# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0000940400-26-012464
**Filing Date:** 2026-3
**Character Count:** 520149
**Document Hash:** 273b01d4c68ee9de91b50ff378ee2822
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012464.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000940400-26-012464

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**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:** 26819836

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** 2125934383

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS – 26.4%** | **CORPORATE BONDS – 26.4%** | |
| **Communication Services – 1.9%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30<sup>(1)</sup> | $710000 | $678714 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(1)</sup> | 30000 | 30950 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(1)</sup> | 390000 | 338181 |
| CSC Holdings LLC, 11.75%, 01/31/29<sup>(1)</sup> | 600000 | 437875 |
| CSC Holdings LLC, 4.13%, 12/01/30<sup>(1)</sup> | 250000 | 151816 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 395000 | 400475 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 45000 | 45619 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 56000 | 56302 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(1)</sup> | 325000 | 336527 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(1)</sup> | 400000 | 412702 |
| Gray Television, Inc., 5.38%, 11/15/31<sup>(1)</sup> | 600000 | 446236 |
| Meta Platforms, Inc., 5.75%, 11/15/65 | 995000 | 941571 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 635000 | 622173 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 65000 | 12501 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 350000 | 362238 |
| Snap, Inc., 6.88%, 03/01/33<sup>(1)</sup> | 305000 | 313198 |
| Snap, Inc., 6.88%, 03/15/34<sup>(1)</sup> | 170000 | 173758 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 380000 | 460334 |
| T-Mobile USA, Inc., 5.05%, 07/15/33 | 96000 | 97576 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 620000 | 640198 |
| Total Communication Services |  | 6958944 |
| **Consumer Discretionary – 2.0%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 450000 | 470294 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/30<sup>(1)</sup> | 445000 | 421490 |
| Churchill Downs, Inc., 6.75%, 05/01/31<sup>(1)</sup> | 660000 | 680845 |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/30<sup>(1)</sup> | 15000 | 15700 |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/32<sup>(1)</sup> | 100000 | 103567 |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/52 | 970000 | 709846 |
| Ford Motor Co., 3.25%, 02/12/32 | 105000 | 93303 |
| Ford Motor Co., 4.75%, 01/15/43 | 80000 | 64216 |
| Ford Motor Credit Co. LLC, 6.05%, 11/05/31 | 120000 | 123975 |
| Ford Motor Credit Co. LLC, 6.50%, 02/07/35 | 370000 | 386112 |
| Installed Building Products, Inc., 5.63%, 02/01/34<sup>(1)</sup> | 10000 | 10083 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup> | 561000 | 552102 |
| New Home Co., Inc. (The), 9.25%, 10/01/29<sup>(1)</sup> | 375000 | 395617 |
| New Home Co., Inc. (The), 8.50%, 11/01/30<sup>(1)</sup> | 40000 | 41716 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 260000 | 263007 |
| Newell Brands, Inc., 6.63%, 09/15/29 | 476000 | 476905 |
| Park River Holdings, Inc., 8.00%, 03/15/31<sup>(1)</sup> | 60000 | 61871 |
| Polaris, Inc., 5.60%, 03/01/31 | 650000 | 660230 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(1)</sup> | 75000 | 76172 |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(1)(3)(4)</sup> | 92500 | 278 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Consumer Discretionary (continued)** |  |  |
| Stellantis Finance US, Inc., 6.45%, 03/18/35<sup>(1)</sup> | $460000 | $479577 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<sup>(1)</sup> | 25000 | 25673 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(1)</sup> | 235000 | 240587 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(1)</sup> | 5000 | 5232 |
| Wayfair LLC, 6.75%, 11/15/32<sup>(1)</sup> | 145000 | 149987 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 645000 | 637051 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup> | 275000 | 287086 |
| Total Consumer Discretionary |  | 7432522 |
| **Consumer Staples – 0.7%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup> | 790000 | 779854 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 03/31/34<sup>(1)</sup> | 50000 | 49236 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% cash / 9.5% PIK)<sup>(1)(5)</sup> | 218 | 233 |
| Pilgrim's Pride Corp., 6.25%, 07/01/33 | 633000 | 677464 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 575000 | 579895 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 455000 | 455736 |
| Total Consumer Staples |  | 2542418 |
| **Energy – 3.4%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup> | 285000 | 301119 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/28<sup>(1)</sup> | 180000 | 180451 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 07/01/34<sup>(1)</sup> | 40000 | 40425 |
| Antero Resources Corp., 5.38%, 03/01/30<sup>(1)</sup> | 200000 | 202942 |
| Ascent Resources Utica Holdings LLC / Aru Finance Corp., 6.63%, 07/15/33<sup>(1)</sup> | 285000 | 295304 |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual<sup>(2)(6)</sup> | 495000 | 491604 |
| Bristow Group, Inc., 6.75%, 02/01/33<sup>(1)</sup> | 70000 | 70853 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 150000 | 157252 |
| Caturus Energy LLC, 8.50%, 02/15/30<sup>(1)</sup> | 480000 | 500791 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(1)</sup> | 135000 | 144191 |
| Columbia Pipelines Operating Co. LLC, 5.44%, 02/15/35<sup>(1)</sup> | 415000 | 424751 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<sup>(1)</sup> | 195000 | 199875 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup> | 105000 | 103828 |
| DT Midstream, Inc., 4.38%, 06/15/31<sup>(1)</sup> | 455000 | 446228 |
| Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), perpetual<sup>(2)(6)</sup> | 555000 | 557881 |
| Equities Corp., 6.38%, 04/01/29 | 285000 | 294938 |
| Flex Intermediate Holdco LLC, 3.36%, 06/30/31<sup>(1)</sup> | 430000 | 396680 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 545000 | 573887 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Energy (continued)** |  |  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup> | $285000 | $294273 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup> | 385000 | 405591 |
| HF Sinclair Corp., 6.25%, 01/15/35 | 800000 | 836717 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup> | 125000 | 125098 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 7.25%, 02/15/35<sup>(1)</sup> | 395000 | 382449 |
| Kodiak Gas Services LLC, 6.75%, 10/01/35<sup>(1)</sup> | 185000 | 191273 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32<sup>(1)</sup> | 845000 | 877977 |
| Mesquite Energy, Inc., Escrow, 7.25%, 02/15/23, perpetual<sup>(1)(4)(6)</sup> | 12000 | 61 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.13%, 02/15/29<sup>(1)</sup> | 20000 | 20766 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.38%, 02/15/32<sup>(1)</sup> | 415000 | 434618 |
| Occidental Petroleum Corp., 5.55%, 10/01/34 | 355000 | 363331 |
| Occidental Petroleum Corp., 6.20%, 03/15/40 | 370000 | 378021 |
| SM Energy Co., 8.75%, 07/01/31<sup>(1)</sup> | 160000 | 168257 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(1)</sup> | 260000 | 281420 |
| Transocean International Ltd., 8.75%, 02/15/30<sup>(1)</sup> | 56250 | 58665 |
| Transocean International Ltd., 7.88%, 10/15/32<sup>(1)</sup> | 20000 | 21106 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(1)</sup> | 30000 | 30583 |
| Transocean, Inc., 8.50%, 05/15/31<sup>(1)</sup> | 195000 | 198624 |
| Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31<sup>(1)</sup> | 125000 | 115411 |
| Venture Global LNG, Inc., 9.00%, (US 5 Year CMT T- Note + 5.44%), perpetual<sup>(1)(2)(6)</sup> | 380000 | 334530 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup> | 270000 | 285639 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(1)</sup> | 320000 | 324280 |
| Western Midstream Operating LP, 5.25%, 02/01/50 | 935000 | 803451 |
| Williams Cos., Inc. (The), 5.15%, 03/15/34 | 425000 | 430859 |
| Total Energy |  | 12746000 |
| **Financials – 7.7%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.25%, 02/01/29<sup>(1)</sup> | 135000 | 140060 |
| Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(1)</sup> | 530000 | 523831 |
| Ally Financial, Inc., 8.00%, 11/01/31 | 805000 | 913061 |
| American Express Co., 5.63%, (SOFR + 1.93%), 07/28/34<sup>(2)</sup> | 750000 | 781199 |
| American National Group, Inc., 7.00%, (US 5 Year CMT T- Note + 3.18%), 12/01/55<sup>(2)</sup> | 110000 | 111171 |
| Apollo Debt Solutions BDC, 6.90%, 04/13/29 | 305000 | 318347 |
| Apollo Debt Solutions BDC, 5.88%, 08/30/30 | 370000 | 372921 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Financials (continued)** |  |  |
| Apollo Global Management, Inc., 6.00%, (US 5 Year CMT T- Note + 2.17%), 12/15/54<sup>(2)</sup> | $485000 | $485196 |
| Atlas Warehouse Lending Co. LP, 5.25%, 01/15/33<sup>(1)</sup> | 890000 | 891570 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(1)</sup> | 280000 | 293452 |
| Bank of America Corp., 2.97%, (SOFR + 1.33%), 02/04/33<sup>(2)</sup> | 110000 | 100630 |
| Bank of America Corp., 5.52%, (SOFR + 1.74%), 10/25/35<sup>(2)</sup> | 430000 | 439022 |
| Blackstone Private Credit Fund, 6.00%, 01/29/32 | 370000 | 371168 |
| Block, Inc., 6.50%, 05/15/32 | 475000 | 493767 |
| Block, Inc., 6.00%, 08/15/33<sup>(1)</sup> | 90000 | 91976 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | 480000 | 491249 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | 510000 | 462839 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 270000 | 278336 |
| BroadStreet Partners, Inc., 5.88%, 04/15/29<sup>(1)</sup> | 540000 | 539070 |
| Capital One Financial Corp., 2.36%, (SOFR + 1.34%), 07/29/32<sup>(2)</sup> | 345000 | 301897 |
| Capital One Financial Corp., 6.38%, (SOFR + 2.86%), 06/08/34<sup>(2)</sup> | 360000 | 386704 |
| Charles Schwab Corp. (The), 4.00%, (US 5 Year CMT T- Note + 3.17%), perpetual<sup>(2)(6)</sup> | 340000 | 338801 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)(6)</sup> | 497000 | 466579 |
| Charles Schwab Corp. (The), 6.14%, (SOFR + 2.01%), 08/24/34<sup>(2)</sup> | 180000 | 195666 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)(6)</sup> | 390000 | 389533 |
| Citigroup, Inc., 3.98%, (3-Month SOFR + 1.60%), 03/20/30<sup>(2)</sup> | 145000 | 143947 |
| Citigroup, Inc., 6.27%, (SOFR + 2.34%), 11/17/33<sup>(2)</sup> | 130000 | 141526 |
| Citigroup, Inc., 6.17%, (SOFR + 2.66%), 05/25/34<sup>(2)</sup> | 357000 | 378124 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T- Note + 3.85%), 12/15/52<sup>(2)</sup> | 315000 | 323630 |
| Corebridge Financial, Inc., 6.38%, (US 5 Year CMT T- Note + 2.65%), 09/15/54<sup>(2)</sup> | 329000 | 336294 |
| Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 5.95%, 09/17/30<sup>(1)</sup> | 590000 | 563715 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 570000 | 592608 |
| Fifth Third Bancorp, 4.34%, (SOFR + 1.66%), 04/25/33<sup>(2)</sup> | 220000 | 215572 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(1)</sup> | 180000 | 184397 |
| Global Atlantic Finance Co., 7.95%, 06/15/33<sup>(1)</sup> | 180000 | 205258 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)(2)</sup> | 65000 | 67237 |
| Global Payments, Inc., 5.55%, 11/15/35 | 815000 | 808469 |
| Goldman Sachs Group, Inc. (The), 5.33%, (SOFR + 1.55%), 07/23/35<sup>(2)</sup> | 430000 | 439533 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Financials (continued)** |  |  |
| Goldman Sachs Group, Inc. (The), 6.45%, 05/01/36 | $130000 | $141770 |
| Goldman Sachs Group, Inc. (The), 5.07%, (SOFR + 1.19%), 01/21/37<sup>(2)</sup> | 27000 | 26895 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 | 808000 | 826371 |
| Huntington Bancshares, Inc./Oh, 5.71%, (SOFR + 1.87%), 02/02/35<sup>(2)</sup> | 240000 | 249841 |
| Huntington Bancshares, Inc./Oh, 6.14%, (US 5 Year CMT T- Note + 1.70%), 11/18/39<sup>(2)</sup> | 405000 | 423740 |
| Ion Platform Finance US, Inc. / Ion Platform Finance Sarl, 8.75%, 05/01/29<sup>(1)</sup> | 145000 | 138353 |
| Ion Platform Finance US, Inc. / Ion Platform Finance Sarl, 9.50%, 05/30/29<sup>(1)</sup> | 375000 | 362179 |
| J.P. Morgan Chase & Co., 5.72%, (SOFR + 2.58%), 09/14/33<sup>(2)</sup> | 230000 | 242772 |
| J.P. Morgan Chase & Co., 5.35%, (SOFR + 1.85%), 06/01/34<sup>(2)</sup> | 480000 | 496595 |
| J.P. Morgan Chase & Co., 6.25%, (SOFR + 1.81%), 10/23/34<sup>(2)</sup> | 110000 | 120059 |
| J.P. Morgan Chase & Co., 5.58%, (SOFR + 1.64%), 07/23/36<sup>(2)</sup> | 415000 | 426511 |
| KeyCorp., 4.79%, (SOFR + 2.06%), 06/01/33<sup>(2)</sup> | 100000 | 99868 |
| KeyCorp., 6.40%, (SOFR + 2.42%), 03/06/35<sup>(2)</sup> | 450000 | 487749 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 565000 | 562204 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)(2)</sup> | 675000 | 668176 |
| M&T Bank Corp., 5.40%, (US 5 Year CMT T- Note + 1.43%), 07/30/35<sup>(2)</sup> | 580000 | 586175 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | 440000 | 441172 |
| Morgan Stanley, 6.34%, (SOFR + 2.56%), 10/18/33<sup>(2)</sup> | 130000 | 141886 |
| Morgan Stanley, 5.25%, (SOFR + 1.87%), 04/21/34<sup>(2)</sup> | 190000 | 194999 |
| Morgan Stanley, 5.42%, (SOFR + 1.88%), 07/21/34<sup>(2)</sup> | 205000 | 212290 |
| Morgan Stanley, 5.95%, (US 5 Year CMT T- Note + 2.43%), 01/19/38<sup>(2)</sup> | 97000 | 101490 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup> | 459000 | 439020 |
| Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31<sup>(1)</sup> | 185000 | 187187 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup> | 77000 | 82561 |
| Northern Trust Corp., 5.12%, (US 5 Year CMT T- Note + 1.05%), 11/19/40<sup>(2)</sup> | 885000 | 880941 |
| OneMain Finance Corp., 6.13%, 05/15/30 | 65000 | 66300 |
| OneMain Finance Corp., 7.13%, 11/15/31 | 325000 | 337008 |
| OneMain Finance Corp., 6.75%, 03/15/32 | 135000 | 138145 |
| OneMain Finance Corp., 6.50%, 03/15/33 | 315000 | 316871 |
| OneMain Finance Corp., 6.75%, 09/15/33 | 75000 | 75925 |
| PNC Financial Services Group, Inc. (The), 5.58%, (SOFR + 1.39%), 01/29/36<sup>(2)</sup> | 645000 | 669854 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Financials (continued)** |  |  |
| PNC Financial Services Group, Inc. (The), 5.42%, (US 5 Year CMT T- Note + 1.17%), 01/25/41<sup>(2)</sup> | $205000 | $204888 |
| Prudential Financial, Inc., 5.13%, (US 5 Year CMT T- Note + 3.16%), 03/01/52<sup>(2)</sup> | 99000 | 97866 |
| Prudential Financial, Inc., 6.50%, (US 5 Year CMT T- Note + 2.40%), 03/15/54<sup>(2)</sup> | 450000 | 473982 |
| Reinsurance Group of America, Inc., 6.65%, (US 5 Year CMT T- Note + 2.39%), 09/15/55<sup>(2)</sup> | 395000 | 407981 |
| Rocket Cos., Inc., 6.38%, 08/01/33<sup>(1)</sup> | 260000 | 270065 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)(6)</sup> | 430000 | 446272 |
| State Street Corp., 6.12%, (SOFR + 1.96%), 11/21/34<sup>(2)</sup> | 405000 | 436402 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T- Note + 3.15%), 05/06/31<sup>(2)</sup> | 70000 | 69508 |
| Truist Financial Corp., 5.12%, (SOFR + 1.85%), 01/26/34<sup>(2)</sup> | 145000 | 147180 |
| Truist Financial Corp., 5.87%, (SOFR + 2.36%), 06/08/34<sup>(2)</sup> | 505000 | 535069 |
| Wells Fargo & Co., Series BB, 3.90%, (US 5 Year CMT T- Note + 3.45%), perpetual<sup>(2)(6)</sup> | 355000 | 354788 |
| Wells Fargo & Co., 5.39%, (SOFR + 2.02%), 04/24/34<sup>(2)</sup> | 215000 | 222420 |
| Wells Fargo & Co., 6.49%, (SOFR + 2.06%), 10/23/34<sup>(2)</sup> | 475000 | 522828 |
| Total Financials |  | 28912511 |
| **Health Care – 2.7%** |  |  |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(1)</sup> | 485000 | 479533 |
| Amgen, Inc., 5.65%, 03/02/53 | 635000 | 625469 |
| AMN Healthcare, Inc., 6.50%, 01/15/31<sup>(1)</sup> | 175000 | 177432 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(1)</sup> | 20000 | 21084 |
| Baxter International, Inc., 5.65%, 12/15/35 | 665000 | 670896 |
| BioMarin Pharmaceutical, Inc., 5.50%, 02/15/34<sup>(1)</sup> | 20000 | 20080 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 45000 | 42465 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 635000 | 570091 |
| CVS Health Corp., 5.05%, 03/25/48 | 335000 | 294787 |
| CVS Health Corp., 6.75%, (US 5 Year CMT T- Note + 2.52%), 12/10/54<sup>(2)</sup> | 331000 | 344261 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 860000 | 800691 |
| Endo Finance Holdings LP, 8.50%, 04/15/31<sup>(1)</sup> | 435000 | 460820 |
| Global Medical Response, Inc., 7.38%, 10/01/32<sup>(1)</sup> | 240000 | 248332 |
| HCA, Inc., 5.50%, 06/01/33 | 170000 | 176526 |
| HCA, Inc., 5.60%, 04/01/34 | 365000 | 379260 |
| ICON Investments Six Designated Activity Company, 6.00%, 05/08/34 | 645000 | 678292 |
| Iqvia, Inc., 5.70%, 05/15/28 | 200000 | 206230 |
| Iqvia, Inc., 6.25%, 02/01/29 | 320000 | 336924 |
| LifePoint Health, Inc., 9.88%, 08/15/30<sup>(1)</sup> | 330000 | 354448 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Health Care (continued)** |  |  |
| LifePoint Health, Inc., 10.00%, 06/01/32<sup>(1)</sup> | $195000 | $205973 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 430000 | 431018 |
| Medline Borrower LP/Medline Co. Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 40000 | 41335 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(1)</sup> | 105000 | 105812 |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28<sup>(1)</sup> | 535000 | 525049 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(1)</sup> | 380000 | 395964 |
| Royalty Pharma PLC, 5.40%, 09/02/34 | 750000 | 768399 |
| Tenet Healthcare Corp., 6.00%, 11/15/33<sup>(1)</sup> | 70000 | 72065 |
| Universal Health Services, Inc., 5.05%, 10/15/34 | 745000 | 732168 |
| Total Health Care |  | 10165404 |
| **Industrials – 3.3%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | 477934 | 480498 |
| Arsenal AIC Parent LLC, 11.50%, 10/01/31<sup>(1)</sup> | 320000 | 353013 |
| Aviation Capital Group LLC, 6.75%, 10/25/28<sup>(1)</sup> | 80000 | 84823 |
| Aviation Capital Group LLC, 6.38%, 07/15/30<sup>(1)</sup> | 515000 | 550116 |
| Aviation Capital Group LLC, 4.88%, 01/28/33<sup>(1)</sup> | 305000 | 300720 |
| Boeing Co. (The), 5.81%, 05/01/50 | 95000 | 93894 |
| Boeing Co. (The), 5.93%, 05/01/60 | 473000 | 465919 |
| Builders FirstSource, Inc., 6.38%, 03/01/34<sup>(1)</sup> | 570000 | 590479 |
| Carpenter Technology Corp., 5.63%, 03/01/34<sup>(1)</sup> | 15000 | 15240 |
| Chart Industries, Inc., 9.50%, 01/01/31<sup>(1)</sup> | 80000 | 84276 |
| CompoSecure Holdings LLC, 5.63%, 02/01/33<sup>(1)</sup> | 5000 | 4987 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup> | 360000 | 272221 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | 973000 | 896194 |
| Delta Air Lines Through Trust, Series 2015-1, 3.63%, 07/30/27 | 67735 | 67064 |
| FedEx Freight Holding Co., Inc., 5.25%, 03/15/36<sup>(1)</sup> | 200000 | 198247 |
| Fortress Transportation And Infrastructure Investors LLC, 7.00%, 06/15/32<sup>(1)</sup> | 475000 | 500254 |
| FTAI Aviation Investors LLC, 7.00%, 05/01/31<sup>(1)</sup> | 230000 | 242138 |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/32<sup>(1)</sup> | 320000 | 343003 |
| Herc Holdings, Inc., 7.25%, 06/15/33<sup>(1)</sup> | 110000 | 116467 |
| Herc Holdings, Inc., 6.00%, 03/15/34<sup>(1)</sup> | 250000 | 251407 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27 | 90000 | 89089 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup> | 425000 | 429520 |
| L3harris Technologies, Inc., 5.40%, 07/31/33 | 525000 | 546839 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(1)</sup> | 625000 | 577789 |
| Madison IAQ LLC, 5.88%, 06/30/29<sup>(1)</sup> | 355000 | 354782 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 605000 | 621693 |
| Neptune Bidco US, Inc., 10.38%, 05/15/31<sup>(1)</sup> | 40000 | 42327 |
| Regal Rexnord Corp., 6.40%, 04/15/33 | 485000 | 518586 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Industrials (continued)** |  |  |
| Science Applications International Corp., 4.88%, 04/01/28<sup>(1)</sup> | $80000 | $79844 |
| Science Applications International Corp., 5.88%, 11/01/33<sup>(1)</sup> | 285000 | 287428 |
| Sempra Global, 3.25%, 01/15/32<sup>(1)</sup> | 233000 | 206504 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(1)</sup> | 165000 | 170249 |
| Standard Building Solutions, Inc., 5.88%, 03/15/34<sup>(1)</sup> | 285000 | 284911 |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/30<sup>(1)</sup> | 340000 | 355517 |
| TransDigm, Inc., 6.63%, 03/01/32<sup>(1)</sup> | 400000 | 414089 |
| TransDigm, Inc., 6.00%, 01/15/33<sup>(1)</sup> | 265000 | 270174 |
| United Airlines Holdings, Inc., 5.38%, 03/01/31 | 30000 | 30335 |
| United Airlines Pass-Through Trust, Class A, Series 2023-1, 5.80%, 01/15/36 | 147522 | 154756 |
| United Airlines Pass-Through Trust, Series AA, 5.45%, 02/15/37 | 299312 | 307377 |
| Veralto Corp., 5.45%, 09/18/33 | 670000 | 696643 |
| WESCO Distribution, Inc., 6.63%, 03/15/32<sup>(1)</sup> | 60000 | 62769 |
| White Capital Supply Holdings LLC, 7.38%, 11/15/30<sup>(1)</sup> | 120000 | 124716 |
| Total Industrials |  | 12536897 |
| **Information Technology – 1.3%** |  |  |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup> | 130000 | 127917 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup> | 110000 | 108061 |
| Booz Allen Hamilton, Inc., 5.95%, 08/04/33 | 515000 | 536287 |
| Broadcom, Inc., 3.14%, 11/15/35<sup>(1)</sup> | 600000 | 516176 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 630000 | 636899 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 100000 | 100342 |
| Foundry Jv Holdco LLC, 5.88%, 01/25/34<sup>(1)</sup> | 480000 | 496620 |
| Gartner, Inc., 3.75%, 10/01/30<sup>(1)</sup> | 735000 | 697054 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(1)</sup> | 335000 | 343228 |
| Oracle Corp., 6.25%, 11/09/32 | 400000 | 417682 |
| Oracle Corp., 5.50%, 08/03/35 | 245000 | 238970 |
| Oracle Corp., 5.55%, 02/06/53 | 120000 | 99851 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 405000 | 404507 |
| Total Information Technology |  | 4723594 |
| **Materials – 1.5%** |  |  |
| Asp Unifrax Holdings, Inc., 5.25%, 09/30/28<sup>(1)</sup> | 305000 | 21350 |
| Bayport Polymers LLC, 5.14%, 04/14/32<sup>(1)</sup> | 455000 | 453211 |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34<sup>(1)</sup> | 385000 | 403486 |
| Eagle Materials, Inc., 5.00%, 03/15/36 | 475000 | 465261 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup> | 101000 | 101444 |
| Jh North America Holdings, Inc., 6.13%, 07/31/32<sup>(1)</sup> | 650000 | 662765 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 705000 | 706360 |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/30<sup>(1)</sup> | 330000 | 324883 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28<sup>(1)</sup> | 85000 | 85490 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | |
| **Materials (continued)** |  |  |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<sup>(1)</sup> | $25000 | $25144 |
| Sonoco Products Co., 5.00%, 09/01/34 | 560000 | 556488 |
| Westlake Corp., 5.55%, 11/15/35 | 650000 | 647874 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup> | 430000 | 453645 |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(1)</sup> | 700000 | 669371 |
| Total Materials |  | 5576772 |
| **Real Estate – 0.2%** |  |  |
| Iron Mountain, Inc., 6.25%, 01/15/33<sup>(1)</sup> | 390000 | 394335 |
| Millrose Properties, Inc., 6.25%, 09/15/32<sup>(1)</sup> | 275000 | 278300 |
| Total Real Estate |  | 672635 |
| **Utilities – 1.7%** |  |  |
| AES Corp. (The), 7.60%, (US 5 Year CMT T- Note + 3.20%), 01/15/55<sup>(2)</sup> | 285000 | 289151 |
| Alpha Generation LLC, 6.25%, 01/15/34<sup>(1)</sup> | 140000 | 140993 |
| Black Hills Corp., 6.15%, 05/15/34 | 405000 | 434331 |
| CMS Energy Corp., 4.75%, (US 5 Year CMT T- Note + 4.12%), 06/01/50<sup>(2)</sup> | 370000 | 365770 |
| Dominion Energy, Inc., Series B, 7.00%, (US 5 Year CMT T- Note + 2.51%), 06/01/54<sup>(2)</sup> | 180000 | 194730 |
| Dominion Energy, Inc., 6.20%, (US 5 Year CMT T- Note + 2.01%), 02/15/56<sup>(2)</sup> | 365000 | 366423 |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup> | 475000 | 497571 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 470000 | 452385 |
| KeySpan Gas East Corp., 5.99%, 03/06/33<sup>(1)</sup> | 546000 | 574754 |
| Nextera Energy Capital Holdings, Inc., 6.50%, (US 5 Year CMT T- Note + 1.98%), 08/15/55<sup>(2)</sup> | 455000 | 478586 |
| NRG Energy, Inc., 7.00%, 03/15/33<sup>(1)</sup> | 651000 | 716814 |
| Puget Energy, Inc., 4.22%, 03/15/32 | 275000 | 264776 |
| Southern California Edison Co., 6.00%, 01/15/34 | 360000 | 378808 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.50%, 12/15/35<sup>(1)</sup> | 420000 | 418099 |
| Vistra Corp., 8.00%, (US 5 Year CMT T- Note + 6.93%), perpetual<sup>(1)(2)(6)</sup> | 51000 | 51974 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(1)</sup> | 310000 | 325887 |
| Vistra Operations Co. LLC, 5.70%, 12/30/34<sup>(1)</sup> | 425000 | 435970 |
| Total Utilities |  | 6387022 |
| **Total Corporate Bonds** |  |  |
| (Cost $97,042,981) |  | **98654719** |
| **FOREIGN BONDS – 24.0%<sup>†</sup>** |  |  |
| **Communication Services – 0.5%** |  |  |
| Altice Financing SA, 5.00%, 01/15/28 (Luxembourg)<sup>(1)</sup> | 680000 | 493000 |
| Altice France SA, 6.88%, 10/15/30 (France)<sup>(1)</sup> | 762196 | 749958 |
| Altice France SA, 6.50%, 04/15/32 (France)<sup>(1)</sup> | 152439 | 148979 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Communication Services (continued)** |  |  |
| IHS Holding Ltd., 8.25%, 11/29/31 (Nigeria)<sup>(1)</sup> | $120000 | $125736 |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 35000 | 15925 |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32 (Turkey)<sup>(1)</sup> | 150000 | 159793 |
| Total Communication Services |  | 1693391 |
| **Consumer Discretionary – 0.8%** |  |  |
| Ashtead Capital, Inc., 5.80%, 04/15/34 (United Kingdom)<sup>(1)</sup> | 540000 | 566326 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup> | 720000 | 729708 |
| Forvia Se, 6.75%, 09/15/33 (France)<sup>(1)</sup> | 360000 | 369378 |
| Great Canadian Gaming Corp. / Raptor LLC, 8.75%, 11/15/29 (Canada)<sup>(1)</sup> | 265000 | 269641 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Hong Kong)<sup>(1)</sup> | 200000 | 198116 |
| Ontario Gaming GTA LP/OTG Co. Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 390000 | 374813 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup> | 35000 | 35737 |
| Sodexo, Inc., 5.80%, 08/15/35 (France)<sup>(1)</sup> | 615000 | 640247 |
| Total Consumer Discretionary |  | 3183966 |
| **Consumer Staples – 0.5%** |  |  |
| Alimentation Couche-Tard, Inc., 5.08%, 09/29/35 (Canada)<sup>(1)</sup> | 785000 | 787054 |
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)<sup>(1)</sup> | 430000 | 435851 |
| Imperial Brands Finance PLC, 5.63%, 07/01/35 (United Kingdom)<sup>(1)</sup> | 645000 | 659851 |
| Total Consumer Staples |  | 1882756 |
| **Energy – 1.6%** |  |  |
| Azule Energy Finance PLC, 8.13%, 01/23/30 (Angola)<sup>(1)</sup> | 125000 | 126596 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33 (El Salvador)<sup>(1)</sup> | 111000 | 118909 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29 (Brazil)<sup>(1)</sup> | 88000 | 91951 |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup> | 480000 | 454701 |
| Ecopetrol SA, 4.63%, 11/02/31 (Colombia) | 128000 | 115103 |
| Enbridge, Inc., 8.50%, (US 5 Year CMT T- Note + 4.43%), 01/15/84 (Canada)<sup>(2)</sup> | 235000 | 268986 |
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Israel)<sup>(1)</sup> | 78000 | 76084 |
| FS Luxembourg Sarl, 8.88%, 02/12/31 (Brazil)<sup>(1)</sup> | 188000 | 199034 |
| Geopark Ltd., 8.75%, 01/31/30 (Colombia)<sup>(1)</sup> | 171000 | 160047 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Energy (continued)** |  |  |
| Harbour Energy PLC, 6.33%, 04/01/35 (United Kingdom)<sup>(1)</sup> | $560000 | $573236 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48 (Kazakhstan)<sup>(1)</sup> | 101000 | 101448 |
| Pertamina Persero PT, 6.45%, 05/30/44 (Indonesia)<sup>(1)</sup> | 350000 | 367287 |
| Petroleos del Peru SA, 4.75%, 06/19/32 (Peru) | 260000 | 197470 |
| Petroleos Mexicanos, 6.84%, 01/23/30 (Mexico) | 217000 | 222720 |
| Petroleos Mexicanos, 5.95%, 01/28/31 (Mexico) | 413000 | 403460 |
| Petroleos Mexicanos, 6.70%, 02/16/32 (Mexico) | 209000 | 209144 |
| Petroleos Mexicanos, 6.35%, 02/12/48 (Mexico) | 147000 | 116670 |
| Petroleos Mexicanos, 7.69%, 01/23/50 (Mexico) | 370000 | 333925 |
| Petroleos Mexicanos, 6.95%, 01/28/60 (Mexico) | 424000 | 345617 |
| Petronas Capital Ltd., 3.50%, 04/21/30 (Malaysia)<sup>(1)</sup> | 311000 | 302385 |
| Petronas Capital Ltd., 5.85%, 04/03/55 (Malaysia)<sup>(1)</sup> | 420000 | 438686 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.50%, (US 5 Year CMT T- Note + 3.67%), 03/01/55 (Canada)<sup>(2)</sup> | 505000 | 534147 |
| South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 (Canada) | 140000 | 141265 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 110000 | 110593 |
| YPF SA, 9.50%, 01/17/31 (Argentina)<sup>(1)</sup> | 112000 | 118871 |
| Total Energy |  | 6128335 |
| **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 | 157088 |
| 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 | 246894 |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)<sup>(1)</sup> | 520000 | 542296 |
| Allianz SE, 6.35%, (US 5 Year CMT T- Note + 3.23%), 09/06/53 (Germany)<sup>(1)(2)</sup> | 205000 | 219130 |
| Allianz SE, 5.60%, (US 5 Year CMT T- Note + 2.77%), 09/03/54 (Germany)<sup>(1)(2)</sup> | 180000 | 183997 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Financials (continued)** |  |  |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (United Kingdom)<sup>(1)</sup> | $15000 | $15480 |
| Ascot Group Ltd., 4.25%, 12/15/30 (Bermuda)<sup>(1)</sup> | 195000 | 180614 |
| Banco de Credito del Peru SA, 6.45%, (US 5 Year CMT T- Note + 2.49%), 07/30/35 (Peru)<sup>(1)(2)</sup> | 230000 | 240638 |
| Banco de Credito e Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual (Chile)<sup>(1)(2)(6)</sup> | 221000 | 236095 |
| Banco Mercantil del Norte SA, 8.38%, (US 5 Year CMT T- Note + 4.07%), perpetual (Mexico)<sup>(1)(2)(6)</sup> | 119000 | 126051 |
| Barclays, 7.44%, (US 1 Year CMT T- Note + 3.50%), 11/02/33 (United Kingdom)<sup>(2)</sup> | 465000 | 531814 |
| Bbva Mexico SA Institucion de Banca Multiple Grupo Financiero Bbva Mexico, 8.13%, (US 5 Year CMT T- Note + 4.21%), 01/08/39 (Mexico)<sup>(1)(2)</sup> | 147000 | 160620 |
| BPCE SA, 7.00%, (SOFR + 2.59%), 10/19/34 (France)<sup>(1)(2)</sup> | 315000 | 350607 |
| BPCE SA, 6.92%, (SOFR + 2.61%), 01/14/46 (France)<sup>(1)(2)</sup> | 70000 | 74864 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 (Canada) | 680000 | 708605 |
| Deutsche Bank AG/New York NY, 5.40%, (SOFR + 2.05%), 09/11/35 (Germany)<sup>(2)</sup> | 640000 | 649424 |
| Natwest Group PLC, 6.48%, (US 5 Year CMT T- Note + 2.20%), 06/01/34 (United Kingdom)<sup>(2)</sup> | 435000 | 458082 |
| Nippon Life Insurance Co., 6.25%, (US 5 Year CMT T- Note + 2.95%), 09/13/53 (Japan)<sup>(1)(2)</sup> | 200000 | 211563 |
| Nippon Life Insurance Co., 6.50%, (US 5 Year CMT T- Note + 3.19%), 04/30/55 (Japan)<sup>(1)(2)</sup> | 345000 | 369350 |
| Societe Generale SA, 6.07%, (US 1 Year CMT T- Note + 2.10%), 01/19/35 (France)<sup>(1)(2)</sup> | 380000 | 401373 |
| Sumitomo Life Insurance Co., 5.88%, (US 5 Year CMT T- Note + 2.65%), 09/10/55 (Japan)<sup>(1)(2)</sup> | 590000 | 593913 |

---

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

January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup> |  | $775000 | $812374 |
| UBS Group AG, 7.00%, (5-Year USD SOFR + 3.32%), perpetual (Switzerland)<sup>(1)(2)(6)</sup> |  | 530000 | 536725 |
| UBS Group AG, 4.99%, (US 1 Year CMT T- Note + 2.40%), 08/05/33 (Switzerland)<sup>(1)(2)</sup> |  | 230000 | 233059 |
| Total Financials |  |  | 8240656 |
| **Government – 15.9%** |  |  |  |
| Abu Dhabi Government International Bond, 3.13%, 09/30/49 (United Arab Emirates)<sup>(1)</sup> |  | 276000 | 193821 |
| Angolan Government International Bond, 8.00%, 11/26/29 (Angola)<sup>(1)</sup> |  | 231000 | 227505 |
| Angolan Government International Bond, 9.24%, 01/15/31 (Angola)<sup>(1)</sup> |  | 148000 | 149876 |
| Angolan Government International Bond, 8.75%, 04/14/32 (Angola)<sup>(1)</sup> |  | 294000 | 287752 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30 (Argentina)<sup>(7)</sup> |  | 923760 | 784734 |
| Argentine Republic Government International Bond, 4.13%, 07/09/35 (Argentina)<sup>(7)</sup> |  | 470000 | 364720 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46 (Argentina)<sup>(7)</sup> |  | 1480659 | 1090505 |
| Benin Government International Bond, 7.96%, 02/13/38 (Benin)<sup>(1)</sup> |  | 260000 | 272713 |
| Brazil Notas Do Tesouro Nacional, 10.00%, 01/01/29 (Brazil) | BRL | 5340000 | 944256 |
| Brazil Notas Do Tesouro Nacional, 10.00%, 01/01/31 (Brazil) | BRL | 7260000 | 1233207 |
| Brazilian Government International Bond, 6.25%, 03/18/31 (Brazil) |  | 85000 | 89250 |
| Brazilian Government International Bond, 6.00%, 10/20/33 (Brazil) |  | 607000 | 615650 |
| Brazilian Government International Bond, 6.63%, 03/15/35 (Brazil) |  | 886000 | 914795 |
| Brazilian Government International Bond, 7.25%, 01/12/56 (Brazil) |  | 400000 | 400200 |
| Bulgaria Government International Bond, 5.00%, 03/05/37 (Bulgaria) |  | 262000 | 258725 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Government (continued)** |  |  |  |
| Chile Government International Bond, 4.35%, 04/13/31 (Chile) |  | $355000 | $354112 |
| Chile Government International Bond, 3.50%, 01/31/34 (Chile) |  | 161000 | 148023 |
| Chile Government International Bond, 4.95%, 01/05/36 (Chile) |  | 937000 | 945555 |
| Chile Government International Bond, 5.65%, 01/13/37 (Chile) |  | 220000 | 232734 |
| Chile Government International Bond, 3.25%, 09/21/71 (Chile) |  | 166000 | 103044 |
| Colombia Government International Bond, 7.38%, 04/25/30 (Colombia) |  | 332000 | 349596 |
| Colombia Government International Bond, 6.13%, 01/21/31 (Colombia) |  | 252000 | 252378 |
| Colombia Government International Bond, 8.00%, 11/14/35 (Colombia) |  | 1214000 | 1303836 |
| Colombia Government International Bond, 7.75%, 11/07/36 (Colombia) |  | 298000 | 313421 |
| Colombia Government International Bond, 8.75%, 11/14/53 (Colombia) |  | 82000 | 90364 |
| Costa Rica Government International Bond, 6.55%, 04/03/34 (Costa Rica)<sup>(1)</sup> |  | 467000 | 506462 |
| Costa Rica Government International Bond, 7.30%, 11/13/54 (Costa Rica)<sup>(1)</sup> |  | 224000 | 250432 |
| Czech Republic Government Bond, Series 138, 1.75%, 06/23/32 (Czech Republic) | CZK | 51040000 | 2179742 |
| DAE Funding LLC, 3.38%, 03/20/28 (United Arab Emirates)<sup>(1)</sup> |  | 373000 | 364990 |
| Dominican Republic International Bond, 5.88%, 10/28/35 (Dominican Republic)<sup>(1)</sup> |  | 468000 | 467942 |
| Dominican Republic International Bond, 6.60%, 06/01/36 (Dominican Republic)<sup>(1)</sup> |  | 234000 | 246051 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic)<sup>(1)</sup> |  | 325000 | 348538 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic) |  | 498000 | 534068 |
| Eagle Funding Luxco Sarl, 5.50%, 08/17/30 (Mexico)<sup>(1)</sup> |  | 393000 | 399288 |
| Ecuador Government International Bond, 6.90%, 07/31/30 (Ecuador)<sup>(7)</sup> |  | 539045 | 537428 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Government (continued)** |  |  |
| Ecuador Government International Bond, 6.90%, 07/31/35 (Ecuador)<sup>(7)</sup> | $96000 | $88056 |
| Ecuador Government International Bond, 9.25%, 01/29/39 (Ecuador)<sup>(1)</sup> | 536000 | 552160 |
| Ecuador Government International Bond, 5.00%, 07/31/40 (Ecuador)<sup>(7)</sup> | 459000 | 380568 |
| Egypt Government International Bond, 5.88%, 02/16/31 (Egypt)<sup>(1)</sup> | 388000 | 378785 |
| Egypt Government International Bond, 8.50%, 01/31/47 (Egypt)<sup>(1)</sup> | 499000 | 484030 |
| Egypt Government International Bond, 8.75%, 09/30/51 (Egypt)<sup>(1)</sup> | 530000 | 519956 |
| El Salvador Government International Bond, 7.65%, 06/15/35 (El Salvador) | 330000 | 342540 |
| El Salvador Government International Bond, 7.63%, 02/01/41 (El Salvador) | 94000 | 94188 |
| Ethiopia International Bond, 6.63%, perpetual (Ethiopia)<sup>(1)(3)(6)</sup> | 71000 | 75260 |
| Gabon Government International Bond, 6.63%, 02/06/31 (Gabon)<sup>(1)</sup> | 226000 | 191828 |
| Ghana Government International Bond, 5.28%, 07/03/26 (Ghana)<sup>(8)</sup> | 1600 | 1576 |
| Ghana Government International Bond, 5.12%, 01/03/30 (Ghana)<sup>(8)</sup> | 8058 | 7056 |
| Ghana Government International Bond, 5.00%, 07/03/35 (Ghana)<sup>(7)</sup> | 537600 | 491232 |
| Guatemala Government Bond, 6.25%, 08/15/36 (Guatemala) | 252000 | 263340 |
| Guatemala Government Bond, 4.65%, 10/07/41 (Guatemala) | 195000 | 169182 |
| Guatemala Government Bond, 6.88%, 08/15/55 (Guatemala)<sup>(1)</sup> | 245000 | 261905 |
| Hungary Government International Bond, 6.25%, 09/22/32 (Hungary)<sup>(1)</sup> | 463000 | 491132 |
| Hungary Government International Bond, 5.50%, 06/16/34 (Hungary)<sup>(1)</sup> | 275000 | 278132 |
| Hungary Government International Bond, 6.00%, 09/26/35 (Hungary)<sup>(1)</sup> | 323000 | 333184 |
| Hungary Government International Bond, 5.50%, 03/26/36 (Hungary)<sup>(1)</sup> | 786000 | 783446 |
| Indonesia Government International Bond, 4.55%, 01/11/28 (Indonesia) | 200000 | 202300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Government (continued)** |  |  |  |
| Indonesia Government International Bond, 2.85%, 02/14/30 (Indonesia) |  | $218000 | $206664 |
| Indonesia Government International Bond, 4.75%, 09/10/34 (Indonesia) |  | 304000 | 301112 |
| Indonesia Government International Bond, 5.60%, 01/15/35 (Indonesia) |  | 428000 | 449118 |
| Indonesia Government International Bond, 4.20%, 10/15/50 (Indonesia) |  | 200000 | 160694 |
| Indonesia Government International Bond, 5.10%, 02/10/54 (Indonesia) |  | 60000 | 56572 |
| Indonesia Government International Bond, 3.20%, 09/23/61 (Indonesia) |  | 68000 | 42228 |
| Ivory Coast Government International Bond, 6.13%, 06/15/33 (Ivory Coast)<sup>(1)</sup> |  | 232000 | 229680 |
| Ivory Coast Government International Bond, 8.08%, 04/01/36 (Ivory Coast)<sup>(1)</sup> |  | 95000 | 101721 |
| Ivory Coast Government International Bond, 8.25%, 01/30/37 (Ivory Coast)<sup>(1)</sup> |  | 127000 | 136971 |
| Kazakhstan Government International Bond, 5.50%, 07/01/37 (Kazakhstan)<sup>(1)</sup> |  | 534000 | 543329 |
| Ksa Ijarah Sukuk Ltd., 4.88%, 09/09/35 (Saudi Arabia)<sup>(1)</sup> |  | 248000 | 247008 |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30 (Kyrgyzstan)<sup>(1)</sup> |  | 341000 | 355016 |
| Lebanon Government International Bond, 8.25%, 04/12/21 (Lebanon)<sup>(3)</sup> |  | 398000 | 116415 |
| Lebanon Government International Bond, 7.15%, 11/20/31 (Lebanon)<sup>(3)</sup> |  | 283000 | 83061 |
| Lebanon Government International Bond, 7.00%, 03/23/32 (Lebanon)<sup>(3)</sup> |  | 259000 | 76146 |
| Leviathan Bond Ltd., 6.75%, 06/30/30 (Israel)<sup>(1)</sup> |  | 98000 | 100714 |
| Malaysia Government Bond, Series 0220, 2.63%, 04/15/31 (Malaysia) | MYR | 8990000 | 2203485 |
| Mexican Bonos, Series M, 8.50%, 05/31/29 (Mexico) | MXN | 26190000 | 1522071 |
| Mexican Bonos, Series M, 7.75%, 11/13/42 (Mexico) | MXN | 13000000 | 647856 |
| Mexico Government International Bond, 5.85%, 07/02/32 (Mexico) |  | 465000 | 478020 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Government (continued)** |  |  |
| Mexico Government International Bond, 5.38%, 03/22/33 (Mexico) | $433000 | $429103 |
| Mexico Government International Bond, 3.50%, 02/12/34 (Mexico) | 126000 | 108864 |
| Mexico Government International Bond, 6.63%, 01/29/38 (Mexico) | 194000 | 202138 |
| Mexico Government International Bond, 6.13%, 02/09/38 (Mexico) | 248000 | 248186 |
| Mexico Government International Bond, 3.77%, 05/24/61 (Mexico) | 248000 | 152520 |
| Mexico Government International Bond, 3.75%, 04/19/71 (Mexico) | 1248000 | 735072 |
| Nigeria Government International Bond, 9.63%, 06/09/31 (Nigeria)<sup>(1)</sup> | 190000 | 215365 |
| Nigeria Government International Bond, 7.38%, 09/28/33 (Nigeria)<sup>(1)</sup> | 261000 | 264197 |
| Nigeria Government International Bond, 10.38%, 12/09/34 (Nigeria)<sup>(1)</sup> | 707000 | 836558 |
| Nigeria Government International Bond, 8.63%, 01/13/36 (Nigeria)<sup>(1)</sup> | 110000 | 117776 |
| Oman Government International Bond, 6.50%, 03/08/47 (Oman)<sup>(1)</sup> | 851000 | 899201 |
| Oman Government International Bond, 6.75%, 01/17/48 (Oman)<sup>(1)</sup> | 297000 | 320797 |
| Pakistan Government International Bond, 7.38%, 04/08/31 (Pakistan)<sup>(1)</sup> | 342000 | 345078 |
| Panama Government International Bond, 7.50%, 03/01/31 (Panama) | 372000 | 411804 |
| Panama Government International Bond, 6.70%, 01/26/36 (Panama) | 161000 | 172077 |
| Panama Government International Bond, 8.00%, 03/01/38 (Panama) | 225000 | 261900 |
| Panama Government International Bond, 4.30%, 04/29/53 (Panama) | 481000 | 355459 |
| Panama Government International Bond, 3.87%, 07/23/60 (Panama) | 767000 | 500851 |
| Peruvian Government International Bond, 2.78%, 01/23/31 (Peru) | 96000 | 88992 |
| Peruvian Government International Bond, 5.38%, 02/08/35 (Peru) | 786000 | 802113 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |  |
| **Government (continued)** |  |  |  |
| Peruvian Government International Bond, 3.60%, 01/15/72 (Peru) |  | $124000 | $78616 |
| Petroleos de Venezuela SA, 9.00%, 11/17/21 (Venezuela)<sup>(3)</sup> |  | 2766000 | 988845 |
| Philippine Government International Bond, 5.50%, 02/04/35 (Philippines) |  | 322000 | 335886 |
| Philippine Government International Bond, 4.75%, 03/05/35 (Philippines) |  | 221000 | 219012 |
| Philippine Government International Bond, 3.70%, 03/01/41 (Philippines) |  | 279000 | 231744 |
| Port of Spain, 7.88%, 02/19/40 (Trinidad & Tobago) |  | 96667 | 97513 |
| Republic of Kenya Government International Bond, 7.88%, 10/09/33 (Kenya)<sup>(1)</sup> |  | 309000 | 311472 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36 (Kenya)<sup>(1)</sup> |  | 199000 | 213328 |
| Republic of Poland Government International Bond, 4.88%, 10/04/33 (Poland) |  | 182000 | 183787 |
| Republic of Poland Government International Bond, 5.13%, 09/18/34 (Poland) |  | 172000 | 174427 |
| Republic of Poland Government International Bond, 5.38%, 02/12/35 (Poland) |  | 675000 | 693515 |
| Republic of Poland Government International Bond, 5.50%, 04/04/53 (Poland) |  | 65000 | 61541 |
| Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/48 (South Africa) | ZAR | 34700000 | 2120585 |
| Republic of South Africa Government International Bond, 5.88%, 06/22/30 (South Africa) |  | 241000 | 248357 |
| Republic of South Africa Government International Bond, 6.13%, 12/11/37 (South Africa)<sup>(1)</sup> |  | 251000 | 244035 |
| Republic of South Africa Government International Bond, 5.38%, 07/24/44 (South Africa) |  | 78000 | 64506 |
| Republic of South Africa Government International Bond, 5.65%, 09/27/47 (South Africa) |  | 1040000 | 860080 |
| Republic of South Africa Government International Bond, 7.95%, 11/19/54 (South Africa)<sup>(1)</sup> |  | 230000 | 241802 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Government (continued)** |  |  |
| Republic of Uzbekistan International Bond, 6.90%, 02/28/32 (Uzbekistan)<sup>(1)</sup> | $328000 | $353381 |
| Romanian Government International Bond, 5.88%, 01/30/29 (Romania)<sup>(1)</sup> | 142000 | 146906 |
| Romanian Government International Bond, 7.13%, 01/17/33 (Romania)<sup>(1)</sup> | 593000 | 648769 |
| Romanian Government International Bond, 6.38%, 01/30/34 (Romania)<sup>(1)</sup> | 678000 | 707127 |
| Romanian Government International Bond, 5.75%, 03/24/35 (Romania)<sup>(1)</sup> | 556000 | 552754 |
| Saudi Government International Bond, 4.88%, 07/18/33 (Saudi Arabia)<sup>(1)</sup> | 386000 | 388606 |
| Saudi Government International Bond, 5.63%, 01/13/35 (Saudi Arabia)<sup>(1)</sup> | 976000 | 1025439 |
| Saudi Government International Bond, 5.63%, 01/13/35 (Saudi Arabia) | 395000 | 415009 |
| Saudi Government International Bond, 4.88%, 01/12/36 (Saudi Arabia)<sup>(1)</sup> | 496000 | 490537 |
| Senegal Government International Bond, 6.25%, 05/23/33 (Senegal)<sup>(1)</sup> | 257000 | 149010 |
| Sri Lanka Government International Bond, 3.35%, 03/15/33 (Sri Lanka)<sup>(1)(7)</sup> | 58925 | 54211 |
| Sri Lanka Government International Bond, 3.60%, 06/15/35 (Sri Lanka)<sup>(1)(7)</sup> | 666787 | 546699 |
| Sri Lanka Government International Bond, 3.60%, 02/15/38 (Sri Lanka)<sup>(1)(7)</sup> | 426250 | 423266 |
| Trinidad & Tobago Government International Bond, 5.95%, 01/14/31 (Trinidad & Tobago)<sup>(1)</sup> | 95000 | 96425 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad & Tobago)<sup>(1)</sup> | 45000 | 45270 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad and Tobago) | 105000 | 105630 |
| Trinidad & Tobago Government International Bond, 6.50%, 01/28/36 (Trinidad and Tobago)<sup>(1)</sup> | 448000 | 447722 |
| Turkey Government International Bond, 7.63%, 04/26/29 (Turkey) | 150000 | 160037 |
| Turkiye Government International Bond, 7.25%, 05/29/32 (Turkey) | 152000 | 159658 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Government (continued)** |  |  |
| Turkiye Government International Bond, 7.63%, 05/15/34 (Turkey) | $775000 | $824945 |
| Turkiye Government International Bond, 6.50%, 01/03/35 (Turkey) | 731000 | 723752 |
| Turkiye Government International Bond, 6.95%, 09/16/35 (Turkey) | 448000 | 454901 |
| Turkiye Government International Bond, 6.63%, 02/17/45 (Turkey) | 214000 | 195042 |
| UAE International Government Bond, 4.95%, 07/07/52 (United Arab Emirates)<sup>(1)</sup> | 145000 | 137224 |
| Ukraine Government International Bond, 4.50%, 02/01/29 (Ukraine)<sup>(7)</sup> | 14422 | 11249 |
| Ukraine Government International Bond, 4.50%, 02/01/29 (Ukraine)<sup>(1)(7)</sup> | 159422 | 124349 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(7)</sup> | 2626 | 1667 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(1)(7)</sup> | 2626 | 1667 |
| Ukraine Government International Bond, 4.00%, 02/01/32 (Ukraine)<sup>(7)</sup> | 448900 | 358315 |
| Ukraine Government International Bond, 4.00%, 02/01/32 (Ukraine)<sup>(1)(7)</sup> | 474000 | 378015 |
| Ukraine Government International Bond, 12.84%, 02/01/34 (Ukraine)<sup>(7)</sup> | 9813 | 4818 |
| Ukraine Government International Bond, 4.50%, 02/01/35 (Ukraine)<sup>(1)(7)</sup> | 119825 | 74292 |
| Ukraine Government International Bond, 4.50%, 02/01/36 (Ukraine)<sup>(1)(7)</sup> | 4403 | 2690 |
| Ukraine Government International Bond, 4.50%, 02/01/36 (Ukraine)<sup>(7)</sup> | 2403 | 1468 |
| Ukraine Government International Bond, 8.21%, 02/01/36 (Ukraine)<sup>(1)(7)</sup> | 143000 | 80581 |
| Uruguay Government International Bond, 5.10%, 06/18/50 (Uruguay) | 750000 | 702375 |
| Uruguay Government International Bond, 4.98%, 04/20/55 (Uruguay) | 332000 | 300128 |
| Uzbekneftegaz JSC, 8.75%, 05/07/30 (Uzbekistan)<sup>(1)</sup> | 227000 | 246096 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | |
| **Government (continued)** |  |  |
| Venezuela Government International Bond, 12.75%, 08/23/22 (Venezuela)<sup>(3)</sup> | $800000 | $356800 |
| Venezuela Government International Bond, 11.75%, 10/21/26 (Venezuela)<sup>(3)</sup> | 595000 | 263585 |
| Zambia Government International Bond, 5.75%, 06/30/33 (Zambia)<sup>(1)(7)</sup> | 187371 | 183741 |
| Total Government |  | 59384708 |
| **Health Care – 0.7%** |  |  |
| 180 Medical, Inc., 5.30%, 10/08/35 (United Kingdom)<sup>(1)</sup> | 955000 | 948650 |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup> | 496000 | 491350 |
| Genmab A/S/Genmab Finance LLC, 6.25%, 12/15/32 (Denmark)<sup>(1)</sup> | 20000 | 20515 |
| Genmab A/S/Genmab Finance LLC, 7.25%, 12/15/33 (Denmark)<sup>(1)</sup> | 30000 | 31771 |
| Grifols SA, 4.75%, 10/15/28 (Spain)<sup>(1)</sup> | 490000 | 483012 |
| Smith & Nephew PLC, 5.40%, 03/20/34 (United Kingdom) | 595000 | 612178 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 32000 | 31824 |
| Total Health Care |  | 2619300 |
| **Industrials – 0.8%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 4.38%, 07/03/29 (India)<sup>(1)</sup> | 220000 | 214742 |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup> | 355000 | 369101 |
| British Airways Pass-Through Trust, Class A, Series 2021-1, 2.90%, 03/15/35 (United Kingdom)<sup>(1)</sup> | 271544 | 248905 |
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)<sup>(1)</sup> | 590000 | 606566 |
| DP World PLC, 6.85%, 07/02/37 (United Arab Emirates)<sup>(1)</sup> | 92000 | 103006 |
| Garda World Security Corp., 8.38%, 11/15/32 (Canada)<sup>(1)</sup> | 245000 | 251717 |
| Limak Yenilenebilir Enerji As, 9.63%, 08/12/30 (Turkey)<sup>(1)</sup> | 100000 | 99386 |
| Movida Europe SA, 7.85%, 04/11/29 (Brazil)<sup>(1)</sup> | 174000 | 168007 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(1)</sup> | 250000 | 262201 |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28 (Switzerland)<sup>(1)</sup> | 490000 | 510112 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 105000 | 109330 |
| Total Industrials |  | 2943073 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | | |
| **Materials – 0.7%** | **Materials – 0.7%** | **Materials – 0.7%** |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup> | $275000 | $285121 |
| Corp. Nacional del Cobre de Chile, 5.95%, 01/08/34 (Chile)<sup>(1)</sup> | 82000 | 85788 |
| Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36 (Chile) | 330000 | 354672 |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 50000 | 51492 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 510000 | 405297 |
| Maxam Prill Sarl, 7.75%, 07/15/30 (Luxembourg)<sup>(1)</sup> | 415000 | 432582 |
| Samarco Mineracao SA, 9.50%, 06/30/31, (9.5% PIK) (Brazil)<sup>(1)(5)</sup> | 101723 | 102475 |
| Smurfit Kappa Treasury Ulc, 5.44%, 04/03/34 (Ireland) | 425000 | 438988 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup> | 150000 | 159404 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30 (Netherlands)<sup>(1)</sup> | 31000 | 33098 |
| Trivium Packaging Finance BV, 12.25%, 01/15/31 (Netherlands)<sup>(1)</sup> | 165000 | 180679 |
| Total Materials |  | 2529596 |
| **Utilities – 0.3%** |  |  |
| Capital Power US Holdings, Inc., 6.19%, 06/01/35 (Canada)<sup>(1)</sup> | 415000 | 435062 |
| Electricite de France SA, 6.90%, 05/23/53 (France)<sup>(1)</sup> | 235000 | 261358 |
| ENEL Finance International NV, 7.50%, 10/14/32 (Italy)<sup>(1)</sup> | 200000 | 230050 |
| ENEL Finance International NV, 5.50%, 06/26/34 (Italy)<sup>(1)</sup> | 110000 | 113768 |
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28 (South Africa)<sup>(1)</sup> | 188000 | 201630 |
| Total Utilities |  | 1241868 |
| **Total Foreign Bonds** |  |  |
| (Cost $85,815,864) |  | **89847649** |
| **MORTGAGE BACKED SECURITIES - 21.8%** |  |  |
| **Agency Mortgage Backed Security - 11.1%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38 | 99834 | 103557 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/53 | 1883919 | 1918406 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53 | 447752 | 461546 |
| Federal Home Loan Mortgage Corporation, 6.00%, 07/01/53 | 811443 | 835933 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53 | 870636 | 895726 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | | |
| **Agency Mortgage Backed Security (continued)** | **Agency Mortgage Backed Security (continued)** | **Agency Mortgage Backed Security (continued)** |
| Federal Home Loan Mortgage Corporation, 4.50%, 08/01/53 | $789559 | $779845 |
| Federal Home Loan Mortgage Corporation, 5.00%, 12/01/53 | 2912808 | 2919224 |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/54 | 2415285 | 2478171 |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | 2477198 | 2537504 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/55 | 3282829 | 3331709 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/55 | 2890174 | 2933207 |
| Federal Home Loan Mortgage Corporation, 5.00%, 01/01/55 | 5859757 | 5864583 |
| Federal Home Loan Mortgage Corporation, 5.00%, 03/01/55 | 2234714 | 2236715 |
| Federal Home Loan Mortgage Corporation, 5.50%, 10/01/55 | 2320219 | 2357993 |
| Federal National Mortgage Association, 3.50%, 05/01/49 | 20275 | 18978 |
| Federal National Mortgage Association, 4.50%, 11/01/52 | 346605 | 341035 |
| Federal National Mortgage Association, 5.00%, 11/01/52 | 352049 | 353601 |
| Federal National Mortgage Association, 4.00%, 03/01/53 | 1121732 | 1076575 |
| Federal National Mortgage Association, 6.00%, 04/01/53 | 441692 | 455842 |
| Federal National Mortgage Association, 5.50%, 07/01/53 | 221645 | 225206 |
| Federal National Mortgage Association, 4.50%, 08/01/53 | 1241212 | 1223443 |
| Federal National Mortgage Association, 6.00%, 10/01/53 | 1738979 | 1788443 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 1640991 | 1680651 |
| Federal National Mortgage Association, 6.00%, 01/01/55 | 2191715 | 2245672 |
| Federal National Mortgage Association, 4.00%, 03/01/55 | 2646868 | 2538147 |
| Total Agency Mortgage Backed Security |  | 41601712 |
| **Commercial Mortgage Backed Securities - 3.9%** |  |  |
| Ala Trust, Class A, Series 2025-OANA, 5.42%, (1-Month SOFR + 1.74%), 06/15/40<sup>(1)(2)</sup> | 800000 | 807696 |
| BBCMS Mortgage Trust, Class A, Series 2018-TALL, 4.60%, (1-Month SOFR + 0.92%), 03/15/37<sup>(1)(2)</sup> | 195000 | 186521 |
| BBCMS Trust, Class A, Series 2018-CBM, 4.98%, (1-Month SOFR + 1.30%), 07/15/37<sup>(1)(2)</sup> | 805000 | 787027 |
| Bx Commercial Mortgage Trust, Class A, Series 2024-XL5, 5.07%, (1-Month SOFR + 1.39%), 03/15/41<sup>(1)(2)</sup> | 518106 | 519257 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 410000 | 412622 |
| Bx Trust, Class C, Series 2025-ROIC, 5.22%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)(2)</sup> | 649710 | 648250 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | | |
| **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** |
| Bx Trust, Class D, Series 2019-OC11, 3.94%, 12/09/41<sup>(1)(2)(9)</sup> | $595000 | $569768 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 370000 | 354617 |
| Cent City, Class A, Series 2025, 4.92%, 07/10/40<sup>(1)(2)(9)</sup> | 820000 | 832537 |
| CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60<sup>(1)</sup> | 88667 | 75223 |
| Fashion Show Mall LLC, Class A, Series 2024-SHOW, 5.27%, 10/10/41<sup>(1)(2)(9)</sup> | 945000 | 962637 |
| Fontainebleau Miami Beach Mortgage Trust, Class A, Series 2024-FBLU, 5.13%, (1-Month SOFR + 1.45%), 12/15/39<sup>(1)(2)</sup> | 350000 | 351300 |
| Houston Galleria Mall Trust, Class A, Series 2025-HGLR, 5.46%, 02/05/45<sup>(1)(2)(9)</sup> | 650000 | 676754 |
| Hudson Yards Mortgage Trust, Class A, Series 2025-SPRL, 5.47%, 01/13/40<sup>(1)(2)(9)</sup> | 900000 | 933550 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2024-OMNI, 5.80%, 10/05/39<sup>(1)(2)(9)</sup> | 440000 | 448530 |
| MIRA Trust, Class A, Series 2023-MILE, 6.75%, 06/10/38<sup>(1)</sup> | 270000 | 280314 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | 901000 | 866023 |
| New York Commercial Mortgage Trust, Class A, Series 2025-300P, 4.88%, 07/13/42<sup>(1)(2)(9)</sup> | 1000000 | 1010266 |
| New York Commercial Mortgage Trust, Class A, Series 2025-299P, 5.66%, 02/10/47<sup>(1)(2)(9)</sup> | 590000 | 623413 |
| RFR Trust, Class A, Series 2025-SGRM, 5.38%, 03/11/41<sup>(1)(2)(9)</sup> | 875000 | 894822 |
| Ride, Class C, Series 2025-SHRE, 6.32%, 02/14/47<sup>(1)(2)(9)</sup> | 600000 | 611909 |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup> | 455000 | 468416 |
| Rock Trust, Class C, Series 2024-CNTR, 6.47%, 11/13/41<sup>(1)</sup> | 420000 | 437605 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)(2)(9)</sup> | 665728 | 673098 |
| Total Commercial Mortgage Backed Securities |  | 14432155 |
| **Residential Mortgage Backed Securities - 6.8%** |  |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)(7)</sup> | 116956 | 117912 |
| A&d Mortgage Trust, Class A1, Series 2025-NQM2, 5.79%, 06/25/70<sup>(1)(2)(9)</sup> | 388121 | 393731 |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)(7)</sup> | 35662 | 34705 |
| AMSR Trust, Class D, Series 2021-SFR3, 2.18%, 10/17/38<sup>(1)</sup> | 100000 | 98107 |
| Angel Oak Mortgage Trust, Class A1, Series 2023-1, 4.75%, 09/26/67<sup>(1)(7)</sup> | 790381 | 789139 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)(2)(9)</sup> | 57984 | 56885 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | | |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49<sup>(1)(2)(9)</sup> | $449261 | $440206 |
| Arroyo Mortgage Trust, Class A3, Series 2020-1, 3.33%, 03/25/55<sup>(1)</sup> | 810000 | 750861 |
| Chase Mortgage Finance Corp., Class M4, Series 2016-SH2, 3.75%, 12/25/45<sup>(1)(2)(9)</sup> | 276345 | 259063 |
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61<sup>(1)(2)(9)</sup> | 190234 | 182199 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)(2)(9)</sup> | 351721 | 357671 |
| Colt Mortgage Loan Trust, Class A1, Series 2024-5, 5.12%, 08/25/69<sup>(1)(7)</sup> | 381411 | 383269 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES2, 5.50%, 06/25/60<sup>(1)(7)</sup> | 332398 | 336518 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES3, 4.84%, 09/25/60<sup>(1)(7)</sup> | 747526 | 748348 |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)(2)(9)</sup> | 830562 | 816910 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)(2)(9)</sup> | 446109 | 405935 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)(2)(9)</sup> | 57071 | 53853 |
| Ellington Financial Mortgage Trust, Class A1, Series 2025-NQM2, 5.60%, 06/25/70<sup>(1)(2)(9)</sup> | 443735 | 449728 |
| Federal Home Loan Mortgage Corporation, 5.50%, 07/01/53 | 1050690 | 1069018 |
| GCAT Trust, Class A1, Series 2020-NQM1, 3.25%, 01/25/60<sup>(1)(7)</sup> | 133385 | 132060 |
| IRV Trust, Class B, Series 2025-200P, 5.44%, 03/14/47<sup>(1)(2)(9)</sup> | 810000 | 821546 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)(2)(9)</sup> | 262339 | 265682 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)(2)(9)</sup> | 435900 | 441162 |
| J.P. Morgan Mortgage Trust, Class A3, Series 2024-NQM1, 5.95%, 02/25/64<sup>(1)(7)</sup> | 220860 | 223022 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-NQM5, 4.88%, 05/25/65<sup>(1)(2)(9)</sup> | 441281 | 443225 |
| J.P. Morgan Seasoned Mortgage Trust, Class A4, Series 2024-1, 4.38%, 01/25/63<sup>(1)(2)(9)</sup> | 320539 | 316042 |
| LHome Mortgage Trust, Class A1, Series 2024-RTL1, 7.02%, 01/25/29<sup>(1)(7)</sup> | 560000 | 563576 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)(2)(9)</sup> | 203861 | 202122 |
| MFA Trust, Class A1, Series 2022-INV2, 4.95%, 07/25/57<sup>(1)(7)</sup> | 543509 | 543015 |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)(7)</sup> | 360502 | 362717 |
| MFA Trust, Class A1, Series 2025-NQM5, 5.19%, 11/25/70<sup>(1)(2)(9)</sup> | 642671 | 647086 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | | |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)(2)(9)</sup> | $257741 | $252008 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)(2)(9)</sup> | 328982 | 322211 |
| New Residential Mortgage Loan Trust, Class A1, Series 2024-NQM3, 5.47%, 11/25/64<sup>(1)(7)</sup> | 210382 | 213752 |
| New York Mortgage Trust, Class A1, Series 2024-CP1, 3.75%, 02/25/68<sup>(1)(2)(9)</sup> | 243527 | 229150 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)(7)</sup> | 282529 | 283938 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)(7)</sup> | 513179 | 520148 |
| OBX Trust, Class A1, Series 2024-NQM3, 6.13%, 12/25/63<sup>(1)(7)</sup> | 94568 | 95693 |
| OBX Trust, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)(7)</sup> | 384970 | 390335 |
| Pmt Loan Trust, Class A7, Series 2025-INV7, 6.00%, 06/25/56<sup>(1)(2)(9)</sup> | 713862 | 725423 |
| Pmt Loan Trust, Class A2, Series 2024-INV1, 6.00%, 10/25/59<sup>(1)(2)(9)</sup> | 567147 | 575651 |
| Pmt Loan Trust, Class A1, Series 2024-INV2, 6.00%, 12/25/59<sup>(1)(2)(9)</sup> | 269250 | 274495 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)(7)</sup> | 449438 | 450175 |
| Pretium Mortgage Credit Partners, Class A1, Series 2024-RPL1, 3.90%, 10/25/63<sup>(1)(2)(9)</sup> | 885294 | 857891 |
| PRKCM Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)(2)(9)</sup> | 1262826 | 1266404 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES1, 6.52%, 06/25/43<sup>(1)(2)(9)</sup> | 116621 | 116978 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)(2)(9)</sup> | 179970 | 181714 |
| RCKT Mortgage Trust, Class A1A, Series 2025-CES5, 5.69%, 05/25/55<sup>(1)(7)</sup> | 420133 | 426543 |
| Sequoia Mortgage Trust, Class B1, Series 2013-8, 3.48%, 06/25/43<sup>(2)(9)</sup> | 37992 | 37277 |
| SG Residential Mortgage Trust, Class A1, Series 2021-1, 1.16%, 07/25/61<sup>(1)(2)(9)</sup> | 935555 | 795997 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)(2)(9)</sup> | 30881 | 29888 |
| Towd Point Mortgage Trust, Class A2, Series 2017-4, 3.00%, 06/25/57<sup>(1)(2)(9)</sup> | 1425000 | 1368335 |
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)(2)(9)</sup> | 655000 | 633858 |
| Towd Point Mortgage Trust, Class A2, Series 2018-6, 3.75%, 03/25/58<sup>(1)(2)(9)</sup> | 100000 | 93088 |
| Towd Point Mortgage Trust, Class A2, Series 2019-2, 3.75%, 12/25/58<sup>(1)(2)(9)</sup> | 940000 | 865806 |
| Towd Point Mortgage Trust, Class A2, Series 2021-1, 2.75%, 11/25/61<sup>(1)(2)(9)</sup> | 100000 | 86317 |
| Towd Point Mortgage Trust, Class A1A, Series 2025-CES4, 5.09%, 10/25/65<sup>(1)(7)</sup> | 803894 | 809533 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | | |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)(7)</sup> | $255527 | $258458 |
| Verus Securitization Trust 2025-7, Class A1, Series 2025-7, 5.13%, 08/25/70<sup>(1)(7)</sup> | 334478 | 336993 |
| Visio Trust, Class A1, Series 2019-2, 2.72%, 11/25/54<sup>(1)(2)(9)</sup> | 12015 | 11975 |
| Visio Trust, Class A2, Series 2022-1, 5.85%, 08/25/57<sup>(1)(7)</sup> | 59568 | 59603 |
| Total Residential Mortgage Backed Securities |  | 25274950 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $80,389,599) |  | **81308817** |
| **ASSET BACKED SECURITIES – 8.9%** |  |  |
| ACHV ABS Trust, Class A, Series 2024-1PL, 5.90%, 04/25/31<sup>(1)</sup> | 22612 | 22721 |
| ACM Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup> | 45675 | 45706 |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup> | 317003 | 317456 |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-1, 5.63%, 01/14/30<sup>(1)</sup> | 79754 | 80089 |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-4, 4.91%, 08/12/31<sup>(1)</sup> | 535000 | 537983 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, 03/05/53<sup>(1)</sup> | 549000 | 557395 |
| Aqua Finance Issuer Trust, Class A, Series 2025-A, 5.25%, 12/19/50<sup>(1)</sup> | 434982 | 443295 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup> | 520000 | 524758 |
| Arivo Acceptance Auto Loan Receivables Trust, Class A2, Series 2025-1A, 4.92%, 05/15/29<sup>(1)</sup> | 800000 | 802534 |
| Arivo Acceptance Auto Loan Receivables Trust, Class B, Series 2024-1A, 6.87%, 06/17/30<sup>(1)</sup> | 228000 | 232927 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup> | 360000 | 369555 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, 04/20/27<sup>(1)</sup> | 80000 | 80195 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, 10/20/28<sup>(1)</sup> | 614000 | 630409 |
| Bojangles Issuer LLC, Class A2, Series 2024-1A, 6.58%, 11/20/54<sup>(1)</sup> | 458850 | 464750 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29 | 520000 | 526508 |
| Business Jet Securities LLC, Class A, Series 2024-2A, 5.36%, 09/15/39<sup>(1)</sup> | 307155 | 309574 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup> | 200000 | 201829 |
| Commercial Equipment Finance 2025-1 LLC, Class A, Series 2025-1A, 4.83%, 05/15/31<sup>(1)</sup> | 650386 | 655868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | | |
| Credit Acceptance Auto Loan Trust, Class A, Series 2024-1A, 5.68%, 03/15/34<sup>(1)</sup> | $162000 | $163254 |
| Dext ABS LLC, Class A2, Series 2023-1, 5.99%, 03/15/32<sup>(1)</sup> | 17694 | 17783 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31 | 300000 | 304052 |
| DT Auto Owner Trust, Class D, Series 2023-1A, 6.44%, 11/15/28<sup>(1)</sup> | 155000 | 157682 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29 | 385000 | 385684 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)(3)(4)</sup> | 48000 | 26400 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup> | 17071 | 17159 |
| Finbe USA Trust, Class B, Series 2025-1A, 6.60%, 12/16/30<sup>(1)</sup> | 675000 | 675597 |
| First Help Financial LLC, Class C, Series 2024-3A, 5.43%, 03/17/31<sup>(1)</sup> | 570000 | 544999 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup> | 834438 | 858409 |
| Flagship Credit Auto Trust, Class D, Series 2023-1, 6.46%, 05/15/29<sup>(1)</sup> | 510000 | 498731 |
| Foundation Finance Trust, Class A, Series 2024-2A, 4.60%, 03/15/50<sup>(1)</sup> | 234227 | 235297 |
| GLS Auto Receivables Issuer Trust, Class C, Series 2024-2A, 6.03%, 02/15/30<sup>(1)</sup> | 245000 | 250080 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28<sup>(1)</sup> | 44006 | 44334 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup> | 900000 | 916307 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | 425000 | 439393 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup> | 840038 | 871805 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup> | 198070 | 202334 |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup> | 388327 | 396835 |
| HINNT LLC, Class B, Series 2025-B, 4.75%, 05/15/45<sup>(1)</sup> | 464651 | 465911 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup> | 535950 | 547733 |
| Jersey Mike's Funding LLC, Class A2I, Series 2026-1A, 4.95%, 02/15/56<sup>(1)</sup> | 560000 | 560000 |
| LAD Auto Receivables Trust, Class D, Series 2023-2A, 6.30%, 02/15/31<sup>(1)</sup> | 135000 | 137545 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup> | 32737 | 33154 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup> | 119252 | 120061 |
| Lendbuzz Securitization Trust, Class B, Series 2024-3A, 5.03%, 11/15/30<sup>(1)</sup> | 437000 | 435687 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup> | 360000 | 360287 |
| Mariner Finance Issuance, Class A, Series 2025-AA, 4.98%, 05/20/38<sup>(1)</sup> | 780000 | 791300 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, 07/20/29<sup>(1)</sup> | 525000 | 526887 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2025-2A, 5.40%, 08/20/55<sup>(1)</sup> | 560000 | 569071 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup> | 835000 | 849279 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | | |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | $14658 | $14690 |
| Mpower Education Trust, Class A, Series 2025-A, 6.62%, 07/21/42<sup>(1)</sup> | 424168 | 435816 |
| MVW LLC, Class A, Series 2024-1A, 5.32%, 02/20/43<sup>(1)</sup> | 114940 | 117161 |
| MVW LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41<sup>(1)</sup> | 255687 | 248264 |
| Octane Receivables Trust, Class A, Series 2025-RVM1, 4.48%, 12/20/46<sup>(1)</sup> | 797038 | 799413 |
| Octane Receivables Trust, Class A2, Series 2025-1A, 4.25%, 02/20/31<sup>(1)</sup> | 810000 | 810434 |
| OneMain Direct Auto Receivables Trust, Class C, Series 2022-1A, 5.31%, 06/14/29<sup>(1)</sup> | 355000 | 355789 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup> | 73476 | 73886 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 356252 | 356865 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup> | 270000 | 277610 |
| Planet Fitness Master Issuer LLC, Class A2I, Series 2024-1A, 5.77%, 06/05/54<sup>(1)</sup> | 562875 | 572519 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup> | 97941 | 101092 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 180000 | 180739 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)(2)(9)</sup> | 526219 | 533422 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES3, 6.59%, 05/25/44<sup>(1)(2)(9)</sup> | 615232 | 625620 |
| RCKT Trust, Class C, Series 2025-1A, 5.16%, 07/25/34<sup>(1)</sup> | 840000 | 845014 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 128085 | 128928 |
| Reach ABS Trust, Class B, Series 2024-2A, 5.84%, 07/15/31<sup>(1)</sup> | 310000 | 314367 |
| Santander Drive Auto Receivables Trust, Class C, Series 2022-5, 4.74%, 10/16/28 | 16392 | 16403 |
| Scalelogix Abs US Issuer LLC, Class A2, Series 2025-1A, 5.67%, 07/25/55<sup>(1)</sup> | 700000 | 702544 |
| Sotheby's Artfi Master Trust, Class A1, Series 2026-1A, 4.80%, 06/20/33<sup>(1)</sup> | 925000 | 927602 |
| Star Trust, Class A, Series 2025-SFR5, 5.13%, (1-Month SOFR + 1.45%), 02/17/42<sup>(1)(2)</sup> | 339552 | 340091 |
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup> | 700000 | 699625 |
| Taco Bell Funding LLC, Class A2I, Series 2025-1A, 4.82%, 08/25/55<sup>(1)</sup> | 755000 | 752927 |
| Trafigura Securitisation Finance PLC, Class A2, Series 2024-1A, 5.98%, 11/15/27<sup>(1)</sup> | 635000 | 643991 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 316800 | 323345 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup> | 260405 | 261046 |
| Upgrade Master Pass-Through Trust, Class A, Series 2025-ST4, 5.50%, 08/16/32<sup>(1)</sup> | 538202 | 540894 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | | |
| Upx Hil Issuer Trust, Class A, Series 2025-1, 5.16%, 01/25/47<sup>(1)</sup> | $360322 | $362548 |
| Usq Rail III LLC, Class A, Series 2024-1A, 4.99%, 09/28/54<sup>(1)</sup> | 368168 | 368729 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup> | 250000 | 257680 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-1A, 5.55%, 11/15/27<sup>(1)</sup> | 218000 | 218739 |
| Westlake Automobile Receivables Trust, Class C, Series 2025-2A, 4.85%, 01/15/31<sup>(1)</sup> | 700000 | 708606 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup> | 225380 | 215098 |
| **Total Asset Backed Securities** |  |  |
| (Cost $33,083,050) |  | **33338099** |
| **TERM LOANS – 8.5%** |  |  |
| **Communication Services - 0.9%** |  |  |
| Century DE Buyer LLC, 6.67%, (1-Month SOFR + 3.00%), 10/30/30<sup>(2)</sup> | 395129 | 392759 |
| CMG Media Corp., 7.27%, (3-Month SOFR + 3.60%), 06/18/29<sup>(2)</sup> | 233311 | 218729 |
| Cogeco Communications USA II LP, 6.92%, (1-Month SOFR + 3.25%), 09/18/30<sup>(2)</sup> | 187178 | 178889 |
| Eagle Broadband Investments LLC, 6.93%, (1-Month SOFR + 3.26%), 11/12/27<sup>(2)</sup> | 363574 | 347896 |
| Gray Media, Inc., 6.81%, (3-Month SOFR + 3.00%), 12/01/28<sup>(2)</sup> | 183544 | 183118 |
| Level 3 Financing, Inc., 6.92%, (1-Month SOFR + 3.25%), 03/29/32<sup>(2)</sup> | 215000 | 215591 |
| McGraw-Hill Education, Inc., 6.42%, (3-Month SOFR + 2.75%), 08/06/31<sup>(2)</sup> | 159912 | 160887 |
| Neptune Bidco US, Inc., 8.66%, (1-Month SOFR + 0.00%), 01/28/33<sup>(2)</sup> | 715000 | 705912 |
| Numericable US LLC, 7.80%, (3-Month SOFR + 4.13%), 05/01/28<sup>(2)</sup> | 184073 | 184303 |
| Numericable US LLC, 8.74%, (1-Month SOFR + 5.06%), 10/30/28<sup>(2)</sup> | 36595 | 36640 |
| Playtika Holding Corp., 6.54%, (1-Month SOFR + 2.86%), 03/13/28<sup>(2)</sup> | 303407 | 295123 |
| TKO Worldwide Holdings LLC, 5.87%, (3-Month SOFR + 2.00%), 11/21/31<sup>(2)</sup> | 139300 | 139761 |
| Univision Communications, Inc., 7.29%, (1-Month SOFR + 3.50%), 01/31/29<sup>(2)</sup> | 226350 | 226563 |
| Total Communication Services |  | 3286171 |
| **Consumer Discretionary - 1.1%** |  |  |
| AI Aqua Merger Sub, Inc., 6.65%, (3-Month SOFR + 3.00%), 07/31/28<sup>(2)</sup> | 88651 | 88784 |
| AI Aqua Merger Sub, Inc., 6.85%, (3-Month SOFR + 3.00%), 07/31/28<sup>(2)</sup> | 133816 | 134018 |
| Beach Acquisition Bidco LLC, 6.92%, (1-Month SOFR + 3.25%), 09/13/32<sup>(2)</sup> | 270000 | 270844 |
| BIFM CA Buyer, Inc., 6.92%, (1-Month SOFR + 3.25%), 05/31/28<sup>(2)</sup> | 168375 | 168972 |
| Catawba Nation Gaming Authority, 8.42%, (3-Month SOFR + 4.75%), 03/29/32<sup>(2)</sup> | 160000 | 163700 |
| Delivery Hero Finco LLC, 8.84%, (SOFR + 5.00%), 12/12/29<sup>(2)</sup> | 176850 | 177292 |
| ECL Entertainment LLC, 6.67%, (1-Month SOFR + 3.00%), 08/30/30<sup>(2)</sup> | 218004 | 218140 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | | |
| **Consumer Discretionary (continued)** | | |
| Harbor Freight Tools USA, Inc, 5.92%, (1-Month SOFR + 2.25%), 06/11/31<sup>(2)</sup> | $220610 | $218318 |
| Hunter Douglas, Inc., 6.67%, (1-Month SOFR + 3.00%), 01/17/32<sup>(2)</sup> | 84718 | 84648 |
| KUEHG Corp., 6.42%, (1-Month SOFR + 2.75%), 06/12/30<sup>(2)</sup> | 272319 | 257427 |
| Lernen US Finco LLC, 7.16%, (1-Month SOFR + 3.50%), 10/27/31<sup>(2)</sup> | 357432 | 358177 |
| Mavis Tire Express Services Topco Corp., 6.67%, (1-Month SOFR + 3.00%), 05/04/28<sup>(2)</sup> | 203463 | 203754 |
| Motion Finco Sarl, 7.17%, (3-Month SOFR + 3.50%), 11/12/29<sup>(2)</sup> | 152505 | 130915 |
| OMNIA Partners LLC, 6.45%, (1-Month SOFR + 2.75%), 12/31/32<sup>(2)</sup> | 79002 | 79195 |
| Petco Health & Wellness Co., Inc., 7.18%, (1-Month SOFR + 3.51%), 03/03/28<sup>(2)</sup> | 253879 | 253817 |
| Petco Health & Wellness Co., Inc., 8.04%, (1-Month SOFR + 0.00%), 01/22/31<sup>(2)</sup> | 215000 | 210815 |
| TMF Sapphire Bidco BV, 6.40%, (1-Month SOFR + 2.75%), 05/03/28<sup>(2)</sup> | 351104 | 351250 |
| TRQ Sales LLC, 6.92%, (3-Month SOFR + 0.00%), 12/30/32<sup>(2)</sup> | 160000 | 159600 |
| TruGreen LP, 7.77%, (6-Month SOFR + 4.10%), 11/02/27<sup>(2)</sup> | 236327 | 232132 |
| Wand NewCo 3, Inc., 6.17%, (3-Month SOFR + 2.50%), 01/30/31<sup>(2)</sup> | 295477 | 295670 |
| Total Consumer Discretionary |  | 4057468 |
| **Consumer Durables - 0.0%<sup>(10)</sup>** |  |  |
| Gloves Buyer, Inc., 7.67%, (1-Month SOFR + 4.00%), 05/21/32<sup>(2)</sup> | 154613 | 154065 |
| **Consumer Non-Durables - 0.1%** |  |  |
| Aggreko Holdings, Inc., 6.87%, (1-Month SOFR + 3.00%), 05/21/31<sup>(2)</sup> | 362082 | 361121 |
| **Consumer Staples - 0.2%** |  |  |
| Aspire Bakeries Holdings LLC, 6.67%, (1-Month SOFR + 3.00%), 12/23/30<sup>(2)</sup> | 202950 | 204261 |
| Del Monte Foods Corp II, Inc., 13.28%, (3-Month SOFR + 9.60%), 04/02/26<sup>(2)</sup> | 24785 | 19952 |
| Del Monte Foods Corp II, Inc., 13.28%, (1-Month SOFR + 9.60%), 04/02/26<sup>(2)</sup> | 16716 | 16090 |
| Del Monte Foods, Inc., 8.10%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)(3)</sup> | 4389 | 208 |
| Del Monte Foods, Inc., 8.17%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)(3)</sup> | 27045 | 1285 |
| Del Monte Foods, Inc., 8.60%, (3-Month SOFR + 0.00%), 08/02/28<sup>(2)(3)</sup> | 72377 | 1493 |
| Del Monte Foods, Inc., 11.92%, (3-Month SOFR + 0.00%), 08/02/28<sup>(2)(3)</sup> | 13808 | 6950 |
| Nourish Buyer I, Inc., 7.67%, (1-Month SOFR + 4.00%), 07/09/32<sup>(2)</sup> | 85000 | 85124 |
| Red SPV LLC, 5.92%, (1-Month SOFR + 2.25%), 03/15/32<sup>(2)</sup> | 233825 | 234411 |
| Snacking Investments US LLC, 6.67%, (1-Month SOFR + 3.00%), 10/29/32<sup>(2)</sup> | 75000 | 75356 |
| Total Consumer Staples |  | 645130 |
| **Consumer, Cyclical - 0.2%** |  |  |
| AI Aqua Merger Sub, Inc., 6.42%, (SOFR + 0.00%), 07/31/28<sup>(2)</sup> | 125000 | 124688 |
| EG America LLC, 6.92%, (1-Month SOFR + 0.00%), 01/29/31<sup>(2)</sup> | 570000 | 568575 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | | |
| **Consumer, Cyclical (continued)** | | |
| Total Consumer, Cyclical |  | $693263 |
| **Energy - 0.4%** |  |  |
| Blackfin Pipeline LLC, 6.69%, (1-Month SOFR + 3.00%), 09/29/32<sup>(2)</sup> | $289275 | 291565 |
| CVR CHC LP, 7.67%, (1-Month SOFR + 4.00%), 12/30/27<sup>(2)</sup> | 224273 | 224273 |
| Freeport LNG Investments LLLP, 6.92%, (3-Month SOFR + 3.25%), 12/21/28<sup>(2)</sup> | 252696 | 253296 |
| Freeport LNG Investments LLLP, 6.92%, (1-Month SOFR + 0.00%), 01/30/33<sup>(2)</sup> | 290000 | 289456 |
| M6 ETX Holdings II Midco LLC, 6.17%, (1-Month SOFR + 2.50%), 04/01/32<sup>(2)</sup> | 172892 | 173288 |
| Traverse Midstream Partners LLC, 6.17%, (3-Month SOFR + 2.50%), 02/16/28<sup>(2)</sup> | 293688 | 294495 |
| Total Energy |  | 1526373 |
| **Financials - 0.7%** |  |  |
| Acrisure LLC, 6.67%, (3-Month SOFR + 3.00%), 11/06/30<sup>(2)</sup> | 231685 | 231308 |
| Ardonagh Group Finco Pty Ltd., 6.37%, (1-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup> | 202972 | 202719 |
| Ardonagh Group Finco Pty Ltd., 6.42%, (3-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup> | 10420 | 10407 |
| Broadstreet Partners Group LLC, 6.17%, (1-Month SOFR + 2.50%), 06/13/31<sup>(2)</sup> | 356257 | 354779 |
| CRC Insurance Group LLC, 6.42%, (3-Month SOFR + 2.75%), 05/06/31<sup>(2)</sup> | 575000 | 574462 |
| Focus Financial Partners LLC, 6.17%, (1-Month SOFR + 2.50%), 09/15/31<sup>(2)</sup> | 478695 | 476520 |
| ION Platform Finance US, Inc., 7.42%, (1-Month SOFR + 3.75%), 10/07/32<sup>(2)</sup> | 220000 | 196717 |
| NorthAB LLC, 6.17%, (3-Month SOFR + 2.50%), 11/24/28<sup>(2)</sup> | 429582 | 406722 |
| PEX Holdings LLC, 6.42%, (1-Month SOFR + 2.75%), 11/20/31<sup>(2)</sup> | 233238 | 233431 |
| Total Financials |  | 2687065 |
| **Health Care - 1.0%** |  |  |
| Agiliti Health, Inc., 6.58%, (3-Month SOFR + 3.00%), 05/01/30<sup>(2)</sup> | 136054 | 129308 |
| Amneal Pharmaceuticals LLC, 7.17%, (1-Month SOFR + 3.50%), 08/02/32<sup>(2)</sup> | 169575 | 170423 |
| Argent Finco LLC, 6.18%, (1-Month SOFR + 0.00%), 11/12/32<sup>(2)</sup> | 230000 | 230935 |
| Bausch + Lomb Corp., 7.42%, (1-Month SOFR + 3.75%), 01/15/31<sup>(2)</sup> | 128988 | 130116 |
| Dechra Finance US LLC, 6.64%, (3-Month SOFR + 3.00%), 01/27/32<sup>(2)</sup> | 228275 | 228960 |
| Endo Finance Holdings, Inc., 7.42%, (3-Month SOFR + 3.75%), 04/23/31<sup>(2)</sup> | 29625 | 29681 |
| Financiere Mendel SASU, 6.59%, (1-Month SOFR + 2.75%), 11/08/30<sup>(2)</sup> | 54450 | 54731 |
| Genmab A/S, 6.73%, (1-Month SOFR + 3.00%), 12/12/32<sup>(2)</sup> | 75000 | 75368 |
| Global Medical Response, Inc., 7.17%, (1-Month SOFR + 3.50%), 10/01/32<sup>(2)</sup> | 304680 | 306086 |
| Grifols Worldwide Operations USA, Inc., 5.92%, (3-Month SOFR + 2.10%), 11/15/27<sup>(2)</sup> | 500000 | 499915 |
| Hologic, Inc., 5.92%, (1-Month SOFR + 0.00%), 01/14/33<sup>(2)</sup> | 255000 | 253455 |
| Lannett Co., Inc., 2.00%, (SOFR + 0.00%), 06/16/30<sup>(2)(4)</sup> | 1286 | 991 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | | |
| **Health Care (continued)** | | |
| LifePoint Health, Inc., 7.15%, (6-Month SOFR + 3.50%), 05/16/31<sup>(2)</sup> | $24688 | $24668 |
| LifePoint Health, Inc., 7.42%, (1-Month SOFR + 3.75%), 05/16/31<sup>(2)</sup> | 237386 | 237646 |
| Lumexa Imaging, Inc., 6.70%, (1-Month SOFR + 3.00%), 12/17/32<sup>(2)</sup> | 130000 | 130732 |
| Modivcare Buyer LLC, 8.69%, (1-Month SOFR + 5.00%), 12/02/30<sup>(2)</sup> | 13774 | 12950 |
| PAREXEL International Corp., 6.42%, (1-Month SOFR + 2.75%), 12/12/31<sup>(2)</sup> | 90000 | 90112 |
| Radiology Partners, Inc., 8.17%, (1-Month SOFR + 4.50%), 06/30/32<sup>(2)</sup> | 254363 | 254862 |
| Southern Veterinary Partners LLC, 6.17%, (1-Month SOFR + 2.50%), 12/04/31<sup>(2)</sup> | 272817 | 272989 |
| Star Parent, Inc., 7.67%, (1-Month SOFR + 4.00%), 09/27/30<sup>(2)</sup> | 293506 | 294030 |
| Upstream Newco, Inc., 8.18%, (1-Month SOFR + 4.51%), 11/20/29<sup>(2)</sup> | 211835 | 192044 |
| VetStrategy Canada Holdings, Inc., 7.42%, (1-Month SOFR + 3.75%), 12/12/28<sup>(2)</sup> | 103942 | 104111 |
| Total Health Care |  | 3724113 |
| **Industrials - 1.6%** |  |  |
| AlixPartners LLP, 5.67%, (1-Month SOFR + 2.00%), 08/12/32<sup>(2)</sup> | 420000 | 418238 |
| Allied Universal Holdco LLC, 6.92%, (1-Month SOFR + 3.25%), 08/20/32<sup>(2)</sup> | 269325 | 270154 |
| Amentum Holdings, Inc., 5.67%, (3-Month SOFR + 2.00%), 09/29/31<sup>(2)</sup> | 323984 | 324389 |
| Arcline FM Holdings LLC, 6.42%, (1-Month SOFR + 2.75%), 06/23/30<sup>(2)</sup> | 364641 | 366236 |
| Brown Group Holding LLC, 6.22%, (1-Month SOFR + 0.00%), 07/01/31<sup>(2)</sup> | 16702 | 16726 |
| Brown Group Holding LLC, 6.32%, (1-Month SOFR + 0.00%), 07/01/31<sup>(2)</sup> | 22864 | 22898 |
| Brown Group Holding LLC, 6.34%, (1-Month SOFR + 0.00%), 07/01/31<sup>(2)</sup> | 35434 | 35486 |
| Chariot Buyer LLC, 6.42%, (1-Month SOFR + 2.75%), 09/08/32<sup>(2)</sup> | 267152 | 267288 |
| Columbus McKinnon Corp., 7.17%, (1-Month SOFR + 0.00%), 01/21/33<sup>(2)</sup> | 135000 | 134325 |
| CompoSecure Holdings LLC, 5.93%, (1-Month SOFR + 2.25%), 01/14/33<sup>(2)</sup> | 115000 | 114929 |
| Cornerstone Building Brands, Inc., 7.03%, (1-Month SOFR + 3.35%), 04/12/28<sup>(2)</sup> | 103106 | 80165 |
| Cornerstone Building Brands, Inc., 8.18%, (3-Month SOFR + 4.50%), 05/15/31<sup>(2)</sup> | 79000 | 54609 |
| CPM Holdings, Inc, 8.20%, (3-Month SOFR + 4.50%), 09/28/28<sup>(2)</sup> | 230017 | 227215 |
| DXP Enterprises, Inc./TX, 6.92%, (1-Month SOFR + 3.25%), 10/11/30<sup>(2)</sup> | 69825 | 70366 |
| Dynamo US Bidco, Inc., 6.94%, (1-Month SOFR + 3.25%), 09/30/31<sup>(2)</sup> | 69127 | 69321 |
| Gloves Buyer, Inc., 7.67%, (1-Month SOFR + 4.00%), 05/21/32<sup>(2)</sup> | 84788 | 84487 |
| Green Infrastructure Partners, Inc., 6.42%, (1-Month SOFR + 2.75%), 09/24/32<sup>(2)</sup> | 150000 | 150282 |
| Innio Holding GmbH, 5.93%, (1-Month SOFR + 2.25%), 11/02/28<sup>(2)</sup> | 270000 | 270394 |
| Karman Holdings, Inc., 6.42%, (1-Month SOFR + 0.00%), 04/01/32<sup>(2)</sup> | 260000 | 261139 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | | |
| **Industrials (continued)** | | |
| OPENLANE, Inc., 6.37%, (1-Month SOFR + 2.50%), 10/08/32<sup>(2)</sup> | $75000 | $75141 |
| PAC Aviation International, Inc., 6.92%, (3-Month SOFR + 3.25%), 10/28/30<sup>(2)</sup> | 470000 | 466183 |
| Pye-Barker Fire & Safety LLC, 6.16%, (1-Month SOFR + 0.00%), 12/16/32<sup>(2)</sup> | 165300 | 165575 |
| Pye-Barker Fire & Safety LLC, 6.16%, (1-Month SOFR + 0.00%), 12/16/32<sup>(2)</sup> | 24700 | 24741 |
| Rand Parent LLC, 6.67%, (3-Month SOFR + 3.00%), 03/18/30<sup>(2)</sup> | 149246 | 149759 |
| TK Elevator Midco Gmbh, 6.38%, (1-Month SOFR + 2.75%), 04/30/30<sup>(2)</sup> | 208429 | 209198 |
| WEC US Holdings, Inc., 5.70%, (1-Month SOFR + 2.00%), 01/27/31<sup>(2)</sup> | 980956 | 981182 |
| White Cap Supply Holdings LLC, 6.92%, (3-Month SOFR + 3.25%), 10/19/29<sup>(2)</sup> | 177750 | 177655 |
| Win Waste Innovations Holdings, Inc., 6.54%, (1-Month SOFR + 2.86%), 03/24/28<sup>(2)</sup> | 326849 | 328330 |
| Total Industrials |  | 5816411 |
| **Information Technology - 1.5%** |  |  |
| Applied Systems, Inc., 6.17%, (1-Month SOFR + 2.50%), 02/24/31<sup>(2)</sup> | 337425 | 335579 |
| Applied Systems, Inc., 8.17%, (3-Month SOFR + 4.50%), 02/23/32<sup>(2)</sup> | 10000 | 10152 |
| Ascend Learning LLC, 6.72%, (3-Month SOFR + 3.00%), 12/11/28<sup>(2)</sup> | 182015 | 180480 |
| Central Parent LLC, 6.92%, (1-Month SOFR + 3.25%), 07/06/29<sup>(2)</sup> | 254702 | 205035 |
| Cloud Software Group, Inc., 6.92%, (1-Month SOFR + 3.25%), 03/21/31<sup>(2)</sup> | 948 | 921 |
| Cloud Software Group, Inc., 6.92%, (1-Month SOFR + 3.25%), 03/21/31<sup>(2)</sup> | 377105 | 366735 |
| CNT Holdings I Corp., 6.17%, (3-Month SOFR + 2.25%), 11/08/32<sup>(2)</sup> | 262741 | 262796 |
| ConnectWise LLC, 7.43%, (1-Month SOFR + 3.76%), 09/29/28<sup>(2)</sup> | 131938 | 127651 |
| DG Investment Intermediate Holdings 2, Inc., 6.92%, (3-Month SOFR + 3.25%), 07/09/32<sup>(2)</sup> | 443016 | 444861 |
| Ensemble RCM LLC, 6.67%, (3-Month SOFR + 0.00%), 01/28/33<sup>(2)</sup> | 375000 | 371719 |
| Gainwell Acquisition Corp., 7.77%, (3-Month SOFR + 4.10%), 10/01/27<sup>(2)</sup> | 419107 | 402166 |
| Garda World Security Corp., 6.42%, (1-Month SOFR + 2.75%), 02/01/29<sup>(2)</sup> | 521000 | 521000 |
| Genesys Cloud Services, Inc., 6.17%, (3-Month SOFR + 2.50%), 01/30/32<sup>(2)</sup> | 269069 | 263773 |
| Indicor LLC, 6.42%, (1-Month SOFR + 2.75%), 11/22/29<sup>(2)</sup> | 340344 | 340731 |
| Lsf12 Crown US Commercial Bidco LLC, 6.68%, (1-Month SOFR + 3.00%), 12/02/31<sup>(2)</sup> | 252597 | 253386 |
| Neptune Bidco US, Inc., 8.77%, (3-Month SOFR + 5.10%), 04/11/29<sup>(2)</sup> | 403308 | 403897 |
| Project Ruby Ultimate Parent Corp., 6.54%, (3-Month SOFR + 2.86%), 03/10/28<sup>(2)</sup> | 122334 | 121665 |
| Proofpoint, Inc, 6.67%, (1-Month SOFR + 3.00%), 08/31/28<sup>(2)</sup> | 261535 | 260146 |
| Resilience Parent LLC, 6.16%, (3-Month SOFR + 0.00%), 01/21/33<sup>(2)</sup> | 175000 | 175000 |

---

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | | |
| **Information Technology (continued)** | | |
| Rocket Software, Inc., 7.42%, (1-Month SOFR + 3.75%), 11/28/28<sup>(2)</sup> | $186913 | $179145 |
| UKG, Inc., 6.17%, (3-Month SOFR + 2.50%), 02/10/31<sup>(2)</sup> | 166347 | 162569 |
| Viasat, Inc., 8.29%, (3-Month SOFR + 4.61%), 03/02/29<sup>(2)</sup> | 216134 | 216100 |
| Total Information Technology |  | 5605507 |
| **Materials - 0.5%** |  |  |
| Clydesdale Acquisition Holdings, Inc., 6.85%, (1-Month SOFR + 3.18%), 04/13/29<sup>(2)</sup> | 285000 | 284051 |
| Graham Packaging Co., Inc., 5.92%, (1-Month SOFR + 0.00%), 01/14/33<sup>(2)</sup> | 270000 | 270098 |
| INEOS US Finance LLC, 6.92%, (1-Month SOFR + 3.25%), 02/19/30<sup>(2)</sup> | 287681 | 208569 |
| Kloeckner Pentaplast of America, Inc., 9.02%, (3-Month SOFR + 0.00%), 03/12/26<sup>(2)(3)</sup> | 289005 | 46241 |
| Lummus Technology Holdings V LLC, 6.17%, (3-Month SOFR + 2.50%), 12/31/29<sup>(2)</sup> | 361650 | 362583 |
| Magnera Corp., 8.07%, (3-Month SOFR + 4.25%), 11/04/31<sup>(2)</sup> | 247351 | 245558 |
| Nouryon Finance BV, 7.04%, (1-Month SOFR + 3.25%), 04/03/28<sup>(2)</sup> | 297830 | 298202 |
| USALCO LLC, 7.17%, (3-Month SOFR + 0.00%), 09/30/31<sup>(2)</sup> | 181148 | 181148 |
| USALCO LLC, 7.17%, (1-Month SOFR + 0.00%), 09/30/31<sup>(2)</sup> | 18852 | 18852 |
| Total Materials |  | 1915302 |
| **Media/Telecom - Broadcasting - 0.1%** |  |  |
| Directv Financing LLC, 9.18%, (3-Month SOFR + 5.51%), 08/02/29<sup>(2)</sup> | 262123 | 262868 |
| EOC Borrower LLC, 6.42%, (1-Month SOFR + 2.50%), 03/24/32<sup>(2)</sup> | 283575 | 284107 |
| Total Media/Telecom - Broadcasting |  | 546975 |
| **Service - 0.1%** |  |  |
| Cotiviti, Inc., 6.45%, (3-Month SOFR + 2.75%), 05/01/31<sup>(2)</sup> | 206775 | 191914 |
| Fugue Finance LLC, 6.57%, (1-Month SOFR + 2.75%), 01/09/32<sup>(2)</sup> | 368926 | 367081 |
| Total Service |  | 558995 |
| **Utilities - 0.1%** |  |  |
| AL GCX Fund VIII Holdings LLC, 5.67%, (1-Month SOFR + 2.00%), 01/30/32<sup>(2)</sup> | 178789 | 179152 |
| Hamilton Projects Acquiror LLC, 6.17%, (3-Month SOFR + 2.50%), 05/30/31<sup>(2)</sup> | 143218 | 144164 |
| Total Utilities |  | 323316 |
| **Total Term Loans** |  |  |
| (Cost $32,444,486) |  | **31901275** |
| **U.S. GOVERNMENT SECURITIES – 7.0%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/55 | 7810000 | 7483566 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/26 | 2635000 | 2645375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/29 | 1065000 | 1076773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/31/30 | 4280000 | 4364346 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **U.S. GOVERNMENT SECURITIES (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/31/30 | $2540000 | $2552006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/34 | 5530000 | 5485285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/35 | 2490000 | 2568882 |
| **Total U.S. Government Securities** |  |  |
| (Cost $26,096,650) |  | **26176233** |
| **EXCHANGE TRADED FUNDS - 0.5%** |  |  |
| **Debt Funds - 0.5%** |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 12928 | 1048719 |
| SPDR Bloomberg Barclays High Yield Bond ETF | 9747 | 953452 |
| Total Debt Funds |  | **2002171** |
| **Total Exchange Traded Funds** |  |  |
| (Cost $1,932,770) |  | **2002171** |
| **COMMON STOCKS - 0.1%** |  |  |
| **Communication Services - 0.1%** |  |  |
| Altice France SA\* | 6745 | 128923 |
| **Consumer Discretionary - 0.0%<sup>(10)</sup>** |  |  |
| West Marine (Rising Tide)\*<sup>(4)</sup> | 38 |  |
| **Health Care - 0.0%<sup>(10)</sup>** |  |  |
| Lannett Co., Inc.\*<sup>(4)</sup> | 277 | 5872 |
| Modivcare Buyer LLC\* | 2671 | 17806 |
| Total Health Care |  | 23678 |
| **Total Common Stocks** |  |  |
| (Cost $109,841) |  | **152601** |
| **TOTAL INVESTMENTS - 97.2%** |  |  |
| (Cost $356,915,241) |  | **363381564** |
| Other Assets in Excess of Liabilities - 2.8% |  | 10582901 |
| **Net Assets - 100.0%** |  | $**373964465** |

---

---

| | |
|:---|:---|
| † | Principal disclosed in USD unless otherwise stated. |
| \* | 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 January 31, 2026, the aggregate value of these securities was $165,393,971, or 44.2% of net assets. |
| (2) | Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026. |
| (3) | Security in default, no interest payments are being received. |
| (4) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| (5) | Payment in-kind security, which may pay interest/dividends in additional par/shares and/or in cash. |
| (6) | Perpetual security with no contractual maturity date. |
| (7) | Represents step coupon bond. Rate shown reflects the rate in effect as of January 31, 2026. |
| (8) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
| (9) | 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. |
| (10) | Amount rounds to less than 0.05%. |

---

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

January 31, 2026 (unaudited)

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |
| ETF — Exchange Traded Fund |
| SOFR — Secured Overnight Financing Rate |
| USD — United States Dollar |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| BRL | Brazilian Real |
| 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 January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $98654380 | $339 | $98654719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds |  | 89847649 |  | 89847649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 81308817 |  | 81308817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 33311699 | 26400 | 33338099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loans |  | 31900284 | 991 | 31901275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 26176233 |  | 26176233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 2002171 |  |  | 2002171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 146729 |  | 5872<sup>(1)</sup> | 152601 |
| **Total** | $**2148900** | $**361199062** | $**33602** | $**363381564** |

---

(1) Includes internally fair valued securities currently priced at zero ($0).

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended January 31, 2026.

## 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:** 1301 Avenue of the Americas

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 1-888-383-0553

**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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $385685344.02

**Total Liabilities:** $11722665.16

**Net Assets:** $373962678.86

**Delayed Delivery Securities:** $35486.46

**Cash Not Reported:** $15840023.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -4895.16620800 | **10-Year:** -37770.33390000 | **30-Year:** -57229.44758000

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

- **3-Month:** -0.36455364 | **1-Year:** -32.18204839 | **5-Year:** -13229.79851000 | **10-Year:** -21113.02852000 | **30-Year:** -12433.73598000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153845 | 0.60%                | 0.37%                | 0.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $296643.44               | $132359.42                                 |
| Month 2  | $11464.72                | $-386621.61                                |
| Month 3  | $-10531.75               | $268932.08                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACM Auto Trust                                                              | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45675 | PA      | $45706.51     | 0.01%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CH3<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    474000 | PA      | $378015.00    | 0.10%             | 2032-02-01      | Variable      | 4.00%                 | 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      |
| MetroNet Infrastructure Issuer                                              | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $569071.33    | 0.15%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                                           | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                    | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76172.48     | 0.02%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    130000 | PA      | $141526.44    | 0.04%             | 2033-11-17      | Fixed         | 6.27%                 | 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      | $470294.10    | 0.13%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    214000 | PA      | $195041.74    | 0.05%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    539045 | PA      | $537427.87    | 0.14%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    315000 | PA      | $323629.97    | 0.09%             | 2052-12-15      | 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      | $54211.09     | 0.01%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAE1<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    425000 | PA      | $438987.81    | 0.12%             | 2034-04-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    510000 | PA      | $405297.00    | 0.11%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc.                                                        | LANNETT C 06/16/30                                                              | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |      1286 | PA      | $991.48       | 0.00%             | 2030-06-16      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2024-A LLC                                                                | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388327 | PA      | $396835.52    | 0.11%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DX1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    304000 | PA      | $301112.00    | 0.08%             | 2034-09-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                                                             | 180 Medical Inc                                                                 | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    955000 | PA      | $948649.82    | 0.25%             | 2035-10-08      | Fixed         | 5.30%                 | 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      | $103005.96    | 0.03%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                                    | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    496000 | PA      | $491350.00    | 0.13%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    480000 | PA      | $496619.85    | 0.13%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49236.18     | 0.01%             | 2034-03-31      | Fixed         | 5.75%                 | 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      | $562203.93    | 0.15%             | 2027-02-01      | Fixed         | 4.25%                 | 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      | $630409.03    | 0.17%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346605 | PA      | $341034.87    | 0.09%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    386000 | PA      | $388605.50    | 0.10%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kuehg Corp.                                                                 | ASPIRE BAKERIES 12/23/30                                                        | CUSIP: 50118YAH2<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    272319 | PA      | $257426.88    | 0.07%             | 2030-06-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    775000 | PA      | $812373.60    | 0.22%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    365000 | PA      | $379259.78    | 0.10%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                                        | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    276000 | PA      | $193821.00    | 0.05%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                                        | Samarco Mineracao SA                                                            | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    101723 | PA      | $102475.29    | 0.03%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Pac Dac LLC                                                                 | PAC DA 10/28/30                                                                 | CUSIP: 69450PAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    470000 | PA      | $466183.60    | 0.12%             | 2030-10-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    405000 | PA      | $423740.26    | 0.11%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    231000 | PA      | $227504.97    | 0.06%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                                            | Taseko Mines Ltd                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $159403.80    | 0.04%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| INDICOR LLC                                                                 | INDICO 11/22/29                                                                 | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |    340344 | PA      | $340730.52    | 0.09%             | 2029-11-22      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2024-2                                                   | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    356252 | PA      | $356864.55    | 0.10%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176525.97    | 0.05%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWJ38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2912808 | PA      | $2919224.15   | 0.78%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    767000 | PA      | $500851.00    | 0.13%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    600000 | PA      | $437874.66    | 0.12%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    400000 | PA      | $400200.00    | 0.11%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2540000 | PA      | $2552005.46   | 0.68%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     45000 | PA      | $45270.00     | 0.01%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    465000 | PA      | $478020.00    | 0.13%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                                              | Azorra Finance Ltd                                                              | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    280000 | PA      | $293452.21    | 0.08%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    340000 | PA      | $338801.36    | 0.09%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91976.21     | 0.02%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                           | Chile Government International Bond                                             | CUSIP: 168863EE4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    220000 | PA      | $232733.60    | 0.06%             | 2037-01-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    255527 | PA      | $258458.08    | 0.07%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                                     | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111170.95    | 0.03%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOOD 08/05/28                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72377 | PA      | $1492.77      | 0.00%             | 2028-08-02      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     95000 | PA      | $96425.00     | 0.03%             | 2031-01-14      | Fixed         | 5.95%                 | 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      | $382448.48    | 0.10%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP FINANCE                                                      | Ardonagh Group Finance Ltd                                                      | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |     15000 | PA      | $15479.67     | 0.00%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    329000 | PA      | $336294.13    | 0.09%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                                       | Costa Rica Government International Bond                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    224000 | PA      | $250432.00    | 0.07%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    275000 | PA      | $264775.62    | 0.07%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                                                  | USALCO LLC                                                                      | CUSIP: 91732NAP8<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |     18852 | PA      | $18851.80     | 0.01%             | 2031-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     14422 | PA      | $11249.16     | 0.00%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                                          | Agiliti Health, 04/06/30                                                        | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    136054 | PA      | $129307.96    | 0.03%             | 2030-05-01      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    294000 | PA      | $287752.50    | 0.08%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                                     | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    230000 | PA      | $242137.79    | 0.06%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                                     | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     78000 | PA      | $76083.93     | 0.02%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Financiere Mendel                                                           | FINANCIERE M 11/08/30                                                           | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |     54450 | PA      | $54730.96     | 0.01%             | 2030-11-08      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    185000 | PA      | $191272.61    | 0.05%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINA 08/02/29                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    262123 | PA      | $262868.27    | 0.07%             | 2029-08-02      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    240000 | PA      | $249841.04    | 0.07%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    381411 | PA      | $383269.06    | 0.10%             | 2069-08-25      | Variable      | 5.12%                 | 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        |    328982 | PA      | $322210.77    | 0.09%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                           | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    435000 | PA      | $458082.27    | 0.12%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    179970 | PA      | $181713.56    | 0.05%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $807696.32    | 0.22%             | 2040-06-15      | Floating      | 5.42%                 | 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      | $675596.57    | 0.18%             | 2030-12-16      | Fixed         | 6.60%                 | 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        |    562875 | PA      | $572519.08    | 0.15%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    886000 | PA      | $914795.00    | 0.24%             | 2035-03-15      | Fixed         | 6.62%                 | 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        |     57071 | PA      | $53853.50     | 0.01%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| IVC Acquisition Ltd                                                         | IVC ACQUISITIO 12/12/28                                                         | CUSIP: 000000000<br>LEI: 254900WZMD2JOGND1Z32 | Long             | LON              | CORP              | CA        |    103942 | PA      | $104110.99    | 0.03%             | 2028-12-12      | Floating      | 7.42%                 | 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      | $126050.75    | 0.03%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                              | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    651000 | PA      | $716814.15    | 0.19%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                                     | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    475000 | PA      | $500254.33    | 0.13%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    475000 | PA      | $493766.55    | 0.13%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                                                         | MESQUITE ENERGY INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $60.60        | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| INSTALLED BUILDING PRODU                                                    | Installed Building Products Inc                                                 | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10082.48     | 0.00%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    199000 | PA      | $213328.00    | 0.06%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    446109 | PA      | $405934.86    | 0.11%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AN9<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    448000 | PA      | $447722.24    | 0.12%             | 2036-01-28      | Fixed         | 6.50%                 | 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      | $1076773.24   | 0.29%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    194000 | PA      | $202138.30    | 0.05%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    390000 | PA      | $389533.25    | 0.10%             | N/A             | Fixed         | 3.88%                 | 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        |    645000 | PA      | $637051.21    | 0.17%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fugue Finance B.V.                                                          | FUGUE FINANCE LLC                                                               | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | HK        |    195000 | PA      | $194025.00    | 0.05%             | 2032-01-09      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                              | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |  51040000 | PA      | $2179742.32   | 0.58%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CMG Media Corporation (f/k/a Terrier Media Buyer Inc)                       | CMG MEDIA 06/18/29                                                              | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    233311 | PA      | $218729.07    | 0.06%             | 2029-06-18      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    345000 | PA      | $301896.59    | 0.08%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    455000 | PA      | $478586.29    | 0.13%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    261000 | PA      | $264197.25    | 0.07%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KARMAN HOLDINGS INC                                                         | KARMAN HOLDINGS INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    260000 | PA      | $261138.80    | 0.07%             | 2032-04-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17694 | PA      | $17782.92     | 0.00%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    595000 | PA      | $612178.31    | 0.16%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    315000 | PA      | $350607.20    | 0.09%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                                                  | RCKT Trust 2025-PL1                                                             | CUSIP: 74939RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $845013.79    | 0.23%             | 2034-07-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| OPENLANE Inc (f/k/a KAR Auction Services Inc)                               | OPENLAN 10/08/32                                                                | CUSIP: 68373AAD5<br>LEI: 5493004HKD20LBSG7D03 | Long             | LON              | CORP              | US        |     75000 | PA      | $75140.63     | 0.02%             | 2032-10-08      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    465000 | PA      | $531814.16    | 0.14%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $99851.38     | 0.03%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Century DE Buyer LLC                                                        | CENTURY DE BUYE 10/30/30                                                        | CUSIP: 15651FAE6<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |    395129 | PA      | $392758.57    | 0.11%             | 2030-10-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    370000 | PA      | $378020.86    | 0.10%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    309000 | PA      | $311472.00    | 0.08%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                                     | Pakistan Government International Bond                                          | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    342000 | PA      | $345078.00    | 0.09%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                                    | BROADSTREET PART 06/13/31                                                       | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |     26865 | PA      | $26753.79     | 0.01%             | 2031-06-13      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    148000 | PA      | $149875.90    | 0.04%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                                    | BROADSTREET PART 06/13/31                                                       | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    329392 | PA      | $328024.83    | 0.09%             | 2031-06-13      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    282529 | PA      | $283938.21    | 0.08%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    540000 | PA      | $566325.90    | 0.15%             | 2034-04-15      | Fixed         | 5.80%                 | 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      | $385683.84    | 0.10%             | 2029-04-16      | Fixed         | 4.48%                 | 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      | $20765.88     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141264.99    | 0.04%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                                       | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $198116.59    | 0.05%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    460000 | PA      | $479577.33    | 0.13%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    666787 | PA      | $546698.66    | 0.15%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND                                                        | Atlas Warehouse Lending Co LP                                                   | CUSIP: 049463AH5<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    890000 | PA      | $891570.31    | 0.24%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                                                  | USALCO LLC                                                                      | CUSIP: 91732NAN3<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |    181148 | PA      | $181148.20    | 0.05%             | 2031-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                                        | Chart Industries Inc                                                            | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84276.48     | 0.02%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                                   | MILANO ACQUISITI 08/13/27                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    419107 | PA      | $402166.34    | 0.11%             | 2027-10-01      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Omnia Partners, LLC                                                         | OMNIA PARTNER 12/31/32                                                          | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     79002 | PA      | $79194.76     | 0.02%             | 2032-12-31      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    325000 | PA      | $337008.09    | 0.09%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                                    | Transocean International Ltd                                                    | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $21106.12     | 0.01%             | 2032-10-15      | Fixed         | 7.88%                 | 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      | $434618.30    | 0.12%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                                         | Churchill Downs Inc                                                             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    660000 | PA      | $680845.44    | 0.18%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                                 | UPX HIL 2025-1 Issuer Trust                                                     | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360322 | PA      | $362548.53    | 0.10%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234227 | PA      | $235297.38    | 0.06%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                                    | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    393000 | PA      | $399288.00    | 0.11%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Aspire Bakeries Holdings LLC                                                | ASPIRE BAKERIES 12/23/30                                                        | CUSIP: 02106XAK2<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |    202950 | PA      | $204261.06    | 0.05%             | 2030-12-23      | Floating      | 6.67%                 | 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        |    210382 | PA      | $213751.70    | 0.06%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Green Infrastructure Partners Inc.                                          | GREEN INFRASTRUC 09/22/32                                                       | CUSIP: 000000000<br>LEI: 549300W1V7LSCKWMX505 | Long             | LON              | CORP              | CA        |    150000 | PA      | $150282.00    | 0.04%             | 2032-09-24      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84823.35     | 0.02%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    130000 | PA      | $141885.99    | 0.04%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                     | Millrose Properties Inc                                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $278299.73    | 0.07%             | 2032-09-15      | Fixed         | 6.25%                 | 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      | $214742.00    | 0.06%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2403 | PA      | $1468.23      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                                                     | Albion Fing 3 05/21/31                                                          | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |    287190 | PA      | $286427.84    | 0.08%             | 2031-05-21      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    235000 | PA      | $261357.91    | 0.07%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                                                     | Albion Fing 3 05/21/31                                                          | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     74892 | PA      | $74693.19     | 0.02%             | 2031-05-21      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Modivcare Inc                                                               | MODIVCARE BUYE 12/30/25                                                         | CUSIP: 000000000<br>LEI: 254900MKEPTFAS1J2168 | Long             | LON              | CORP              | US        |     13774 | PA      | $12949.73     | 0.00%             | 2030-12-02      | Floating      | 8.69%                 | 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      | $570091.25    | 0.15%             | 2031-02-15      | Fixed         | 4.75%                 | 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      | $360286.92    | 0.10%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                                    | Amneal Pharmaceuticals LLC                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21084.38     | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | 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      | $187186.70    | 0.05%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                                         | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   8990000 | PA      | $2203485.03   | 0.59%             | 2031-04-15      | Fixed         | 2.63%                 | 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      | $257680.15    | 0.07%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                                                        | Constellation Oil Services Holding SA                                           | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     88000 | PA      | $91951.20     | 0.02%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | Iron Mountain Inc                                                               | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    390000 | PA      | $394335.24    | 0.11%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780EA0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    428000 | PA      | $449117.52    | 0.12%             | 2035-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                                      | WESCO Distribution Inc                                                          | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62768.70     | 0.02%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DG9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    322000 | PA      | $335886.25    | 0.09%             | 2035-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                                                | Hardee's Funding LLC                                                            | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840038 | PA      | $871805.53    | 0.23%             | 2054-03-20      | Fixed         | 7.25%                 | 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      | $304051.80    | 0.08%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMENTUM HLDG 09/29/31                                                           | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    323984 | PA      | $324389.35    | 0.09%             | 2031-09-29      | Floating      | 5.67%                 | 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      | $163700.00    | 0.04%             | 2032-03-29      | Floating      | 8.42%                 | 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      | $183787.24    | 0.05%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                                    | Focus Financial Partners LLC                                                    | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184396.50    | 0.05%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                                     | BROWN GROUP HLD 07/01/31                                                        | CUSIP: 000000000<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     16702 | PA      | $16726.08     | 0.00%             | 2031-07-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                                         | Senegal Government International Bond                                           | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    257000 | PA      | $149009.89    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE CORP                                                               | Westlake Corp                                                                   | CUSIP: 960413BB7<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    650000 | PA      | $647874.08    | 0.17%             | 2035-11-15      | Fixed         | 5.55%                 | 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      | $699624.94    | 0.19%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    355000 | PA      | $369100.60    | 0.10%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                                     | BROWN GROUP HLD 07/01/31                                                        | CUSIP: 000000000<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     35434 | PA      | $35485.66     | 0.01%             | 2031-07-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                                     | BROWN GROUP HLD 07/01/31                                                        | CUSIP: 000000000<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     22864 | PA      | $22897.75     | 0.01%             | 2031-07-01      | Floating      | 6.24%                 | 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      | $163253.62    | 0.04%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| BIFM US Finance LLC                                                         | BIFM CA Buyer 05/31/28                                                          | CUSIP: 000000000<br>LEI: 5493004RP2P0NY84N260 | Long             | LON              | CORP              | CA        |    168375 | PA      | $168971.49    | 0.05%             | 2028-05-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Bloomberg High Yield Bond ETF                             | State Street SPDR Bloomberg High Yield Bond ETF                                 | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |      9747 | NS      | $953451.54    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Capital Partners                                                         | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    935555 | PA      | $795996.87    | 0.21%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203861 | PA      | $202122.01    | 0.05%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                                                                 | Geopark Ltd                                                                     | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    171000 | PA      | $160047.45    | 0.04%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                                            | Under Armour Inc                                                                | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    235000 | PA      | $240586.66    | 0.06%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    607000 | PA      | $615649.75    | 0.16%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                                 | Wayfair LLC                                                                     | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5231.82      | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      9813 | PA      | $4818.18      | 0.00%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                                      | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    480000 | PA      | $491249.29    | 0.13%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119252 | PA      | $120060.61    | 0.03%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                           | Chile Government International Bond                                             | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    937000 | PA      | $945554.81    | 0.25%             | 2036-01-05      | Fixed         | 4.95%                 | 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      | $157682.37    | 0.04%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                           | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      1600 | PA      | $1576.00      | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    135000 | PA      | $138144.83    | 0.04%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                                             | Madison IAQ LLC                                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    355000 | PA      | $354782.24    | 0.09%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                        | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    510000 | PA      | $462839.14    | 0.12%             | 2031-06-10      | Fixed         | 3.12%                 | 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      | $544998.95    | 0.15%             | 2031-03-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    475000 | PA      | $497571.05    | 0.13%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2626 | PA      | $1666.85      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    424000 | PA      | $345617.24    | 0.09%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    285000 | PA      | $289150.74    | 0.08%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                                          | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    188000 | PA      | $199033.72    | 0.05%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Argent Finco LLC                                                            | ARGENT FINCO LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    230000 | PA      | $230934.95    | 0.06%             | 2032-11-12      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    413000 | PA      | $403459.70    | 0.11%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                             | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    370000 | PA      | $365769.94    | 0.10%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W14R1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2191715 | PA      | $2245671.60   | 0.60%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251407.00    | 0.07%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     85000 | PA      | $89250.00     | 0.02%             | 2031-03-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                           | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      8058 | PA      | $7056.02      | 0.00%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| USQ Rail I LLC                                                              | USQ Rail III LLC                                                                | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    368168 | PA      | $368728.74    | 0.10%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    275000 | PA      | $278132.25    | 0.07%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                                                    | ARCLINE FM HLDG 06/23/30                                                        | CUSIP: 03960DAJ2<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    244941 | PA      | $246012.57    | 0.07%             | 2030-06-23      | Floating      | 6.42%                 | 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      | $523830.80    | 0.14%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133385 | PA      | $132060.06    | 0.04%             | 2060-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                     | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  26190000 | PA      | $1522071.35   | 0.41%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66300.33     | 0.02%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2025-NQM5 Trust                                                             | CUSIP: 59319DAC7<br>LEI: 25490048OKUKCESK4V59 | Long             | ABS-MBS          | CORP              | US        |    642671 | PA      | $647085.90    | 0.17%             | 2070-11-25      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                                                   | MCGRAW-HILL EDUC 08/06/31                                                       | CUSIP: 58063DAG8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |    159912 | PA      | $160887.00    | 0.04%             | 2031-08-06      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    217000 | PA      | $222719.69    | 0.06%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                                       | GENMAB A/S/GENMAB FINANCE LLC                                                   | CUSIP: 37230JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     30000 | PA      | $31771.63     | 0.01%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                   | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    635000 | PA      | $625469.01    | 0.17%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2025-1                                                 | CUSIP: 67580EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    810000 | PA      | $810434.33    | 0.22%             | 2031-02-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                                          | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     98000 | PA      | $100713.62    | 0.03%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    172000 | PA      | $174426.92    | 0.05%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Central Parent LLC                                                          | CEN PAREN 07/06/29                                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    254702 | PA      | $205035.43    | 0.05%             | 2029-07-06      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EU5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    252000 | PA      | $252378.00    | 0.07%             | 2031-01-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                        | Blue Owl Finance LLC                                                            | CUSIP: 09581JAT3<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $278336.14    | 0.07%             | 2034-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69507.77     | 0.02%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC(f/k/a White Cap Buyer LLC)                    | PLASTIPAK HLDG 10/14/24                                                         | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    178200 | PA      | $178104.66    | 0.05%             | 2029-10-19      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    315000 | PA      | $316870.79    | 0.08%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    860000 | PA      | $800691.38    | 0.21%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | Univision Comm 01/23/29                                                         | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    226350 | PA      | $226563.01    | 0.06%             | 2029-01-31      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                                                          | Cipher Compute LLC                                                              | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30949.83     | 0.01%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    426250 | PA      | $423266.25    | 0.11%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1121732 | PA      | $1076574.94   | 0.29%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    370000 | PA      | $386112.45    | 0.10%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                                            | ENSEMBLE RCM LLC                                                                | CUSIP: 000000000<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |    375000 | PA      | $371718.75    | 0.10%             | 2033-01-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    370000 | PA      | $333925.00    | 0.09%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |     94568 | PA      | $95693.03     | 0.03%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Ltd.                                                        | WEC US HLDG 01/27/31                                                            | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    980956 | PA      | $981182.00    | 0.26%             | 2031-01-27      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    221000 | PA      | $219012.11    | 0.06%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDING                                                    | White Cap Supply Holdings LLC                                                   | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124715.76    | 0.03%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                           | Chile Government International Bond                                             | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    166000 | PA      | $103044.50    | 0.03%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127916.78    | 0.03%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc                                   | DG INVT INTER HL 07/09/32                                                       | CUSIP: 23344MAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    443016 | PA      | $444861.36    | 0.12%             | 2032-07-09      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                                    | Standard Building Solutions Inc                                                 | CUSIP: 853192AA0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    285000 | PA      | $284911.34    | 0.08%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H                                                    | Synergy Infrastructure Holdings LLC                                             | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $355516.58    | 0.10%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DXP Enterprises Inc                                                         | DXP ENTERPRISE 10/07/30                                                         | CUSIP: 23338DAS5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69825 | PA      | $70366.14     | 0.02%             | 2030-10-11      | Floating      | 6.92%                 | 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      | $421490.29    | 0.11%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    360000 | PA      | $386703.55    | 0.10%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                                    | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    505000 | PA      | $534147.09    | 0.14%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    161000 | PA      | $172076.80    | 0.05%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                            | NUMERICABLE U 10/30/28                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36595 | PA      | $36640.35     | 0.01%             | 2028-10-30      | Floating      | 8.74%                 | 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        |    434982 | PA      | $443294.77    | 0.12%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75925.00     | 0.02%             | 2033-09-15      | Fixed         | 6.75%                 | 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      | $61541.35     | 0.02%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                                             | NORTHLAND/MEGA B 11/12/27                                                       | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    363574 | PA      | $347896.31    | 0.09%             | 2027-11-12      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                   | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93894.41     | 0.03%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                           | Chile Government International Bond                                             | CUSIP: 168863DV7<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    161000 | PA      | $148023.40    | 0.04%             | 2034-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                         | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    380000 | PA      | $460333.62    | 0.12%             | 2032-03-15      | Fixed         | 8.75%                 | 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      | $87008.42     | 0.02%             | 2031-02-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| BULGARIA                                                                    | Bulgaria Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |    262000 | PA      | $258725.00    | 0.07%             | 2037-03-05      | Fixed         | 5.00%                 | 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      | $115710.45    | 0.03%             | 2031-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | Ineos US Fi 02/18/30                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    287681 | PA      | $208568.64    | 0.06%             | 2030-02-19      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108060.75    | 0.03%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finco Pty Ltd                                                | ARDONAGH GROU 02/18/31                                                          | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |     10420 | PA      | $10406.96     | 0.00%             | 2031-02-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                                              | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    705000 | PA      | $706359.95    | 0.19%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                                         | APPLIED SY 02/24/31                                                             | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    337425 | PA      | $335579.29    | 0.09%             | 2031-02-24      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| PEX Holdings LLC                                                            | GEN II FD SERVIC 11/19/31                                                       | CUSIP: 69381MAB1<br>LEI: 2138006XMWHEBFQ55Z05 | Long             | LON              | CORP              | US        |    233238 | PA      | $233431.09    | 0.06%             | 2031-11-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                                     | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    285000 | PA      | $294273.05    | 0.08%             | 2029-09-01      | Fixed         | 6.75%                 | 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      | $42465.11     | 0.01%             | 2030-05-15      | Fixed         | 5.25%                 | 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        |    220610 | PA      | $218318.18    | 0.06%             | 2031-06-11      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    811443 | PA      | $835933.27    | 0.22%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Holding BV                                                   | HUNTER DOUGLA 01/14/32                                                          | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |     84718 | PA      | $84647.66     | 0.02%             | 2032-01-17      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                                                       | ECL ENTM 08/30/30                                                               | CUSIP: 26826TAM5<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    218004 | PA      | $218140.23    | 0.06%             | 2030-08-30      | Floating      | 6.67%                 | 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        |     35662 | PA      | $34705.08     | 0.01%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123975.08    | 0.03%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                        | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    311000 | PA      | $302385.30    | 0.08%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                                         | GRAY TELEVISIO 12/01/28                                                         | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |    183544 | PA      | $183118.31    | 0.05%             | 2028-12-01      | Floating      | 6.81%                 | 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      | $865806.18    | 0.23%             | 2058-12-25      | Variable      | 3.75%                 | 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        |     30881 | PA      | $29887.81     | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                                       | LEVEL 3 Fin 03/29/32                                                            | CUSIP: 52729KAU0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    215000 | PA      | $215591.25    | 0.06%             | 2032-03-29      | Floating      | 6.92%                 | 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      | $246894.24    | 0.07%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427MAV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3282829 | PA      | $3331709.11   | 0.89%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Radiology Partners Inc                                                      | RADIOLOGY PARTNE 06/30/25                                                       | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |    254362 | PA      | $254862.32    | 0.07%             | 2032-06-30      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    515000 | PA      | $536286.63    | 0.14%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                                       | GENMAB A/S/GENMAB FINANCE LLC                                                   | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     20000 | PA      | $20514.66     | 0.01%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                                    | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    150000 | PA      | $159792.94    | 0.04%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                           | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    537600 | PA      | $491232.00    | 0.13%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                      | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    380000 | PA      | $334530.44    | 0.09%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    357000 | PA      | $378124.33    | 0.10%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    126000 | PA      | $108864.00    | 0.03%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    600000 | PA      | $516175.67    | 0.14%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS TRUST 2024-1PL                                                         | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22612 | PA      | $22720.87     | 0.01%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    298000 | PA      | $313421.50    | 0.08%             | 2036-11-07      | Fixed         | 7.75%                 | 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      | $537983.37    | 0.14%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    245000 | PA      | $238970.19    | 0.06%             | 2035-08-03      | Fixed         | 5.50%                 | 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      | $26400.00     | 0.01%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| NEW HOME CO INC/THE                                                         | New Home Co Inc/The                                                             | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41715.92     | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Dechra Pharmaceuticals Holdings Limited (f/k/a Freya Bidco Limited)         | DECHRA FINAN 12/03/31                                                           | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    228275 | PA      | $228959.83    | 0.06%             | 2032-01-27      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                         | Northern Trust Corp                                                             | CUSIP: 665859AZ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    885000 | PA      | $880940.82    | 0.24%             | 2040-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                                                       | DBR Land Holdings LLC                                                           | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $199875.00    | 0.05%             | 2030-12-01      | Fixed         | 6.25%                 | 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        |    203462 | PA      | $203754.47    | 0.05%             | 2028-05-04      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    786000 | PA      | $802113.00    | 0.21%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    830562 | PA      | $816910.26    | 0.22%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                                          | Nouryon F 04/03/28                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     63582 | PA      | $63661.79     | 0.02%             | 2028-04-03      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                                          | Nouryon F 04/03/28                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    234247 | PA      | $234540.12    | 0.06%             | 2028-04-03      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                                   | IRV Trust 2025-200P                                                             | CUSIP: 45006HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    810000 | PA      | $821546.15    | 0.22%             | 2047-03-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    330000 | PA      | $342540.00    | 0.09%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    230000 | PA      | $233059.11    | 0.06%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    645000 | PA      | $669854.11    | 0.18%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7810000 | PA      | $7483566.37   | 2.00%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263006.64    | 0.07%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                                        | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    328000 | PA      | $353380.64    | 0.09%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                                         | New Home Co Inc/The                                                             | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    375000 | PA      | $395617.13    | 0.11%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Genesys Cloud Services Holdings II LLC (f/k/a Greeneden US Holdings II LLC) | GENESYS CLOUD SE 01/23/32                                                       | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |    269069 | PA      | $263772.64    | 0.07%             | 2032-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    476000 | PA      | $476905.35    | 0.13%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                                                         | Limak Yenilenebilir Enerji AS                                                   | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $99386.50     | 0.03%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    355000 | PA      | $354787.67    | 0.09%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    190000 | PA      | $215365.00    | 0.06%             | 2031-06-09      | Fixed         | 9.62%                 | 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        |    435900 | PA      | $441162.27    | 0.12%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    320000 | PA      | $336923.52    | 0.09%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-B LLC                                                                | CUSIP: 433401AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464651 | PA      | $465910.85    | 0.12%             | 2045-05-15      | Fixed         | 4.75%                 | 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      | $284050.95    | 0.08%             | 2029-04-13      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                                    | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100342.20    | 0.03%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                   | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    473000 | PA      | $465918.79    | 0.12%             | 2060-05-01      | Fixed         | 5.93%                 | 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      | $877976.97    | 0.23%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Parexel International Inc (f/k/a Phoenix Newco Inc)                         | PAREXEL INT 12/09/32                                                            | CUSIP: 71911KAF1<br>LEI: 549300GCZVUYB6P2OA17 | Long             | LON              | CORP              | US        |     90000 | PA      | $90112.50     | 0.02%             | 2031-12-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                                      | Helix Energy Solutions Group Inc                                                | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    385000 | PA      | $405591.34    | 0.11%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    800000 | PA      | $836716.73    | 0.22%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Innio Group Holding GmbH (f/k/a AI Alpine AT Bidco)                         | INNIO Group Hldg 11/02/28                                                       | CUSIP: 000000000<br>LEI: 2549000WCDQX6ZM7AW92 | Long             | LON              | CORP              | DE        |      8386 | PA      | $8398.36      | 0.00%             | 2028-11-02      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                     | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88667 | PA      | $75222.95     | 0.02%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Innio Group Holding GmbH (f/k/a AI Alpine AT Bidco)                         | INNIO Group Hldg 11/02/28                                                       | CUSIP: 000000000<br>LEI: 2549000WCDQX6ZM7AW92 | Long             | LON              | CORP              | DE        |    261614 | PA      | $261995.84    | 0.07%             | 2028-11-02      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS GRP                                                    | Broadstreet Partners Group LLC                                                  | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    540000 | PA      | $539069.74    | 0.14%             | 2029-04-15      | Fixed         | 5.88%                 | 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        |   7260000 | PA      | $1233206.62   | 0.33%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    332000 | PA      | $349596.00    | 0.09%             | 2030-04-25      | Fixed         | 7.38%                 | 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      | $526508.32    | 0.14%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                                                     | Park River Holdings Inc                                                         | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61871.46     | 0.02%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                                              | Eskom Holdings                                                                  | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    188000 | PA      | $201630.00    | 0.05%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    543509 | PA      | $543015.37    | 0.15%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| M6 Etx Holdings Ii Midco LLC                                                | M6 ETX HLDGS II 04/01/32                                                        | CUSIP: 55285DAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    172892 | PA      | $173287.99    | 0.05%             | 2032-04-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                                        | STAR 2025-SFR5 Trust                                                            | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    339552 | PA      | $340090.87    | 0.09%             | 2042-02-17      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    495000 | PA      | $491603.76    | 0.13%             | N/A             | Fixed         | 4.88%                 | 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      | $407980.49    | 0.11%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                                    | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    320000 | PA      | $343003.20    | 0.09%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    441692 | PA      | $455842.14    | 0.12%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                                        | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    316800 | PA      | $323345.09    | 0.09%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    350000 | PA      | $362237.75    | 0.10%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    332000 | PA      | $300128.00    | 0.08%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                | FOCUS FINL PARTN 09/15/31                                                       | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    258695 | PA      | $257519.34    | 0.07%             | 2031-09-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                                                          | UPSTREAM NEWC 11/20/29                                                          | CUSIP: 91678HAJ1<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    211835 | PA      | $192043.96    | 0.05%             | 2029-11-20      | Floating      | 8.18%                 | 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        |     16392 | PA      | $16403.20     | 0.00%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| CPM Holdings Inc                                                            | CPM HOL 09/21/28                                                                | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |    230017 | PA      | $227214.70    | 0.06%             | 2028-09-28      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                                             | CORNERSTONE 05/05/31                                                            | CUSIP: 72431HAE0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |     79000 | PA      | $54608.75     | 0.01%             | 2031-05-15      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES3                                      | CUSIP: 216926AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    747526 | PA      | $748347.60    | 0.20%             | 2060-09-25      | Variable      | 4.84%                 | 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      | $141769.55    | 0.04%             | 2036-05-01      | Fixed         | 6.45%                 | 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      | $557395.14    | 0.15%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                                          | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12015 | PA      | $11975.28     | 0.00%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                                                          | AMN Healthcare Inc                                                              | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177432.40    | 0.05%             | 2031-01-15      | Fixed         | 6.50%                 | 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      | $787027.17    | 0.21%             | 2037-07-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                                                    | Coronado Finance Pty Ltd                                                        | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    480000 | PA      | $454700.73    | 0.12%             | 2029-10-01      | Fixed         | 9.25%                 | 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        |    271544 | PA      | $248905.37    | 0.07%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Turquoise Topco LTD                                                         | TORTUGA RESORTS GHD LLC                                                         | CUSIP: 89776TAB7<br>LEI: 254900RI25V4FBT02P38 | Long             | LON              | CORP              | US        |    160000 | PA      | $159600.00    | 0.04%             | 2032-12-30      | Floating      | 6.92%                 | 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      | $678714.56    | 0.18%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                                | ACRISUR 11/06/30                                                                | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    231685 | PA      | $231308.07    | 0.06%             | 2030-11-06      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITIO 06/25/32                                                       | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    270000 | PA      | $270843.75    | 0.07%             | 2032-09-13      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                                 | Wayfair LLC                                                                     | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    145000 | PA      | $149986.84    | 0.04%             | 2032-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                                                     | Global Medical Response Inc                                                     | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248331.60    | 0.07%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1214000 | PA      | $1303836.00   | 0.35%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BB9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    481000 | PA      | $355459.00    | 0.10%             | 2053-04-29      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                      | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     37992 | PA      | $37277.42     | 0.01%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                          | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     80000 | PA      | $64215.70     | 0.02%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFF4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    110000 | PA      | $117775.90    | 0.03%             | 2036-01-13      | Fixed         | 8.63%                 | 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      | $269640.68    | 0.07%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1738979 | PA      | $1788443.32   | 0.48%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                    | CLOUD SOFTWARE G 03/21/31                                                       | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |       948 | PA      | $921.44       | 0.00%             | 2031-03-21      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAE8<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    290000 | PA      | $289456.25    | 0.08%             | 2033-01-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                    | CLOUD SOFTWARE G 03/21/31                                                       | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    377105 | PA      | $366734.61    | 0.10%             | 2031-03-21      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                                                   | Forvia SE                                                                       | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    360000 | PA      | $369378.36    | 0.10%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206230.00    | 0.06%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    786000 | PA      | $783445.50    | 0.21%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                                    | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $126596.06    | 0.03%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    750000 | PA      | $781199.39    | 0.21%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                                        | Alpha Generation LLC                                                            | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140993.16    | 0.04%             | 2034-01-15      | Fixed         | 6.25%                 | 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      | $94188.00     | 0.03%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                                       | Argentine Republic Government International Bond                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    470000 | PA      | $364720.00    | 0.10%             | 2035-07-09      | Variable      | 4.12%                 | 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      | $702543.66    | 0.19%             | 2055-07-25      | Fixed         | 5.67%                 | 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      | $524758.00    | 0.14%             | 2050-04-18      | Fixed         | 5.06%                 | 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      | $140060.21    | 0.04%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                   | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190234 | PA      | $182199.16    | 0.05%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                                    | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2766000 | PA      | $988845.00    | 0.26%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | Del Monte Foods 04/02/26                                                        | CUSIP: 24521WAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     15129 | PA      | $12178.97     | 0.00%             | 2026-04-02      | Floating      | 13.28%                | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | Del Monte Foods 04/02/26                                                        | CUSIP: 24521WAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9656 | PA      | $7773.25      | 0.00%             | 2026-04-02      | Floating      | 13.28%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    209000 | PA      | $209144.21    | 0.06%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    649710 | PA      | $648250.12    | 0.17%             | 2030-03-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     82000 | PA      | $90364.00     | 0.02%             | 2053-11-14      | Fixed         | 8.75%                 | 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      | $802534.08    | 0.21%             | 2029-05-15      | Fixed         | 4.92%                 | 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      | $157088.18    | 0.04%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                            | DELIVERY HE 12/07/29                                                            | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    176850 | PA      | $177292.13    | 0.05%             | 2029-12-12      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                                    | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    305000 | PA      | $313198.40    | 0.08%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EAGLE MATERIALS INC                                                         | Eagle Materials Inc                                                             | CUSIP: 26969PAC2<br>LEI: 529900KRXRGXL61SG039 | Long             | DBT              | CORP              | US        |    475000 | PA      | $465261.27    | 0.12%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    463000 | PA      | $491131.88    | 0.13%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                                    | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    485000 | PA      | $479532.55    | 0.13%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                                       | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    923760 | PA      | $784734.12    | 0.21%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1241212 | PA      | $1223443.24   | 0.33%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                            | DT Midstream Inc                                                                | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $446228.06    | 0.12%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143947.41    | 0.04%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    215000 | PA      | $222419.61    | 0.06%             | 2034-04-24      | Fixed         | 5.39%                 | 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      | $526887.17    | 0.14%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                                           | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    283000 | PA      | $83060.50     | 0.02%             | 2031-11-20      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                                                          | Zambia Government International Bond                                            | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    187371 | PA      | $183740.59    | 0.05%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES1                                                   | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    116621 | PA      | $116977.78    | 0.03%             | 2043-06-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                                          | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    560000 | PA      | $573235.64    | 0.15%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    475000 | PA      | $522828.10    | 0.14%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                                            | Lummus Tech Hldg 12/31/29                                                       | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |    361650 | PA      | $362583.33    | 0.10%             | 2029-12-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM9 Trust                                                             | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |    384970 | PA      | $390334.98    | 0.10%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    323000 | PA      | $333184.19    | 0.09%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                                    | Snap Inc                                                                        | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173757.79    | 0.05%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $280314.32    | 0.07%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                            | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103828.33    | 0.03%             | 2029-06-15      | Fixed         | 4.12%                 | 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      | $314367.03    | 0.08%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    707000 | PA      | $836557.75    | 0.22%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    595000 | PA      | $569768.01    | 0.15%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    526219 | PA      | $533422.20    | 0.14%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    750000 | PA      | $702375.00    | 0.19%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Lsf12 Crown Us Commercial Bidco, LLC                                        | LSF12 CROWN US C 12/02/31                                                       | CUSIP: 50221UAE1<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    252597 | PA      | $253386.07    | 0.07%             | 2031-12-02      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                                      | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    350000 | PA      | $367286.50    | 0.10%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    205000 | PA      | $204887.77    | 0.05%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                        | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    420000 | PA      | $438685.80    | 0.12%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-2                                                           | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    317003 | PA      | $317455.54    | 0.08%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    515000 | PA      | $550115.57    | 0.15%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                       | PETCO HEALTH & W 03/03/28                                                       | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    253879 | PA      | $253816.51    | 0.07%             | 2028-03-03      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57984 | PA      | $56884.91     | 0.02%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $202300.00    | 0.05%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100629.56    | 0.03%             | 2033-02-04      | Fixed         | 2.97%                 | 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      | $498731.09    | 0.13%             | 2029-05-15      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    232000 | PA      | $229680.00    | 0.06%             | 2033-06-15      | Fixed         | 6.12%                 | 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      | $85489.60     | 0.02%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                                                        | Kyrgyz Republic International Bond                                              | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    341000 | PA      | $355016.38    | 0.09%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Dynamo Us Bidco Inc.                                                        | DYNAMO US BIDC 09/30/31                                                         | CUSIP: 26806DAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69127 | PA      | $69321.34     | 0.02%             | 2031-09-30      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    142000 | PA      | $146906.10    | 0.04%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    459000 | PA      | $380568.38    | 0.10%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                                             | TRAVERSE MIDSTRE 02/16/28                                                       | CUSIP: 000000000<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    293688 | PA      | $294495.38    | 0.08%             | 2028-02-16      | Floating      | 6.17%                 | 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      | $201828.94    | 0.05%             | 2030-05-10      | Fixed         | 5.63%                 | 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        |    230000 | PA      | $240637.50    | 0.06%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    220000 | PA      | $215571.70    | 0.06%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                                                         | LBM Acquisition LLC                                                             | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    625000 | PA      | $577789.06    | 0.15%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                                      | Five Guys Holdings Inc                                                          | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |    834438 | PA      | $858409.39    | 0.23%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Resilience Parent LLC                                                       | RESILIENCE PARENT LLC                                                           | CUSIP: 75908HAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    175000 | PA      | $175000.00    | 0.05%             | 2033-01-21      | Floating      | 0.00%                 | 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      | $93087.57     | 0.02%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                                              | HAMILTON PROJS A 05/31/31                                                       | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    143218 | PA      | $144164.42    | 0.04%             | 2031-05-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    645000 | PA      | $659851.24    | 0.18%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    152000 | PA      | $159657.76    | 0.04%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AL GCX Holdings LLC                                                         | AL GCX FD VIII H 01/30/32                                                       | CUSIP: 00162AAB7<br>LEI: 254900KQJGH397AKYT16 | Long             | LON              | CORP              | US        |    178789 | PA      | $179151.59    | 0.05%             | 2032-01-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    352049 | PA      | $353601.18    | 0.09%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Motion Finco LLC                                                            | MOTION FINC 11/12/29                                                            | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | LON              | CORP              | LU        |    152505 | PA      | $130915.44    | 0.04%             | 2029-11-12      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    497000 | PA      | $466578.78    | 0.12%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2415285 | PA      | $2478170.71   | 0.66%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2022-1 Trust                                                              | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59568 | PA      | $59603.24     | 0.02%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    448000 | PA      | $454901.44    | 0.12%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                     | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  13000000 | PA      | $647856.07    | 0.17%             | 2042-11-13      | Fixed         | 7.75%                 | 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      | $277609.95    | 0.07%             | 2030-11-20      | Fixed         | 5.79%                 | 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      | $89089.46     | 0.02%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    110000 | PA      | $120058.86    | 0.03%             | 2034-10-23      | Fixed         | 6.25%                 | 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        |    351721 | PA      | $357670.98    | 0.10%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                                       | Argentine Republic Government International Bond                                | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1480659 | PA      | $1090505.42   | 0.29%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                         | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    430000 | PA      | $431018.24    | 0.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    575000 | PA      | $579894.98    | 0.16%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                                                    | Organon & Co / Organon Foreign Debt Co-Issuer BV                                | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $525048.73    | 0.14%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                                                      | Froneri Lux FinCo SARL                                                          | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |    430000 | PA      | $435850.63    | 0.12%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                                                    | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    430000 | PA      | $396679.79    | 0.11%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                                            | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |    335000 | PA      | $343227.94    | 0.09%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CVR CHC LP                                                                  | CVR E 12/30/27                                                                  | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    224273 | PA      | $224273.07    | 0.06%             | 2027-12-30      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    593000 | PA      | $648768.69    | 0.17%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                                                   | BAUSCH LOMB 01/15/31                                                            | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    128988 | PA      | $130116.14    | 0.03%             | 2031-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                                     | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    101000 | PA      | $101447.94    | 0.03%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                                        | Carpenter Technology Corp                                                       | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15240.32     | 0.00%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                                       | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105812.18    | 0.03%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                              | Gray Media Inc                                                                  | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $446235.90    | 0.12%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                                                    | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    645000 | PA      | $678292.40    | 0.18%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | Red SPV 03/15/32                                                                | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    233825 | PA      | $234410.73    | 0.06%             | 2032-03-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     99000 | PA      | $97866.28     | 0.03%             | 2052-03-01      | Fixed         | 5.12%                 | 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        |    147522 | PA      | $154756.26    | 0.04%             | 2036-01-15      | Fixed         | 5.80%                 | 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      | $118908.75    | 0.03%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $412621.95    | 0.11%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                                        | Capstone Copper Corp                                                            | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $285120.83    | 0.08%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                    | Baxter International Inc                                                        | CUSIP: 071813DE6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    665000 | PA      | $670896.21    | 0.18%             | 2035-12-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    252000 | PA      | $263340.00    | 0.07%             | 2036-08-15      | Fixed         | 6.25%                 | 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      | $351299.83    | 0.09%             | 2039-12-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                                                    | Brookfield Asset Management Ltd                                                 | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    680000 | PA      | $708605.08    | 0.19%             | 2035-04-24      | Fixed         | 5.79%                 | 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        |     79754 | PA      | $80088.68     | 0.02%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                                        | LifePoint Health Inc                                                            | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    195000 | PA      | $205972.59    | 0.06%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EQT CORP                                                                    | EQT Corp                                                                        | CUSIP: 26884LAZ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    285000 | PA      | $294937.54    | 0.08%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CATURUS ENERGY LLC                                                          | Caturus Energy LLC                                                              | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    480000 | PA      | $500791.20    | 0.13%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     96000 | PA      | $88056.00     | 0.02%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: 254900BQMS9ITLPQGJ53 | Long             | ABS-MBS          | CORP              | US        |    443735 | PA      | $449727.75    | 0.12%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    269250 | PA      | $274495.04    | 0.07%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                                    | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14658 | PA      | $14690.51     | 0.00%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                                                 | Polaris Inc                                                                     | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    650000 | PA      | $660230.27    | 0.18%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX                                                     | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 07336UAB9<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    147000 | PA      | $160619.55    | 0.04%             | 2039-01-08      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                                                    | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    785000 | PA      | $787054.32    | 0.21%             | 2035-09-29      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    248000 | PA      | $152520.00    | 0.04%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2023-2                                            | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32737 | PA      | $33154.26     | 0.01%             | 2028-10-16      | Fixed         | 7.09%                 | 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        |   5340000 | PA      | $944255.85    | 0.25%             | 2029-01-01      | Fixed         | 10.00%                | 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      | $144190.51    | 0.04%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    205000 | PA      | $212290.13    | 0.06%             | 2034-07-21      | Fixed         | 5.42%                 | 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      | $499915.00    | 0.13%             | 2027-11-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    720000 | PA      | $729708.02    | 0.20%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    310000 | PA      | $325887.50    | 0.09%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG Inv 12/21/28                                                       | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    252696 | PA      | $253295.78    | 0.07%             | 2028-12-21      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                                         | APPLIED Sy 02/23/32                                                             | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     10000 | PA      | $10152.35     | 0.00%             | 2032-02-23      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                              | Mariner Finance Issuance Trust 2025-A                                           | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $791299.55    | 0.21%             | 2038-05-20      | Fixed         | 4.98%                 | 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      | $180739.01    | 0.05%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                    | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    935000 | PA      | $803451.03    | 0.21%             | 2050-02-01      | Variable      | 5.25%                 | 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        |    257741 | PA      | $252008.17    | 0.07%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                                        | LifePoint Health Inc                                                            | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    330000 | PA      | $354448.05    | 0.09%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                | FOCUS FINANCIAL PARTNERS LLC                                                    | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    220000 | PA      | $219000.10    | 0.06%             | 2031-09-15      | Floating      | 6.17%                 | 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      | $355789.24    | 0.10%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NAB HLDG 11/24/28                                                               | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    429582 | PA      | $406721.75    | 0.11%             | 2028-11-24      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    218000 | PA      | $206664.00    | 0.06%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    330000 | PA      | $354672.45    | 0.09%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                                                           | Bristow Group Inc                                                               | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70853.01     | 0.02%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    245000 | PA      | $261905.00    | 0.07%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    195000 | PA      | $169182.00    | 0.05%             | 2041-10-07      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub Inc                                                      | Culligan Holding 07/31/28                                                       | CUSIP: 00132UAQ7<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    125000 | PA      | $124687.50    | 0.03%             | 2028-07-31      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    675000 | PA      | $668175.58    | 0.18%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Connectwise, LLC                                                            | CONNECTWISE LLC 09/24/28                                                        | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    131938 | PA      | $127650.46    | 0.03%             | 2028-09-29      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $160694.00    | 0.04%             | 2050-10-15      | Fixed         | 4.20%                 | 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      | $41334.43     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    499000 | PA      | $484030.00    | 0.13%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    480000 | PA      | $496594.69    | 0.13%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Altice France SA/France                                                     | NUMERICABLE U 04/30/28                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    184688 | PA      | $184918.51    | 0.05%             | 2028-05-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194999.25    | 0.05%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17071 | PA      | $17159.12     | 0.00%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                                           | CHARIOT BUYE 09/08/32                                                           | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    267152 | PA      | $267287.78    | 0.07%             | 2032-09-08      | Floating      | 6.42%                 | 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      | $510111.56    | 0.14%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    124000 | PA      | $78616.00     | 0.02%             | 2072-01-15      | Fixed         | 3.60%                 | 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      | $232926.69    | 0.06%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5530000 | PA      | $5485284.75   | 1.47%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    678000 | PA      | $707126.88    | 0.19%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AS3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     78000 | PA      | $64506.00     | 0.02%             | 2044-07-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    180000 | PA      | $195666.40    | 0.05%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    556000 | PA      | $552754.31    | 0.15%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    425000 | PA      | $435970.53    | 0.12%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | ALTICE FRANCE SA                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6745 | NS      | $128922.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                                          | UFC HLDG 11/21/31                                                               | CUSIP: 90266UAL7<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    139300 | PA      | $139760.39    | 0.04%             | 2031-11-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                       | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    595000 | PA      | $263585.00    | 0.07%             | 2026-10-21      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                                      | Oman Government International Bond                                              | CUSIP: 682051AJ6<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    297000 | PA      | $320797.13    | 0.09%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    459000 | PA      | $439020.46    | 0.12%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                                         | Rocket Software Inc                                                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    405000 | PA      | $404507.41    | 0.11%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                                            | AlixPa 07/30/32                                                                 | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |    420000 | PA      | $418238.10    | 0.11%             | 2032-08-12      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     97000 | PA      | $101490.39    | 0.03%             | 2038-01-19      | Fixed         | 5.95%                 | 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      | $662764.70    | 0.18%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                                            | Black Hills Corp                                                                | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    405000 | PA      | $434330.88    | 0.12%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                                            | Teine Energy Ltd                                                                | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $110592.90    | 0.03%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                                      | TK Elevator Midc 04/30/30                                                       | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    100355 | PA      | $100725.38    | 0.03%             | 2030-04-30      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98107.00     | 0.03%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Genmab A/S                                                                  | Genm 11/19/32                                                                   | CUSIP: 37231EAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |     75000 | PA      | $75368.25     | 0.02%             | 2032-12-12      | Floating      | 6.73%                 | 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        |   1425000 | PA      | $1368335.16   | 0.37%             | 2057-06-25      | Variable      | 3.00%                 | 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        |    220860 | PA      | $223021.67    | 0.06%             | 2064-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    395000 | PA      | $415008.73    | 0.11%             | 2035-01-13      | Fixed         | 5.62%                 | 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        |    260405 | PA      | $261045.55    | 0.07%             | 2028-01-10      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |    513179 | PA      | $520147.73    | 0.14%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    430000 | PA      | $439021.75    | 0.12%             | 2035-10-25      | Fixed         | 5.52%                 | 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      | $592607.82    | 0.16%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                                        | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $109330.31    | 0.03%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                                        | ION Platform Finance US Inc / ION Platform Finance SARL                         | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $362179.28    | 0.10%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                                      | TK Elevator Midc 04/30/30                                                       | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    108074 | PA      | $108472.65    | 0.03%             | 2030-04-30      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Composecure Holdings, L.L.C.                                                | CompoSecure Hldg 01/14/33                                                       | CUSIP: 20459KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    115000 | PA      | $114928.70    | 0.03%             | 2033-01-14      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114940 | PA      | $117160.69    | 0.03%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Southern Veterinary Partners LLC                                            | Southern Veterin 12/04/31                                                       | CUSIP: 84410HAQ3<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |    272817 | PA      | $272989.37    | 0.07%             | 2031-12-04      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    498000 | PA      | $534067.65    | 0.14%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                            | T-Mobile USA Inc                                                                | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     96000 | PA      | $97576.54     | 0.03%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    745000 | PA      | $732168.13    | 0.20%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    775000 | PA      | $824944.88    | 0.22%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    448900 | PA      | $358315.18    | 0.10%             | 2032-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                               | HOPPER MERGER SUB INC                                                           | CUSIP: 000000000<br>LEI: 9845009E9B4548A5N478 | Long             | LON              | CORP              | US        |    255000 | PA      | $253454.70    | 0.07%             | 2033-01-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                                      | ATLANTIC BROADBA 09/15/30                                                       | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |    187363 | PA      | $179065.90    | 0.05%             | 2030-09-18      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                           | Chile Government International Bond                                             | CUSIP: 168863EF1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    355000 | PA      | $354112.50    | 0.09%             | 2031-04-13      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                                         | Benin Government International Bond                                             | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    260000 | PA      | $272712.70    | 0.07%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                       | PETCO HEALTH & WELLNESS CO INC                                                  | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    215000 | PA      | $210815.03    | 0.06%             | 2031-01-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                                        | Rackspace Technology Global Inc                                                 | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |     65000 | PA      | $12501.33     | 0.00%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FEDEX FREIGHT HOLDING CO                                                    | Fedex Freight Holding Co Inc                                                    | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198247.05    | 0.05%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nourish Buyer I, Inc.                                                       | NOURISH BUYER 07/09/32                                                          | CUSIP: 66979CAK7<br>LEI: 254900WHHUSAU0TJQB23 | Long             | LON              | CORP              | US        |     85000 | PA      | $85124.10     | 0.02%             | 2032-07-09      | Floating      | 7.67%                 | 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        |    307155 | PA      | $309574.20    | 0.08%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                 | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51973.69     | 0.01%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                       | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    800000 | PA      | $356800.00    | 0.10%             | 2022-08-23      | Fixed         | 12.75%                | 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        |    101000 | PA      | $101444.10    | 0.03%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                              | Gray Media Inc                                                                  | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412702.61    | 0.11%             | 2032-07-15      | Fixed         | 9.62%                 | 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        |    790000 | PA      | $779854.46    | 0.21%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                              | TRUIST INS HLDG 05/06/31                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    575000 | PA      | $574462.38    | 0.15%             | 2031-05-06      | Floating      | 6.42%                 | 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        |    320539 | PA      | $316041.67    | 0.08%             | 2063-01-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| KSA IJARAH SUKUK LTD                                                        | KSA Ijarah Sukuk Ltd                                                            | CUSIP: 50116FAB8<br>LEI: 558600OCHJOSSXHWLV71 | Long             | DBT              | NUSS              | KY        |    248000 | PA      | $247008.00    | 0.07%             | 2035-09-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Company Inc                                                | GRAHAM PACKAGING/GPC CAP                                                        | CUSIP: 000000000<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |    270000 | PA      | $270098.55    | 0.07%             | 2033-01-14      | Floating      | 0.00%                 | 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      | $295303.61    | 0.08%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                      | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    330000 | PA      | $324882.86    | 0.09%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                                              | Proofpoin 08/31/28                                                              | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    261535 | PA      | $260146.23    | 0.07%             | 2028-08-31      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Lumexa Imaging, Inc.                                                        | LUMEXA IMAGIN 12/13/32                                                          | CUSIP: 90372AAN8<br>LEI: 254900QCDFUYXJEFMY06 | Long             | LON              | CORP              | US        |    130000 | PA      | $130731.90    | 0.03%             | 2032-12-17      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                                      | Oman Government International Bond                                              | CUSIP: 682051AF4<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    851000 | PA      | $899200.64    | 0.24%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                                       | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $211562.76    | 0.06%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    530000 | PA      | $519956.50    | 0.14%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                                        | Cleveland-Cliffs Inc                                                            | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    385000 | PA      | $403486.55    | 0.11%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116467.01    | 0.03%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                                                               | VoltaGrid LLC                                                                   | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    320000 | PA      | $324280.43    | 0.09%             | 2030-11-01      | Fixed         | 7.38%                 | 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      | $708605.80    | 0.19%             | 2031-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $563715.35    | 0.15%             | 2030-09-17      | Fixed         | 5.95%                 | 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      | $441172.16    | 0.12%             | 2028-05-01      | Fixed         | 6.50%                 | 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        |    665728 | PA      | $673097.55    | 0.18%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC                                                            | WULF Compute LLC                                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $287086.25    | 0.08%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                                        | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    700000 | PA      | $669371.01    | 0.18%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    331000 | PA      | $344260.85    | 0.09%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    755000 | PA      | $752927.45    | 0.20%             | 2055-08-25      | Fixed         | 4.82%                 | 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      | $455736.19    | 0.12%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                                    | Transocean International Ltd                                                    | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    195000 | PA      | $198623.69    | 0.05%             | 2031-05-15      | Fixed         | 8.50%                 | 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      | $435062.19    | 0.12%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    620000 | PA      | $640197.74    | 0.17%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    731000 | PA      | $723752.14    | 0.19%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                                      | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    424168 | PA      | $435815.54    | 0.12%             | 2042-07-21      | Fixed         | 6.62%                 | 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        |    195000 | PA      | $186521.07    | 0.05%             | 2037-03-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67237.24     | 0.02%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                                                      | Kazakhstan Government International Bond                                        | CUSIP: 486661BP5<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    534000 | PA      | $543328.98    | 0.15%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                                    | Suburban Propane Partners LP/Suburban Energy Finance Corp                       | CUSIP: 864486AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $418099.14    | 0.11%             | 2035-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    808000 | PA      | $826370.68    | 0.22%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147180.36    | 0.04%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    973000 | PA      | $896194.07    | 0.24%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                          | Ford Motor Co                                                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    105000 | PA      | $93302.57     | 0.02%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                          | Meta Platforms Inc                                                              | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    995000 | PA      | $941571.37    | 0.25%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                                    | Solstice Advanced Materials Inc                                                 | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25143.90     | 0.01%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                            | ENDEAVOR OPERATI 01/28/32                                                       | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    283575 | PA      | $284106.70    | 0.08%             | 2032-03-24      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                                      | Arsenal AIC Parent LLC                                                          | CUSIP: 04288BAC4<br>LEI: 254900G9F9HA5EP57J39 | Long             | DBT              | CORP              | US        |    320000 | PA      | $353012.48    | 0.09%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                                 | Allied 08/06/32                                                                 | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    269325 | PA      | $270154.52    | 0.07%             | 2032-08-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255687 | PA      | $248264.41    | 0.07%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                                    | Transocean International Ltd                                                    | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     30000 | PA      | $30582.45     | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                                       | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    165000 | PA      | $180678.96    | 0.05%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan                                              | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |    635000 | PA      | $643990.97    | 0.17%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W1Q89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2646868 | PA      | $2538147.39   | 0.68%             | 2055-03-01      | Fixed         | 4.00%                 | 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        |    326849 | PA      | $328329.96    | 0.09%             | 2028-03-24      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                                             | DAE Funding LLC                                                                 | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    373000 | PA      | $364989.83    | 0.10%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline LLC                                                       | BLACKFIN PIPELIN 10/01/32                                                       | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |    289275 | PA      | $291564.61    | 0.08%             | 2032-09-29      | Floating      | 6.69%                 | 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      | $633857.78    | 0.17%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                                                         | CNT HLDGS I 11/08/32                                                            | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    262741 | PA      | $262795.91    | 0.07%             | 2032-11-08      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    355000 | PA      | $363331.14    | 0.10%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                                    | Transocean International Ltd                                                    | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     56250 | PA      | $58665.32     | 0.02%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                    | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    100000 | PA      | $103566.50    | 0.03%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $417681.67    | 0.11%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $270064.86    | 0.07%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Glatfelter Corporation                                                      | Glatfelter 10/10/31                                                             | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |    247351 | PA      | $245557.82    | 0.07%             | 2031-11-04      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                                             | Cornerstone Bldg 04/12/28                                                       | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    103106 | PA      | $80164.65     | 0.02%             | 2028-04-12      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                        | M&T Bank Corp                                                                   | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    580000 | PA      | $586174.65    | 0.16%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                                                               | Uzbekneftegaz JSC                                                               | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |    227000 | PA      | $246096.38    | 0.07%             | 2030-05-07      | Fixed         | 8.75%                 | 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        |    790381 | PA      | $789138.76    | 0.21%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99834 | PA      | $103557.39    | 0.03%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    230000 | PA      | $242772.10    | 0.06%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Ion Platform Finance Us, Inc.                                               | ION PLATFORM FIN 09/30/32                                                       | CUSIP: 46206RAC9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | LON              | CORP              | US        |    186756 | PA      | $166991.22    | 0.04%             | 2032-10-07      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Ion Platform Finance Us, Inc.                                               | ION PLATFORM FIN 09/30/32                                                       | CUSIP: 46206RAC9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | LON              | CORP              | US        |     33244 | PA      | $29726.18     | 0.01%             | 2032-10-07      | Floating      | 7.42%                 | 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        |     73476 | PA      | $73886.25     | 0.02%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    561000 | PA      | $552101.84    | 0.15%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                                    | Standard Building Solutions Inc                                                 | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    165000 | PA      | $170248.98    | 0.05%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    180000 | PA      | $205258.07    | 0.05%             | 2033-06-15      | Fixed         | 7.95%                 | 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      | $15699.99     | 0.00%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4280000 | PA      | $4364346.09   | 1.17%             | 2030-01-31      | Fixed         | 4.25%                 | 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        |     29625 | PA      | $29680.55     | 0.01%             | 2031-04-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PFF0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    468000 | PA      | $467941.50    | 0.13%             | 2035-10-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    235000 | PA      | $268986.17    | 0.07%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                        | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    605000 | PA      | $621692.56    | 0.17%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    505000 | PA      | $535069.49    | 0.14%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2025-7                                               | CUSIP: 924931AC2<br>LEI: 213800OVCAXDOBS94P47 | Long             | ABS-MBS          | CORP              | US        |    334478 | PA      | $336992.88    | 0.09%             | 2070-08-25      | Variable      | 5.13%                 | 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      | $448529.97    | 0.12%             | 2039-10-05      | Variable      | 5.80%                 | 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        |     80000 | PA      | $80195.20     | 0.02%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                           | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    525000 | PA      | $546839.29    | 0.15%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                                           | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    259000 | PA      | $76146.00     | 0.02%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                                       | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    345000 | PA      | $369350.10    | 0.10%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                                       | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    546000 | PA      | $574753.94    | 0.15%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                              | RIDE 2025-SHRE                                                                  | CUSIP: 765692AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $611908.80    | 0.16%             | 2047-02-14      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWF65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1883919 | PA      | $1918406.17   | 0.51%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                                            | GLOVES BUYER INC                                                                | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     84788 | PA      | $84487.35     | 0.02%             | 2032-05-21      | Floating      | 7.67%                 | 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        |    425000 | PA      | $429520.30    | 0.11%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Centragas                                                                   | CENT 2025-CITY                                                                  | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $832536.65    | 0.22%             | 2040-07-10      | Variable      | 4.92%                 | 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        |    262339 | PA      | $265682.49    | 0.07%             | 2055-05-25      | Variable      | 5.67%                 | 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      | $649424.33    | 0.17%             | 2035-09-11      | Fixed         | 5.40%                 | 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      | $301119.03    | 0.08%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                                    | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79844.32     | 0.02%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                                        | Taylor Morrison Communities Inc                                                 | CUSIP: 87724RAK8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25673.38     | 0.01%             | 2032-11-15      | Fixed         | 5.75%                 | No            |                  2 | 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      | $374812.97    | 0.10%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                        | LIFEPOINT H 05/16/31                                                            | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    237386 | PA      | $237646.00    | 0.06%             | 2031-05-16      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Pye Barker Fire & Safety LLC                                                | PYE-BARKER FIRE & SAFETY                                                        | CUSIP: 69380SAC7<br>LEI: 254900K8RDMGUBC44870 | Long             | LON              | CORP              | US        |     24700 | PA      | $24741.13     | 0.01%             | 2032-12-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                                       | NI 04/11/29                                                                     | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    403308 | PA      | $403896.93    | 0.11%             | 2029-04-11      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    976000 | PA      | $1025439.28   | 0.27%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Inc                                                 | GLOB MED RESPONS 09/11/32                                                       | CUSIP: 37956SAB0<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |    304680 | PA      | $306085.95    | 0.08%             | 2032-10-01      | Floating      | 7.17%                 | 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      | $435686.60    | 0.12%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    221645 | PA      | $225206.30    | 0.06%             | 2053-07-01      | Fixed         | 5.50%                 | 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      | $137544.62    | 0.04%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                                                      | Millennium Escrow Corp                                                          | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $622173.00    | 0.17%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                                                       | Chobani Holdco II LLC                                                           | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       218 | PA      | $232.90       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INSUR                                                         | Sumitomo Life Insurance Co                                                      | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    590000 | PA      | $593913.47    | 0.16%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp                                           | Wellsky (Project 03/10/28                                                       | CUSIP: 74339UBA7<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |    122334 | PA      | $121665.21    | 0.03%             | 2028-03-10      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                                                    | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    485000 | PA      | $485196.04    | 0.13%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                        | Neptune Bidco US Inc                                                            | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42326.74     | 0.01%             | 2031-05-15      | Fixed         | 10.38%                | 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      | $137224.20    | 0.04%             | 2052-07-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     95000 | PA      | $101721.25    | 0.03%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    150000 | PA      | $160037.25    | 0.04%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                                    | Science Applications International Corp                                         | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    285000 | PA      | $287427.63    | 0.08%             | 2033-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP                                                     | ASP Unifrax Holdings Inc                                                        | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    305000 | PA      | $21350.00     | 0.01%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pye Barker Fire & Safety LLC                                                | PYE-BARKER FIRE & SAFETY                                                        | CUSIP: 69380SAB9<br>LEI: 254900K8RDMGUBC44870 | Long             | LON              | CORP              | US        |    165300 | PA      | $165575.22    | 0.04%             | 2032-12-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97941 | PA      | $101091.69    | 0.03%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                                    | Windsor Holdings III LLC                                                        | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    430000 | PA      | $453644.84    | 0.12%             | 2030-06-15      | Fixed         | 8.50%                 | 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      | $439392.71    | 0.12%             | 2030-08-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                                       | NEPTUNE BIDCO US INC                                                            | CUSIP: 64069JAK8<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    715000 | PA      | $705912.35    | 0.19%             | 2033-01-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                                       | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    970000 | PA      | $709845.64    | 0.19%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS LP                                                    | Endo Finance Holdings LP                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $460820.30    | 0.12%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128085 | PA      | $128927.59    | 0.03%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    555000 | PA      | $557880.45    | 0.15%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                         | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    180000 | PA      | $194729.76    | 0.05%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     70000 | PA      | $74864.04     | 0.02%             | 2046-01-14      | Fixed         | 6.92%                 | 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        |    520000 | PA      | $542296.04    | 0.15%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2477198 | PA      | $2537504.37   | 0.68%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    159422 | PA      | $124349.16    | 0.03%             | 2029-02-01      | Variable      | 4.50%                 | 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      | $369554.83    | 0.10%             | 2031-07-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    127000 | PA      | $136970.77    | 0.04%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    251000 | PA      | $244034.75    | 0.07%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                  | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    205000 | PA      | $219129.63    | 0.06%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                                            | Maxam Prill Sarl                                                                | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    415000 | PA      | $432581.48    | 0.12%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                    | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAK9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    370000 | PA      | $372921.26    | 0.10%             | 2030-08-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418DB92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20275 | PA      | $18977.42     | 0.01%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225970 | PA      | $215661.16    | 0.06%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                                                    | ARCLINE FM HOLDINGS LLC                                                         | CUSIP: 03960DAJ2<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    119700 | PA      | $120223.69    | 0.03%             | 2030-06-23      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                                        | YPF SA                                                                          | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    112000 | PA      | $118871.20    | 0.03%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72065.14     | 0.02%             | 2033-11-15      | Fixed         | 6.00%                 | 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        |    388121 | PA      | $393731.05    | 0.11%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427QG89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2320219 | PA      | $2357992.63   | 0.63%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS                                                    | United Airlines Holdings Inc                                                    | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30335.43     | 0.01%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    630000 | PA      | $636899.31    | 0.17%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    805000 | PA      | $913061.00    | 0.24%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                  | AMNEAL PHARMACEU 08/01/32                                                       | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    169575 | PA      | $170422.88    | 0.05%             | 2032-08-02      | Floating      | 7.17%                 | 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      | $5872.40      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Trugreen Limited Partnership                                                | TRUGREEN LTD PAR 03/28/24                                                       | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    236327 | PA      | $232132.00    | 0.06%             | 2027-11-02      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                      | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    425000 | PA      | $430859.23    | 0.12%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TMF Sapphire Bidco BV                                                       | TMF Sapphire Bid 05/03/28                                                       | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |    351104 | PA      | $351250.07    | 0.09%             | 2028-05-03      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                                                       | CMG Media Corp                                                                  | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $338180.70    | 0.09%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    230000 | PA      | $241802.45    | 0.06%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1248000 | PA      | $735072.00    | 0.20%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    279000 | PA      | $231744.38    | 0.06%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | 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      | $69776.30     | 0.02%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26894.65     | 0.01%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBR0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    248000 | PA      | $248186.00    | 0.07%             | 2038-02-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ascend Learning LLC                                                         | ASCEND LEARNIN 12/11/28                                                         | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    182015 | PA      | $180479.95    | 0.05%             | 2028-12-11      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    485000 | PA      | $518585.69    | 0.14%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    225000 | PA      | $261900.00    | 0.07%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2490000 | PA      | $2568882.43   | 0.69%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    560000 | PA      | $563575.82    | 0.15%             | 2029-01-25      | Variable      | 7.02%                 | 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        |    900000 | PA      | $916306.92    | 0.25%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                | Ecopetrol SA                                                                    | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    128000 | PA      | $115102.91    | 0.03%             | 2031-11-02      | Fixed         | 4.62%                 | 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        |    116956 | PA      | $117912.42    | 0.03%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| COMPOSECURE HOLDINGS LLC                                                    | CompoSecure Holdings LLC                                                        | CUSIP: 20459XAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4987.38      | 0.00%             | 2033-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    870636 | PA      | $895726.16    | 0.24%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA                                                            | Movida Europe SA                                                                | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    174000 | PA      | $168006.57    | 0.04%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $768398.66    | 0.21%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $453210.74    | 0.12%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    570000 | PA      | $590478.96    | 0.16%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                                            | GARDA WORLD SEC 02/01/29                                                        | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    521000 | PA      | $520999.81    | 0.14%             | 2029-02-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     96000 | PA      | $88992.00     | 0.02%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2025-INV7                                                        | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    713862 | PA      | $725422.74    | 0.19%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    430000 | PA      | $446272.49    | 0.12%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    372000 | PA      | $411804.00    | 0.11%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                                     | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |     71000 | PA      | $75260.00     | 0.02%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                  | Allianz SE                                                                      | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    180000 | PA      | $183997.44    | 0.05%             | 2054-09-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV1                                                        | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    567147 | PA      | $575651.03    | 0.15%             | 2059-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                                              | NCR Atleos Corp                                                                 | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     77000 | PA      | $82560.63     | 0.02%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    675000 | PA      | $693515.25    | 0.19%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    360000 | PA      | $378807.78    | 0.10%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    447752 | PA      | $461545.51    | 0.12%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    455000 | PA      | $468415.86    | 0.13%             | 2041-11-13      | Fixed         | 5.39%                 | 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        |    332398 | PA      | $336518.13    | 0.09%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                     | UK 02/10/31                                                                     | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    166347 | PA      | $162568.83    | 0.04%             | 2031-02-10      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    405000 | PA      | $436401.78    | 0.12%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                                       | Costa Rica Government International Bond                                        | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    467000 | PA      | $506461.50    | 0.14%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    370000 | PA      | $371167.78    | 0.10%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                                             | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    195000 | PA      | $180614.22    | 0.05%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                                    | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     50000 | PA      | $51491.96     | 0.01%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | Altice France SA                                                                | CUSIP: 02090DAB4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    762196 | PA      | $749957.57    | 0.20%             | 2030-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                    | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40425.44     | 0.01%             | 2034-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $452384.54    | 0.12%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                        | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    633000 | PA      | $677463.82    | 0.18%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lernen Bidco Limited                                                        | LERNEN BIDC 10/27/31                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    357432 | PA      | $358177.33    | 0.10%             | 2031-10-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  34700000 | PA      | $2120585.39   | 0.57%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                                           | Gabon Government International Bond                                             | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    226000 | PA      | $191827.67    | 0.05%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Snacking Investments Bidco Pty Limited                                      | SNACKING INVTS B 10/08/32                                                       | CUSIP: 000000000<br>LEI: 549300W8K88D3SM86Y18 | Long             | LON              | CORP              | US        |     75000 | PA      | $75356.25     | 0.02%             | 2032-10-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99867.60     | 0.03%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                      | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    270000 | PA      | $285638.67    | 0.08%             | 2032-02-01      | Fixed         | 9.88%                 | 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      | $849279.17    | 0.23%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    110000 | PA      | $113767.94    | 0.03%             | 2034-06-26      | Fixed         | 5.50%                 | 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        |    299312 | PA      | $307376.72    | 0.08%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2025-RVM1                                              | CUSIP: 67571HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    797038 | PA      | $799412.78    | 0.21%             | 2046-12-20      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                       | Directv Financing LLC                                                           | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45619.16     | 0.01%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL                                                     | BioMarin Pharmaceutical Inc                                                     | CUSIP: 09061GAL5<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20080.40     | 0.01%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                                                | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    590000 | PA      | $606565.65    | 0.16%             | 2032-09-15      | Fixed         | 7.38%                 | 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      | $125098.13    | 0.03%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                    | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    535950 | PA      | $547733.50    | 0.15%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    450000 | PA      | $473982.30    | 0.13%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                                             | SYNEOS H 09/19/30                                                               | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    293506 | PA      | $294030.23    | 0.08%             | 2030-09-27      | Floating      | 7.67%                 | 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      | $31823.84     | 0.01%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                                                    | Phoenix Aviation Capital Ltd                                                    | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $262201.23    | 0.07%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1640991 | PA      | $1680651.01   | 0.45%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    105000 | PA      | $105630.00    | 0.03%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                                           | DISH Network Corp                                                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    325000 | PA      | $336527.10    | 0.09%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | Altice France SA                                                                | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    152439 | PA      | $148979.40    | 0.04%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    735000 | PA      | $697053.79    | 0.19%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     68000 | PA      | $42228.00     | 0.01%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                                       | Petroleos del Peru SA                                                           | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    260000 | PA      | $197470.00    | 0.05%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                         | Dominion Energy Inc                                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    365000 | PA      | $366423.00    | 0.10%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    530000 | PA      | $536725.07    | 0.14%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |    360502 | PA      | $362717.11    | 0.10%             | 2069-08-25      | Variable      | 5.27%                 | 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      | $1048719.36   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    420133 | PA      | $426543.47    | 0.11%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    789559 | PA      | $779844.85    | 0.21%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                                                    | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     96667 | PA      | $97512.50     | 0.03%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EG America LLC                                                              | EG Group (Euro G 01/29/31                                                       | CUSIP: 000000000<br>LEI: 549300BY1CRYVPEG9R57 | Long             | LON              | CORP              | US        |    570000 | PA      | $568575.00    | 0.15%             | 2031-01-30      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2635000 | PA      | $2645375.21   | 0.71%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 27927WAR3<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    536000 | PA      | $552160.40    | 0.15%             | 2039-01-29      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    241000 | PA      | $248356.53    | 0.07%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414089.20    | 0.11%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub Inc FKA Osmosis Buyer Limited                            | AI Aqua Merger S 02/03/25                                                       | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |     88651 | PA      | $88784.02     | 0.02%             | 2028-07-31      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                                       | DEL MONTE FOOD 08/05/28                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4389 | PA      | $208.50       | 0.00%             | 2028-08-02      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                                                            | WAND NEWCO 01/30/31                                                             | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |    295477 | PA      | $295670.37    | 0.08%             | 2031-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub Inc FKA Osmosis Buyer Limited                            | AI Aqua Merger S 02/03/25                                                       | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    133816 | PA      | $134017.84    | 0.04%             | 2028-07-31      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    885294 | PA      | $857891.31    | 0.23%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                                       | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     31000 | PA      | $33098.20     | 0.01%             | 2030-07-15      | Fixed         | 8.25%                 | 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        |    243527 | PA      | $229149.82    | 0.06%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                                                    | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    233000 | PA      | $206503.93    | 0.06%             | 2032-01-15      | Fixed         | 3.25%                 | 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      | $573887.18    | 0.15%             | 2030-04-15      | Fixed         | 8.88%                 | 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        |    477934 | PA      | $480497.60    | 0.13%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                                               | Tidewater Inc                                                                   | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    260000 | PA      | $281420.36    | 0.08%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2890174 | PA      | $2933207.20   | 0.78%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                                       | DEL MONTE FOOD 08/05/28                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     27045 | PA      | $1284.64      | 0.00%             | 2028-08-02      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    119825 | PA      | $74291.50     | 0.02%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                    | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $560000.00    | 0.15%             | 2056-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                    | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    945000 | PA      | $962637.20    | 0.26%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    415000 | PA      | $426511.03    | 0.11%             | 2036-07-23      | Fixed         | 5.58%                 | 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        |    198070 | PA      | $202334.43    | 0.05%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-NQM5                                       | CUSIP: 46664DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441281 | PA      | $443225.37    | 0.12%             | 2065-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    147000 | PA      | $116670.25    | 0.03%             | 2048-02-12      | Fixed         | 6.35%                 | 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      | $424751.42    | 0.11%             | 2035-02-15      | Fixed         | 5.44%                 | 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        |   1040000 | PA      | $860080.00    | 0.23%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                    | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    125000 | PA      | $115411.21    | 0.03%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOOD 08/05/28                                                         | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13808 | PA      | $6949.73      | 0.00%             | 2028-08-02      | Floating      | 11.92%                | 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      | $439532.93    | 0.12%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    265000 | PA      | $270173.60    | 0.07%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fugue Finance B.V.                                                          | Fugue F 01/09/32                                                                | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | HK        |    173926 | PA      | $173056.37    | 0.05%             | 2032-01-09      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      4403 | PA      | $2690.23      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420000 | PA      | $437605.48    | 0.12%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                        | LIFEPOINT HEALTH 05/19/31                                                       | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     24688 | PA      | $24667.65     | 0.01%             | 2031-05-16      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                                       | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458850 | PA      | $464749.99    | 0.12%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                                                                | Veralto Corp                                                                    | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    670000 | PA      | $696643.27    | 0.19%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                         | Global Payments Inc                                                             | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    815000 | PA      | $808469.30    | 0.22%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    380000 | PA      | $401372.58    | 0.11%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    335000 | PA      | $294786.54    | 0.08%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                                  | Grifols SA                                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    490000 | PA      | $483011.91    | 0.13%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                                                  | Opal Bidco SAS                                                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     35000 | PA      | $35737.17     | 0.01%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                                    | Saks Global Enterprises LLC                                                     | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     92500 | PA      | $277.50       | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    560000 | PA      | $556488.31    | 0.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                                            | GLOVES BUYE 01/17/32                                                            | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    154612 | PA      | $154065.17    | 0.04%             | 2032-05-21      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAU5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    305000 | PA      | $300719.71    | 0.08%             | 2033-01-28      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     82000 | PA      | $85788.40     | 0.02%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                       | Directv Financing LLC                                                           | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    395000 | PA      | $400474.62    | 0.11%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                                                    | Prime Healthcare Services Inc                                                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $395963.80    | 0.11%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Klockner Pentaplast of America Inc                                          | KLOECKNER PENTAP 02/12/26                                                       | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    289005 | PA      | $46240.85     | 0.01%             | 2026-02-12      | Floating      | 9.02%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    449438 | PA      | $450174.97    | 0.12%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2626 | PA      | $1666.85      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $230050.21    | 0.06%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    449261 | PA      | $440205.56    | 0.12%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                                                         | ROCKET SOFTWAR 11/28/28                                                         | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    186913 | PA      | $179144.47    | 0.05%             | 2028-11-28      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                                        | Cornerstone Building Brands Inc                                                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    360000 | PA      | $272220.62    | 0.07%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                                           | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    398000 | PA      | $116415.02    | 0.03%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                                         | Altice Financing SA                                                             | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    680000 | PA      | $493000.00    | 0.13%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                                | Commercial Equipment Finance 2025-1 LLC                                         | CUSIP: 20166TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650386 | PA      | $655867.81    | 0.18%             | 2031-05-15      | Fixed         | 4.83%                 | 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        |    538202 | PA      | $540894.49    | 0.14%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                             | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    120000 | PA      | $125736.00    | 0.03%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                                        | ION Platform Finance US Inc / ION Platform Finance SARL                         | CUSIP: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $138353.32    | 0.04%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    518106 | PA      | $519256.77    | 0.14%             | 2041-03-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2025-CES4                                             | CUSIP: 89170UAA8<br>LEI: 254900V1XGR6BSB30T32 | Long             | ABS-MBS          | CORP              | US        |    803894 | PA      | $809532.91    | 0.22%             | 2065-10-25      | Variable      | 5.09%                 | 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      | $1010265.60   | 0.27%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $933549.66    | 0.25%             | 2040-01-13      | Variable      | 5.47%                 | 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      | $250079.68    | 0.07%             | 2030-02-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157252.20    | 0.04%             | 2030-02-01      | Fixed         | 6.75%                 | 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      | $86317.01     | 0.02%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                    | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    305000 | PA      | $318346.62    | 0.09%             | 2029-04-13      | Fixed         | 6.90%                 | 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        |     56000 | PA      | $56301.62     | 0.02%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                                       | PLAYTIKA 03/13/28                                                               | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |    303407 | PA      | $295122.78    | 0.08%             | 2028-03-13      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    234000 | PA      | $246051.00    | 0.07%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corporation II Inc                                          | DEL MONTE FOODS 04/02/26                                                        | CUSIP: 24521WAK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     16716 | PA      | $16089.56     | 0.00%             | 2026-04-02      | Floating      | 13.28%                | 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      | $623413.47    | 0.17%             | 2047-02-10      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    325000 | PA      | $348538.13    | 0.09%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875000 | PA      | $894821.55    | 0.24%             | 2041-03-11      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Sothebys ArtFi Master Trust                                                 | Sotheby's Artfi Master Trust                                                    | CUSIP: 83589DAA4<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |    925000 | PA      | $927601.56    | 0.25%             | 2033-06-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                       | Antero Resources Corp                                                           | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202941.80    | 0.05%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    450000 | PA      | $487749.38    | 0.13%             | 2035-03-06      | Fixed         | 6.40%                 | 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      | $866022.64    | 0.23%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $151816.00    | 0.04%             | 2030-12-01      | Fixed         | 4.12%                 | 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        |    650000 | PA      | $676754.26    | 0.18%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    433000 | PA      | $429103.00    | 0.11%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     60000 | PA      | $56571.60     | 0.02%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    276345 | PA      | $259062.60    | 0.07%             | 2045-12-25      | Variable      | 3.75%                 | 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      | $15925.00     | 0.00%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1050690 | PA      | $1069017.74   | 0.29%             | 2053-07-01      | Fixed         | 5.50%                 | 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      | $354617.32    | 0.09%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                                                | COTIVIT 05/01/31                                                                | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    206775 | PA      | $191913.68    | 0.05%             | 2031-05-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                                                  | VIASAT 02/23/29                                                                 | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    216134 | PA      | $216100.27    | 0.06%             | 2029-03-02      | Floating      | 8.29%                 | 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      | $218739.00    | 0.06%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                 | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1262826 | PA      | $1266403.88   | 0.34%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    143000 | PA      | $80580.50     | 0.02%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    810000 | PA      | $750860.93    | 0.20%             | 2055-03-25      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                                    | Banco de Credito e Inversiones SA                                               | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    221000 | PA      | $236094.85    | 0.06%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5859757 | PA      | $5864583.07   | 1.57%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBR9<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    496000 | PA      | $490536.56    | 0.13%             | 2036-01-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |    615000 | PA      | $640246.62    | 0.17%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| COLUMBUS MCKINNON CORP                                                      | COLUMBUS MCKINNON CORP/NY                                                       | CUSIP: 19933MAS2<br>LEI: 549300W3HQB0HO1F3G69 | Long             | LON              | CORP              | US        |    135000 | PA      | $134325.00    | 0.04%             | 2033-01-24      | Floating      | 7.18%                 | 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      | $180451.26    | 0.05%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                | SM Energy Co                                                                    | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    160000 | PA      | $168257.28    | 0.04%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MODIVCARE BUYER LLC                                                         | MODIVCARE BUYER LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2671 | NS      | $17806.22     | 0.00%             |  |  |  | No            |                  1 | 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        |     44006 | PA      | $44334.03     | 0.01%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Rand Parent LLC                                                             | RAND PAREN 03/17/30                                                             | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    149246 | PA      | $149758.90    | 0.04%             | 2030-03-18      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES3                                                   | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    615232 | PA      | $625619.88    | 0.17%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                                        | Garda World Security Corp                                                       | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    245000 | PA      | $251716.92    | 0.07%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    388000 | PA      | $378785.00    | 0.10%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427QWE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2234714 | PA      | $2236714.48   | 0.60%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer