# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0000940400-25-003000
**Filing Date:** 2025-9
**Character Count:** 69584
**Document Hash:** d3953b7b8cacc5b8ed184bcf24129abd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-003000.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000940400-25-003000

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus ETF Trust II
- **CENTRAL INDEX KEY:** 0001648403

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251352879

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-593-4383

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus EFT Trust II
- **DATE OF NAME CHANGE:** 20150717

## Series and Classes Contracts Data

### Virtus Stone Harbor Emerging Markets High Yield Bond ETF (Series ID: S000078276)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000239036 | Virtus Stone Harbor Emerging Markets High Yield Bond ETF | VEMY            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Virtus ETF Trust II

- **b. Investment Company Act file number:** 811-23078

- **c. CIK number of Registrant:** 0001648403

- **d. LEI of Registrant:** 549300KNJ4HBWHIYD309

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

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 212-493-4383

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

- **a. Name of Series:** Virtus Stone Harbor Emerging Markets High Yield Bond ETF

- **b. EDGAR series identifier (if any):** S000078276

- **c. LEI of Series:** 549300XJPVD8EVRFU454

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

- **a. Date of fiscal year-end:** 2025-07-31

- **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:** $15259828.24

**Total Liabilities:** $208819.23

**Net Assets:** $15051009.01

**Cash Not Reported:** $373679.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -78.24744635 | **10-Year:** -328.22036870 | **30-Year:** -445.94485900

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

- **3-Month:** 0.00000000 | **1-Year:** -13.52449798 | **5-Year:** -1036.87871300 | **10-Year:** -2485.82043400 | **30-Year:** -2456.22433200

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239036 | 2.11%                | 2.54%                | 1.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4192.21                 | $181961.34                                 |
| Month 2  | $19637.25                | $233567.18                                 |
| Month 3  | $47559.97                | $135409.37                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     27000 | PA      | $27776.25     | 0.18%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    159000 | PA      | $131373.75    | 0.87%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA     | Constellation Oil Services Holding SA                                            | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     44000 | PA      | $45280.62     | 0.30%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN  | Pakistan Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $196125.00    | 1.30%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI       | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $13450.00     | 0.09%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     34000 | PA      | $35041.25     | 0.23%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    118000 | PA      | $116289.00    | 0.77%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV          | MV24 Capital BV                                                                  | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     54924 | PA      | $54608.19     | 0.36%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA   | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $67833.00     | 0.45%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC   | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |    124000 | PA      | $102920.00    | 0.68%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     15000 | PA      | $13678.18     | 0.09%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     27000 | PA      | $13770.00     | 0.09%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV          | Cemex SAB de CV                                                                  | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    153000 | PA      | $151759.17    | 1.01%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     40000 | PA      | $39200.00     | 0.26%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    114000 | PA      | $109611.00    | 0.73%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     19692 | PA      | $16442.51     | 0.11%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     28000 | PA      | $28581.00     | 0.19%             | 2030-02-04      | Fixed         | 8.62%                 | 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        |     39000 | PA      | $39308.10     | 0.26%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE    | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    238000 | PA      | $227141.25    | 1.51%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     58000 | PA      | $59508.00     | 0.40%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     39000 | PA      | $41093.71     | 0.27%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| IOCHPE-MAX/MAX WHEELS MX | Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV               | CUSIP: 46188AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AT        |     78000 | PA      | $75159.63     | 0.50%             | 2028-05-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     15421 | PA      | $7864.71      | 0.05%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    152197 | PA      | $79125.10     | 0.53%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA    | Guatemala Government Bond                                                        | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    112000 | PA      | $115080.00    | 0.76%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    282000 | PA      | $195586.74    | 1.30%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA       | Angolan Government International Bond                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    261000 | PA      | $238112.91    | 1.58%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    254400 | PA      | $206445.60    | 1.37%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD        | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    116000 | PA      | $113680.00    | 0.76%             | 2026-04-04      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA | Republic of South Africa Government International Bond                           | CUSIP: 836205AZ7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    125000 | PA      | $101812.50    | 0.68%             | 2048-06-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND      | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     32000 | PA      | $31077.28     | 0.21%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA         | Movida Europe SA                                                                 | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    183000 | PA      | $172020.00    | 1.14%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    163778 | PA      | $116528.06    | 0.77%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    122000 | PA      | $119712.50    | 0.80%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $59543.10     | 0.40%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    195000 | PA      | $198851.25    | 1.32%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     56000 | PA      | $54572.00     | 0.36%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    188000 | PA      | $185120.54    | 1.23%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA    | Minerva Luxembourg SA                                                            | CUSIP: 000000000<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    220000 | PA      | $197105.70    | 1.31%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    113788 | PA      | $80959.81     | 0.54%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL       | FS Luxembourg Sarl                                                               | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    132000 | PA      | $136534.20    | 0.91%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA       | Angolan Government International Bond                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     46000 | PA      | $43063.59     | 0.29%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    118600 | PA      | $95591.60     | 0.64%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     33000 | PA      | $33429.00     | 0.22%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     40000 | PA      | $42300.00     | 0.28%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88965.00     | 0.59%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     21000 | PA      | $21871.50     | 0.15%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     68000 | PA      | $68306.00     | 0.45%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    133000 | PA      | $127946.00    | 0.85%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     78000 | PA      | $78637.96     | 0.52%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     32000 | PA      | $32768.00     | 0.22%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR      | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    469000 | PA      | $411782.00    | 2.74%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL  | Adani Ports & Special Economic Zone Ltd                                          | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    111000 | PA      | $96170.40     | 0.64%             | 2032-02-02      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA    | Petroleos del Peru SA                                                            | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    122000 | PA      | $98025.17     | 0.65%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA    | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     44000 | PA      | $8800.00      | 0.06%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM        | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     80274 | PA      | $65423.62     | 0.43%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1510000 | PA      | $211400.00    | 1.40%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JW55<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    123000 | PA      | $95795.48     | 0.64%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    125000 | PA      | $125531.25    | 0.83%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO | Yinson Boronia Production BV                                                     | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    130836 | PA      | $141447.19    | 0.94%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     88000 | PA      | $90194.72     | 0.60%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    115000 | PA      | $121763.15    | 0.81%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     14000 | PA      | $14581.00     | 0.10%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     68000 | PA      | $67202.36     | 0.45%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     25000 | PA      | $25650.00     | 0.17%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     10000 | PA      | $10344.30     | 0.07%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD       | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     52000 | PA      | $51595.96     | 0.34%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND      | Benin Government International Bond                                              | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     35000 | PA      | $34570.03     | 0.23%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     94864 | PA      | $93171.71     | 0.62%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU | Istanbul Metropolitan Municipality                                               | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |     82000 | PA      | $89193.04     | 0.59%             | 2028-12-06      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CM0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    100000 | PA      | $100287.50    | 0.67%             | 2030-11-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA  | Ethiopia International Bond                                                      | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    127000 | PA      | $117475.00    | 0.78%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA     | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    158165 | PA      | $156780.58    | 1.04%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    525000 | PA      | $85968.75     | 0.57%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO       | Morocco Government International Bond                                            | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     17000 | PA      | $14472.61     | 0.10%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     60000 | PA      | $31050.00     | 0.21%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA        | Republic of Kenya Government International Bond                                  | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    142000 | PA      | $137012.96    | 0.91%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA    | Guatemala Government Bond                                                        | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     25000 | PA      | $24875.00     | 0.17%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    118000 | PA      | $109563.00    | 0.73%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    263000 | PA      | $160693.00    | 1.07%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING) | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |    127538 | PA      | $122436.73    | 0.81%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN        | Jordan Government International Bond                                             | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     45000 | PA      | $43893.45     | 0.29%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA | AI Candelaria -spain- SA                                                         | CUSIP: 000000000<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    157000 | PA      | $136195.93    | 0.90%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    163000 | PA      | $161290.13    | 1.07%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD  | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    161000 | PA      | $151138.75    | 1.00%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK    | Zorlu Enerji Elektrik Uretim AS                                                  | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     81000 | PA      | $79166.57     | 0.53%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AMBIPAR LUX SARL         | Ambipar Lux Sarl                                                                 | CUSIP: 02319WAB7<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |     80000 | PA      | $72908.40     | 0.48%             | 2033-02-05      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC     | Georgian Railway JSC                                                             | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |     14000 | PA      | $12915.77     | 0.09%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC        | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    200000 | PA      | $37500.00     | 0.25%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA      | Republic of Armenia International Bond                                           | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |     28000 | PA      | $24430.00     | 0.16%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT      | Honduras Government International Bond                                           | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     75000 | PA      | $78600.75     | 0.52%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     41000 | PA      | $40013.95     | 0.27%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     79000 | PA      | $70538.31     | 0.47%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD    | Investment Energy Resources Ltd                                                  | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    125000 | PA      | $123040.00    | 0.82%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101325.00    | 0.67%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN        | Jordan Government International Bond                                             | CUSIP: 41809JAB1<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     16000 | PA      | $16565.12     | 0.11%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    170000 | PA      | $171317.50    | 1.14%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON        | Gabon Government International Bond                                              | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     74000 | PA      | $60698.50     | 0.40%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $40620.60     | 0.27%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      3200 | PA      | $3096.00      | 0.02%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL              | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    130000 | PA      | $134192.50    | 0.89%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    408000 | PA      | $58650.00     | 0.39%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LLPL CAPITAL PTE LTD     | LLPL Capital Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 254900VXZ8FXTUQNON22 | Long             | DBT              | CORP              | SG        |     43632 | PA      | $44969.94     | 0.30%             | 2039-02-04      | 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        |    166000 | PA      | $136223.75    | 0.91%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    251000 | PA      | $162611.61    | 1.08%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      8035 | PA      | $3836.71      | 0.03%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $51160.00     | 0.34%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON        | Gabon Government International Bond                                              | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    122000 | PA      | $100413.32    | 0.67%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     71000 | PA      | $62977.00     | 0.42%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD   | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    162000 | PA      | $171587.97    | 1.14%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV      | Minejesa Capital BV                                                              | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    134000 | PA      | $131454.00    | 0.87%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE   | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $77508.00     | 0.51%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      3000 | PA      | $3227.07      | 0.02%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     98000 | PA      | $93345.00     | 0.62%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS      | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    223000 | PA      | $159166.25    | 1.06%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    196000 | PA      | $151116.00    | 1.00%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS | Yapi ve Kredi Bankasi AS                                                         | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $52610.00     | 0.35%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC  | WE Soda Investments Holding PLC                                                  | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     88000 | PA      | $92169.59     | 0.61%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ADANIREN KODSOPAR WARSOM | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     58450 | PA      | $47344.50     | 0.31%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD   | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAC0<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     43000 | PA      | $43846.67     | 0.29%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    113146 | PA      | $54027.22     | 0.36%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON     | Republic of Cameroon International Bond                                          | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    200000 | PA      | $188612.00    | 1.25%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA            | MSU Energy SA                                                                    | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     94000 | PA      | $87277.12     | 0.58%             | 2030-12-05      | Fixed         | 9.75%                 | 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        |    186000 | PA      | $190789.50    | 1.27%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     82000 | PA      | $81784.75     | 0.54%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC             | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $29568.00     | 0.20%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    267000 | PA      | $280083.00    | 1.86%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    149000 | PA      | $105648.45    | 0.70%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN        | Jordan Government International Bond                                             | CUSIP: 418097AJ0<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     35000 | PA      | $31858.75     | 0.21%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO  | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     37124 | PA      | $37355.68     | 0.25%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $24656.25     | 0.16%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     45000 | PA      | $45675.00     | 0.30%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD     | JSW Hydro Energy Ltd                                                             | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    106500 | PA      | $98938.50     | 0.66%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     17000 | PA      | $16791.75     | 0.11%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB     | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     90000 | PA      | $87862.50     | 0.58%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD        | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     96000 | PA      | $90960.00     | 0.60%             | 2027-05-01      | Fixed         | 7.75%                 | 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        |     57000 | PA      | $55090.50     | 0.37%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT       | Bolivian Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |    103000 | PA      | $79052.50     | 0.53%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      5000 | PA      | $4522.30      | 0.03%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA       | Zambia Government International Bond                                             | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    137000 | PA      | $100360.72    | 0.67%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND     | Kyrgyz Republic International Bond                                               | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |     95000 | PA      | $95415.63     | 0.63%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     52000 | PA      | $48204.00     | 0.32%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN   | Republic of Uzbekistan International Bond                                        | CUSIP: 91822Q2E6<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     89000 | PA      | $79321.25     | 0.53%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL      | Senegal Government International Bond                                            | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    268000 | PA      | $200581.92    | 1.33%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     27782 | PA      | $27286.00     | 0.18%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     82000 | PA      | $76321.50     | 0.51%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                                | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     54000 | PA      | $55255.23     | 0.37%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO        | Trinidad & Tobago Government International Bond                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    158000 | PA      | $154168.50    | 1.02%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    382000 | PA      | $372068.00    | 2.47%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| 10 RENEW POWER SUBSIDIAR | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     56000 | PA      | $53445.00     | 0.36%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JX62<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     12000 | PA      | $10080.00     | 0.07%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA       | Serbia International Bond                                                        | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     64000 | PA      | $65362.24     | 0.43%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD            | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     84000 | PA      | $86987.04     | 0.58%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     44000 | PA      | $37081.00     | 0.25%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO  | KazMunayGas National Co JSC                                                      | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    109000 | PA      | $102555.38    | 0.68%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE  | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     76000 | PA      | $71166.78     | 0.47%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     63900 | PA      | $63358.13     | 0.42%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL       | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     67000 | PA      | $70132.25     | 0.47%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    150000 | PA      | $160791.00    | 1.07%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    164182 | PA      | $104789.05    | 0.70%             | 2046-07-09      | Variable      | 4.12%                 | 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        |    136000 | PA      | $102650.08    | 0.68%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA             | OHI Group SA                                                                     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |    123000 | PA      | $130081.11    | 0.86%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus ETF Trust II

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer