | 517378 |
| Federal Home Loan Mortgage Corporation, 6.00%, 07/01/53 | 917902 | 932572 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53 | 1016275 | 1032400 |
| Federal Home Loan Mortgage Corporation, 4.50%, 08/01/53 | 831491 | 790586 |
| Federal Home Loan Mortgage Corporation, 5.00%, 12/01/53 | 2766325 | 2697559 |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/54 | 2780965 | 2821343 |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | 2763166 | 2803285 |
| Federal National Mortgage Association, 3.50%, 05/01/49 | 21331 | 19307 |
| Federal National Mortgage Association, 4.50%, 11/01/52 | 363314 | 345496 |
| Federal National Mortgage Association, 5.00%, 11/01/52 | 365968 | 358099 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | |
| **Agency Mortgage Backed Security (continued)** |  |  |
| Federal National Mortgage Association, 4.00%, 03/01/53 | $1161769 | $1072595 |
| Federal National Mortgage Association, 6.00%, 04/01/53 | 502429 | 511318 |
| Federal National Mortgage Association, 5.50%, 07/01/53 | 240076 | 239318 |
| Federal National Mortgage Association, 4.50%, 08/01/53 | 1291699 | 1228126 |
| Federal National Mortgage Association, 6.00%, 10/01/53 | 1947698 | 1979532 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 1936653 | 1970544 |
| Federal National Mortgage Association, 6.00%, 01/01/55 | 2617259 | 2657281 |
| Total Agency Mortgage Backed Security |  | 24139696 |
| **Commercial Mortgage Backed Securities - 5.4%** |  |  |
| Ala Trust, Class A, Series 2025-OANA, 6.08%, (1-Month SOFR + 1.74%), 06/15/40<sup>(1)(2)</sup> | 800000 | 805850 |
| BBCMS Mortgage Trust, Class A, Series 2018-TALL, 5.26%, (1-Month SOFR + 0.92%), 03/15/37<sup>(1)(2)</sup> | 585000 | 556828 |
| BBCMS Trust, Class A, Series 2018-CBM, 5.64%, (1-Month SOFR + 1.30%), 07/15/37<sup>(1)(2)</sup> | 805000 | 786429 |
| Bx Commercial Mortgage Trust, Class A, Series 2024-XL5, 5.73%, (1-Month SOFR + 1.39%), 03/15/41<sup>(1)(2)</sup> | 637207 | 639217 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 410000 | 413176 |
| Bx Trust, Class C, Series 2025-ROIC, 5.89%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)(2)</sup> | 473155 | 470996 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 370000 | 348265 |
| Bx Trust, Class D, Series 2019-OC11, 3.94%, 12/09/41<sup>(1)(2)(8)</sup> | 935000 | 873003 |
| Cent City, Class A, Series 2025, 5.09%, 07/10/40<sup>(1)(2)(8)</sup> | 820000 | 823668 |
| CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60<sup>(1)</sup> | 89945 | 77613 |
| COMM Mortgage Trust, Class B, Series 2024-WCL1, 6.93%, (1-Month SOFR + 2.59%), 06/15/41<sup>(1)(2)</sup> | 705000 | 704370 |
| Fashion Show Mall LLC, Class A, Series 2024-SHOW, 5.10%, 10/10/41<sup>(1)(2)(8)</sup> | 685000 | 688005 |
| Fontainebleau Miami Beach Mortgage Trust, Class A, Series 2024-FBLU, 5.79%, (1-Month SOFR + 1.45%), 12/15/39<sup>(1)(2)</sup> | 350000 | 351092 |
| Houston Galleria Mall Trust, Class A, Series 2025-HGLR, 5.46%, 02/05/45<sup>(1)(2)(8)</sup> | 450000 | 457494 |
| Hudson Yards Mortgage Trust, Class A, Series 2025-SPRL, 5.47%, 01/13/40<sup>(1)(2)(8)</sup> | 780000 | 800376 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2024-OMNI, 5.80%, 10/05/39<sup>(1)(2)(8)</sup> | 440000 | 446814 |
| MIRA Trust, Class A, Series 2023-MILE, 6.75%, 06/10/38<sup>(1)</sup> | 270000 | 279431 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class AS, Series 2015-C22, 3.56%, 04/15/48 | 520000 | 507378 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | |
| **Commercial Mortgage Backed Securities (continued)** |  |  |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | $901000 | $852067 |
| New York Commercial Mortgage Trust, Class A, Series 2025-300P, 4.88%, 07/13/42<sup>(1)(2)(8)</sup> | 1000000 | 994493 |
| New York Commercial Mortgage Trust, Class A, Series 2025-299P, 5.66%, 02/10/47<sup>(1)(2)(8)</sup> | 590000 | 608756 |
| RFR Trust, Class A, Series 2025-SGRM, 5.38%, 03/11/41<sup>(1)(2)(8)</sup> | 600000 | 609257 |
| Ride, Class C, Series 2025-SHRE, 6.12%, 02/14/47<sup>(1)(2)(8)</sup> | 600000 | 600244 |
| Rock Trust, Class C, Series 2024-CNTR, 6.47%, 11/13/41<sup>(1)</sup> | 420000 | 434953 |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup> | 455000 | 463814 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)(2)(8)</sup> | 539034 | 547551 |
| Total Commercial Mortgage Backed Securities |  | 15141140 |
| **Residential Mortgage Backed Securities - 8.6%** |  |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)(6)</sup> | 139223 | 140277 |
| A&d Mortgage Trust, Class A1, Series 2025-NQM2, 5.79%, 06/25/70<sup>(1)(2)(8)</sup> | 414720 | 415898 |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)(6)</sup> | 38846 | 37278 |
| AMSR Trust, Class D, Series 2021-SFR3, 2.18%, 10/17/38<sup>(1)</sup> | 100000 | 96142 |
| Angel Oak Mortgage Trust, Class A1, Series 2023-1, 4.75%, 09/26/67<sup>(1)(6)</sup> | 851496 | 842849 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)(2)(8)</sup> | 73732 | 71566 |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49<sup>(1)(2)(8)</sup> | 571569 | 550344 |
| Arroyo Mortgage Trust, Class A3, Series 2020-1, 3.33%, 03/25/55<sup>(1)</sup> | 200000 | 178430 |
| Chase Home Lending Mortgage Trust, Class A1, Series 2023-RPL1, 3.50%, 06/25/62<sup>(1)(2)(8)</sup> | 491658 | 450019 |
| Chase Home Lending Mortgage Trust, Class A1A, Series 2024-RPL4, 3.38%, 12/25/64<sup>(1)(2)(8)</sup> | 374730 | 332907 |
| Chase Mortgage Finance Corp., Class M4, Series 2016-SH2, 3.74%, 12/25/45<sup>(1)(2)(8)</sup> | 297512 | 272323 |
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61<sup>(1)(2)(8)</sup> | 201601 | 190880 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)(2)(8)</sup> | 399673 | 402689 |
| Colt Mortgage Loan Trust, Class A1, Series 2022-4, 4.30%, 03/25/67<sup>(1)(2)(8)</sup> | 365027 | 361333 |
| Colt Mortgage Loan Trust, Class A1, Series 2022-5, 4.55%, 04/25/67<sup>(1)(2)(8)</sup> | 252965 | 251418 |
| Colt Mortgage Loan Trust, Class A1, Series 2024-5, 5.12%, 08/25/69<sup>(1)(6)</sup> | 455415 | 452709 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES2, 5.50%, 06/25/60<sup>(1)(6)</sup> | 356713 | 357479 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)(2)(8)</sup> | $474511 | $462234 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)(2)(8)</sup> | 486190 | 436739 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)(2)(8)</sup> | 62295 | 56913 |
| Ellington Financial Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)(2)(8)</sup> | 107303 | 93207 |
| Ellington Financial Mortgage Trust, Class A1, Series 2025-NQM2, 5.60%, 06/25/70<sup>(1)(6)</sup> | 508610 | 509152 |
| Federal Home Loan Mortgage Corporation, 5.50%, 07/01/53 | 1127575 | 1124012 |
| GCAT Trust, Class A1, Series 2020-NQM1, 3.25%, 01/25/60<sup>(1)(6)</sup> | 193703 | 189480 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)(2)(8)</sup> | 321413 | 322453 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)(2)(8)</sup> | 541059 | 542339 |
| J.P. Morgan Mortgage Trust, Class A3, Series 2024-NQM1, 5.95%, 02/25/64<sup>(1)(6)</sup> | 275791 | 276180 |
| J.P. Morgan Seasoned Mortgage Trust, Class A4, Series 2024-1, 4.42%, 01/25/63<sup>(1)(2)(8)</sup> | 350925 | 340634 |
| LHome Mortgage Trust, Class A1, Series 2024-RTL1, 7.02%, 01/25/29<sup>(1)(6)</sup> | 260000 | 261809 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)(2)(8)</sup> | 262921 | 258582 |
| MFA Trust, Class A1, Series 2022-INV2, 4.95%, 07/25/57<sup>(1)(6)</sup> | 572071 | 568890 |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)(6)</sup> | 510579 | 508621 |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)(2)(8)</sup> | 312955 | 302607 |
| Mill City Mortgage Loan Trust, Class B1, Series 2017-3, 3.25%, 01/25/61<sup>(1)(2)(8)</sup> | 96835 | 85224 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)(2)(8)</sup> | 356425 | 344065 |
| New Residential Mortgage Loan Trust, Class A1, Series 2024-NQM3, 5.47%, 11/25/64<sup>(1)(6)</sup> | 240899 | 240935 |
| New York Mortgage Trust, Class A1, Series 2024-CP1, 3.75%, 02/25/68<sup>(1)(2)(8)</sup> | 259613 | 238780 |
| OBX Trust, Class A1, Series 2025-NQM4, 5.40%, 02/25/55<sup>(1)(6)</sup> | 504811 | 503521 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)(6)</sup> | 327173 | 329273 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)(6)</sup> | 635998 | 645340 |
| OBX Trust, Class A1, Series 2024-NQM3, 6.13%, 12/25/63<sup>(1)</sup> | 112237 | 113025 |
| OBX Trust, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)(6)</sup> | 460389 | 463645 |
| Pmt Loan Trust, Class A7, Series 2025-INV7, 6.00%, 06/25/56<sup>(1)(2)(8)</sup> | 835000 | 845040 |
| Pmt Loan Trust, Class A2, Series 2024-INV1, 6.00%, 10/25/59<sup>(1)(2)(8)</sup> | 626410 | 630503 |
| Pmt Loan Trust, Class A1, Series 2024-INV2, 6.00%, 12/25/59<sup>(1)(2)(8)</sup> | 298457 | 300336 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)(6)</sup> | 550662 | 551538 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| Pretium Mortgage Credit Partners, Class A1, Series 2024-RPL1, 3.90%, 10/25/63<sup>(1)(2)(8)</sup> | $935321 | $898538 |
| PRKCM Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)(2)(8)</sup> | 1367577 | 1346534 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES1, 6.52%, 06/25/43<sup>(1)(2)(8)</sup> | 161009 | 161685 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)(2)(8)</sup> | 231133 | 232138 |
| RCKT Mortgage Trust, Class A1A, Series 2025-CES5, 5.69%, 05/25/55<sup>(1)(6)</sup> | 489142 | 492464 |
| Sequoia Mortgage Trust, Class B1, Series 2013-8, 3.48%, 06/25/43<sup>(2)(8)</sup> | 41888 | 40641 |
| SG Residential Mortgage Trust, Class A1, Series 2021-1, 1.16%, 07/25/61<sup>(1)(2)(8)</sup> | 971297 | 799776 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)(2)(8)</sup> | 34529 | 32852 |
| Towd Point Mortgage Trust, Class A2, Series 2017-4, 3.00%, 06/25/57<sup>(1)(2)(8)</sup> | 525000 | 494280 |
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)(2)(8)</sup> | 655000 | 622309 |
| Towd Point Mortgage Trust, Class A2, Series 2018-6, 3.75%, 03/25/58<sup>(1)(2)(8)</sup> | 100000 | 91288 |
| Towd Point Mortgage Trust, Class A2, Series 2019-2, 3.75%, 12/25/58<sup>(1)(2)(8)</sup> | 940000 | 845219 |
| Towd Point Mortgage Trust, Class A2, Series 2021-1, 1.75%, 11/25/61<sup>(1)(2)(8)</sup> | 100000 | 84610 |
| Verus Securitization Trust, Class A1, Series 2022-4, 4.47%, 04/25/67<sup>(1)(6)</sup> | 65271 | 65009 |
| Verus Securitization Trust, Class A1, Series 2022-5, 3.80%, 04/25/67<sup>(1)(6)</sup> | 0 | 0 |
| Verus Securitization Trust, Class A3, Series 2022-6, 4.91%, 06/25/67<sup>(1)(6)</sup> | 216028 | 213868 |
| Verus Securitization Trust, Class A1, Series 2022-7, 5.15%, 07/25/67<sup>(1)(6)</sup> | 453093 | 451685 |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)(6)</sup> | 314375 | 317247 |
| Visio Trust, Class A1, Series 2019-2, 2.72%, 11/25/54<sup>(1)(2)(8)</sup> | 55952 | 55257 |
| Visio Trust, Class A2, Series 2022-1, 4.50%, 08/25/57<sup>(1)(6)</sup> | 66429 | 66209 |
| Total Residential Mortgage Backed Securities |  | 24261227 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $63,520,778) |  | **63542063** |
| **FOREIGN BONDS – 21.6%<sup>(9)</sup>** |  |  |
| **Communication Services – 0.7%** |  |  |
| Altice Financing SA, 5.00%, 01/15/28 (Luxembourg)<sup>(1)</sup> | 680000 | 545683 |
| Altice France SA, 5.50%, 01/15/28 (France)<sup>(1)</sup> | 1000000 | 893750 |
| Altice France SA, 5.13%, 07/15/29 (France)<sup>(1)</sup> | 200000 | 173686 |
| IHS Holding Ltd., 8.25%, 11/29/31 (Nigeria)<sup>(1)</sup> | 120000 | 122784 |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 35000 | 13300 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Communication Services (continued)** |  |  |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32 (Turkey)<sup>(1)</sup> | $150000 | $155164 |
| Total Communication Services |  | 1904367 |
| **Consumer Discretionary – 1.0%** |  |  |
| Ashtead Capital, Inc., 5.80%, 04/15/34 (United Kingdom)<sup>(1)</sup> | 540000 | 554776 |
| Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (Jersey Island)<sup>(1)</sup> | 165000 | 157501 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup> | 110000 | 110794 |
| Great Canadian Gaming Corp. / Raptor LLC, 8.75%, 11/15/29 (Canada)<sup>(1)</sup> | 265000 | 259672 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Hong Kong)<sup>(1)</sup> | 200000 | 190875 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/31 (United Kingdom)<sup>(1)</sup> | 550000 | 480582 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 390000 | 394757 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup> | 35000 | 35373 |
| Sodexo, Inc., 5.80%, 08/15/35 (France)<sup>(1)</sup> | 615000 | 629552 |
| Total Consumer Discretionary |  | 2813882 |
| **Consumer Staples – 0.4%** |  |  |
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)<sup>(1)</sup> | 140000 | 139587 |
| Imperial Brands Finance PLC, 5.63%, 07/01/35 (United Kingdom)<sup>(1)</sup> | 645000 | 645972 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (Canada)<sup>(1)</sup> | 185000 | 160811 |
| Kronos Acquisition Holdings, Inc., 10.75%, 06/30/32 (Canada)<sup>(1)</sup> | 220000 | 148074 |
| Total Consumer Staples |  | 1094444 |
| **Energy – 2.1%** |  |  |
| Azule Energy Finance PLC, 8.13%, 01/23/30 (Angola)<sup>(1)</sup> | 125000 | 126022 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33 (El Salvador)<sup>(1)</sup> | 111000 | 111877 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29 (Brazil)<sup>(1)</sup> | 88000 | 90561 |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup> | 480000 | 367200 |
| Ecopetrol SA, 4.63%, 11/02/31 (Colombia) | 128000 | 110799 |
| Enbridge, Inc., 8.50%, (US 5 Year CMT T- Note + 4.43%), 01/15/84 (Canada)<sup>(2)</sup> | 235000 | 265260 |
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Israel)<sup>(1)</sup> | 78000 | 73040 |
| FS Luxembourg Sarl, 8.88%, 02/12/31 (Brazil)<sup>(1)</sup> | 188000 | 194458 |
| Geopark Ltd., 8.75%, 01/31/30 (Colombia)<sup>(1)</sup> | 171000 | 148454 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Energy (continued)** |  |  |
| Harbour Energy PLC, 6.33%, 04/01/35 (United Kingdom)<sup>(1)</sup> | $560000 | $560727 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48 (Kazakhstan)<sup>(1)</sup> | 101000 | 95028 |
| Pertamina Persero PT, 6.45%, 05/30/44 (Indonesia)<sup>(1)</sup> | 350000 | 366100 |
| Petroleos de Venezuela SA, 6.00%, 05/16/24 (Venezuela) | 2937000 | 411180 |
| Petroleos Mexicanos, 6.50%, 03/13/27 (Mexico) | 215000 | 215480 |
| Petroleos Mexicanos, 5.35%, 02/12/28 (Mexico) | 266000 | 259603 |
| Petroleos Mexicanos, 6.84%, 01/23/30 (Mexico) | 98000 | 96499 |
| Petroleos Mexicanos, 6.70%, 02/16/32 (Mexico) | 288000 | 274320 |
| Petroleos Mexicanos, 6.35%, 02/12/48 (Mexico) | 147000 | 112858 |
| Petroleos Mexicanos, 7.69%, 01/23/50 (Mexico) | 254000 | 214960 |
| Petronas Capital Ltd., 3.50%, 04/21/30 (Malaysia)<sup>(1)</sup> | 311000 | 299135 |
| Petronas Capital Ltd., 5.85%, 04/03/55 (Malaysia)<sup>(1)</sup> | 333000 | 336089 |
| Qatarenergy, 2.25%, 07/12/31 (Qatar)<sup>(1)</sup> | 279000 | 245797 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.50%, (US 5 Year CMT T- Note + 3.67%), 03/01/55 (Canada)<sup>(1)(2)</sup> | 505000 | 525123 |
| South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 (Canada)<sup>(1)</sup> | 140000 | 138282 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 110000 | 108264 |
| YPF SA, 9.50%, 01/17/31 (Argentina)<sup>(1)</sup> | 112000 | 118587 |
| Total Energy |  | 5865703 |
| **Financials – 2.2%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.95%, (US 5 Year CMT T- Note + 2.72%), 03/10/55 (Ireland)<sup>(2)</sup> | 150000 | 157015 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, (US 5 Year CMT T- Note + 2.44%), 01/31/56 (Ireland)<sup>(2)</sup> | 240000 | 243531 |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)<sup>(1)</sup> | 345000 | 355966 |
| Allianz SE, 6.35%, (US 5 Year CMT T- Note + 3.23%), 09/06/53 (Germany)<sup>(1)(2)</sup> | 205000 | 216054 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Allianz SE, 5.60%, (US 5 Year CMT T- Note + 2.77%), 09/03/54 (Germany)<sup>(1)(2)</sup> | $180000 | $181008 |
| Ascot Group Ltd., 4.25%, 12/15/30 (Bermuda)<sup>(1)</sup> | 195000 | 175758 |
| Banco de Credito del Peru SA, 6.45%, (US 5 Year CMT T- Note + 2.49%), 07/30/35 (Peru)<sup>(1)(2)</sup> | 72000 | 74322 |
| Banco de Credito E Inversiones SA, 8.75%, (US 5 Year CMT T- Note + 4.94%), 08/08/73, perpetual (Chile)<sup>(1)(2)(4)</sup> | 213000 | 228070 |
| Banco Mercantil del Norte SA, 8.38%, (US 5 Year CMT T- Note + 4.07%), 02/20/74, perpetual (Mexico)<sup>(1)(2)(4)</sup> | 119000 | 122064 |
| Barclays, 7.44%, (US 1 Year CMT T- Note + 3.50%), 11/02/33 (United Kingdom)<sup>(2)</sup> | 465000 | 528631 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33 (Mexico)<sup>(1)(2)</sup> | 127000 | 122746 |
| BPCE SA, 7.00%, (SOFR + 2.59%), 10/19/34 (France)<sup>(1)(2)</sup> | 315000 | 346478 |
| BPCE SA, 6.92%, (SOFR + 2.61%), 01/14/46 (France)<sup>(1)(2)</sup> | 70000 | 73260 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 (Canada) | 680000 | 695882 |
| Deutsche Bank AG/New York NY, 5.40%, (SOFR + 2.05%), 09/11/35 (Germany)<sup>(2)</sup> | 640000 | 638836 |
| Natwest Group PLC, 6.48%, (US 5 Year CMT T- Note + 2.20%), 06/01/34 (United Kingdom)<sup>(2)</sup> | 435000 | 454364 |
| Nippon Life Insurance Co., 6.25%, (US 5 Year CMT T- Note + 2.95%), 09/13/53 (Japan)<sup>(1)(2)</sup> | 200000 | 207473 |
| Nippon Life Insurance Co., 6.50%, (US 5 Year CMT T- Note + 3.19%), 04/30/55 (Japan)<sup>(1)(2)</sup> | 345000 | 361372 |
| Societe Generale SA, 6.07%, (US 1 Year CMT T- Note + 2.10%), 01/19/35 (France)<sup>(1)(2)</sup> | 380000 | 392734 |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup> | 335000 | 353957 |
| UBS Group AG, 4.99%, (US 1 Year CMT T- Note + 2.40%), 08/05/33 (Switzerland)<sup>(1)(2)</sup> | 230000 | 229672 |
| UBS Group AG, 9.25%, (US 5 Year CMT T- Note + 4.76%), 05/13/74, perpetual (Switzerland)<sup>(1)(2)(4)</sup> | 60000 | 70482 |
| Total Financials |  | 6229675 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Government – 12.3%** |  |  |  |
| Abu Dhabi Government International Bond, 5.00%, 04/30/34 (United Arab Emirates)<sup>(1)</sup> |  | $131000 | $136486 |
| Abu Dhabi Government International Bond, 3.13%, 09/30/49 (United Arab Emirates)<sup>(1)</sup> |  | 415000 | 286338 |
| Angolan Government International Bond, 8.00%, 11/26/29 (Angola)<sup>(1)</sup> |  | 231000 | 216254 |
| Angolan Government International Bond, 8.75%, 04/14/32 (Angola)<sup>(1)</sup> |  | 510000 | 465278 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30 (Argentina)<sup>(6)</sup> |  | 276000 | 212796 |
| Argentine Republic Government International Bond, 4.13%, 07/09/35 (Argentina)<sup>(6)</sup> |  | 470000 | 311375 |
| Argentine Republic Government International Bond, 5.00%, 01/09/38 (Argentina)<sup>(6)</sup> |  | 281000 | 196700 |
| Argentine Republic Government International Bond, 3.50%, 07/09/41 (Argentina)<sup>(6)</sup> |  | 791000 | 483301 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46 (Argentina)<sup>(6)</sup> |  | 497318 | 317413 |
| Benin Government International Bond, 7.96%, 02/13/38 (Benin)<sup>(1)</sup> |  | 244000 | 236964 |
| Bolivian Government International Bond, 4.50%, 03/20/28 (Bolivia) |  | 112000 | 85960 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/31 (Brazil) |  | 3500000 | 539148 |
| Brazilian Government International Bond, 6.25%, 03/18/31 (Brazil) |  | 85000 | 87677 |
| Brazilian Government International Bond, 6.00%, 10/20/33 (Brazil) |  | 407000 | 402226 |
| Brazilian Government International Bond, 6.63%, 03/15/35 (Brazil) |  | 577000 | 581472 |
| Brazilian Government International Bond, 7.13%, 05/13/54 (Brazil) |  | 213000 | 204906 |
| Chile Government International Bond, 3.25%, 09/21/71 (Chile) |  | 166000 | 100554 |
| Colombia Government International Bond, 7.38%, 04/25/30 (Colombia) |  | 332000 | 348268 |
| Colombia Government International Bond, 8.00%, 11/14/35 (Colombia) |  | 878000 | 903242 |
| Colombia Government International Bond, 7.75%, 11/07/36 (Colombia) |  | 186000 | 186000 |
| Czech Republic Government Bond, Series 138, 1.75%, 06/23/32 (Czech Republic) | CZK | 13500000 | 540645 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| DAE Funding LLC, 3.38%, 03/20/28 (United Arab Emirates)<sup>(1)</sup> | $331000 | $319642 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic)<sup>(1)</sup> | 208000 | 213408 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic) | 399000 | 409374 |
| Eagle Funding Luxco Sarl, 5.50%, 08/17/30 (Mexico)<sup>(1)</sup> | 506000 | 509491 |
| Ecuador Government International Bond, 6.90%, 07/31/30 (Ecuador)<sup>(6)</sup> | 770045 | 676100 |
| Egypt Government International Bond, 8.63%, 02/04/30 (Egypt)<sup>(1)</sup> | 320000 | 326640 |
| Egypt Government International Bond, 5.88%, 02/16/31 (Egypt)<sup>(1)</sup> | 388000 | 344156 |
| Egypt Government International Bond, 8.50%, 01/31/47 (Egypt)<sup>(1)</sup> | 288000 | 236160 |
| Egypt Government International Bond, 8.75%, 09/30/51 (Egypt)<sup>(1)</sup> | 287000 | 237134 |
| El Salvador Government International Bond, 8.63%, 02/28/29 (El Salvador)<sup>(1)</sup> | 113000 | 117689 |
| El Salvador Government International Bond, 9.25%, 04/17/30 (El Salvador) | 141000 | 149108 |
| El Salvador Government International Bond, 8.25%, 04/10/32 (El Salvador)<sup>(1)</sup> | 99000 | 101469 |
| El Salvador Government International Bond, 7.65%, 06/15/35 (El Salvador) | 308000 | 296142 |
| El Salvador Government International Bond, 7.63%, 02/01/41 (El Salvador) | 94000 | 85717 |
| Ethiopia International Bond, 6.63%, 12/11/24 (Ethiopia)<sup>(1)(7)</sup> | 293000 | 271025 |
| Gabon Government International Bond, 9.50%, 02/18/29 (Gabon) | 234000 | 219653 |
| Gabon Government International Bond, 7.00%, 11/24/31 (Gabon)<sup>(1)</sup> | 421000 | 345325 |
| Ghana Government International Bond, 5.28%, 07/03/26 (Ghana)<sup>10)</sup> | 3200 | 3096 |
| Ghana Government International Bond, 5.12%, 01/03/30 (Ghana)<sup>(10)</sup> | 9065 | 7569 |
| Ghana Government International Bond, 5.00%, 07/03/35 (Ghana)<sup>(6)</sup> | 514600 | 414768 |
| Guatemala Government Bond, 6.88%, 08/15/55 (Guatemala)<sup>(1)</sup> | 546000 | 543270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Government (continued)** |  |  |  |
| Honduras Government International Bond, 8.63%, 11/27/34 (Honduras)<sup>(1)</sup> |  | $91000 | $95369 |
| Hungary Government International Bond, 6.25%, 09/22/32 (Hungary)<sup>(1)</sup> |  | 742000 | 777245 |
| Hungary Government International Bond, 5.50%, 06/16/34 (Hungary)<sup>(1)</sup> |  | 215000 | 212821 |
| Hungary Government International Bond, 6.00%, 09/26/35 (Hungary)<sup>(1)</sup> |  | 160000 | 161526 |
| Hungary Government International Bond, 5.50%, 03/26/36 (Hungary)<sup>(1)</sup> |  | 486000 | 470864 |
| Indonesia Government International Bond, 2.85%, 02/14/30 (Indonesia) |  | 218000 | 204702 |
| Indonesia Government International Bond, 4.75%, 09/10/34 (Indonesia) |  | 304000 | 299668 |
| Indonesia Government International Bond, 4.20%, 10/15/50 (Indonesia) |  | 200000 | 162700 |
| Indonesia Government International Bond, 5.10%, 02/10/54 (Indonesia) |  | 60000 | 56250 |
| Indonesia Government International Bond, 3.20%, 09/23/61 (Indonesia) |  | 68000 | 43163 |
| Ivory Coast Government International Bond, 7.63%, 01/30/33 (Ivory Coast)<sup>(1)</sup> |  | 56000 | 56238 |
| Ivory Coast Government International Bond, 6.13%, 06/15/33 (Ivory Coast)<sup>(1)</sup> |  | 444000 | 411699 |
| Ivory Coast Government International Bond, 8.08%, 04/01/36 (Ivory Coast)<sup>(1)</sup> |  | 232000 | 229158 |
| Jordan Government International Bond, 7.50%, 01/13/29 (Jordan)<sup>(1)</sup> |  | 50000 | 51766 |
| Jordan Government International Bond, 5.85%, 07/07/30 (Jordan)<sup>(1)</sup> |  | 284000 | 277016 |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30 (Kyrgyzstan)<sup>(1)</sup> |  | 250000 | 251094 |
| Lebanon Government International Bond, 7.00%, 03/23/32 (Lebanon)<sup>(7)</sup> |  | 259000 | 48563 |
| Leviathan Bond Ltd., 6.75%, 06/30/30 (Israel)<sup>(1)</sup> |  | 98000 | 97239 |
| Malaysia Government Bond, Series 0220, 2.63%, 04/15/31 (Malaysia) | MYR | 2460000 | 556756 |
| Mexican Bonos, Series M, 7.75%, 11/13/42 (Mexico) | MXN | 13000000 | 567867 |
| Mexico Government International Bond, 3.50%, 02/12/34 (Mexico) |  | 398000 | 334519 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Mexico Government International Bond, 6.88%, 05/13/37 (Mexico) | $196000 | $203252 |
| Mexico Government International Bond, 3.75%, 04/19/71 (Mexico) | 1248000 | 707304 |
| Nigeria Government International Bond, 7.38%, 09/28/33 (Nigeria)<sup>(1)</sup> | 261000 | 241425 |
| Nigeria Government International Bond, 10.38%, 12/09/34 (Nigeria)<sup>(1)</sup> | 461000 | 495893 |
| Panama Government International Bond, 7.50%, 03/01/31 (Panama) | 293000 | 314828 |
| Panama Government International Bond, 3.87%, 07/23/60 (Panama) | 391000 | 229028 |
| Peruvian Government International Bond, 5.38%, 02/08/35 (Peru) | 323000 | 322838 |
| Peruvian Government International Bond, 3.60%, 01/15/72 (Peru) | 124000 | 75640 |
| Philippine Government International Bond, 5.50%, 02/04/35 (Philippines) | 322000 | 336450 |
| Philippine Government International Bond, 4.75%, 03/05/35 (Philippines) | 529000 | 521528 |
| Philippine Government International Bond, 3.70%, 03/01/41 (Philippines) | 279000 | 229617 |
| Port of Spain, 7.88%, 02/19/40 (Trinidad & Tobago) | 100000 | 98394 |
| Qatar Government International Bond, 3.75%, 04/16/30 (Qatar)<sup>(1)</sup> | 133000 | 130434 |
| Republic of Armenia International Bond, 3.60%, 02/02/31 (Armenia)<sup>(1)</sup> | 100000 | 87250 |
| Republic of Cameroon International Bond, 9.50%, 07/31/31 (Cameroon) | 712000 | 671459 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36 (Kenya)<sup>(1)</sup> | 415000 | 400425 |
| Republic of Poland Government International Bond, 4.88%, 10/04/33 (Poland) | 182000 | 181272 |
| Republic of Poland Government International Bond, 5.13%, 09/18/34 (Poland) | 433000 | 435620 |
| Republic of Poland Government International Bond, 5.38%, 02/12/35 (Poland) | 975000 | 996206 |
| Republic of Poland Government International Bond, 5.50%, 04/04/53 (Poland) | 65000 | 60970 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Government (continued)** |  |  |  |
| Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/48 (South Africa) | ZAR | 12000000 | $546717 |
| Republic of South Africa Government International Bond, 7.10%, 11/19/36 (South Africa)<sup>(1)</sup> |  | $384000 | 382080 |
| Republic of South Africa Government International Bond, Series 30Y, 5.65%, 09/27/47 (South Africa) |  | 700000 | 528346 |
| Republic of Uzbekistan International Bond, 6.90%, 02/28/32 (Uzbekistan)<sup>(1)</sup> |  | 328000 | 340316 |
| Romanian Government International Bond, 6.38%, 01/30/34 (Romania)<sup>(1)</sup> |  | 328000 | 328164 |
| Romanian Government International Bond, 5.75%, 03/24/35 (Romania)<sup>(1)</sup> |  | 556000 | 528168 |
| Romanian Government International Bond, 6.63%, 05/16/36 (Romania)<sup>(1)</sup> |  | 478000 | 479314 |
| Saudi Government International Bond, 4.88%, 07/18/33 (Saudi Arabia)<sup>(1)</sup> |  | 386000 | 387208 |
| Saudi Government International Bond, 5.63%, 01/13/35 (Saudi Arabia)<sup>(1)</sup> |  | 976000 | 1021184 |
| Saudi Government International Bond, 5.63%, 01/13/35 (Saudi Arabia) |  | 395000 | 413287 |
| Senegal Government International Bond, 7.75%, 06/10/31 (Senegal) |  | 200000 | 164155 |
| Senegal Government International Bond, 6.25%, 05/23/33 (Senegal)<sup>(1)</sup> |  | 186000 | 139210 |
| Serbia International Bond, 6.50%, 09/26/33 (Serbia)<sup>(1)</sup> |  | 226000 | 239872 |
| Sri Lanka Government International Bond, 4.00%, 04/15/28 (Sri Lanka)<sup>(1)</sup> |  | 28073 | 26739 |
| Sri Lanka Government International Bond, 3.10%, 01/15/30 (Sri Lanka)<sup>(1)(6)</sup> |  | 58040 | 52497 |
| Sri Lanka Government International Bond, 3.35%, 03/15/33 (Sri Lanka)<sup>(1)(6)</sup> |  | 58925 | 48355 |
| Sri Lanka Government International Bond, 3.60%, 06/15/35 (Sri Lanka)<sup>(1)(6)</sup> |  | 327787 | 233753 |
| Sri Lanka Government International Bond, 3.60%, 02/15/38 (Sri Lanka)<sup>(1)(6)</sup> |  | 55250 | 46375 |
| Trinidad & Tobago Government International Bond, 5.95%, 01/14/31 (Trinidad & Tobago)<sup>(1)</sup> |  | 95000 | 94406 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad & Tobago) | $197000 | $192223 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad & Tobago)<sup>(1)</sup> | 45000 | 43909 |
| Turkey Government International Bond, 7.63%, 04/26/29 (Turkey) | 150000 | 157800 |
| Turkiye Government International Bond, 7.25%, 05/29/32 (Turkey) | 105000 | 107074 |
| Turkiye Government International Bond, 7.63%, 05/15/34 (Turkey) | 666000 | 690975 |
| Turkiye Government International Bond, 6.50%, 01/03/35 (Turkey) | 731000 | 701395 |
| Turkiye Government International Bond, 6.63%, 02/17/45 (Turkey) | 214000 | 185699 |
| UAE International Government Bond, 4.95%, 07/07/52 (United Arab Emirates)<sup>(1)</sup> | 145000 | 134560 |
| Ukraine Government International Bond, 4.50%, 02/01/29 (Ukraine)<sup>(6)</sup> | 14422 | 8870 |
| Ukraine Government International Bond, 4.50%, 02/01/29 (Ukraine)<sup>(1)(6)</sup> | 14422 | 8870 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(6)</sup> | 2626 | 1254 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(1)(6)</sup> | 2626 | 1254 |
| Ukraine Government International Bond, 12.84%, 02/01/34 (Ukraine)<sup>(6)</sup> | 9813 | 3753 |
| Ukraine Government International Bond, 4.50%, 02/01/34 (Ukraine)<sup>(1)(6)</sup> | 129000 | 67065 |
| Ukraine Government International Bond, 1.75%, 02/01/35 (Ukraine)<sup>(6)</sup> | 507000 | 242093 |
| Ukraine Government International Bond, 8.84%, 02/01/35 (Ukraine)<sup>(6)</sup> | 8292 | 3959 |
| Ukraine Government International Bond, 4.50%, 02/01/35 (Ukraine)<sup>(1)(6)</sup> | 119825 | 62009 |
| Ukraine Government International Bond, 4.50%, 02/01/35 (Ukraine)<sup>(6)</sup> | 122825 | 63562 |
| Ukraine Government International Bond, 8.21%, 02/01/36 (Ukraine)<sup>(1)(6)</sup> | 6910 | 3300 |
| Ukraine Government International Bond, 4.50%, 02/01/36 (Ukraine)<sup>(1)(6)</sup> | 4403 | 2246 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | | |
| **Government (continued)** |  |  |
| Ukraine Government International Bond, 4.50%, 02/01/36 (Ukraine)<sup>(6)</sup> | $2403 | $1226 |
| Uruguay Government International Bond, 5.10%, 06/18/50 (Uruguay) | 799000 | 734680 |
| Uruguay Government International Bond, 4.98%, 04/20/55 (Uruguay) | 77000 | 67914 |
| Venezuela Government International Bond, 9.38%, 01/13/34 (Venezuela)<sup>(7)</sup> | 702000 | 183131 |
| Zambia Government International Bond, 5.28%, 12/31/53 (Zambia)<sup>(1)</sup> | 313000 | 229291 |
| Total Government |  | 34674253 |
| **Health Care – 0.5%** |  |  |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup> | 201000 | 195286 |
| Grifols SA, 4.75%, 10/15/28 (Spain)<sup>(1)</sup> | 490000 | 472443 |
| Smith & Nephew PLC, 5.40%, 03/20/34 (United Kingdom) | 595000 | 604063 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 32000 | 31360 |
| Total Health Care |  | 1303152 |
| **Industrials – 1.0%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 4.38%, 07/03/29 (India)<sup>(1)</sup> | 220000 | 209321 |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup> | 355000 | 365836 |
| British Airways Pass-Through Trust, Class A, Series 2021-1, 2.90%, 03/15/35 (United Kingdom)<sup>(1)</sup> | 282613 | 256212 |
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)<sup>(1)</sup> | 590000 | 577451 |
| DP World PLC, 6.85%, 07/02/37 (United Arab Emirates)<sup>(1)</sup> | 92000 | 102537 |
| Garda World Security Corp., 8.38%, 11/15/32 (Canada)<sup>(1)</sup> | 245000 | 252596 |
| Limak Yenilenebilir Enerji As, 9.63%, 08/12/30 (Turkey)<sup>(1)</sup> | 100000 | 100000 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(1)</sup> | 170000 | 178277 |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28 (Switzerland)<sup>(1)</sup> | 490000 | 502722 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 105000 | 108568 |
| Total Industrials |  | 2653520 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Information Technology – 0.1%** |  |  |
| ION Trading Technologies Sarl, 9.50%, 05/30/29 (Luxembourg)<sup>(1)</sup> | $375000 | $390463 |
| **Materials – 0.9%** |  |  |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup> | 275000 | 280451 |
| Corp. Nacional del Cobre de Chile, 5.95%, 01/08/34 (Chile)<sup>(1)</sup> | 82000 | 84042 |
| Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36 (Chile) | 330000 | 347036 |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 100000 | 101328 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 345000 | 351717 |
| Maxam Prill Sarl, 7.75%, 07/15/30 (Luxembourg)<sup>(1)</sup> | 240000 | 234881 |
| OCP SA, 6.88%, 04/25/44 (Morocco)<sup>(1)</sup> | 194000 | 190362 |
| OCP SA, 7.50%, 05/02/54 (Morocco)<sup>(1)</sup> | 136000 | 138040 |
| Samarco Mineracao SA, 9.50%, 06/30/31, (9.5% PIK) (Brazil)<sup>(1)(3)</sup> | 97295 | 96444 |
| Smurfit Kappa Treasury Ulc, 5.44%, 04/03/34 (Ireland) | 425000 | 433935 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup> | 150000 | 156808 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30 (Netherlands)<sup>(1)</sup> | 35000 | 36878 |
| Trivium Packaging Finance BV, 12.25%, 01/15/31 (Netherlands)<sup>(1)</sup> | 165000 | 173392 |
| Total Materials |  | 2625314 |
| **Utilities – 0.4%** |  |  |
| Capital Power US Holdings, Inc., 6.19%, 06/01/35 (Canada)<sup>(1)</sup> | 415000 | 427231 |
| Electricite de France SA, 6.90%, 05/23/53 (France)<sup>(1)</sup> | 235000 | 252205 |
| ENEL Finance International NV, 7.50%, 10/14/32 (Italy)<sup>(1)</sup> | 200000 | 228422 |
| ENEL Finance International NV, 5.50%, 06/26/34 (Italy)<sup>(1)</sup> | 110000 | 111719 |
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28 (South Africa)<sup>(1)</sup> | 188000 | 199127 |
| Total Utilities |  | 1218704 |
| **Total Foreign Bonds** |  |  |
| (Cost $59,534,433) |  | **60773477** |
| **TERM LOANS – 11.1%** |  |  |
| **Aerospace – 0.5%** |  |  |
| AAdvantage Loyalty IP Ltd., 0.00%, (SOFR + 0.00%), 04/20/28<sup>(11)</sup> | 423938 | 422772 |
| Arcline FM Holdings LLC, 7.58%, (3-Month SOFR + 3.50%), 06/24/30<sup>(2)</sup> | 246170 | 248094 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Aerospace (continued)** |  |  |
| Goat Holdco LLC, 7.36%, (1-Month SOFR + 3.00%), 01/27/32<sup>(2)</sup> | $239400 | $239998 |
| Peraton Corp., 8.21%, (1-Month SOFR + 3.85%), 02/01/28<sup>(2)</sup> | 214947 | 191890 |
| Rand Parent LLC, 0.00%, (SOFR + 0.00%), 03/18/30<sup>(11)</sup> | 150000 | 148765 |
| TransDigm, Inc., 6.80%, (3-Month SOFR + 2.50%), 01/19/32<sup>(2)</sup> | 178650 | 179364 |
| Total Aerospace |  | 1430883 |
| **Chemicals – 0.3%** |  |  |
| INEOS US Finance LLC, 7.61%, (1-Month SOFR + 3.25%), 02/18/30<sup>(2)</sup> | 114138 | 106326 |
| Lummus Technology Holdings V LLC, 7.36%, (1-Month SOFR + 3.00%), 12/31/29<sup>(2)</sup> | 142916 | 143388 |
| Nouryon Finance BV, 7.51%, (1-Month SOFR + 3.25%), 04/03/28<sup>(2)</sup> | 299348 | 299817 |
| WR Grace Holdings LLC, 7.55%, (3-Month SOFR + %), 09/22/28<sup>(2)</sup> | 269302 | 269891 |
| Total Chemicals |  | 819422 |
| **Consumer Durables – 0.1%** |  |  |
| White Cap Supply Holdings LLC, 7.58%, (1-Month SOFR + 3.25%), 10/19/29<sup>(2)</sup> | 179100 | 179065 |
| **Consumer Non-Durables – 0.1%** |  |  |
| AI Aqua Merger Sub, Inc., 7.32%, (1-Month SOFR + 3.00%), 07/31/28<sup>(2)</sup> | 223588 | 223733 |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 8.30%, (3-Month SOFR + 4.00%), 07/08/31<sup>(2)</sup> | 87327 | 74810 |
| Total Consumer Non-Durables |  | 298543 |
| **Consumer, Cyclical – 0.1%** |  |  |
| Beach Acquisition Bidco LLC, 0.00%, (SOFR + 0.00%), 06/25/32<sup>(11)</sup> | 110000 | 110825 |
| Boots Group Finco LP, 0.00%, (SOFR + 0.00%), 07/22/32<sup>(11)</sup> | 110000 | 110069 |
| Total Consumer, Cyclical |  | 220894 |
| **Energy – 0.5%** |  |  |
| Centuri Group, Inc., 6.61%, (1-Month SOFR + 0.00%), 07/01/32<sup>(2)</sup> | 45000 | 45162 |
| CVR CHC LP, 8.30%, (3-Month SOFR + 4.00%), 12/30/27<sup>(2)</sup> | 333906 | 334670 |
| Epic Crude Services LP, 6.83%, (3-Month SOFR + 0.00%), 10/15/31<sup>(2)</sup> | 158242 | 159301 |
| Freeport LNG Investments LLLP, 7.58%, (3-Month SOFR + 3.25%), 12/21/28<sup>(2)</sup> | 254080 | 254822 |
| Kestrel Acquisition LLC, 7.80%, (3-Month SOFR + 3.50%), 11/06/31<sup>(2)</sup> | 245398 | 246344 |
| M6 ETX Holdings II Midco. LLC, 7.36%, (1-Month SOFR + 3.00%), 03/25/32<sup>(2)</sup> | 185000 | 186445 |
| Traverse Midstream Partners LLC, 7.31%, (3-Month SOFR + 3.00%), 02/16/28<sup>(2)</sup> | 98688 | 99181 |
| Total Energy |  | 1325925 |
| **Financials – 1.1%** |  |  |
| Acrisure LLC, 7.36%, (1-Month SOFR + 3.00%), 11/06/30<sup>(2)</sup> | 232855 | 233182 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Alera Group, Inc., 7.61%, (1-Month SOFR + %), 05/30/32<sup>(2)</sup> | $125000 | $125696 |
| Alera Group, Inc., 9.86%, (1-Month SOFR + %), 05/20/33<sup>(2)</sup> | 175000 | 182000 |
| Ardonagh Group Finco Pty Ltd., 6.95%, (3-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup> | 115855 | 115783 |
| Ardonagh Group Finco Pty Ltd., 6.95%, (3-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup> | 98608 | 98547 |
| Asurion LLC, 7.72%, (1-Month SOFR + 3.36%), 07/31/27<sup>(2)</sup> | 498698 | 499187 |
| BroadStreet Partners, Inc., 0.00%, (SOFR + 0.00%), 06/13/31<sup>(11)</sup> | 75000 | 75140 |
| BroadStreet Partners, Inc., 7.36%, (1-Month SOFR + 3.00%), 06/13/31<sup>(2)</sup> | 282857 | 283386 |
| Dynamo US Bidco, Inc., 7.83%, (1-Month SOFR + 3.50%), 10/01/31<sup>(2)</sup> | 69475 | 69888 |
| Focus Financial Partner, 0.00%, (SOFR + 0.00%), 09/15/31<sup>(11)</sup> | 259386 | 259844 |
| Fugue Finance LLC, 7.10%, (1-Month SOFR + %), 01/09/32<sup>(2)</sup> | 174800 | 175720 |
| Lannett Co., Inc., 2.00%, (3-Month SOFR + 2.00%), 06/16/30<sup>(2)(5)</sup> | 1502 | 450 |
| NorthAB LLC, 0.00%, (SOFR + 0.00%), 11/24/28<sup>(11)</sup> | 195000 | 193314 |
| PEX Holdings LLC, 6.97%, (3-Month SOFR + 2.75%), 11/20/31<sup>(2)</sup> | 234413 | 235242 |
| Trucordia Insurance Holdings LLC, 7.61%, (1-Month SOFR + %), 06/17/32<sup>(2)</sup> | 170000 | 171222 |
| Truist Insurance Holdings LLC, 7.05%, (3-Month SOFR + %), 05/06/31<sup>(2)</sup> | 265000 | 265607 |
| Total Financials |  | 2984208 |
| **Food/Tobacco – 0.3%** |  |  |
| Aspire Bakeries Holdings LLC, 7.85%, (1-Month SOFR + %), 12/23/30<sup>(2)</sup> | 203970 | 206074 |
| Dechra Finance US LLC, 7.45%, (6-Month SOFR + 3.25%), 01/27/32<sup>(2)</sup> | 229425 | 230486 |
| Del Monte Foods Corp II, Inc., 13.94%, (1-Month SOFR + %), 04/02/26<sup>(2)</sup> | 14080 | 9856 |
| Del Monte Foods Corp II, Inc., 13.94%, (1-Month SOFR + %), 01/02/40<sup>(2)(5)</sup> | 9735 | 9005 |
| Del Monte Foods, Inc., 8.71%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)(5)</sup> | 4389 | 516 |
| Del Monte Foods, Inc., 8.72%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)(5)</sup> | 27045 | 3178 |
| Del Monte Foods, Inc., 9.21%, (3-Month SOFR + 4.90%), 08/02/28<sup>(2)</sup> | 72377 | 3257 |
| Del Monte Foods, Inc., 12.47%, (3-Month SOFR + 8.15%), 08/02/28<sup>(2)(5)</sup> | 22912 | 10358 |
| Red SPV LLC, 6.59%, (1-Month SOFR + 2.25%), 03/15/32<sup>(2)</sup> | 235000 | 235587 |
| Sigma Bidco BV, 8.12%, (3-Month SOFR + 3.75%), 01/03/28<sup>(2)</sup> | 253172 | 253885 |
| Total Food/Tobacco |  | 962202 |
| **Forest Prod/Containers – 0.4%** |  |  |
| Clydesdale Acquisition Holdings, Inc., 7.53%, (1-Month SOFR + 3.18%), 04/13/29<sup>(2)</sup> | 285000 | 285212 |
| Kloeckner Pentaplast of America, Inc., 9.23%, (6-Month SOFR + 4.98%), 02/12/26<sup>(2)</sup> | 289005 | 266038 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Forest Prod/Containers (continued)** |  |  |
| Mauser Packaging Solutions Holding Co., 7.32%, (1-Month SOFR + 3.00%), 04/15/27<sup>(2)</sup> | $242209 | $242577 |
| TricorBraun Holdings, Inc., 7.72%, (1-Month SOFR + 3.36%), 03/03/28<sup>(2)</sup> | 239785 | 240082 |
| Total Forest Prod/Containers |  | 1033909 |
| **Gaming/Leisure – 0.4%** |  |  |
| Catawba Nation Gaming Authority, 9.05%, (3-Month SOFR + 4.75%), 03/28/32<sup>(2)</sup> | 160000 | 163400 |
| ECL Entertainment LLC, 0.00%, (SOFR + 0.00%), 08/31/30<sup>(11)</sup> | 139647 | 140607 |
| Entain, 0.00%, (SOFR + 0.00%), 07/30/32<sup>(11)</sup> | 85000 | 85146 |
| Entain Holdings Gibraltar Ltd., 7.02%, (3-Month SOFR + 2.75%), 10/31/29<sup>(2)</sup> | 94050 | 94325 |
| Great Canadian Gaming Corp., 9.07%, (3-Month SOFR + 4.75%), 11/01/29<sup>(2)</sup> | 73423 | 71817 |
| J&J Ventures Gaming LLC, 7.86%, (1-Month SOFR + 3.50%), 04/26/30<sup>(2)</sup> | 233716 | 232146 |
| Motion Finco Sarl, 7.80%, (3-Month SOFR + 3.50%), 11/12/29<sup>(2)</sup> | 153270 | 141310 |
| Ontario Gaming GTA LP, 8.55%, (3-Month SOFR + 4.25%), 08/01/30<sup>(2)</sup> | 252921 | 251972 |
| Scientific Games Holdings LP, 7.29%, (3-Month SOFR + 3.00%), 04/04/29<sup>(2)</sup> | 107055 | 107132 |
| Total Gaming/Leisure |  | 1287855 |
| **Health Care – 1.1%** |  |  |
| Agiliti Health, Inc., 7.22%, (6-Month SOFR + 3.00%), 05/01/30<sup>(2)</sup> | 152059 | 147878 |
| Agiliti Health, Inc., 7.29%, (3-Month SOFR + 3.00%), 05/01/30<sup>(2)</sup> | 79933 | 77735 |
| Amneal Pharmaceuticals LLC, 0.00%, (SOFR + 0.00%), 07/23/32<sup>(11)</sup> | 170000 | 170389 |
| Bausch & Lomb Corp., 8.36%, (1-Month SOFR + 4.00%), 09/29/28<sup>(2)</sup> | 44213 | 44286 |
| CHG Healthcare Services, Inc., 7.33%, (3-Month SOFR + 3.00%), 09/29/28<sup>(2)</sup> | 57357 | 57402 |
| Endo Finance Holdings, Inc., 8.36%, (1-Month SOFR + 4.00%), 04/23/31<sup>(2)</sup> | 29775 | 29883 |
| Financiere Mendel SASU, 7.05%, (3-Month SOFR + %), 11/08/30<sup>(2)</sup> | 54725 | 54982 |
| Gainwell Acquisition Corp., 8.40%, (3-Month SOFR + 4.10%), 10/01/27<sup>(2)</sup> | 266312 | 263067 |
| Global Medical Response, Inc, 9.08%, (3-Month SOFR + 5.50%), 10/31/28<sup>(2)</sup> | 154377 | 154752 |
| Grifols Worldwide Operations USA, Inc., 6.48%, (3-Month SOFR + 2.15%), 11/15/27<sup>(2)</sup> | 500000 | 499765 |
| LifePoint Health, Inc., 7.82%, (3-Month SOFR + 3.50%), 05/16/31<sup>(2)</sup> | 24813 | 24728 |
| LifePoint Health, Inc., 8.07%, (3-Month SOFR + 3.75%), 05/16/31<sup>(2)</sup> | 238585 | 238511 |
| Medline Borrower LP, 6.61%, (1-Month SOFR + 2.25%), 10/23/28<sup>(2)</sup> | 144418 | 144709 |
| ModivCare, Inc, 9.05%, (3-Month SOFR + 4.75%), 07/01/31<sup>(2)</sup> | 59401 | 38116 |
| One Call Corp., 10.08%, (3-Month SOFR + 5.76%), 04/22/27<sup>(2)</sup> | 227629 | 225922 |
| Southern Veterinary Partners LLC, 6.82%, (3-Month SOFR + %), 12/04/31<sup>(2)</sup> | 273501 | 273886 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Star Parent, Inc., 8.30%, (3-Month SOFR + 4.00%), 09/27/30<sup>(2)</sup> | $178246 | $176501 |
| Upstream Newco, Inc., 8.82%, (3-Month SOFR + 4.51%), 11/20/26<sup>(2)</sup> | 21600 | 17056 |
| VetStrategy Canada Holdings, Inc., 8.05%, (3-Month SOFR + %), 12/12/28<sup>(2)</sup> | 104471 | 105156 |
| Viant Medical Holdings, Inc., 0.00%, (SOFR + 0.00%), 10/29/31<sup>(11)</sup> | 290000 | 290183 |
| Total Health Care |  | 3034907 |
| **Housing – 0.3%** |  |  |
| Chariot Buyer LLC, 7.71%, (1-Month SOFR + 3.25%), 11/03/28<sup>(2)</sup> | 268494 | 268934 |
| Chariot Buyer LLC, 0.00%, (SOFR + 0.00%), 09/08/32<sup>(11)</sup> | 50000 | 50041 |
| Cornerstone Building Brands, Inc., 7.69%, (1-Month SOFR + 3.25%), 04/12/28<sup>(2)</sup> | 103647 | 95060 |
| Cornerstone Building Brands, Inc., 8.84%, (1-Month SOFR + 4.50%), 05/15/31<sup>(2)</sup> | 79400 | 68946 |
| Hunter Douglas, Inc., 7.55%, (3-Month SOFR + 3.25%), 01/17/32<sup>(2)</sup> | 85146 | 85306 |
| LBM Acquisition LLC, 8.19%, (1-Month SOFR + 3.85%), 06/06/31<sup>(2)</sup> | 178200 | 166980 |
| Total Housing |  | 735267 |
| **Industrials – 0.2%** |  |  |
| Alix Partner LLP, 0.00%, (SOFR + 0.00%), 07/30/32<sup>(11)</sup> | 260000 | 259350 |
| DG Investment Intermediate Holdings 2, Inc., 8.09%, (1-Month SOFR + %), 07/02/32<sup>(2)</sup> | 218016 | 218902 |
| Total Industrials |  | 478252 |
| **Information Technology – 1.6%** |  |  |
| Applied Systems, Inc., 0.00%, (SOFR + 0.00%), 02/24/31<sup>(11)</sup> | 515000 | 516038 |
| Applied Systems, Inc., 6.80%, (3-Month SOFR + 2.75%), 02/24/31<sup>(2)</sup> | 97068 | 97264 |
| Applied Systems, Inc., 8.80%, (3-Month SOFR + 4.50%), 02/23/32<sup>(2)</sup> | 10000 | 10294 |
| Boxer Parent Co., Inc., 7.33%, (3-Month SOFR + 3.00%), 07/30/31<sup>(2)</sup> | 274213 | 274534 |
| Central Parent LLC, 7.55%, (3-Month SOFR + 3.25%), 07/06/29<sup>(2)</sup> | 255992 | 209273 |
| Cloud Software Group, Inc., 8.05%, (3-Month SOFR + 3.75%), 03/24/31<sup>(2)</sup> | 199000 | 199939 |
| ConnectWise LLC, 8.06%, (3-Month SOFR + 3.76%), 09/29/28<sup>(2)</sup> | 132626 | 133254 |
| Cotiviti, Inc., 7.08%, (1-Month SOFR + 2.75%), 05/01/31<sup>(2)</sup> | 303061 | 302652 |
| Delivery Hero Finco LLC, 9.30%, (3-Month SOFR + 5.00%), 12/12/29<sup>(2)</sup> | 177750 | 179509 |
| ECL Entertainment LLC, 7.86%, (1-Month SOFR + 3.50%), 08/31/30<sup>(2)</sup> | 78903 | 79445 |
| Ellucian Holding, Inc., 7.11%, (1-Month SOFR + %), 10/09/29<sup>(2)</sup> | 156550 | 156942 |
| Hamilton Projects Acquiror LLC, 6.86%, (1-Month SOFR + %), 05/30/31<sup>(2)</sup> | 148425 | 149051 |
| Icon Parent, Inc, 7.21%, (6-Month SOFR + 3.00%), 11/13/31<sup>(2)</sup> | 159600 | 160223 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| Icon Parent, Inc, 9.21%, (6-Month SOFR + 5.00%), 11/12/32<sup>(2)</sup> | $70000 | $71137 |
| Indicor LLC, 7.05%, (3-Month SOFR + 2.75%), 11/22/29<sup>(2)</sup> | 342063 | 343079 |
| ION Trading Technologies Sarl, 7.80%, (3-Month SOFR + 3.50%), 04/01/28<sup>(2)</sup> | 204025 | 204168 |
| Javelin Buyer, Inc., 7.33%, (3-Month SOFR + 3.25%), 12/06/31<sup>(2)</sup> | 234413 | 234321 |
| Lsf12 Crown US Commercial Bidco, LLC, 7.86%, (1-Month SOFR + %), 12/02/31<sup>(2)</sup> | 260000 | 261897 |
| Project Ruby Ultimate Parent Corp., 7.22%, (1-Month SOFR + %), 03/10/28<sup>(2)</sup> | 122642 | 122948 |
| Proofpoint, Inc, 0.00%, (SOFR + 0.00%), 08/31/28<sup>(11)</sup> | 45000 | 45127 |
| Proofpoint, Inc, 7.36%, (1-Month SOFR + 3.00%), 08/31/28<sup>(2)</sup> | 217752 | 218365 |
| Radiology Partners, Inc., 8.80%, (3-Month SOFR + %), 06/25/32<sup>(2)</sup> | 255000 | 255857 |
| Rocket Software, Inc., 8.11%, (1-Month SOFR + %), 11/28/28<sup>(2)</sup> | 187852 | 188542 |
| UKG, Inc., 7.32%, (3-Month SOFR + 3.00%), 02/10/31<sup>(2)</sup> | 166763 | 166935 |
| Total Information Technology |  | 4580794 |
| **Manufacturing – 0.5%** |  |  |
| CPM Holdings, Inc, 8.83%, (1-Month SOFR + 4.50%), 09/28/28<sup>(2)</sup> | 231191 | 227744 |
| Cube A&D Buyer, Inc., 7.58%, (3-Month SOFR + 3.50%), 10/17/31<sup>(2)</sup> | 169575 | 170609 |
| Gloves Buyer, Inc., 8.36%, (1-Month SOFR + %), 05/21/32<sup>(2)</sup> | 155000 | 152132 |
| Husky Injection Molding Systems Ltd., 8.67%, (3-Month SOFR + %), 02/15/29<sup>(2)</sup> | 76996 | 77106 |
| Husky Injection Molding Systems Ltd., 8.80%, (3-Month SOFR + 4.50%), 02/15/29<sup>(2)</sup> | 76996 | 77106 |
| Madison IAQ LLC, 6.70%, (6-Month SOFR + 2.50%), 06/21/28<sup>(2)</sup> | 379016 | 379684 |
| Magnera Corp., 8.58%, (3-Month SOFR + 4.25%), 11/04/31<sup>(2)</sup> | 273625 | 272428 |
| TK Elevator Midco Gmbh, 7.20%, (3-Month SOFR + %), 04/30/30<sup>(2)</sup> | 209475 | 210863 |
| Total Manufacturing |  | 1567672 |
| **Media/Telecom - Broadcasting – 0.3%** |  |  |
| CMG Media Corp., 7.90%, (3-Month SOFR + 3.60%), 06/18/29<sup>(2)</sup> | 234495 | 229570 |
| Creative Artists Agency LLC, 6.86%, (1-Month SOFR + %), 10/01/31<sup>(2)</sup> | 233875 | 234387 |
| Gray Television, Inc., 7.44%, (1-Month SOFR + 3.00%), 12/01/28<sup>(2)</sup> | 183578 | 183630 |
| Univision Communications, Inc., 7.97%, (1-Month SOFR + 3.61%), 01/31/29<sup>(2)</sup> | 227499 | 227074 |
| Total Media/Telecom - Broadcasting |  | 874661 |
| **Media/Telecom - Cable/Wireless Video – 0.5%** |  |  |
| Cogeco Communications USA II LP, 7.61%, (1-Month SOFR + 3.25%), 09/18/30<sup>(2)</sup> | 222546 | 222328 |
| CSC Holdings LLC, 8.84%, (1-Month SOFR + 4.50%), 01/18/28<sup>(2)</sup> | 236383 | 236090 |
| Eagle Broadband Investments LLC, 7.56%, (3-Month SOFR + 3.26%), 11/12/27<sup>(2)</sup> | 365487 | 363431 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Media/Telecom - Cable/Wireless Video (continued)** |  |  |
| Level 3 Financing, Inc., 8.61%, (1-Month SOFR + %), 03/27/32<sup>(2)</sup> | $215000 | $217234 |
| Virgin Media Bristol LLC, 6.96%, (1-Month SOFR + 2.61%), 01/31/28<sup>(2)</sup> | 297138 | 294044 |
| Total Media/Telecom - Cable/Wireless Video |  | 1333127 |
| **Media/Telecom - Diversified Media – 0.4%** |  |  |
| Century DE Buyer LLC, 7.81%, (3-Month SOFR + 3.50%), 10/30/30<sup>(2)</sup> | 220681 | 221413 |
| Directv Financing LLC, 9.82%, (3-Month SOFR + 5.51%), 08/02/29<sup>(2)</sup> | 276507 | 274739 |
| EOC Borrower LLC, 7.36%, (1-Month SOFR + 3.00%), 03/24/32<sup>(2)</sup> | 285000 | 286024 |
| McGraw-Hill Education, Inc., 7.61%, (1-Month SOFR + 3.25%), 08/06/31<sup>(2)</sup> | 31746 | 31857 |
| MH Sub I LLC, 8.61%, (1-Month SOFR + 4.25%), 05/03/28<sup>(2)</sup> | 43070 | 41189 |
| Neptune Bidco US, Inc., 9.43%, (3-Month SOFR + 5.10%), 04/11/29<sup>(2)</sup> | 245382 | 236371 |
| Total Media/Telecom - Diversified Media |  | 1091593 |
| **Media/Telecom - Telecommunications – 0.1%** |  |  |
| Altice France SA, 9.25%, (6-Month SOFR + 1.75%), 08/26/25<sup>(2)</sup> | 242310 | 219290 |
| Altice France SA, 10.19%, (3-Month SOFR + 2.69%), 01/31/26<sup>(2)</sup> | 48172 | 43928 |
| Total Media/Telecom - Telecommunications |  | 263218 |
| **Media/Telecom - Wireless Communications – 0.1%** |  |  |
| Viasat, Inc., 8.97%, (1-Month SOFR + 4.61%), 03/02/29<sup>(2)</sup> | 217254 | 214945 |
| **Retail – 0.3%** |  |  |
| CNT Holdings I Corp., 6.56%, (3-Month SOFR + 2.50%), 11/08/32<sup>(2)</sup> | 264064 | 264856 |
| Harbor Freight Tools USA, Inc, 6.61%, (1-Month SOFR + 2.50%), 06/11/31<sup>(2)</sup> | 221730 | 217283 |
| Petco Health & Wellness Co., Inc., 7.81%, (3-Month SOFR + 3.51%), 03/03/28<sup>(2)</sup> | 270000 | 252974 |
| QXO Building Products, Inc., 7.30%, (3-Month SOFR + %), 04/30/32<sup>(2)</sup> | 17000 | 17167 |
| Total Retail |  | 752280 |
| **Service – 1.4%** |  |  |
| Acuren Delaware Holdco., Inc., 0.00%, (SOFR + 0.00%), 07/30/31<sup>(11)</sup> | 45000 | 45148 |
| Acuren Delaware Holdco., Inc., 7.11%, (1-Month SOFR + 2.75%), 07/30/31<sup>(2)</sup> | 29775 | 29873 |
| Aggreko Holdings, Inc., 7.32%, (2-Month SOFR + %), 05/21/31<sup>(2)</sup> | 363902 | 366222 |
| Allied Universal Holdco LLC, 8.21%, (1-Month SOFR + 3.85%), 05/12/28<sup>(2)</sup> | 238066 | 238853 |
| Ascend Learning LLC, 7.36%, (1-Month SOFR + 3.00%), 12/11/28<sup>(2)</sup> | 182932 | 183226 |
| Bifm CA Buyer, Inc., 8.11%, (1-Month SOFR + 3.75%), 05/31/28<sup>(2)</sup> | 124226 | 124925 |
| Ensemble RCM LLC, 7.31%, (3-Month SOFR + 3.00%), 08/01/29<sup>(2)</sup> | 98997 | 99568 |
| Garda World Security Corp., 7.34%, (1-Month SOFR + 3.00%), 02/01/29<sup>(2)</sup> | 222875 | 223171 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Service (continued)** |  |  |
| Grant Thornton Advisors Holdings LLC, 6.86%, (1-Month SOFR + 2.75%), 06/02/31<sup>(2)</sup> | $298313 | $298900 |
| KUEHG Corp., 7.54%, (3-Month SOFR + %), 06/12/30<sup>(2)</sup> | 83211 | 83393 |
| Lernen US Finco LLC, 0.00%, (SOFR + 0.00%), 10/27/31<sup>(11)</sup> | 205000 | 206622 |
| Lernen US Finco LLC, 7.83%, (1-Month SOFR + %), 10/27/31<sup>(2)</sup> | 154226 | 155447 |
| Madison Safety & Flow LLC, 7.11%, (1-Month SOFR + 2.75%), 09/26/31<sup>(2)</sup> | 143913 | 144722 |
| NorthAB LLC, 6.80%, (3-Month SOFR + 2.50%), 11/24/28<sup>(2)</sup> | 236752 | 234705 |
| OMNIA Partners LLC, 6.81%, (3-Month SOFR + 2.75%), 07/25/30<sup>(2)</sup> | 79400 | 79662 |
| Sazerac Company, Inc., 6.84%, (1-Month SOFR + %), 06/26/32<sup>(2)</sup> | 195000 | 195914 |
| Spin Holdco, Inc., 8.58%, (3-Month SOFR + 4.26%), 03/04/28<sup>(2)</sup> | 325825 | 288966 |
| TMF Sapphire Bidco BV, 7.03%, (3-Month SOFR + 2.75%), 05/03/28<sup>(2)</sup> | 352878 | 355083 |
| Trugreen Limited Partnership, 8.46%, (1-Month SOFR + 4.10%), 11/02/27<sup>(2)</sup> | 237571 | 229553 |
| WCG Intermediate Corp., 7.36%, (1-Month SOFR + 3.00%), 02/25/32<sup>(2)</sup> | 125000 | 125254 |
| Win Waste Innovations Holdings, Inc., 7.22%, (1-Month SOFR + 2.86%), 03/24/28<sup>(2)</sup> | 361272 | 361638 |
| Total Service |  | 4070845 |
| **Transportation - Automotive – 0.4%** |  |  |
| Belron Finance 2019 LLC, 7.05%, (3-Month SOFR + 2.75%), 10/16/31<sup>(2)</sup> | 332488 | 334441 |
| Clarios Global LP, 7.11%, (1-Month SOFR + 2.75%), 01/28/32<sup>(2)</sup> | 225000 | 225327 |
| First Brands Group LLC, 9.57%, (3-Month SOFR + 5.26%), 03/30/27<sup>(2)</sup> | 246810 | 242234 |
| Mavis Tire Express Services Topco Corp., 7.33%, (3-Month SOFR + %), 05/04/28<sup>(2)</sup> | 204488 | 204977 |
| PAI Holdco, Inc., 8.32%, (3-Month SOFR + 4.54%), 10/28/27<sup>(2)</sup> | 137059 | 110818 |
| Wand NewCo 3, Inc., 6.86%, (1-Month SOFR + 2.50%), 01/30/31<sup>(2)</sup> | 147823 | 147684 |
| Total Transportation - Automotive |  | 1265481 |
| **Utilities – 0.1%** |  |  |
| Lightstone Holdco LLC, 10.11%, (1-Month SOFR + 5.75%), 01/29/27<sup>(2)</sup> | 205748 | 206069 |
| Lightstone Holdco LLC, 10.11%, (1-Month SOFR + 5.75%), 01/29/27<sup>(2)</sup> | 11638 | 11657 |
| WEC US Holdings, Inc., 6.58%, (1-Month SOFR + 2.25%), 01/27/31<sup>(2)</sup> | 153835 | 154117 |
| Total Utilities |  | 371843 |
| **Total Term Loans** |  |  |
| (Cost $31,330,452) |  | **31177791** |
| **ASSET BACKED SECURITIES – 10.6%** |  |  |
| ACHV ABS Trust, Class A, Series 2024-1PL, 5.90%, 04/25/31<sup>(1)</sup> | 48622 | 49005 |
| ACM Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup> | 190603 | 191018 |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup> | 531933 | 532533 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Affirm Asset Securitization Trust, Class A, Series 2023-B, 6.82%, 09/15/28<sup>(1)</sup> | $125000 | $125243 |
| Affirm Asset Securitization Trust, Class A, Series 2024-B, 4.62%, 09/15/29<sup>(1)</sup> | 255000 | 254921 |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-1, 5.63%, 01/14/30<sup>(1)</sup> | 135000 | 135347 |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-4, 4.91%, 08/12/31<sup>(1)</sup> | 535000 | 535211 |
| American Credit Acceptance Receivables Trust, Class D, Series 2022-1, 2.46%, 03/13/28<sup>(1)</sup> | 10856 | 10845 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, 03/05/53<sup>(1)</sup> | 549000 | 555646 |
| Aqua Finance Issuer Trust, Class A, Series 2025-A, 5.25%, 12/19/50<sup>(1)</sup> | 513360 | 516689 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup> | 520000 | 519943 |
| Arivo Acceptance Auto Loan Receivables Trust, Class A2, Series 2025-1A, 4.92%, 05/15/29<sup>(1)</sup> | 800000 | 800237 |
| Arivo Acceptance Auto Loan Receivables Trust, Class B, Series 2024-1A, 6.87%, 06/17/30<sup>(1)</sup> | 228000 | 232936 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup> | 360000 | 367130 |
| Auxilior Term Funding, Class D, Series 2023-1A, 7.27%, 12/16/30<sup>(1)</sup> | 90000 | 92801 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, 04/20/27<sup>(1)</sup> | 160000 | 160381 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, 10/20/28<sup>(1)</sup> | 614000 | 620842 |
| Bhg Securitization Trust, Class A, Series 2024-1CON, 5.81%, 04/17/35<sup>(1)</sup> | 74337 | 75532 |
| Bojangles Issuer LLC, Class A2, Series 2024-1A, 6.58%, 11/20/54<sup>(1)</sup> | 460000 | 467603 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29 | 520000 | 521443 |
| Business Jet Securities LLC, Class A, Series 2024-2A, 5.36%, 09/15/39<sup>(1)</sup> | 330555 | 329931 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup> | 200000 | 201934 |
| Credit Acceptance Auto Loan Trust, Class A, Series 2024-1A, 5.68%, 03/15/34<sup>(1)</sup> | 162000 | 163573 |
| Dext ABS LLC, Class A2, Series 2023-1, 5.99%, 03/15/32<sup>(1)</sup> | 36332 | 36444 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31 | 300000 | 303043 |
| DT Auto Owner Trust, Class D, Series 2023-1A, 6.44%, 11/15/28<sup>(1)</sup> | 155000 | 157483 |
| Encina Equipment Finance LLC, Class B, Series 2022-1A, 6.63%, 01/16/29<sup>(1)</sup> | 60636 | 60599 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29 | 385000 | 384081 |
| Exeter Automobile Receivables Trust, Class C, Series 2024-2A, 5.74%, 05/15/29 | 263000 | 265613 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)</sup> | $48000 | $42714 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup> | 33828 | 34093 |
| Finbe USA Trust, Class B, Series 2025-1A, 6.60%, 12/16/30<sup>(1)</sup> | 675000 | 678283 |
| First Help Financial LLC, Class C, Series 2024-3A, 5.43%, 03/17/31<sup>(1)</sup> | 570000 | 566120 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup> | 699713 | 720525 |
| Flagship Credit Auto Trust, Class D, Series 2023-1, 6.46%, 05/15/29<sup>(1)</sup> | 510000 | 511747 |
| Foundation Finance Trust, Class A, Series 2024-2A, 4.60%, 03/15/50<sup>(1)</sup> | 268713 | 267325 |
| GLS Auto Receivables Issuer Trust, Class C, Series 2024-2A, 6.03%, 02/15/30<sup>(1)</sup> | 245000 | 249645 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28<sup>(1)</sup> | 65000 | 65488 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup> | 600000 | 608053 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | 425000 | 435651 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup> | 227125 | 234376 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup> | 240142 | 243637 |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup> | 485202 | 491827 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup> | 538650 | 545048 |
| LAD Auto Receivables Trust, Class D, Series 2021-1A, 3.99%, 11/15/29<sup>(1)</sup> | 55000 | 54821 |
| LAD Auto Receivables Trust, Class D, Series 2023-2A, 6.30%, 02/15/31<sup>(1)</sup> | 135000 | 137705 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup> | 50731 | 51524 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup> | 179586 | 180981 |
| Lendbuzz Securitization Trust, Class B, Series 2024-3A, 5.03%, 11/15/30<sup>(1)</sup> | 437000 | 437763 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup> | 360000 | 356520 |
| Lobel Automobile Receivables Trust, Class B, Series 2023-1, 7.05%, 09/15/28<sup>(1)</sup> | 15773 | 15782 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, 07/20/29<sup>(1)</sup> | 525000 | 528550 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2025-2A, 5.40%, 08/20/55<sup>(1)</sup> | 560000 | 559953 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup> | 835000 | 843890 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 29357 | 29359 |
| Mpower Education Trust, Class A, Series 2025-A, 6.62%, 07/21/42<sup>(1)</sup> | 467362 | 476713 |
| MVW LLC, Class A, Series 2024-1A, 5.32%, 02/20/43<sup>(1)</sup> | 145507 | 147757 |
| MVW LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41<sup>(1)</sup> | 312103 | 297907 |
| OneMain Direct Auto Receivables Trust, Class C, Series 2022-1A, 5.31%, 06/14/29<sup>(1)</sup> | 355000 | 354887 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup> | 192699 | 194124 |

---

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

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | $380000 | $380990 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup> | 270000 | 275706 |
| Planet Fitness Master Issuer LLC, Class A2I, Series 2024-1A, 5.77%, 06/05/54<sup>(1)</sup> | 565725 | 572443 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup> | 114851 | 117374 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 180000 | 181234 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)(2)(8)</sup> | 682497 | 692466 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES3, 6.59%, 05/25/44<sup>(1)(2)(8)</sup> | 387920 | 392712 |
| RCKT Trust, Class C, Series 2025-1A, 5.16%, 07/25/34<sup>(1)</sup> | 840000 | 840735 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 160000 | 161435 |
| Reach ABS Trust, Class B, Series 2024-2A, 7.25%, 07/15/31<sup>(1)</sup> | 310000 | 314142 |
| Retained Vantage Data Centers Issuer LLC, Class A2, Series 2024-1A, 4.99%, 09/15/49<sup>(1)</sup> | 510000 | 501820 |
| Santander Drive Auto Receivables Trust, Class B, Series 2023-1, 4.98%, 02/15/28 | 58213 | 58222 |
| Santander Drive Auto Receivables Trust, Class C, Series 2022-5, 4.74%, 10/16/28 | 65215 | 65195 |
| Scalelogix Abs US Issuer LLC, Class A2, Series 2025-1A, 5.67%, 07/25/55<sup>(1)</sup> | 700000 | 694685 |
| Star Trust, Class A, Series 2025-SFR5, 5.79%, (1-Month SOFR + 1.45%), 02/17/42<sup>(1)(2)</sup> | 340000 | 340482 |
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup> | 700000 | 700632 |
| Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46<sup>(1)</sup> | 555000 | 554512 |
| Trafigura Securitisation Finance PLC, Class A2, Series 2024-1A, 5.98%, 11/15/27<sup>(1)</sup> | 635000 | 642181 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 318400 | 313625 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup> | 533263 | 534387 |
| Upgrade Master Pass-Through Trust, Class A, Series 2025-ST4, 5.50%, 08/16/32<sup>(1)</sup> | 680000 | 678921 |
| Usq Rail III LLC, Class A, Series 2024-1A, 4.99%, 09/28/54<sup>(1)</sup> | 377983 | 373635 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup> | 250000 | 257007 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-1A, 5.55%, 11/15/27<sup>(1)</sup> | 218000 | 219273 |
| Westlake Automobile Receivables Trust, Class C, Series 2025-2A, 4.85%, 01/15/31<sup>(1)</sup> | 700000 | 701631 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 5.12%, 07/30/51<sup>(1)</sup> | 226560 | 211230 |
| **Total Asset Backed Securities** |  |  |
| (Cost $29,640,602) |  | **29807450** |
| **U.S. GOVERNMENT SECURITIES – 6.4%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/55 | 3145000 | 3013794 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/26 | 2440000 | 2448910 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **U.S. GOVERNMENT SECURITIES (continued)** | **U.S. GOVERNMENT SECURITIES (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/29 | $1065000 | $1068266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/31/30 | 1425000 | 1443174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/28/30 | 2560000 | 2567350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/34 | 7740000 | 7591852 |
| **Total U.S. Government Securities** |  |  |
| (Cost $18,061,154) |  | **18133346** |
| **EXCHANGE TRADED FUNDS - 0.6%** |  |  |
| **Debt Funds - 0.6%** |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 12928 | 804831 |
| SPDR Bloomberg Barclays High Yield Bond ETF | 9747 | 944387 |
| **Total Debt Funds** |  | **1749218** |
| **Total Exchange Traded Funds** |  |  |
| (Cost $1,932,770) |  | **1749218** |
| **COMMON STOCKS – 0.0%** |  |  |
| **Consumer Discretionary – 0.0%** |  |  |
| West Marine (Rising Tide)\*<sup>(5)</sup> | 38 |  |
| **Health Care – 0.0%** |  |  |
| Lannett Co., Inc.\*<sup>(5)</sup> | 277 |  |
| **Total Common Stocks** |  |  |
| (Cost $393) |  | **—** |
| **MONEY MARKET FUND - 1.6%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 4.16%<sup>(12)</sup><br> (Cost $4,501,411) | 4501411 | 4501411 |
| **TOTAL INVESTMENTS - 102.1%** |  |  |
| (Cost $285,108,058) |  | **287175659** |
| Liabilities in Excess of Other Assets - (2.1)% |  | (5972772) |
| **Net Assets - 100.0%** |  | $**281202887** |

---

\* Non-income producing security.

(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 July 31, 2025, the aggregate value of these securities was $138,722,696, or 49.3% of net assets.

(2) Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2025.

(3) Payment in-kind security.

(4) Perpetual security with no stated maturity date.

(5) 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.

(6) Represents step coupon bond. Rate shown reflects the rate in effect as of July 31, 2025.

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

(8) 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.

(9) Principal disclosed in USD unless otherwise stated.

(10) Represents a zero coupon bond. Rate shown reflects the effective yield.

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

July 31, 2025 (unaudited)

(11) The loan will settle after July 31, 2025, at which time the interet rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

(12) The rate shown reflects the seven-day yield as of July 31, 2025.

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |
| ETF — Exchange Traded Fund |
| LIBOR — London InterBank Offered Rate |
| PIK — Payment in-Kind |
| SOFR — Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| USD | United States Dollar |
| ZAR | South African Rand |

---

**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 July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $77490858 | $45 | $77490903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 63542063 |  | 63542063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds |  | 60773477 |  | 60773477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loans |  | 31154284 | 23507 | 31177791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 29807450 |  | 29807450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 18133346 |  | 18133346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 1749218 |  |  | 1749218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  | — \* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 4501411 |  |  | 4501411 |
| **Total** | $**6250629** | $**280901478** | $**23552** | $**287175659** |

---

\* Includes internally fair valued securities currently priced at zero ($0). <br>

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 July 31, 2025.

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $291122079.34

**Total Liabilities:** $9919496.69

**Net Assets:** $281202582.65

**Delayed Delivery Securities:** $1269678.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2850.73128900 | **10-Year:** -28018.24609000 | **30-Year:** -45683.21860000

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

- **3-Month:** -1.85552521 | **1-Year:** -32.36866903 | **5-Year:** -11510.87703000 | **10-Year:** -16933.15939000 | **30-Year:** -9069.65911900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153845 | 1.04%                | 1.63%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-153159.91              | $1318049.67                                |
| Month 2  | $212861.95               | $2894957.81                                |
| Month 3  | $207065.93               | $-297682.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2780965 | PA      | $2821342.85   | 1.00%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                       | Indonesia Government International Bond                                      | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     60000 | PA      | $56250.00     | 0.02%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                         | Reach ABS Trust 2024-2                                                       | CUSIP: 75525HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $314142.13    | 0.11%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                       | QXO Building Products Inc                                                    | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10322.74     | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                                    | New Enterprise Stone & Lime Co Inc                                           | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85420.33     | 0.03%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                       | DIRECTV FINA 08/02/29                                                        | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    276507 | PA      | $274739.03    | 0.10%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                            | COLT 2024-5 Mortgage Loan Trust                                              | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    455414 | PA      | $452708.75    | 0.16%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                          | Dominican Republic International Bond                                        | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    399000 | PA      | $409374.00    | 0.15%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                    | FHF Issuer Trust 2024-3                                                      | CUSIP: 30339EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570000 | PA      | $566119.55    | 0.20%             | 2031-03-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| SPDR Bloomberg High Yield Bond ETF                          | SPDR Bloomberg High Yield Bond ETF                                           | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |      9747 | NS      | $944386.83    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANZ SE                                                  | Allianz SE                                                                   | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    180000 | PA      | $181008.00    | 0.06%             | 2054-09-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                     | El Salvador Government International Bond                                    | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    141000 | PA      | $149107.50    | 0.05%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                         | Turkiye Government International Bond                                        | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    666000 | PA      | $690975.00    | 0.25%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                            | HF Sinclair Corp                                                             | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    800000 | PA      | $814457.06    | 0.29%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                      | Brazilian Government International Bond                                      | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    407000 | PA      | $402225.89    | 0.14%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                               | TransDigm Inc                                                                | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411807.60    | 0.15%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                           | Trinidad & Tobago Government International Bond                              | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     95000 | PA      | $94406.25     | 0.03%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    119825 | PA      | $62009.44     | 0.02%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                       | Venezuela Government International Bond                                      | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    702000 | PA      | $183130.74    | 0.07%             | 2034-01-13      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                        | Cornerstone Building Brands Inc                                              | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    360000 | PA      | $330359.62    | 0.12%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                          | Serbia International Bond                                                    | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    226000 | PA      | $239871.88    | 0.09%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                             | IHS Holding Ltd                                                              | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    120000 | PA      | $122784.00    | 0.04%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| INEOS US Finance LLC                                        | Ineos US Fi 02/18/30                                                         | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    114138 | PA      | $106325.93    | 0.04%             | 2030-02-19      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ION Trading Technologies Sarl                               | ION TRADING FI 04/01/28                                                      | CUSIP: 000000000<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | LON              | CORP              | LU        |    204025 | PA      | $204168.02    | 0.07%             | 2028-04-03      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                                | Hardee's Funding LLC                                                         | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    227125 | PA      | $234376.03    | 0.08%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                    | Dext ABS 2023-1 LLC                                                          | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36332 | PA      | $36443.77     | 0.01%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2019-2                                             | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $845218.67    | 0.30%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                             | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1425000 | PA      | $1443174.32   | 0.51%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                    | Citizens Financial Group Inc                                                 | CUSIP: 174610BJ3<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    335000 | PA      | $339423.50    | 0.12%             | 2031-03-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                       | Antero Resources Corp                                                        | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199242.87    | 0.07%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                              | Avis Budget Rental Car Funding AESOP LLC                                     | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $160380.50    | 0.06%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                    | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    240000 | PA      | $243531.36    | 0.09%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Altice France SA/France                                     | NUMERICABLE-SFR 06/22/25                                                     | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    242310 | PA      | $219290.51    | 0.08%             | 2025-07-31      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                    | Saks Global Enterprises LLC                                                  | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    370000 | PA      | $85100.00     | 0.03%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ModivCare Inc                                               | MODI 06/17/31                                                                | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |     59401 | PA      | $38116.11     | 0.01%             | 2031-07-01      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                      | Acrisure LLC / Acrisure Finance Inc                                          | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $517412.50    | 0.18%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                     | Romanian Government International Bond                                       | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    328000 | PA      | $328164.33    | 0.12%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                    | Republic of South Africa Government International Bond                       | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    700000 | PA      | $528346.00    | 0.19%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                 | Ivory Coast Government International Bond                                    | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    232000 | PA      | $229158.00    | 0.08%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI             | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $446814.54    | 0.16%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US Inc                                        | NI 04/11/29                                                                  | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    245382 | PA      | $236371.26    | 0.08%             | 2029-04-11      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                         | Benin Government International Bond                                          | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    244000 | PA      | $236964.26    | 0.08%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                               | NYC Commercial Mortgage Trust 2025-300P                                      | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $994492.90    | 0.35%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                         | HINNT 2024-A LLC                                                             | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485202 | PA      | $491827.43    | 0.17%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Ascend Learning LLC                                         | ASCEND LEARNIN 12/11/28                                                      | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    182932 | PA      | $183225.82    | 0.07%             | 2028-12-11      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                           | Ghana Government International Bond                                          | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      9065 | PA      | $7569.24      | 0.00%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                     | UK 02/10/31                                                                  | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    166763 | PA      | $166935.24    | 0.06%             | 2031-02-10      | Floating      | 7.28%                 | 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        |     48000 | PA      | $42714.29     | 0.02%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                      | Smurfit Kappa Treasury ULC                                                   | CUSIP: 83272GAE1<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    425000 | PA      | $433935.31    | 0.15%             | 2034-04-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                     | Energean Israel Finance Ltd                                                  | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     78000 | PA      | $73039.59     | 0.03%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                              | Czech Republic Government Bond                                               | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |  13500000 | PA      | $540644.94    | 0.19%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                         | Dominion Energy Inc                                                          | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    180000 | PA      | $192475.62    | 0.07%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                         | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    325000 | PA      | $335801.38    | 0.12%             | 2031-11-15      | Fixed         | 7.12%                 | 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      | $65488.16     | 0.02%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                 | ALLIED UNIVERSAL 05/12/28                                                    | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    238066 | PA      | $238853.15    | 0.08%             | 2028-05-15      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                          | Royalty Pharma PLC                                                           | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $312833.25    | 0.11%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                          | Ford Motor Co                                                                | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    105000 | PA      | $89004.12     | 0.03%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Icon Parent Inc                                             | ICON PAREN 09/10/32                                                          | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     70000 | PA      | $71137.50     | 0.03%             | 2032-11-15      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                              | Chase Home Lending Mortgage Trust 2024-RPL4                                  | CUSIP: 16160NAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    374730 | PA      | $332906.96    | 0.12%             | 2064-12-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                    | South Bow Canadian Infrastructure Holdings Ltd                               | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    505000 | PA      | $525123.24    | 0.19%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                        | LIFEPOINT HEALTH 05/19/31                                                    | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     24813 | PA      | $24727.59     | 0.01%             | 2031-05-19      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                              | Proofpoin 08/31/28                                                           | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    217752 | PA      | $218364.70    | 0.08%             | 2028-08-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                                       | Endo Finance Holdings Inc                                                    | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $463310.67    | 0.16%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                             | DAE Funding LLC                                                              | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    331000 | PA      | $319641.74    | 0.11%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                    | Uruguay Government International Bond                                        | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    799000 | PA      | $734680.50    | 0.26%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                 | RCKT Mortgage Trust 2024-CES1                                                | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231133 | PA      | $232137.84    | 0.08%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                  | MIRA Trust 2023-MILE                                                         | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $279431.15    | 0.10%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                            | COLT 2022-5 Mortgage Loan Trust                                              | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252965 | PA      | $251418.02    | 0.09%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                                          | Bolivian Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |    112000 | PA      | $85960.00     | 0.03%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                                    | Capital Power US Holdings Inc                                                | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $427231.02    | 0.15%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                         | PLASTIPAK HLDG 10/14/24                                                      | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    179100 | PA      | $179065.08    | 0.06%             | 2029-10-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                     | HCA Inc                                                                      | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    365000 | PA      | $372394.33    | 0.13%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc                             | KRONOS ACQUISITI 06/26/31                                                    | CUSIP: 50106JAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     87327 | PA      | $74810.33     | 0.03%             | 2031-07-08      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                    | AMNEAL PHARMACEUTICALS LLC                                                   | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20324.62     | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                      | Venture Global LNG Inc                                                       | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380438.90    | 0.14%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                               | Citigroup Inc                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    390000 | PA      | $386390.04    | 0.14%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                       | Molina Healthcare Inc                                                        | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103726.69    | 0.04%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                    | Capital One Financial Corp                                                   | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    360000 | PA      | $384403.04    | 0.14%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                  | Grifols SA                                                                   | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    490000 | PA      | $472442.47    | 0.17%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                        | Pilgrim's Pride Corp                                                         | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    633000 | PA      | $666116.66    | 0.24%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                  | Sodexo Inc                                                                   | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |    615000 | PA      | $629552.09    | 0.22%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PCF Insurance Services of the West LLC                      | TRUCORDIA (PCF I 06/14/32                                                    | CUSIP: 89783WAB1<br>LEI: 254900KYYP47CV7DMK95 | Long             | LON              | CORP              | US        |    170000 | PA      | $171222.30    | 0.06%             | 2032-06-17      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                        | Capstone Copper Corp                                                         | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $280451.33    | 0.10%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                               | Transdig 01/19/32                                                            | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    178650 | PA      | $179363.71    | 0.06%             | 2032-01-20      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                    | Weekley Homes LLC / Weekley Finance Corp                                     | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $418973.43    | 0.15%             | 2028-09-15      | Fixed         | 4.88%                 | 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        |    565000 | PA      | $555008.85    | 0.20%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                    | Saudi Government International Bond                                          | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    395000 | PA      | $413286.53    | 0.15%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Catawba Nation Gaming Authority                             | CATAWBA NATION G 12/13/31                                                    | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    160000 | PA      | $163400.00    | 0.06%             | 2032-03-29      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                     | Philippine Government International Bond                                     | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    529000 | PA      | $521527.88    | 0.19%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                    | Ferrellgas LP / Ferrellgas Finance Corp                                      | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $194110.15    | 0.07%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                    | Cheplapharm Arzneimittel GmbH                                                | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    201000 | PA      | $195285.97    | 0.07%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DWJ38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2766325 | PA      | $2697558.65   | 0.96%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                 | Post Road Equipment Finance 2022-1                                           | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60636 | PA      | $60598.67     | 0.02%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                            | DP World Ltd/United Arab Emirates                                            | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     92000 | PA      | $102537.22    | 0.04%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2024-2                                     | CUSIP: 37964VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $249644.54    | 0.09%             | 2030-02-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                          | FS Luxembourg Sarl                                                           | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    188000 | PA      | $194457.80    | 0.07%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                       | Nippon Life Insurance Co                                                     | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $207472.58    | 0.07%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                        | TSC SPV Funding LLC                                                          | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    318400 | PA      | $313624.73    | 0.11%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                              | PMT Loan Trust 2024-INV1                                                     | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    626410 | PA      | $630503.25    | 0.22%             | 2059-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                            | Deutsche Bank AG/New York NY                                                 | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    640000 | PA      | $638835.78    | 0.23%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                                  | Applebee's Funding LLC / IHOP Funding LLC                                    | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549000 | PA      | $555646.30    | 0.20%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                 | Gartner Inc                                                                  | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    735000 | PA      | $688508.53    | 0.24%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                     | Arthur J Gallagher & Co                                                      | CUSIP: 04316JAP4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    535000 | PA      | $505200.85    | 0.18%             | 2055-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                       | Sri Lanka Government International Bond                                      | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     55250 | PA      | $46375.47     | 0.02%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                          | Nouryon F 04/03/28                                                           | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     63582 | PA      | $63681.82     | 0.02%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    118698 | PA      | $122043.74    | 0.04%             | 2038-10-01      | Fixed         | 6.00%                 | 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      | $91287.94     | 0.03%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2025-1                                     | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $608052.90    | 0.22%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                                    | BroadStreet Partners Inc                                                     | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    540000 | PA      | $536860.01    | 0.19%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                    | Corebridge Financial Inc                                                     | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    329000 | PA      | $329295.71    | 0.12%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                                  | Opal Bidco SAS                                                               | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     35000 | PA      | $35373.13     | 0.01%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                            | CSC Holdings LLC                                                             | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    385000 | PA      | $360365.40    | 0.13%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                    | Turkcell Iletisim Hizmetleri AS                                              | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    150000 | PA      | $155164.50    | 0.06%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                          | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228000 | PA      | $232936.06    | 0.08%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                    | Safehold GL Holdings LLC                                                     | CUSIP: 785931AA4<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125515.66    | 0.04%             | 2034-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                              | American Credit Acceptance Receivables Trust 2024-1                          | CUSIP: 02531AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $135347.44    | 0.05%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc                                          | CEN PAREN 07/06/29                                                           | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    255992 | PA      | $209273.49    | 0.07%             | 2029-07-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                         | Charles Schwab Corp/The                                                      | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    180000 | PA      | $194325.72    | 0.07%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                         | Nigeria Government International Bond                                        | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    461000 | PA      | $495893.09    | 0.18%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                    | OBX 2024-NQM9 Trust                                                          | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |    460389 | PA      | $463644.78    | 0.16%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                     | VistaJet Malta Finance PLC / Vista Management Holding Inc                    | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    490000 | PA      | $502722.36    | 0.18%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CPM Holdings Inc                                            | CPM HOL 09/21/28                                                             | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |    231191 | PA      | $227743.96    | 0.08%             | 2028-09-28      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                      | Acrisure LLC / Acrisure Finance Inc                                          | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $139825.71    | 0.05%             | 2029-02-01      | Fixed         | 8.25%                 | 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        |    346927 | PA      | $347155.78    | 0.12%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                            | CoStar Group Inc                                                             | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    403000 | PA      | $363709.63    | 0.13%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                            | Societe Generale SA                                                          | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    380000 | PA      | $392734.34    | 0.14%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                          | BX Trust 2019-OC11                                                           | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    935000 | PA      | $873002.96    | 0.31%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                          | Smith & Nephew PLC                                                           | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    595000 | PA      | $604063.16    | 0.21%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                    | Ferrellgas LP / Ferrellgas Finance Corp                                      | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $263286.06    | 0.09%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                              | Santander Drive Auto Receivables Trust 2023-1                                | CUSIP: 80287GAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58213 | PA      | $58222.39     | 0.02%             | 2028-02-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                            | DT Midstream Inc                                                             | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $101186.88    | 0.04%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                | INTERNET BRANDS 04/25/28                                                     | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     43070 | PA      | $41188.63     | 0.01%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                         | Charles Schwab Corp/The                                                      | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    420000 | PA      | $384282.95    | 0.14%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                              | Chase Home Lending Mortgage Trust 2023-RPL1                                  | CUSIP: 16159LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491658 | PA      | $450018.54    | 0.16%             | 2062-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                    | OCP SA                                                                       | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    194000 | PA      | $190362.50    | 0.07%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                          | Sonoco Products Co                                                           | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    560000 | PA      | $544716.90    | 0.19%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                     | Goldman Sachs Group Inc/The                                                  | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    130000 | PA      | $139459.99    | 0.05%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp                                   | GARDA WORLD SEC 02/01/29                                                     | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    223435 | PA      | $223731.50    | 0.08%             | 2029-02-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                 | PRKCM 2022-AFC1 Trust                                                        | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1367577 | PA      | $1346533.83   | 0.48%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                        | Enel Finance International NV                                                | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    110000 | PA      | $111718.99    | 0.04%             | 2034-06-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                                                | Veralto Corp                                                                 | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    505000 | PA      | $518768.32    | 0.18%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| QXO Building Products Inc                                   | QXO BUILDING PRO 04/23/32                                                    | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |     17000 | PA      | $17166.60     | 0.01%             | 2032-04-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings LLC                                     | ARCLINE FM HLDG 06/24/30                                                     | CUSIP: 03960DAH6<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    246170 | PA      | $248094.08    | 0.09%             | 2030-06-24      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                            | CSC Holdings LLC                                                             | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    205000 | PA      | $165809.24    | 0.06%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                          | Agiliti Health, 04/06/30                                                     | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    152059 | PA      | $147877.52    | 0.05%             | 2030-05-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                                    | Graham Packaging Co Inc                                                      | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |    345000 | PA      | $344757.43    | 0.12%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                             | CMS Energy Corp                                                              | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    370000 | PA      | $356924.68    | 0.13%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| USQ Rail                                                    | USQ Rail III LLC                                                             | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    377983 | PA      | $373635.01    | 0.13%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Aspire Bakeries Holdings LLC                                | Aspire Bakeries 12/23/30                                                     | CUSIP: 000000000<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |    203970 | PA      | $206073.79    | 0.07%             | 2030-12-23      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                    | Safehold GL Holdings LLC                                                     | CUSIP: 785931AB2<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    238000 | PA      | $238361.31    | 0.08%             | 2035-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                    | ION Trading Technologies Sarl                                                | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    375000 | PA      | $390462.75    | 0.14%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                 | Red SPV 03/15/32                                                             | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    235000 | PA      | $235587.50    | 0.08%             | 2032-03-15      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                          | Panama Government International Bond                                         | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    391000 | PA      | $229028.25    | 0.08%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                  | Flagship Credit Auto Trust 2023-1                                            | CUSIP: 337955AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $511747.46    | 0.18%             | 2029-05-15      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    509502 | PA      | $517378.06    | 0.18%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp                                              | CMG MEDIA 06/18/29                                                           | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    234495 | PA      | $229570.32    | 0.08%             | 2029-06-18      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Win Waste Innovations Holdings Inc                          | WIN WASTE (GRANI 03/31/28                                                    | CUSIP: 38723BAJ0<br>LEI: 549300DJBUN7Z75R2S83 | Long             | LON              | CORP              | US        |    361272 | PA      | $361638.59    | 0.13%             | 2028-03-27      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                          | Aqua Finance Trust 2024-A                                                    | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $519942.49    | 0.18%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRI 01/31/31                                   | VIRGIN MEDIA BRI 01/31/31                                                    | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    297138 | PA      | $294043.58    | 0.10%             | 2028-01-31      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                                | PERATON 02/01/28                                                             | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    214947 | PA      | $191890.34    | 0.07%             | 2028-02-01      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                 | Oracle Corp                                                                  | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $110963.12    | 0.04%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                     | BELRON FIN 201 10/01/31                                                      | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    332488 | PA      | $334440.86    | 0.12%             | 2031-10-16      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                              | MetroNet Infrastructure Issuer LLC                                           | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $559953.41    | 0.20%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                       | Argentine Republic Government International Bond                             | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    497318 | PA      | $317413.33    | 0.11%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                            | Maxam Prill Sarl                                                             | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    240000 | PA      | $234880.56    | 0.08%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                     | Teva Pharmaceutical Finance Netherlands III BV                               | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     32000 | PA      | $31360.00     | 0.01%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                | Broadcom Inc                                                                 | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    600000 | PA      | $503837.77    | 0.18%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| KUEHG Corp                                                  | ASPIRE BAKERIES 12/23/30                                                     | CUSIP: 50118YAH2<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |     83211 | PA      | $83393.09     | 0.03%             | 2030-06-12      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 31418DB92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21331 | PA      | $19307.07     | 0.01%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC                                    | Kimmeridge Texas Gas LLC                                                     | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    270000 | PA      | $277659.09    | 0.10%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DWF65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2045161 | PA      | $2040912.49   | 0.73%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                    | PetSmart Inc / PetSmart Finance Corp                                         | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $529139.30    | 0.19%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                | CSMC 2017-RPL1 Trust                                                         | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    474511 | PA      | $462233.95    | 0.16%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                     | Gulfport Energy Operating Corp                                               | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    285000 | PA      | $289989.95    | 0.10%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                                        | BNSF Funding Trust I                                                         | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $186345.19    | 0.07%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                                       | CMG Media Corp                                                               | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $379353.51    | 0.13%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                                  | FANNIE MAE POOL                                                              | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1947698 | PA      | $1979532.45   | 0.70%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2024-N1                                       | CUSIP: 14687QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201933.68    | 0.07%             | 2030-05-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                    | JH North America Holdings Inc                                                | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    650000 | PA      | $657231.25    | 0.23%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                              | Credit Acceptance Auto Loan Trust 2024-1                                     | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162000 | PA      | $163572.66    | 0.06%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                    | Vistra Operations Co LLC                                                     | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    425000 | PA      | $433039.30    | 0.15%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EPIC Crude Services LP                                      | EPIC CRUDE SERVI 10/15/31                                                    | CUSIP: 29428XAJ9<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    158242 | PA      | $159301.09    | 0.06%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                    | OBX 2024-NQM3 Trust                                                          | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |    112237 | PA      | $113024.83    | 0.04%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Century DE Buyer LLC                                        | CENTURY DE BUYE 10/30/30                                                     | CUSIP: 15651FAD8<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |    220681 | PA      | $221412.62    | 0.08%             | 2030-10-30      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co Inc                              | PETCO HEALTH & W 03/03/28                                                    | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    270000 | PA      | $252973.80    | 0.09%             | 2028-03-06      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                                  | CENT 2025-CITY                                                               | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $823667.70    | 0.29%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                     | Booz Allen Hamilton Inc                                                      | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106505.17    | 0.04%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                | Hilton Grand Vacations Trust 2024-2                                          | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240142 | PA      | $243637.38    | 0.09%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                    | Republic of South Africa Government International Bond                       | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    384000 | PA      | $382080.00    | 0.14%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                              | Morgan Stanley                                                               | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    130000 | PA      | $140916.60    | 0.05%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                         | GRAY TELEVISIO 12/01/28                                                      | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |    183578 | PA      | $183629.38    | 0.07%             | 2028-12-01      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                    | Boost Newco Borrower LLC                                                     | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100504.40    | 0.04%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                                            | WAND NEWCO 01/30/31                                                          | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |    147823 | PA      | $147684.06    | 0.05%             | 2031-01-30      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                              | PMT Loan Trust 2024-INV2                                                     | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    298457 | PA      | $300335.78    | 0.11%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                            | Peruvian Government International Bond                                       | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    124000 | PA      | $75640.00     | 0.03%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                               | Citigroup Inc                                                                | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    357000 | PA      | $373464.04    | 0.13%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                    | Builders FirstSource Inc                                                     | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    570000 | PA      | $579096.63    | 0.21%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                           | CHARIOT BUYER LL 10/22/28                                                    | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    268494 | PA      | $268934.32    | 0.10%             | 2028-11-03      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                       | Sri Lanka Government International Bond                                      | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     58040 | PA      | $52497.18     | 0.02%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                       | Sri Lanka Government International Bond                                      | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     28073 | PA      | $26739.42     | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                        | Enel Finance International NV                                                | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $228421.91    | 0.08%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                          | AGILITI HEALTH, 04/06/30                                                     | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |     79933 | PA      | $77735.16     | 0.03%             | 2030-05-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                    | AMNEAL PHARMACEUTICALS LLC                                                   | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    170000 | PA      | $170389.30    | 0.06%             | 2032-07-26      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                           | Post Holdings Inc                                                            | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    575000 | PA      | $576004.01    | 0.20%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TruGreen LP                                                 | TRUGREEN LTD PAR 03/28/24                                                    | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    237571 | PA      | $229552.61    | 0.08%             | 2027-11-02      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                     | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    430000 | PA      | $434545.88    | 0.15%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                          | Republic of Poland Government International Bond                             | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    975000 | PA      | $996206.25    | 0.35%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ConnectWise LLC                                             | CONNECTWISE LLC 09/24/28                                                     | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    132626 | PA      | $133253.62    | 0.05%             | 2028-09-29      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                            | T-Mobile USA Inc                                                             | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     96000 | PA      | $96180.26     | 0.03%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                           | Ghana Government International Bond                                          | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    514600 | PA      | $414767.60    | 0.15%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                   | CIM TRUST 2022-R2                                                            | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    201601 | PA      | $190879.45    | 0.07%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2626 | PA      | $1253.92      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                              | COOPR Residential Mortgage Trust 2025-CES2                                   | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    356713 | PA      | $357478.79    | 0.13%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                         | Churchill Downs Inc                                                          | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66448.01     | 0.02%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                    | Global Infrastructure Solutions Inc                                          | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    320000 | PA      | $330024.96    | 0.12%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WCG Intermediate Corp                                       | WCG INTERMEDIATE 02/19/32                                                    | CUSIP: 23343FAE4<br>LEI: 254900CEZYHAWVXDTS47 | Long             | LON              | CORP              | US        |    125000 | PA      | $125253.75    | 0.04%             | 2032-02-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                       | Argentine Republic Government International Bond                             | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    791000 | PA      | $483301.00    | 0.17%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                        | Colombia Government International Bond                                       | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    878000 | PA      | $903242.50    | 0.32%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                     | Office Properties Income Trust                                               | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $97595.00     | 0.03%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                       | Guatemala Government Bond                                                    | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    546000 | PA      | $543270.00    | 0.19%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                        | Colombia Government International Bond                                       | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    332000 | PA      | $348268.00    | 0.12%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                    | FHF Trust 2023-1                                                             | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33828 | PA      | $34093.46     | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                  | MFA 2024-NQM2 Trust                                                          | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |    510579 | PA      | $508621.23    | 0.18%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                   | IQVIA Inc                                                                    | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204854.00    | 0.07%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                                    | Sempra Infrastructure Partners LP                                            | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    233000 | PA      | $198240.49    | 0.07%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                 | RCKT Mortgage Trust 2023-CES3                                                | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    682497 | PA      | $692465.95    | 0.25%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 3140W14R1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2617259 | PA      | $2657280.50   | 0.94%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOOD 08/05/28                                     | DEL MONTE FOOD 08/05/28                                                      | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72377 | PA      | $3256.96      | 0.00%             | 2028-08-02      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                                | COTIVIT 05/01/31                                                             | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    303061 | PA      | $302652.30    | 0.11%             | 2031-05-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                         | Fifth Third Bancorp                                                          | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    220000 | PA      | $210544.84    | 0.07%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                             | Ascot Group Ltd                                                              | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    195000 | PA      | $175757.90    | 0.06%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                         | Turkiye Government International Bond                                        | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    214000 | PA      | $185698.50    | 0.07%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Inc                                         | WEC US HLDG 01/27/31                                                         | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    153835 | PA      | $154116.88    | 0.05%             | 2031-01-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2019-1                                                 | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     73732 | PA      | $71565.95     | 0.03%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                            | Insight Enterprises Inc                                                      | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15355.28     | 0.01%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T                              | Lobel Automobile Receivables Trust 2023-1                                    | CUSIP: 53946XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15773 | PA      | $15782.05     | 0.01%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                           | Jordan Government International Bond                                         | CUSIP: 41809JAB1<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     50000 | PA      | $51766.00     | 0.02%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                              | EFMT 2025-NQM2                                                               | CUSIP: 281917AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    508610 | PA      | $509152.37    | 0.18%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                      | Global Atlantic Fin Co                                                       | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    180000 | PA      | $203819.28    | 0.07%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                       | NGL Energy Operating LLC / NGL Energy Finance Corp                           | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19811.06     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                                                 | Geopark Ltd                                                                  | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    171000 | PA      | $148453.65    | 0.05%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                             | Cornerstone Bldg 04/12/28                                                    | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    103647 | PA      | $95059.75     | 0.03%             | 2028-04-12      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                        | WR Grace Holdings LLC                                                        | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    470000 | PA      | $433685.03    | 0.15%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1936653 | PA      | $1970544.09   | 0.70%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                       | Truist Financial Corp                                                        | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145093.05    | 0.05%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                               | Citigroup Mortgage Loan Trust 2025-INV1                                      | CUSIP: 17332GAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    399673 | PA      | $402688.89    | 0.14%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2024-1                                 | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218000 | PA      | $219273.01    | 0.08%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Centuri Group Inc                                           | CENTURI GROU 07/01/32                                                        | CUSIP: 000000000<br>LEI: 254900H4HY0IHK5J9N53 | Long             | LON              | CORP              | US        |     45000 | PA      | $45161.78     | 0.02%             | 2032-07-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                                      | British Airways 2021-1 Class A Pass Through Trust                            | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    282613 | PA      | $256211.58    | 0.09%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                       | Indonesia Government International Bond                                      | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    218000 | PA      | $204702.00    | 0.07%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                | UBS Group AG                                                                 | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    230000 | PA      | $229672.36    | 0.08%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                  | Affirm Asset Securitization Trust 2023-B                                     | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $125242.90    | 0.04%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                          | Angolan Government International Bond                                        | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    231000 | PA      | $216254.12    | 0.08%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                   | ALA Trust 2025-OANA                                                          | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $805850.24    | 0.29%             | 2040-06-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                                    | Purchasing Power Funding 2024-A LLC                                          | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $181233.61    | 0.06%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                     | Hungary Government International Bond                                        | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    486000 | PA      | $470863.53    | 0.17%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2025-2                                 | CUSIP: 96041KAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $701631.35    | 0.25%             | 2031-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                      | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    127000 | PA      | $122745.50    | 0.04%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                     | Hungary Government International Bond                                        | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    742000 | PA      | $777245.04    | 0.28%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                    | Merlin Entertainments Group US Holdings Inc                                  | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    550000 | PA      | $480582.36    | 0.17%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                                       | Chobani Holdco II LLC                                                        | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       210 | PA      | $225.54       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                            | Taseko Mines Ltd                                                             | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $156807.51    | 0.06%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CHARIOT BUYER LLC                                           | CHARIOT BUYER LLC                                                            | CUSIP: 000000000<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |     50000 | PA      | $50041.50     | 0.02%             | 2032-07-23      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    122825 | PA      | $63561.94     | 0.02%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                                    | Prime Healthcare Services Inc                                                | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $263580.93    | 0.09%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                      | HA Sustainable Infrastructure Capital Inc                                    | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    483000 | PA      | $478845.37    | 0.17%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                    | Venture Global Calcasieu Pass LLC                                            | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    125000 | PA      | $115550.21    | 0.04%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LERNEN US FINCO LLC                                         | LERNEN US FINCO LLC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    205000 | PA      | $206622.58    | 0.07%             | 2031-10-27      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Lsf12 Crown US Commercial Bidco LLC                         | LSF12 CROWN US C 12/02/31                                                    | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    260000 | PA      | $261896.70    | 0.09%             | 2031-12-02      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                               | Allstate Corp/The                                                            | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    245000 | PA      | $245973.63    | 0.09%             | 2053-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| AECOM                                                       | AECOM                                                                        | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30264.15     | 0.01%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                      | WESCO Distribution Inc                                                       | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61983.60     | 0.02%             | 2032-03-15      | Fixed         | 6.62%                 | 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        |    520000 | PA      | $507377.78    | 0.18%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                     | CF Hippolyta Issuer LLC                                                      | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89945 | PA      | $77613.16     | 0.03%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                     | El Salvador Government International Bond                                    | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     99000 | PA      | $101469.06    | 0.04%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Grant Thornton Advisors Holdings LLC                        | GRNT THORNTON AD 06/02/31                                                    | CUSIP: 38821UAD2<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |    298313 | PA      | $298899.63    | 0.11%             | 2031-05-30      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                    | Fortescue Treasury Pty Ltd                                                   | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $101327.91    | 0.04%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                    | JP Morgan Mortgage Trust Series 2025-CES2                                    | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    541059 | PA      | $542339.00    | 0.19%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                    | Clarios Global LP / Clarios US Finance Co                                    | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     15000 | PA      | $15474.83     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | 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        |    710000 | PA      | $675159.38    | 0.24%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kloeckner Pentaplast of America Inc                         | KLOECKNER PENTAP 02/12/26                                                    | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    289005 | PA      | $266038.04    | 0.09%             | 2026-02-09      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      4403 | PA      | $2245.53      | 0.00%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                      | Philip Morris International Inc                                              | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    480000 | PA      | $473965.03    | 0.17%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                       | Civitas Resources Inc                                                        | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    280000 | PA      | $283804.84    | 0.10%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                         | Reach Abs Trust 2024-1                                                       | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $161435.38    | 0.06%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1016275 | PA      | $1032400.35   | 0.37%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                    | Foundation Finance Trust 2024-2                                              | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    268713 | PA      | $267324.48    | 0.10%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                              | Gray Media Inc                                                               | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $443380.86    | 0.16%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                    | JP Morgan Mortgage Trust Series 2024-NQM1                                    | CUSIP: 465983AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275791 | PA      | $276179.65    | 0.10%             | 2064-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                    | National Rural Utilities Cooperative Finance Corp                            | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105005.77    | 0.04%             | 2043-04-30      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                       | Nippon Life Insurance Co                                                     | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    345000 | PA      | $361371.63    | 0.13%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BroadStreet Partners Inc                                    | BROADSTREET PART 06/13/31                                                    | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    257674 | PA      | $258155.68    | 0.09%             | 2031-06-16      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                               | Exeter Automobile Receivables Trust 2024-5                                   | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385000 | PA      | $384080.54    | 0.14%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| OMNIA Partners LLC                                          | OMNIA PARTNER 07/25/30                                                       | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     67327 | PA      | $67549.82     | 0.02%             | 2030-07-25      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| NorthAB LLC                                                 | NORTHAB LLC                                                                  | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    195000 | PA      | $193314.23    | 0.07%             | 2028-11-24      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Roper Industrial Products Investment Co                     | INDICO 11/22/29                                                              | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |    342063 | PA      | $343079.06    | 0.12%             | 2029-11-23      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                              | HAMILTON PROJS A 05/31/31                                                    | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    148425 | PA      | $149050.61    | 0.05%             | 2031-05-30      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                         | Turkiye Government International Bond                                        | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    105000 | PA      | $107073.75    | 0.04%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                              | NCR Atleos Corp                                                              | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     77000 | PA      | $83486.87     | 0.03%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                    | Eagle Funding Luxco Sarl                                                     | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    506000 | PA      | $509491.40    | 0.18%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                    | BX Trust 2022-CLS                                                            | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $413176.27    | 0.15%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                     | INEOS Quattro Finance 2 Plc                                                  | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $351717.15    | 0.13%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                              | BBCMS Trust 2018-CBM                                                         | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    805000 | PA      | $786428.73    | 0.28%             | 2037-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corp II Inc                                 | DEL MONTE FOOD 08/05/28                                                      | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4389 | PA      | $515.75       | 0.00%             | 2028-08-02      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Jersey Mikes Funding LLC                                    | Jersey Mike's Funding LLC                                                    | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    538650 | PA      | $545048.25    | 0.19%             | 2055-02-15      | Fixed         | 5.64%                 | 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      | $13300.00     | 0.00%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                      | Five Guys Holdings Inc                                                       | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |    699712 | PA      | $720525.45    | 0.26%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                         | Buckeye Partners LP                                                          | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155404.20    | 0.06%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                     | Booz Allen Hamilton Inc                                                      | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126120.33    | 0.04%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                       | Mexico Government International Bond                                         | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    398000 | PA      | $334519.00    | 0.12%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Ltd/Canada                                | HUSKY INJECTION 02/15/29                                                     | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |     76996 | PA      | $77105.73     | 0.03%             | 2029-02-15      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                               | Lendbuzz Securitization Trust 2024-2                                         | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179586 | PA      | $180980.97    | 0.06%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| TMF Sapphire Bidco BV                                       | TMF Sapphire Bid 05/03/28                                                    | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |       887 | PA      | $892.17       | 0.00%             | 2028-05-03      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA                                    | Comision Ejecutiva Hidroelectrica del Rio Lempa                              | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |    111000 | PA      | $111876.90    | 0.04%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                      | MPOWER Education Trust 2025-A                                                | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467362 | PA      | $476713.33    | 0.17%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                               | New Residential Mortgage Loan Trust 2024-NQM3                                | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |    240899 | PA      | $240934.94    | 0.09%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                        | Petronas Capital Ltd                                                         | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    311000 | PA      | $299135.35    | 0.11%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                   | RFR Trust 2025-SGRM                                                          | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $609256.74    | 0.22%             | 2041-03-11      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                              | Morgan Stanley                                                               | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     97000 | PA      | $100104.52    | 0.04%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                     | BEACH ACQUISITION BIDCO                                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    110000 | PA      | $110825.00    | 0.04%             | 2032-06-28      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                                         | MESQUITE ENERGY INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $45.00        | 0.00%             | 2023-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Sequoia Mortgage Trust                                      | Sequoia Mortgage Trust 2013-8                                                | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     41888 | PA      | $40641.41     | 0.01%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                      | Venture Global LNG Inc                                                       | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    270000 | PA      | $291483.59    | 0.10%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                         | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $456485.79    | 0.16%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC                                       | ECL ENTERTAINMENT LLC                                                        | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    139647 | PA      | $140607.44    | 0.05%             | 2030-08-30      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                          | Visio 2019-2 Trust                                                           | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55952 | PA      | $55257.36     | 0.02%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                    | Azule Energy Finance Plc                                                     | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $126022.38    | 0.04%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                        | Bank of America Corp                                                         | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    430000 | PA      | $430610.51    | 0.15%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                        | LifePoint Health Inc                                                         | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    330000 | PA      | $356082.02    | 0.13%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                           | Trinidad & Tobago Government International Bond                              | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     45000 | PA      | $43908.75     | 0.02%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| TK Elevator US Newco Inc                                    | TK Elevator Midc 04/30/30                                                    | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    209475 | PA      | $210862.77    | 0.07%             | 2030-04-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                             | SYNEOS H 09/19/30                                                            | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    178246 | PA      | $176501.19    | 0.06%             | 2030-09-30      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                            | GLOVES BUYE 01/17/32                                                         | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    155000 | PA      | $152132.50    | 0.05%             | 2032-05-24      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                                         | APPLIED SYSTEMS INC                                                          | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    515000 | PA      | $516037.73    | 0.18%             | 2031-02-24      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                             | RAND PARENT LLC                                                              | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $148764.75    | 0.05%             | 2030-03-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                              | PMT Loan Trust 2025-INV7                                                     | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    835000 | PA      | $845040.23    | 0.30%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                        | Wrangler Holdco Corp                                                         | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $108567.69    | 0.04%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                          | Republic of Poland Government International Bond                             | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    433000 | PA      | $435619.65    | 0.15%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2022-7                                            | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    453093 | PA      | $451684.77    | 0.16%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                    | Sinclair Television Group Inc                                                | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    350000 | PA      | $357227.31    | 0.13%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                    | MSCI Inc                                                                     | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    459000 | PA      | $430974.93    | 0.15%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                      | Global Atlantic Fin Co                                                       | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68087.83     | 0.02%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Alera Group Intermediate Holdings Inc                       | ALERA GROU 05/20/33                                                          | CUSIP: 000000000<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |    175000 | PA      | $182000.00    | 0.06%             | 2033-05-31      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                            | Ensemble RC 08/01/29                                                         | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     98997 | PA      | $99568.20     | 0.04%             | 2029-08-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                        | Abu Dhabi Government International Bond                                      | CUSIP: 29135LAT7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    131000 | PA      | $136486.28    | 0.05%             | 2034-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                    | Kronos Acquisition Holdings Inc                                              | CUSIP: 50106GAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $148074.30    | 0.05%             | 2032-06-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                    | OBX 2023-NQM5 Trust                                                          | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327173 | PA      | $329272.99    | 0.12%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                                         | Republic of Armenia International Bond                                       | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    100000 | PA      | $87250.00     | 0.03%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                       | Trivium Packaging Finance BV                                                 | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    165000 | PA      | $173392.07    | 0.06%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming LLC                                     | J J VENTURES GAM 04/26/30                                                    | CUSIP: 46604BAH1<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |    233716 | PA      | $232146.27    | 0.08%             | 2030-04-26      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                                    | Phoenix Aviation Capital Ltd                                                 | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    170000 | PA      | $178276.71    | 0.06%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1127575 | PA      | $1124012.01   | 0.40%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Inc                                          | HUNTER DOUGLA 01/14/32                                                       | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |     85146 | PA      | $85305.93     | 0.03%             | 2032-01-20      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA Inc                        | GRIFOLS WORLDWID 11/15/27                                                    | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $499765.00    | 0.18%             | 2027-11-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                    | Aston Martin Capital Holdings Ltd                                            | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    165000 | PA      | $157501.17    | 0.06%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                    | Apollo Debt Solutions BDC                                                    | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    340000 | PA      | $355297.07    | 0.13%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                          | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    288000 | PA      | $274320.00    | 0.10%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| TMF Sapphire Bidco BV                                       | TMF Sapphire Bid 05/03/28                                                    | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |    351991 | PA      | $354190.93    | 0.13%             | 2028-05-03      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                                | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99532.05     | 0.04%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                 | Corp Nacional del Cobre de Chile                                             | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     82000 | PA      | $84041.80     | 0.03%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                     | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $122892.56    | 0.04%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                                  | RCKT Trust 2025-PL1                                                          | CUSIP: 74939RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $840735.42    | 0.30%             | 2034-07-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                 | Wayfair LLC                                                                  | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5099.93      | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                 | Vistra Corp                                                                  | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52097.57     | 0.02%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                     | Mexican Bonos                                                                | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  13000000 | PA      | $567867.08    | 0.20%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                          | Aqua Finance Issuer Trust 2025-A                                             | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513360 | PA      | $516688.88    | 0.18%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                    | Texas Capital Bancshares Inc                                                 | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68608.72     | 0.02%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                | Hudson Yards 2025-SPRL Mortgage Trust                                        | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    780000 | PA      | $800376.02    | 0.28%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                             | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2560000 | PA      | $2567349.99   | 0.91%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                    | Prudential Financial Inc                                                     | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     99000 | PA      | $96086.77     | 0.03%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2022-6                                            | CUSIP: 92539AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216028 | PA      | $213868.45    | 0.08%             | 2067-06-25      | Variable      | 4.91%                 | 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      | $54820.84     | 0.02%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                            | CSC Hldg 01/18/28                                                            | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    236383 | PA      | $236090.15    | 0.08%             | 2028-01-18      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                          | Ford Motor Co                                                                | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     80000 | PA      | $62049.64     | 0.02%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                         | Rocket Software Inc                                                          | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    405000 | PA      | $419075.37    | 0.15%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WEST MARINE (RISING TIDE)                                   | WEST MARINE (RISING TIDE)                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        38 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ECL Entertainment LLC                                       | ECL ENTM 08/31/30                                                            | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |     78903 | PA      | $79445.46     | 0.03%             | 2030-08-30      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                      | Cloud Software Group Inc                                                     | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    320000 | PA      | $331389.12    | 0.12%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                | CSMC 2020-RPL4 Trust                                                         | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486190 | PA      | $436739.27    | 0.16%             | 2060-01-25      | Variable      | 2.00%                 | 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        |    180000 | PA      | $179878.32    | 0.06%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    831491 | PA      | $790585.96    | 0.28%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                           | Gabon Government International Bond                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    234000 | PA      | $219653.46    | 0.08%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                      | Nationstar Mortgage Holdings Inc                                             | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $187203.54    | 0.07%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                          | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    147000 | PA      | $112858.29    | 0.04%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock                            | Lannett Company Inc Common Stock                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       277 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                      | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    390000 | PA      | $394756.66    | 0.14%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                     | Ethiopia International Bond                                                  | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    293000 | PA      | $271025.00    | 0.10%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                          | Republic of Poland Government International Bond                             | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     65000 | PA      | $60970.00     | 0.02%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                             | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2440000 | PA      | $2448909.64   | 0.87%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                        | Bank of America Corp                                                         | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98503.87     | 0.04%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Dynamo US Bidco Inc                                         | DYNAMO US BIDC 10/01/31                                                      | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69475 | PA      | $69887.68     | 0.02%             | 2031-09-26      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    363314 | PA      | $345496.15    | 0.12%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                            | Puget Energy Inc                                                             | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    275000 | PA      | $259046.00    | 0.09%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp                                          | BAUSCH + LOMB 9/ 09/14/28                                                    | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     44212 | PA      | $44286.33     | 0.02%             | 2028-09-29      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                           | Chile Government International Bond                                          | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    166000 | PA      | $100554.50    | 0.04%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ontario Gaming GTA LP                                       | ONE TORONTO G 07/20/30                                                       | CUSIP: 000000000<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |    252921 | PA      | $251972.12    | 0.09%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                               | TransDigm Inc                                                                | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    265000 | PA      | $266540.63    | 0.09%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVR CHC LP                                                  | CVR E 12/30/27                                                               | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    333906 | PA      | $334670.40    | 0.12%             | 2027-12-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                        | Chart Industries Inc                                                         | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     80000 | PA      | $85617.84     | 0.03%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                                    | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp           | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    845000 | PA      | $854638.07    | 0.30%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                     | El Salvador Government International Bond                                    | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    113000 | PA      | $117689.50    | 0.04%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Sazerac Co Inc                                              | SAZERAC C 07/09/32                                                           | CUSIP: 000000000<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |    195000 | PA      | $195914.55    | 0.07%             | 2032-07-09      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                      | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    455000 | PA      | $470727.53    | 0.17%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                    | Electricite de France SA                                                     | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    235000 | PA      | $252205.67    | 0.09%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                      | Switch ABS Issuer LLC                                                        | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $700631.82    | 0.25%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                              | PRET 2024-RPL1 Trust                                                         | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    935321 | PA      | $898538.18    | 0.32%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                    | Univision Communications Inc                                                 | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    370000 | PA      | $380419.94    | 0.14%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                    | Angel Oak Mortgage Trust 2023-1                                              | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    851496 | PA      | $842848.99    | 0.30%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                    | CLOUD SOFTWARE G 03/21/31                                                    | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |       500 | PA      | $502.36       | 0.00%             | 2031-03-24      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                              | GLS Auto Select Receivables Trust 2024-3                                     | CUSIP: 37989EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $435650.50    | 0.15%             | 2030-08-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                                        | Constellation Oil Services Holding SA                                        | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     88000 | PA      | $90561.24     | 0.03%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                              | LSB Industries Inc                                                           | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    705000 | PA      | $693706.68    | 0.25%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                       | Argentine Republic Government International Bond                             | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    281000 | PA      | $196700.00    | 0.07%             | 2038-01-09      | Variable      | 5.00%                 | 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        |     38846 | PA      | $37278.26     | 0.01%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                      | Brazilian Government International Bond                                      | CUSIP: 105756CG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     85000 | PA      | $87677.50     | 0.03%             | 2031-03-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                | Business Jet Securities 2024-2 LLC                                           | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330555 | PA      | $329931.22    | 0.12%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                      | Brazilian Government International Bond                                      | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    577000 | PA      | $581471.75    | 0.21%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                              | Morgan Stanley                                                               | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193139.97    | 0.07%             | 2034-04-21      | Fixed         | 5.25%                 | 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      | $157483.07    | 0.06%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                       | Trivium Packaging Finance BV                                                 | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $36878.27     | 0.01%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                              | Deephaven Residential Mortgage Trust 2022-1                                  | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62295 | PA      | $56912.77     | 0.02%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                     | NYMT Loan Trust 2024-CP1                                                     | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    259613 | PA      | $238779.86    | 0.08%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                          | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    215000 | PA      | $215479.45    | 0.08%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    917902 | PA      | $932572.40    | 0.33%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC                                     | CRH America Finance Inc                                                      | CUSIP: 12636YAE2<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |    450000 | PA      | $458971.15    | 0.16%             | 2034-05-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                    | Vistra Operations Co LLC                                                     | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    310000 | PA      | $322298.32    | 0.11%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                         | APPLIED Sy 02/23/32                                                          | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     10000 | PA      | $10293.75     | 0.00%             | 2032-02-23      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub Inc                                      | AI Aqua Merger S 02/03/25                                                    | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    223588 | PA      | $223733.12    | 0.08%             | 2028-07-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                          | BX Trust 2019-OC11                                                           | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $348265.35    | 0.12%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                          | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    110000 | PA      | $119411.24    | 0.04%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                 | Visio 2022-1 Trust                                                           | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     66429 | PA      | $66209.43     | 0.02%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                         | Oportun Issuance Trust 2024-2                                                | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $380989.75    | 0.14%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                     | Philippine Government International Bond                                     | CUSIP: 718286DG9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    322000 | PA      | $336449.75    | 0.12%             | 2035-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Veterinary Partners LLC                            | Southern Veterin 12/04/31                                                    | CUSIP: 84410HAQ3<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |    273501 | PA      | $273885.51    | 0.10%             | 2031-12-04      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                      | Helix Energy Solutions Group Inc                                             | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    385000 | PA      | $402377.36    | 0.14%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                     | Hungary Government International Bond                                        | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    160000 | PA      | $161525.60    | 0.06%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                      | Williams Cos Inc/The                                                         | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    425000 | PA      | $423490.54    | 0.15%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                    | Saudi Government International Bond                                          | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    976000 | PA      | $1021183.92   | 0.36%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                        | Petronas Capital Ltd                                                         | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    333000 | PA      | $336088.58    | 0.12%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                   | Boeing Co/The                                                                | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91779.44     | 0.03%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                        | Colombia Government International Bond                                       | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    186000 | PA      | $186000.00    | 0.07%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Dechra Finance US LLC                                       | DECHRA FINAN 12/03/31                                                        | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    229425 | PA      | $230486.09    | 0.08%             | 2032-01-27      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                        | STAR 2025-SFR5 Trust                                                         | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $340482.39    | 0.12%             | 2042-02-17      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                    | FTAI Aviation Investors LLC                                                  | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    475000 | PA      | $492347.48    | 0.18%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alera Group Inc                                             | ALERA GROU 05/21/32                                                          | CUSIP: 01451PAB2<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |    125000 | PA      | $125695.63    | 0.04%             | 2032-05-28      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF               | iShares iBoxx $ High Yield Corporate Bond ETF                                | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     12928 | NS      | $1039152.64   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF TURKIYE                                         | Turkiye Government International Bond                                        | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    731000 | PA      | $701394.50    | 0.25%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                    | BX Trust 2025-ROIC                                                           | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    473155 | PA      | $470996.48    | 0.17%             | 2030-03-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                 | Oracle Corp                                                                  | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    245000 | PA      | $248537.95    | 0.09%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Husky Injection Molding Systems Ltd                         | HUSKY INJECTION 02/15/29                                                     | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |     76996 | PA      | $77105.73     | 0.03%             | 2029-02-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                            | Altice France SA                                                             | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $893750.00    | 0.32%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finco Pty Ltd                                | ARDONAGH GROU 02/18/31                                                       | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |     11491 | PA      | $11483.79     | 0.00%             | 2031-02-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      6910 | PA      | $3299.53      | 0.00%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Altice France SA/France                                     | ALTICE FRANCE SA 01/31/26                                                    | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     48172 | PA      | $43927.51     | 0.02%             | 2026-02-02      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                         | APPLIED Sy 02/24/31                                                          | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     97068 | PA      | $97264.06     | 0.03%             | 2031-02-24      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                             | Sealed Air Corp                                                              | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67007.66     | 0.02%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                    | EQT Corp                                                                     | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    285000 | PA      | $293510.45    | 0.10%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                    | Republic of South Africa Government Bond                                     | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  12000000 | PA      | $546717.40    | 0.19%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Financiere Mendel SASU                                      | FINANCIERE M 11/08/30                                                        | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |     54725 | PA      | $54981.66     | 0.02%             | 2030-11-13      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                     | Hungary Government International Bond                                        | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    215000 | PA      | $212820.98    | 0.08%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                         | Meritage Homes Corp                                                          | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    561000 | PA      | $542007.63    | 0.19%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lummus Technology Holdings V LLC                            | Lummus Tech Hldg 12/31/29                                                    | CUSIP: 45232UAG3<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |    142916 | PA      | $143388.47    | 0.05%             | 2029-12-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                    | BX Commercial Mortgage Trust 2024-XL5                                        | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    637207 | PA      | $639217.52    | 0.23%             | 2041-03-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| One Call Corp                                               | ONE CALL CORP 04/22/27                                                       | CUSIP: 68235XAB7<br>LEI: 549300WUCCV86ZQHG041 | Long             | LON              | CORP              | US        |    227629 | PA      | $225921.66    | 0.08%             | 2027-04-22      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      9813 | PA      | $3753.47      | 0.00%             | 2034-02-01      | Variable      | 0.01%                 | 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        |    395000 | PA      | $395702.15    | 0.14%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                    | Uruguay Government International Bond                                        | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     77000 | PA      | $67914.00     | 0.02%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                        | LHOME Mortgage Trust 2024-RTL1                                               | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $261809.13    | 0.09%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| VetStrategy Canada Holdings Inc                             | IVC ACQUISITIO 12/12/28                                                      | CUSIP: 000000000<br>LEI: 254900WZMD2JOGND1Z32 | Long             | LON              | CORP              | CA        |    104471 | PA      | $105156.37    | 0.04%             | 2028-12-06      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                          | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111700.05    | 0.04%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                  | MFA 2022-INV2 Trust                                                          | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    572071 | PA      | $568890.16    | 0.20%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                     | PowerPay Issuance Trust 2024-1                                               | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114851 | PA      | $117373.92    | 0.04%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                         | American Express Co                                                          | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769336.96    | 0.27%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                            | COLT 2022-4 Mortgage Loan Trust                                              | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    365027 | PA      | $361332.86    | 0.13%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                    | Mill City Mortgage Loan Trust 2019-GS2                                       | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    312955 | PA      | $302607.31    | 0.11%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                              | Arivo Acceptance Auto Loan Receivables Trust 2025-1                          | CUSIP: 039962AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $800236.84    | 0.28%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| OMNIA Partners LLC                                          | OMNIA PARTNER 07/25/30                                                       | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     12073 | PA      | $12112.60     | 0.00%             | 2030-07-25      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                                         | LBM Acquisition LLC                                                          | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    625000 | PA      | $548996.88    | 0.20%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                         | SG Residential Mortgage Trust 2021-1                                         | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    971297 | PA      | $799776.32    | 0.28%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                               | Exeter Automobile Receivables Trust 2024-2                                   | CUSIP: 30166DAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263000 | PA      | $265613.40    | 0.09%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                           | CLARIOS GL 01/14/32                                                          | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    225000 | PA      | $225327.38    | 0.08%             | 2032-01-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finco Pty Ltd                                | ARDONAGH GROU 02/18/31                                                       | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |     87117 | PA      | $87062.87     | 0.03%             | 2031-02-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                            | Altice France SA                                                             | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $173686.00    | 0.06%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co                       | MAUSER PACKAGING 04/15/27                                                    | CUSIP: 57763TAE3<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |    242209 | PA      | $242576.40    | 0.09%             | 2027-04-16      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                      | Blue Owl Credit Income Corp                                                  | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113233.72    | 0.04%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                                       | Illuminate Buyer LLC / Illuminate Holdings IV Inc                            | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $465644.03    | 0.17%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                            | ENDEAVOR OPERATI 01/28/32                                                    | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    285000 | PA      | $286024.58    | 0.10%             | 2032-03-24      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Magnera Corp                                                | Glatfelter 10/10/31                                                          | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |    273625 | PA      | $272427.89    | 0.10%             | 2031-11-04      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     14422 | PA      | $8869.53      | 0.00%             | 2029-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                 | Ivory Coast Government International Bond                                    | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     56000 | PA      | $56238.00     | 0.02%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                       | W R GRACE HLDG 09/22/28                                                      | CUSIP: 92943HAB5<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |    269302 | PA      | $269890.76    | 0.10%             | 2028-09-22      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Jaggaer LLC                                                 | JAVELIN BUYE 10/08/31                                                        | CUSIP: 47189BAC3<br>LEI: 254900GL30A9G6Z7OW50 | Long             | LON              | CORP              | US        |    234412 | PA      | $234321.08    | 0.08%             | 2031-12-08      | Floating      | 7.55%                 | 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        |     34529 | PA      | $32851.81     | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                           | Republic of Kenya Government International Bond                              | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    415000 | PA      | $400425.20    | 0.14%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                   | Boeing Co/The                                                                | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    473000 | PA      | $453026.97    | 0.16%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                         | Ashtead Capital Inc                                                          | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    540000 | PA      | $554775.89    | 0.20%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                             | CVS Health Corp                                                              | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    331000 | PA      | $332101.57    | 0.12%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                  | LAD Auto Receivables Trust 2023-2                                            | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $137705.21    | 0.05%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                | Enbridge Inc                                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    235000 | PA      | $265259.78    | 0.09%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Flora Food Management US Corp                               | Sigma Hold 01/03/28                                                          | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | LON              | CORP              | US        |    253172 | PA      | $253884.92    | 0.09%             | 2028-01-03      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                          | Leviathan Bond Ltd                                                           | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     98000 | PA      | $97238.54     | 0.03%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2022-4                                            | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65271 | PA      | $65009.21     | 0.02%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                  | AMSR 2021-SFR3 Trust                                                         | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $96141.72     | 0.03%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                          | Nouryon F 04/03/28                                                           | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    235766 | PA      | $236134.98    | 0.08%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                    | Banco de Credito e Inversiones SA                                            | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    213000 | PA      | $228069.75    | 0.08%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                    | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    675000 | PA      | $656995.50    | 0.23%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                | Barclays PLC                                                                 | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    465000 | PA      | $528631.48    | 0.19%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                                     | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp     | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $302143.04    | 0.11%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                        | Bayport Polymers LLC                                                         | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $442075.34    | 0.16%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                                              | PROOFPOINT INC                                                               | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |     45000 | PA      | $45126.68     | 0.02%             | 2028-08-31      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                    | Momnt Technologies Trust 2023-1                                              | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29357 | PA      | $29358.80     | 0.01%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                                | Cimpress PLC                                                                 | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    590000 | PA      | $577451.05    | 0.21%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                     | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    395000 | PA      | $385309.31    | 0.14%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                       | Sri Lanka Government International Bond                                      | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    327787 | PA      | $233753.10    | 0.08%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                       | Universal Health Services Inc                                                | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    745000 | PA      | $708503.22    | 0.25%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                      | Egypt Government International Bond                                          | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    287000 | PA      | $237133.75    | 0.08%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                     | Romanian Government International Bond                                       | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    478000 | PA      | $479314.50    | 0.17%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                                        | Republic of Cameroon International Bond                                      | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    712000 | PA      | $671458.72    | 0.24%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                       | NGL Energy Operating LLC / NGL Energy Finance Corp                           | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $406304.34    | 0.14%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                      | Pertamina Persero PT                                                         | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    350000 | PA      | $366100.00    | 0.13%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments LLLP                               | FREEPORT LNG Inv 12/21/28                                                    | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    254080 | PA      | $254821.70    | 0.09%             | 2028-12-21      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2020-1                                                 | CUSIP: 04285CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $178429.80    | 0.06%             | 2055-03-25      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                      | FIRST BRANDS GRO 03/30/27                                                    | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    246810 | PA      | $242234.32    | 0.09%             | 2027-03-30      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                    | Western Midstream Operating LP                                               | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    760000 | PA      | $638460.28    | 0.23%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Madison Safety & Flow LLC                                   | MADISON SAFETY F 09/26/31                                                    | CUSIP: 55822DAM3<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |    143912 | PA      | $144722.01    | 0.05%             | 2031-09-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Entain Holdings Gibraltar Ltd                               | Entain 08/01/2032                                                            | CUSIP: 000000000<br>LEI: 213800ATWJIEYQ8NF838 | Long             | LON              | CORP              | GI        |     85000 | PA      | $85146.20     | 0.03%             | 2032-07-30      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2403 | PA      | $1225.53      | 0.00%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                                | NY Commercial Mortgage Trust 2025-299P                                       | CUSIP: 62957FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $608755.81    | 0.22%             | 2047-02-10      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2019-2                                                 | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    571569 | PA      | $550343.57    | 0.20%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                    | Standard Building Solutions Inc                                              | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    165000 | PA      | $168610.53    | 0.06%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                    | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl          | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $296037.51    | 0.11%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240076 | PA      | $239317.74    | 0.09%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                                    | Brookfield Asset Management Ltd                                              | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    680000 | PA      | $695882.46    | 0.25%             | 2035-04-24      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                      | Mauser Packaging Solutions Holding Co                                        | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    330000 | PA      | $326929.52    | 0.12%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings Inc                                   | ENDO FIN HLDG 04/23/31                                                       | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29775 | PA      | $29882.93     | 0.01%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                                         | Limak Yenilenebilir Enerji AS                                                | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $100000.00    | 0.04%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                     | Philippine Government International Bond                                     | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    279000 | PA      | $229617.00    | 0.08%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                     | BPCE SA                                                                      | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     70000 | PA      | $73259.70     | 0.03%             | 2046-01-14      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                                    | BROADSTREET PARTNERS INC                                                     | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |     75000 | PA      | $75140.25     | 0.03%             | 2031-06-16      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                       | Indonesia Government International Bond                                      | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     68000 | PA      | $43163.00     | 0.02%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                            | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    261000 | PA      | $260331.50    | 0.09%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                    | Prime Security Services Borrower LLC / Prime Finance Inc                     | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200188.68    | 0.07%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                    | Brazil Notas do Tesouro Nacional Serie F                                     | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   3500000 | PA      | $539147.67    | 0.19%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BroadStreet Partners Inc                                    | BROADSTREET PART 06/13/31                                                    | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |     25183 | PA      | $25230.42     | 0.01%             | 2031-06-16      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                          | Harbour Energy PLC                                                           | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    560000 | PA      | $560727.44    | 0.20%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                | Ecopetrol SA                                                                 | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    128000 | PA      | $110799.36    | 0.04%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp                      | MAVIS TIRE EXPRE 05/04/28                                                    | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |    204488 | PA      | $204977.25    | 0.07%             | 2028-05-04      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP                                       | AADVANTAGE LOYALTY IP LTD                                                    | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    423938 | PA      | $422771.67    | 0.15%             | 2028-04-20      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                          | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    266000 | PA      | $259602.70    | 0.09%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP                                     | ASP Unifrax Holdings Inc                                                     | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    305000 | PA      | $115137.50    | 0.04%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                        | Rackspace Technology Global Inc                                              | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |     65000 | PA      | $17433.35     | 0.01%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finco Pty Ltd                                | ARDONAGH GROU 02/18/31                                                       | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |    115855 | PA      | $115782.86    | 0.04%             | 2031-02-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     14422 | PA      | $8869.53      | 0.00%             | 2029-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                              | Upgrade Master Pass-Thru Trust Series 2025-ST4                               | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680000 | PA      | $678921.11    | 0.24%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                   | Auxilior Term Funding 2024-1 LLC                                             | CUSIP: 05335FAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $367130.09    | 0.13%             | 2031-07-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                 | RCKT Mortgage Trust 2025-CES5                                                | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    489142 | PA      | $492463.67    | 0.18%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                 | Corp Nacional del Cobre de Chile                                             | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    330000 | PA      | $347035.71    | 0.12%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Cube A&D Buyer Inc                                          | CUBE INDLS BUYE 10/09/31                                                     | CUSIP: 22971EAB4<br>LEI: 25490058FG1NWDNJ5K52 | Long             | LON              | CORP              | US        |    169575 | PA      | $170608.56    | 0.06%             | 2031-10-20      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                       | Indonesia Government International Bond                                      | CUSIP: 455780DX1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    304000 | PA      | $299668.00    | 0.11%             | 2034-09-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                    | Medline Borrower LP/Medline Co-Issuer Inc                                    | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40835.72     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                           | NatWest Group PLC                                                            | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    435000 | PA      | $454363.49    | 0.16%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                     | Imperial Brands Finance PLC                                                  | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    645000 | PA      | $645971.72    | 0.23%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Entain PLC                                                  | Entai 10/31/29                                                               | CUSIP: 36270BAC6<br>LEI: 213800GNI3K45LQR8L28 | Long             | LON              | CORP              | IM        |     94050 | PA      | $94324.63     | 0.03%             | 2029-10-31      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                    | OBX 2025-NQM4 Trust                                                          | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |    504811 | PA      | $503520.93    | 0.18%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                                     | Reinsurance Group of America Inc                                             | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    395000 | PA      | $396179.87    | 0.14%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                              | ACM Auto Trust 2025-2                                                        | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    531933 | PA      | $532532.74    | 0.19%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp                           | Wellsky (Project 03/10/28                                                    | CUSIP: 74339UBA7<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |    122642 | PA      | $122948.31    | 0.04%             | 2028-03-10      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                                    | Port Of Spain Waterfront Development                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    100000 | PA      | $98393.50     | 0.03%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                                          | UPSTREAM NEWCO I 11/20/26                                                    | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |     21600 | PA      | $17056.32     | 0.01%             | 2026-11-20      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3145000 | PA      | $3013794.53   | 1.07%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                               | New Residential Mortgage Loan Trust 2017-2                                   | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    356425 | PA      | $344064.66    | 0.12%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                       | Argentine Republic Government International Bond                             | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    470000 | PA      | $311375.00    | 0.11%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                           | Lebanon Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    259000 | PA      | $48562.50     | 0.02%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                             | MADISON IA 06/21/28                                                          | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    379016 | PA      | $379684.50    | 0.14%             | 2028-06-21      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corp II Inc                                 | DEL MONTE FOOD 08/05/28                                                      | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22912 | PA      | $10358.13     | 0.00%             | 2028-08-02      | Floating      | 12.42%                | No            |                  3 | On Loan: No      |
| Chase Mortgage Finance Corpora                              | Chase Mortgage Finance Corp                                                  | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    297512 | PA      | $272322.92    | 0.10%             | 2045-12-25      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                       | Wells Fargo & Co                                                             | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113998.95    | 0.04%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                    | Petroleos de Venezuela SA                                                    | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2937000 | PA      | $411180.00    | 0.15%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                    | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    119000 | PA      | $122064.25    | 0.04%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TricorBraun Holdings Inc                                    | TRICORBRAUN 01/29/28                                                         | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |    239785 | PA      | $240082.13    | 0.09%             | 2028-03-03      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                       | Wells Fargo & Co                                                             | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    215000 | PA      | $220052.88    | 0.08%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                     | KeyCorp                                                                      | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    450000 | PA      | $481138.10    | 0.17%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                    | Aptiv Swiss Holdings Ltd                                                     | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    450000 | PA      | $454091.40    | 0.16%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                              | BHG Securitization Trust 2024-1CON                                           | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74337 | PA      | $75531.86     | 0.03%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                         | Turkiye Government International Bond                                        | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    150000 | PA      | $157800.00    | 0.06%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Acuren Delaware Holdco Inc                                  | ACUREN HLDG 07/30/31                                                         | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29775 | PA      | $29873.04     | 0.01%             | 2031-07-30      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                         | DENTSPLY SIRONA Inc                                                          | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    455000 | PA      | $413617.23    | 0.15%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fugue Finance LLC                                           | Fugue F 01/09/32                                                             | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | HK        |    174800 | PA      | $175720.32    | 0.06%             | 2032-01-09      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                | Drive Auto Receivables Trust 2024-1                                          | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303043.44    | 0.11%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                        | Libra Solutions 2024-1 LLC                                                   | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $356520.24    | 0.13%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                                 | Houston Galleria Mall Trust 2025-HGLR                                        | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $457494.44    | 0.16%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    502429 | PA      | $511318.41    | 0.18%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                          | Republic of Poland Government International Bond                             | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    182000 | PA      | $181272.00    | 0.06%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                  | Verus Securitization Trust 2023-8                                            | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    314375 | PA      | $317247.04    | 0.11%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                          | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    480000 | PA      | $492569.48    | 0.18%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                        | BOOTS GROUP FINCO LP                                                         | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | LON              | CORP              | US        |    110000 | PA      | $110069.30    | 0.04%             | 2032-07-19      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                                          | Zambia Government International Bond                                         | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    313000 | PA      | $229291.28    | 0.08%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                            | Peruvian Government International Bond                                       | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    323000 | PA      | $322838.50    | 0.11%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                     | BPCE SA                                                                      | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    315000 | PA      | $346478.01    | 0.12%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                         | Ecuador Government International Bond                                        | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    770045 | PA      | $676099.51    | 0.24%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                    | Science Applications International Corp                                      | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78927.19     | 0.03%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lightstone Holdco LLC                                       | Lightstone HoldC 01/29/27                                                    | CUSIP: 53226GAK7<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |    205748 | PA      | $206069.28    | 0.07%             | 2027-01-29      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                      | Aviation Capital Group LLC                                                   | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84780.04     | 0.03%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                   | Block Inc                                                                    | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    475000 | PA      | $487736.18    | 0.17%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                          | Panama Government International Bond                                         | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    293000 | PA      | $314828.50    | 0.11%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                       | Bojangles Issuer LLC                                                         | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $467603.34    | 0.17%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                         | New Home Co Inc/The                                                          | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15333.32     | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2626 | PA      | $1253.92      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                         | Nigeria Government International Bond                                        | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    261000 | PA      | $241425.00    | 0.09%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING                                     | Herbalife Nutrition Ltd / HLF Financing Inc                                  | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    216000 | PA      | $217239.84    | 0.08%             | 2025-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                              | Bridgecrest Lending Auto Securitization Trust 2025-1                         | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $521442.79    | 0.19%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                  | ROCK Trust 2024-CNTR                                                         | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    455000 | PA      | $463813.81    | 0.16%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                             | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    635000 | PA      | $531909.46    | 0.19%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                              | Rocket Cos Inc                                                               | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $265520.63    | 0.09%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp                                  | Gt Cdn Gaming 11/01/29                                                       | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |     73423 | PA      | $71817.03     | 0.03%             | 2029-11-01      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                         | Senegal Government International Bond                                        | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    200000 | PA      | $164155.00    | 0.06%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MMP Capital                                                 | MMP Capital 2025-A LLC                                                       | CUSIP: 55317QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    835000 | PA      | $843889.49    | 0.30%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                | AES Corp/The                                                                 | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    285000 | PA      | $288575.02    | 0.10%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                           | Ghana Government International Bond                                          | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      3200 | PA      | $3096.00      | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                       | Indonesia Government International Bond                                      | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $162700.00    | 0.06%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                                   | MCGRAW-HILL EDUC 08/06/31                                                    | CUSIP: 58063DAF0<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |     31746 | PA      | $31857.30     | 0.01%             | 2031-08-06      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                             | NORTHLAND/MEGA B 11/12/27                                                    | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    365487 | PA      | $363431.27    | 0.13%             | 2027-11-12      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                       | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    405000 | PA      | $414182.40    | 0.15%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                      | Aviation Capital Group LLC                                                   | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    146000 | PA      | $142155.99    | 0.05%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SCALELOGIX ABS US ISSUER, LLC                               | Scalelogix Abs Us Issuer LLC                                                 | CUSIP: 80587FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $694685.25    | 0.25%             | 2055-07-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita                              | MSSG Trust 2017-237P                                                         | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    901000 | PA      | $852066.69    | 0.30%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                | HBR FGHT TOOLS U 06/05/31                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    222290 | PA      | $217832.05    | 0.08%             | 2031-06-11      | Floating      | 6.83%                 | 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        |    107303 | PA      | $93207.26     | 0.03%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                       | Wells Fargo & Co                                                             | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    475000 | PA      | $519498.20    | 0.18%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                 | RCKT Mortgage Trust 2024-CES3                                                | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    387920 | PA      | $392711.70    | 0.14%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                         | Lightning Power LLC                                                          | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    450000 | PA      | $470798.10    | 0.17%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                   | Amgen Inc                                                                    | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    635000 | PA      | $614455.05    | 0.22%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                 | RCKT Mortgage Trust 2023-CES1                                                | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161009 | PA      | $161685.30    | 0.06%             | 2043-06-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                    | Avolon Holdings Funding Ltd                                                  | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    355000 | PA      | $365836.38    | 0.13%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AAL DELAWARE HOLDCO INC                                     | AAL DELAWARE HOLDCO INC                                                      | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     45000 | PA      | $45147.60     | 0.02%             | 2031-07-30      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Aggreko Holdings Inc                                        | Albion Fing 3 05/21/31                                                       | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |    288633 | PA      | $290473.53    | 0.10%             | 2031-05-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                          | Regal Rexnord Corp                                                           | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    485000 | PA      | $513518.34    | 0.18%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                           | Jordan Government International Bond                                         | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    284000 | PA      | $277016.44    | 0.10%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                                | QatarEnergy                                                                  | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    279000 | PA      | $245796.67    | 0.09%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Creative Artists Agency LLC                                 | CREATIVE ARTISTS 10/01/31                                                    | CUSIP: 22526WAU2<br>LEI: 5493008FV5TCFL3KHH96 | Long             | LON              | CORP              | US        |    233875 | PA      | $234387.07    | 0.08%             | 2031-10-01      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus                              | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                           | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $351091.55    | 0.12%             | 2039-12-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac Pool                                                             | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2763166 | PA      | $2803284.98   | 1.00%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                  | Allianz SE                                                                   | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    205000 | PA      | $216053.81    | 0.08%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                       | Nabors Industries Inc                                                        | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    455000 | PA      | $459622.16    | 0.16%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Goat Holdco LLC                                             | GOAT HOLDC 12/10/31                                                          | CUSIP: 38021CAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    239400 | PA      | $239998.50    | 0.09%             | 2032-01-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                    | Saudi Government International Bond                                          | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    386000 | PA      | $387208.20    | 0.14%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                 | MetLife Inc                                                                  | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    185000 | PA      | $184813.39    | 0.07%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                         | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65161.20     | 0.02%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                                    | Apollo Global Management Inc                                                 | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    485000 | PA      | $476952.64    | 0.17%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corp II Inc                                 | DEL MONTE FOODS 04/02/26                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9735 | PA      | $9005.16      | 0.00%             | 2026-04-02      | Floating      | 5.36%                 | No            |                  3 | On Loan: No      |
| DELTA AIR LINES 2015-1AA                                    | Delta Air Lines 2015-1 Class AA Pass Through Trust                           | CUSIP: 24736XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70475 | PA      | $69020.60     | 0.02%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                       | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $289193.49    | 0.10%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                              | Transocean Inc                                                               | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     30000 | PA      | $28362.48     | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                    | FOCUS FINANCIAL PARTNERS LLC                                                 | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    259386 | PA      | $259843.79    | 0.09%             | 2031-09-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                        | Blue Owl Finance LLC                                                         | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    510000 | PA      | $455616.38    | 0.16%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                          | Angolan Government International Bond                                        | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    510000 | PA      | $465278.10    | 0.17%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC        | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $180545.46    | 0.06%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                       | HUB International Ltd                                                        | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15628.10     | 0.01%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                     | Columbia Pipelines Operating Co LLC                                          | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $141956.76    | 0.05%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                                      | Froneri Lux FinCo SARL                                                       | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |    140000 | PA      | $139587.25    | 0.05%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                  | PacifiCorp                                                                   | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118996.33    | 0.04%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT                                    | United Airlines 2024-1 Class AA Pass Through Trust                           | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    307302 | PA      | $312177.69    | 0.11%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                                         | Honduras Government International Bond                                       | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     91000 | PA      | $95368.91     | 0.03%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                        | Abu Dhabi Government International Bond                                      | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    415000 | PA      | $286337.55    | 0.10%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                   | IQVIA Inc                                                                    | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    320000 | PA      | $334626.24    | 0.12%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                    | OCP SA                                                                       | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    136000 | PA      | $138040.00    | 0.05%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                         | Medline Borrower LP                                                          | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    430000 | PA      | $421867.37    | 0.15%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                       | Toronto-Dominion Bank/The                                                    | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    335000 | PA      | $353956.98    | 0.13%             | 2082-10-31      | Fixed         | 8.12%                 | 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        |     90000 | PA      | $87758.87     | 0.03%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                    | OBX 2023-NQM9 Trust                                                          | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |    635998 | PA      | $645340.11    | 0.23%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                          | A&D Mortgage Trust 2025-NQM2                                                 | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |    414720 | PA      | $415898.03    | 0.15%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                    | CLOUD SOFTWARE G 03/21/31                                                    | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    198500 | PA      | $199436.92    | 0.07%             | 2031-03-24      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                         | Dominion Energy Inc                                                          | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    245000 | PA      | $251658.61    | 0.09%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                    | F&G Annuities & Life Inc                                                     | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $587481.02    | 0.21%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                                         | CNT HLDGS I 11/08/32                                                         | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    226322 | PA      | $227000.72    | 0.08%             | 2032-11-08      | Floating      | 6.76%                 | 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      | $84609.74     | 0.03%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                          | Energy Transfer LP                                                           | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    555000 | PA      | $557446.44    | 0.20%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                           | State Street Corp                                                            | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103349.60    | 0.04%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                          | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    254000 | PA      | $214960.20    | 0.08%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                    | Occidental Petroleum Corp                                                    | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    370000 | PA      | $362608.14    | 0.13%             | 2040-03-15      | Fixed         | 6.20%                 | 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        |    545000 | PA      | $577395.35    | 0.21%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                  | ROCK Trust 2024-CNTR                                                         | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420000 | PA      | $434953.01    | 0.15%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                    | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $157014.82    | 0.06%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                              | RIDE 2025-SHRE                                                               | CUSIP: 765692AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $600243.54    | 0.21%             | 2047-02-14      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                         | CLYDESDALE ACQUI 04/13/29                                                    | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    285000 | PA      | $285212.33    | 0.10%             | 2029-04-13      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                     | KeyCorp                                                                      | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97998.81     | 0.03%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Lightstone Holdco LLC                                       | Lightstone HoldC 01/29/27                                                    | CUSIP: 53226GAL5<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |     11638 | PA      | $11656.48     | 0.00%             | 2027-01-29      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                       | Stellantis Finance US Inc                                                    | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    460000 | PA      | $460716.29    | 0.16%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                | METLIFE SECURITIZATION TRUST 2019-1                                          | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262921 | PA      | $258582.11    | 0.09%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                    | Snap Inc                                                                     | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    305000 | PA      | $312959.28    | 0.11%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                | ACRISUR 11/06/30                                                             | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    232855 | PA      | $233181.86    | 0.08%             | 2030-11-06      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                             | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7740000 | PA      | $7591851.60   | 2.70%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                        | Republic of Uzbekistan International Bond                                    | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    328000 | PA      | $340316.40    | 0.12%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CRC Insurance Group LLC                                     | TRUIST INS HLDG 05/06/31                                                     | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    265000 | PA      | $265606.85    | 0.09%             | 2031-05-06      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                   | Auxilior Term Funding 2023-1 LLC                                             | CUSIP: 05335JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90000 | PA      | $92801.15     | 0.03%             | 2030-12-16      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                           | Herc Holdings Inc                                                            | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113987.39    | 0.04%             | 2033-06-15      | Fixed         | 7.25%                 | 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        |     96835 | PA      | $85224.40     | 0.03%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                              | American Credit Acceptance Receivables Trust 2024-4                          | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    535000 | PA      | $535211.33    | 0.19%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                               | Mercury Financial Credit Card Master Trust                                   | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $528550.00    | 0.19%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                     | HCA Inc                                                                      | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173602.13    | 0.06%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Inc                                 | GLOB MED RESPONS 10/31/28                                                    | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |    154377 | PA      | $154751.55    | 0.06%             | 2028-10-02      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                            | Teine Energy Ltd                                                             | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $108264.07    | 0.04%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications USA II LP                             | ATLANTIC BROADBA 09/15/30                                                    | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |    222546 | PA      | $222327.71    | 0.08%             | 2030-09-30      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                      | Egypt Government International Bond                                          | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    288000 | PA      | $236160.00    | 0.08%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                     | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $134342.35    | 0.05%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                            | Black Hills Corp                                                             | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    405000 | PA      | $427181.69    | 0.15%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                       | Mexico Government International Bond                                         | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1248000 | PA      | $707304.00    | 0.25%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                              | PAI HOLDCO, INC. 10/28/27                                                    | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |    137059 | PA      | $110817.46    | 0.04%             | 2027-10-28      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                        | Bank of America Corp                                                         | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146497.14    | 0.05%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                             | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39407.85     | 0.01%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                          | A&D Mortgage Trust 2023-NQM3                                                 | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    139223 | PA      | $140276.59    | 0.05%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                     | Adani Ports & Special Economic Zone Ltd                                      | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    220000 | PA      | $209320.54    | 0.07%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                                     | United Airlines 2023-1 Class A Pass Through Trust                            | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    151141 | PA      | $154635.96    | 0.05%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                      | PAR PHARMACEUTICAL INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| STATE OF QATAR                                              | Qatar Government International Bond                                          | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    133000 | PA      | $130434.43    | 0.05%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lernen US Finco LLC                                         | LERNEN BIDC 10/27/31                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    154226 | PA      | $155446.66    | 0.06%             | 2031-10-27      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    507000 | PA      | $242092.50    | 0.09%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                             | CORNERSTONE 05/05/31                                                         | CUSIP: 72431HAE0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |     79400 | PA      | $68945.80     | 0.02%             | 2031-05-15      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                       | Panther Escrow Issuer LLC                                                    | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15521.06     | 0.01%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                           | L3Harris Technologies Inc                                                    | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    525000 | PA      | $539062.46    | 0.19%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers                               | Retained Vantage Data Centers Issuer LLC                                     | CUSIP: 76134KAH7<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $501819.70    | 0.18%             | 2049-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                | Univision Comm 01/23/29                                                      | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    227499 | PA      | $227073.82    | 0.08%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                                         | UAE International Government Bond                                            | CUSIP: 31424EAE2<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    145000 | PA      | $134560.00    | 0.05%             | 2052-07-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                         | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137152.04    | 0.05%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                                     | Great Canadian Gaming Corp/Raptor LLC                                        | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    265000 | PA      | $259671.75    | 0.09%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                              | ACM Auto Trust 2024-2                                                        | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190603 | PA      | $191018.41    | 0.07%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                              | NRG Energy Inc                                                               | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    226000 | PA      | $248117.49    | 0.09%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Milano Acquisition Corp                                     | MILANO ACQUISITI 08/13/27                                                    | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    266312 | PA      | $263067.45    | 0.09%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                             | MVW 2024-1 LLC                                                               | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145507 | PA      | $147756.65    | 0.05%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc                   | DG INVT INTER HL 07/02/32                                                    | CUSIP: 23344MAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    218016 | PA      | $218902.44    | 0.08%             | 2032-07-12      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                              | Morgan Stanley                                                               | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    205000 | PA      | $210025.73    | 0.07%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1291699 | PA      | $1228126.13   | 0.44%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    129000 | PA      | $67065.30     | 0.02%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| M6 ETX Holdings II Midco LLC                                | M6 ETX HLDGS II 03/25/32                                                     | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    185000 | PA      | $186444.85    | 0.07%             | 2032-04-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOOD 08/05/28                                     | DEL MONTE FOOD 08/05/28                                                      | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     27045 | PA      | $3177.79      | 0.00%             | 2028-08-02      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                    | Ford Motor Credit Co LLC                                                     | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120127.50    | 0.04%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                      | Brazilian Government International Bond                                      | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    213000 | PA      | $204906.00    | 0.07%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    365968 | PA      | $358099.03    | 0.13%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                              | JP Morgan Seasoned Mortgage Trust Series 2024-1                              | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350925 | PA      | $340634.25    | 0.12%             | 2063-01-25      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                                          | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     98000 | PA      | $96499.00     | 0.03%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                         | Altice Financing SA                                                          | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    680000 | PA      | $545682.52    | 0.19%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                                    | Hughes Satellite Systems Corp                                                | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $238615.93    | 0.08%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                    | Fashion Show Mall LLC                                                        | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    685000 | PA      | $688005.51    | 0.24%             | 2041-10-10      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                              | PEAC Solutions Receivables 2024-1 LLC                                        | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $275705.59    | 0.10%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                      | Egypt Government International Bond                                          | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    388000 | PA      | $344156.00    | 0.12%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                          | Ukraine Government International Bond                                        | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      8292 | PA      | $3959.43      | 0.00%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                       | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    240000 | PA      | $245607.22    | 0.09%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                        | LifePoint Health Inc                                                         | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    195000 | PA      | $202679.88    | 0.07%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                              | PRET 2025-NPL1 Trust                                                         | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550662 | PA      | $551537.90    | 0.20%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                     | Booz Allen Hamilton Inc                                                      | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    515000 | PA      | $533339.15    | 0.19%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2017-6                                             | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    655000 | PA      | $622309.34    | 0.22%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                    | Prudential Financial Inc                                                     | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    450000 | PA      | $468477.36    | 0.17%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                    | Occidental Petroleum Corp                                                    | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    355000 | PA      | $348458.42    | 0.12%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PEX Holdings LLC                                            | GEN II FD SERVIC 11/19/31                                                    | CUSIP: 69381MAB1<br>LEI: 2138006XMWHEBFQ55Z05 | Long             | LON              | CORP              | US        |    234412 | PA      | $235242.32    | 0.08%             | 2031-11-19      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                                             | FinBe USA Trust 2025-1                                                       | CUSIP: 317967AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    675000 | PA      | $678283.47    | 0.24%             | 2030-12-16      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae Pool                                                              | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1161769 | PA      | $1072595.20   | 0.38%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                     | KazMunayGas National Co JSC                                                  | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    101000 | PA      | $95028.38     | 0.03%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                           | Trinidad & Tobago Government International Bond                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    197000 | PA      | $192222.75    | 0.07%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                                  | VIASAT 02/23/29                                                              | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    217254 | PA      | $214945.32    | 0.08%             | 2029-03-05      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Lannett Co Inc                                              | LANNETT C 06/16/30                                                           | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |      1502 | PA      | $450.05       | 0.00%             | 2030-06-16      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| Rocket Software Inc                                         | ROCKET SOFTWAR 11/28/28                                                      | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    187852 | PA      | $188542.18    | 0.07%             | 2028-11-28      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                                      | Millennium Escrow Corp                                                       | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $424921.46    | 0.15%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                      | Blackstone Private Credit Fund                                               | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    370000 | PA      | $367807.55    | 0.13%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                                 | CHG HEALTHCARE S 09/29/28                                                    | CUSIP: 12541HAW3<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |     57357 | PA      | $57401.96     | 0.02%             | 2028-09-29      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                             | TRAVERSE MIDSTRE 02/16/28                                                    | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |     98688 | PA      | $99181.18     | 0.04%             | 2028-02-16      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                              | American Credit Acceptance Receivables Trust 2022-1                          | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10856 | PA      | $10845.15     | 0.00%             | 2028-03-13      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                         | JPMorgan Chase & Co                                                          | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    230000 | PA      | $239751.66    | 0.09%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                       | Wells Fargo & Co                                                             | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129790.13    | 0.05%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                | Entergy Corp                                                                 | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    475000 | PA      | $492944.60    | 0.18%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                                    | Flex Intermediate Holdco LLC                                                 | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    430000 | PA      | $386381.39    | 0.14%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Bifm CA Buyer Inc                                           | BIFM CA Buyer 05/31/28                                                       | CUSIP: 000000000<br>LEI: 5493004RP2P0NY84N260 | Long             | LON              | CORP              | US        |    124226 | PA      | $124924.63    | 0.04%             | 2028-05-31      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                        | Garda World Security Corp                                                    | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    245000 | PA      | $252596.47    | 0.09%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                       | Mexico Government International Bond                                         | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    196000 | PA      | $203252.00    | 0.07%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                       | Sri Lanka Government International Bond                                      | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     58925 | PA      | $48355.41     | 0.02%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                         | New Home Co Inc/The                                                          | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    145000 | PA      | $150495.94    | 0.05%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                    | Banco de Credito del Peru S.A.                                               | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     72000 | PA      | $74322.00     | 0.03%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                    | Kronos Acquisition Holdings Inc                                              | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $160811.03    | 0.06%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                         | Senegal Government International Bond                                        | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    186000 | PA      | $139209.84    | 0.05%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                                         | CNT HLDGS I 11/08/32                                                         | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |     37743 | PA      | $37855.85     | 0.01%             | 2032-11-08      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                            | Under Armour Inc                                                             | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    235000 | PA      | $240351.06    | 0.09%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                       | Directv Financing LLC                                                        | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $575073.00    | 0.20%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                        | Flutter Treasury DAC                                                         | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    110000 | PA      | $110794.20    | 0.04%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                              | Transocean Inc                                                               | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    195000 | PA      | $179343.68    | 0.06%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                              | Planet Fitness Master Issuer LLC                                             | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    565725 | PA      | $572443.21    | 0.20%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                              | THPT 2023-THL Mortgage Trust                                                 | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    539034 | PA      | $547551.10    | 0.19%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                               | Lendbuzz Securitization Trust 2023-2                                         | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50731 | PA      | $51523.81     | 0.02%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                               | Citigroup Inc                                                                | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141957.31    | 0.05%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                              | Transocean Inc                                                               | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     60000 | PA      | $62259.84     | 0.02%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| North American Bancard LLC                                  | NAB HLDG 11/24/28                                                            | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    236752 | PA      | $234704.83    | 0.08%             | 2028-11-24      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                              | OneMain Financial Issuance Trust 2022-3                                      | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192699 | PA      | $194123.60    | 0.07%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                | UBS Group AG                                                                 | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     60000 | PA      | $70482.18     | 0.03%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                              | BBCMS 2018-TALL Mortgage Trust                                               | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    585000 | PA      | $556827.63    | 0.20%             | 2037-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                             | CVS Health Corp                                                              | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    335000 | PA      | $288502.67    | 0.10%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                       | Foundry JV Holdco LLC                                                        | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    480000 | PA      | $485139.48    | 0.17%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                     | Romanian Government International Bond                                       | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    556000 | PA      | $528167.70    | 0.19%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc                                       | ELLUCIAN HLDG 10/09/29                                                       | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    156550 | PA      | $156941.58    | 0.06%             | 2029-10-09      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                 | Oracle Corp                                                                  | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    170000 | PA      | $183049.88    | 0.07%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                       | Dick's Sporting Goods Inc                                                    | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    525000 | PA      | $374853.75    | 0.13%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                     | El Salvador Government International Bond                                    | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     94000 | PA      | $85716.58     | 0.03%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                    | Albion Financing 1 SARL / Aggreko Holdings Inc                               | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    345000 | PA      | $355966.17    | 0.13%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIANT MEDICAL HOLDINGS                                      | VIANT MEDICAL HOLDINGS                                                       | CUSIP: 92556MAB2<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |    290000 | PA      | $290182.70    | 0.10%             | 2031-10-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                    | South Bow USA Infrastructure Holdings LLC                                    | CUSIP: 83007CAE2<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138282.43    | 0.05%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                        | Samarco Mineracao SA                                                         | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     97295 | PA      | $96443.68     | 0.03%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                | Veros Auto Receivables Trust 2024-1                                          | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $257007.45    | 0.09%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Aggreko Holdings Inc                                        | Albion Fing 3 05/21/31                                                       | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     75268 | PA      | $75748.23     | 0.03%             | 2031-05-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                     | El Salvador Government International Bond                                    | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    308000 | PA      | $296142.00    | 0.11%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                               | Tidewater Inc                                                                | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    105000 | PA      | $110201.16    | 0.04%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                         | Southern California Edison Co                                                | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    360000 | PA      | $369510.99    | 0.13%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                      | Egypt Government International Bond                                          | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    320000 | PA      | $326640.00    | 0.12%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                     | Light & Wonder International Inc                                             | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175294.00    | 0.06%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                    | Capital One Financial Corp                                                   | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    175000 | PA      | $149062.34    | 0.05%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                          | Dominican Republic International Bond                                        | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    208000 | PA      | $213408.00    | 0.08%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                       | Truist Financial Corp                                                        | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    360000 | PA      | $376515.57    | 0.13%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                      | BP Capital Markets PLC                                                       | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    495000 | PA      | $488481.73    | 0.17%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Delivery Hero Finco LLC                                     | DELIVERY HE 12/07/29                                                         | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    177750 | PA      | $179508.84    | 0.06%             | 2029-12-12      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                              | Gray Media Inc                                                               | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403796.54    | 0.14%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                           | State Street Corp                                                            | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    405000 | PA      | $432096.31    | 0.15%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                       | Argentine Republic Government International Bond                             | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    276000 | PA      | $212796.00    | 0.08%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                     | Columbia Pipelines Operating Co LLC                                          | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $414716.72    | 0.15%             | 2035-02-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| BMC Software Inc                                            | Boxer Parent C 07/30/31                                                      | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    274213 | PA      | $274533.58    | 0.10%             | 2031-07-30      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Motion Finco Sarl                                           | MOTION FINC 11/12/29                                                         | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | LON              | CORP              | LU        |    153270 | PA      | $141309.74    | 0.05%             | 2029-11-30      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corp II Inc                                 | Del Monte Foods 04/02/26                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     14080 | PA      | $9856.32      | 0.00%             | 2026-04-02      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                          | Ally Financial Inc                                                           | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    505000 | PA      | $512054.44    | 0.18%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2017-4                                             | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    525000 | PA      | $494279.84    | 0.18%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                        | LIFEPOINT H 05/16/31                                                         | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    238585 | PA      | $238511.02    | 0.08%             | 2031-05-19      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP                                | SCIENTIFIC GAMES 04/04/29                                                    | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |    106785 | PA      | $106861.83    | 0.04%             | 2029-04-04      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                               | Lendbuzz Securitization Trust 2024-3                                         | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    437000 | PA      | $437762.65    | 0.16%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                  | Affirm Asset Securitization Trust 2024-B                                     | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $254920.87    | 0.09%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Radiology Partners Inc                                      | RADIOLOGY PARTNE 06/30/25                                                    | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |    255000 | PA      | $255856.80    | 0.09%             | 2032-06-30      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                        | YPF SA                                                                       | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    112000 | PA      | $118586.72    | 0.04%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                      | Aviation Capital Group LLC                                                   | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222714.10    | 0.08%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                         | Sprint Capital Corp                                                          | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    380000 | PA      | $459195.30    | 0.16%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                             | MVW 2021-1W LLC                                                              | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    312103 | PA      | $297907.29    | 0.11%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                         | MEDLINE INDUS 10/23/28                                                       | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    144418 | PA      | $144709.22    | 0.05%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                                    | Coronado Finance Pty Ltd                                                     | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    480000 | PA      | $367200.00    | 0.13%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                      | PNC Financial Services Group Inc/The                                         | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    840000 | PA      | $861755.52    | 0.31%             | 2036-01-29      | Fixed         | 5.58%                 | 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        |    355000 | PA      | $354887.11    | 0.13%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                         | LBM ACQUISITIO 06/06/31                                                      | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    178200 | PA      | $166979.64    | 0.06%             | 2031-06-06      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                                        | Kyrgyz Republic International Bond                                           | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    250000 | PA      | $251093.75    | 0.09%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                    | Kraken Oil & Gas Partners LLC                                                | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    385000 | PA      | $377838.50    | 0.13%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                              | United Auto Credit Securitization Trust 2022-2                               | CUSIP: 90944KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    533263 | PA      | $534386.53    | 0.19%             | 2028-01-10      | Fixed         | 6.84%                 | 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        |   4501411 | NS      | $4501411.34   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Spin Holdco Inc                                             | CSC SERVICES (SP 02/26/28                                                    | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |    325825 | PA      | $288965.85    | 0.10%             | 2028-03-06      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                         | Synchrony Financial                                                          | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49501.81     | 0.02%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                                             | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1065000 | PA      | $1068265.73   | 0.38%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                    | Midcap Financial Issuer Trust                                                | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $436574.01    | 0.16%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                         | COMM 2024-WCL1 MORTGAGE TRUST                                                | CUSIP: 20047DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    705000 | PA      | $704369.59    | 0.25%             | 2041-06-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                    | Ashton Woods USA LLC / Ashton Woods Finance Co                               | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    445000 | PA      | $417787.40    | 0.15%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                        | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $299034.42    | 0.11%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                       | KeySpan Gas East Corp                                                        | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    546000 | PA      | $566052.28    | 0.20%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Icon Parent Inc                                             | ICON PAREN 09/11/31                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    159600 | PA      | $160223.24    | 0.06%             | 2031-11-13      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                    | Windsor Holdings III LLC                                                     | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    430000 | PA      | $456316.86    | 0.16%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                              | ACHV ABS TRUST 2024-1PL                                                      | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     48622 | PA      | $49004.62     | 0.02%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                 | Asurion 07/31/27                                                             | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    498698 | PA      | $499186.64    | 0.18%             | 2027-07-30      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| GCAT                                                        | GCAT 2019-NQM2 Trust                                                         | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    193703 | PA      | $189480.05    | 0.07%             | 2060-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                       | LEVEL 3 FINANCIN 03/21/32                                                    | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    215000 | PA      | $217233.85    | 0.08%             | 2032-03-29      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                       | Quikrete Holdings Inc                                                        | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66707.18     | 0.02%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                                    | Icon Investments Six DAC                                                     | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    645000 | PA      | $660403.12    | 0.23%             | 2034-05-08      | Fixed         | 6.00%                 | 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        |     65214 | PA      | $65194.80     | 0.02%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                           | Gabon Government International Bond                                          | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    421000 | PA      | $345325.25    | 0.12%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                      | Eskom Holdings SOC Ltd                                                       | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    188000 | PA      | $199126.78    | 0.07%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                      | Taco Bell Funding LLC                                                        | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555000 | PA      | $554511.82    | 0.20%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                              | Avis Budget Rental Car Funding AESOP LLC                                     | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    614000 | PA      | $620842.11    | 0.22%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                               | Citigroup Inc                                                                | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    130000 | PA      | $140068.10    | 0.05%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                         | Zaxbys Funding LLC                                                           | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226560 | PA      | $211230.04    | 0.08%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                 | Ivory Coast Government International Bond                                    | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    444000 | PA      | $411699.00    | 0.15%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan                              | Trafigura Securitisation Finance PLC                                         | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |    635000 | PA      | $642180.58    | 0.23%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                         | Malaysia Government Bond                                                     | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   2460000 | PA      | $556755.97    | 0.20%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                              | Azorra Finance Ltd                                                           | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    280000 | PA      | $286476.54    | 0.10%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP                                | SCIENTIFIC GAMES 04/04/29                                                    | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |       270 | PA      | $270.04       | 0.00%             | 2029-04-04      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Kestrel Acquisition LLC                                     | KESTREL ACQUISIT 10/29/31                                                    | CUSIP: 44579UAB8<br>LEI: 549300ER0JUHJLPPMH08 | Long             | LON              | CORP              | US        |    245398 | PA      | $246343.74    | 0.09%             | 2031-11-06      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                            | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262847.04    | 0.09%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                    | JP Morgan Mortgage Trust Series 2025-CES1                                    | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |    321413 | PA      | $322453.44    | 0.11%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                       | Melco Resorts Finance Ltd                                                    | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $190875.00    | 0.07%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                      | HA Sustainable Infrastructure Capital Inc                                    | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141171.92    | 0.05%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer