# EDGAR Filing Document

**Accession Number:** 0000836412
**File Stem:** 0000940400-25-005507
**Filing Date:** 2025-10
**Character Count:** 408158
**Document Hash:** c6b901ea9bc194b8a68980cae47f6425
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005507.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005507

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Total Return Fund Inc.
- **CENTRAL INDEX KEY:** 0000836412

**ORGANIZATION NAME:**
- **EIN:** 133474242
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05620
- **FILM NUMBER:** 251428615

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 866-270-7788

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZWEIG TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

#### VIRTUS Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Securities—2.1%** | **U.S. Government Securities—2.1%** | **U.S. Government Securities—2.1%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/54<sup>(2)</sup> | $860 | $819 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54<sup>(2)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55<sup>(2)</sup> | &nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp; 2545 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 5/31/27<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;4.250%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/28/30<sup>(2)</sup> | &nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp; 2140 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/15/34<sup>(2)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp; 1417 |
| **Total U.S. Government Securities<br> (Identified Cost $8,306)** | **Total U.S. Government Securities<br> (Identified Cost $8,306)** | &nbsp;&nbsp;&nbsp;&nbsp; **8185** |
| **Foreign Government Securities—5.0%** | **Foreign Government Securities—5.0%** | **Foreign Government Securities—5.0%** |
| Abu Dhabi Government International Bond 144A<br> 3.125%, 9/30/49<sup>(3)</sup> | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 158 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 2/16/31<sup>(3)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.500%, 1/31/47<sup>(3)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 9/30/51<sup>(3)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 205 |
| Benin Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.960%, 2/13/38<sup>(3)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.375%, 1/23/41<sup>(3)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 92 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(4)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.250%, 10/13/24<sup>(4)(5)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 16 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(5)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 48 |
| Brazil Notas do Tesouro Nacional Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 3790<sup>BRL</sup> | &nbsp;&nbsp;&nbsp; 608 |
| Czech Republic Government Bond<br> 1.750%, 6/23/32 | &nbsp;&nbsp; 14760<sup>CZK</sup> | &nbsp;&nbsp;&nbsp; 608 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 9/23/32<sup>(3)</sup> | $57 | $54 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(3)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.950%, 3/15/37<sup>(5)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 129 |
| Eagle Funding Luxco S.a.r.l. 144A<br> 5.500%, 8/17/30<sup>(3)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 135 |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(3)(4)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 134 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 3/18/31 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/35 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 209 |
| Honduras Government 144A<br> 8.625%, 11/27/34<sup>(3)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 61 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(3)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.000%, 9/26/35<sup>(3)</sup> | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(3)</sup> | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 391 |
| Kingdom of Jordan 144A<br> 5.850%, 7/7/30<sup>(3)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 193 |
| Kyrgyz Republic International Bond 144A<br> 7.750%, 6/3/30<sup>(3)</sup> | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 118 |
| Lebanon Government International Bond RegS<br> 7.000%, 3/23/32<sup>(4)(5)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 41 |
| Malaysia Government Bond<br> 2.632%, 4/15/31 | &nbsp;&nbsp; 2600<sup>MYR</sup> | &nbsp;&nbsp; 596 |
| Mex Bonos Desarr |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 5/31/29 | &nbsp;&nbsp; 5280<sup>MXN</sup> | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/13/42 | &nbsp;&nbsp; 7000<sup>MXN</sup> | &nbsp;&nbsp; 319 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(3)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 113 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 4/14/32<sup>(3)</sup> | $267 | $246 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 7/9/30<sup>(6)</sup> | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/35<sup>(6)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/46<sup>(6)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 116 |
| Republic of Armenia 144A<br> 3.600%, 2/2/31<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 45 |
| Republic of Cameroon RegS<br> 9.500%, 7/31/31<sup>(5)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 190 |
| Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;5.330%, 1/5/54 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;3.250%, 9/21/71 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 53 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;8.500%, 4/25/35 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 144 |
| Republic of Ecuador RegS<br> 6.900%, 7/31/30<sup>(5)(6)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 398 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 4/10/32<sup>(3)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.250%, 4/17/30<sup>(5)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 6/15/35<sup>(5)</sup> | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.625%, 2/1/41<sup>(5)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 48 |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 2/6/31<sup>(3)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.000%, 11/24/31<sup>(3)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 55 |
| Republic of Ghana RegS<br> 5.000%, 7/3/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 185 |
| Republic of Guatemala 144A<br> 6.875%, 8/15/55<sup>(3)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 232 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, 2/14/30 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;5.100%, 2/10/54 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;3.200%, 9/23/61 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 53 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 6/15/33<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 185 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(3)</sup> | $175 | $173 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 1/30/37<sup>(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(3)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 204 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 9.625%, 6/9/31<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.375%, 9/28/33<sup>(3)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;144A<br> 10.375%, 12/9/34<sup>(3)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 173 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 3/17/28 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;8.000%, 3/1/38 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;3.870%, 7/23/60 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 10 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/15/34 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;5.875%, 8/8/54 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;3.600%, 1/15/72 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 85 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;3.700%, 3/1/41 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 271 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 11/16/32 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;4.875%, 10/4/33 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;5.125%, 9/18/34 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;5.500%, 4/4/53 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33 |
| Republic of Senegal 144A<br> 6.250%, 5/23/33<sup>(3)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 139 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;8.750%, 2/28/48 | &nbsp;&nbsp; 12500<sup>ZAR</sup> | &nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(3)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 176 |
| Republic of Sri Lanka 144A<br> 3.600%, 6/15/35<sup>(3)(6)</sup> | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 201 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 157 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Zambia 144A<br> 5.750%, 6/30/33<sup>(3)(6)</sup> | $81 | $75 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 72 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(3)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 5/16/36<sup>(3)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 520 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 7/18/33<sup>(3)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(3)</sup> | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.625%, 1/13/35<sup>(5)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 252 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(3)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 88 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(3)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.400%, 6/26/34<sup>(3)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 6/26/34<sup>(5)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(3)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/30<sup>(3)(6)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/35<sup>(3)(6)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/36<sup>(3)(6)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/36<sup>(3)(6)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/30<sup>(5)(6)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/34<sup>(5)(6)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 201 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/35<sup>(5)(6)</sup> | $135 | $72 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/36<sup>(5)(6)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 2/12/34 | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;6.338%, 5/4/53 | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;6.400%, 5/7/54 | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 71 |
| Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.700%, 11/25/30<sup>(3)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.900%, 2/28/32<sup>(3)</sup> | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 161 |
| **Total Foreign Government Securities<br> (Identified Cost $19,405)** | **Total Foreign Government Securities<br> (Identified Cost $19,405)** | &nbsp;&nbsp;&nbsp;&nbsp; **19509** |
| **Mortgage-Backed Securities—9.2%** | **Mortgage-Backed Securities—9.2%** | **Mortgage-Backed Securities—9.2%** |
| **Agency—3.5%** | **Agency—3.5%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD6322<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;Pool #SD8494<br> 5.500%, 1/1/55 | &nbsp;&nbsp; 1938 | &nbsp;&nbsp;&nbsp; 1950 |
| &nbsp;&nbsp;&nbsp;Pool #SL0019<br> 5.500%, 1/1/55 | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; 2318 |
| &nbsp;&nbsp;&nbsp;Pool #SL0627<br> 6.000%, 10/1/54 | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp;Pool #SL1127<br> 6.000%, 12/1/54 | &nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp; 1508 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #CB6857<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;Pool #FA0685<br> 6.000%, 1/1/55 | &nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;Pool #FA1728<br> 6.000%, 10/1/53 | &nbsp;&nbsp; 1319 | &nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 729 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | $1329 | $1240 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 756 |
|  |  | &nbsp;&nbsp;&nbsp; 13560 |
| **Non-Agency—5.7%** | **Non-Agency—5.7%** |  |
| A&D Mortgage Trust 2025-NQM2, A1 144A<br> 5.790%, 6/25/70<sup>(3)(7)</sup> | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 327 |
| Ajax Mortgage Loan Trust 2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(3)(7)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 145 |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.107%, 6/15/40<sup>(3)(7)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 437 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(3)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(3)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 251 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 334 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(3)(7)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(3)(7)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 90 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.661%, 7/15/37<sup>(3)(7)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 366 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56 | $210 | $216 |
| BX Commercial Mortgage Trust 2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.755%, 3/15/41<sup>(3)(7)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 266 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(3)(7)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(3)</sup> | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 671 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.906%, 3/15/30<sup>(3)(7)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 268 |
| CENT 2025-CITY, A 144A<br> 5.091%, 7/10/40<sup>(3)(7)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 329 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-RPL1, A1 144A<br> 3.500%, 6/25/62<sup>(3)(7)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;2024-RPL4, A1A 144A<br> 3.375%, 12/25/64<sup>(3)(7)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 214 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(3)(7)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(3)(7)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 251 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(3)(7)</sup> | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 318 |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(3)(7)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 100 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, C 144A<br> 3.265%, 10/15/52<sup>(3)</sup> | $400 | $378 |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 4.744%, 6/17/55<sup>(3)(7)</sup> | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 308 |
| Credit Suisse Mortgage Capital Trust 2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(3)(7)</sup> | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 207 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 197 |
| Ellington Financial Mortgage Trust 2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(3)(7)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 |
| ELM Trust 2024-ELM, A10 144A<br> 5.994%, 6/10/39<sup>(3)(7)</sup> | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 320 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(3)(7)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 477 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(3)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 321 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(3)(7)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.649%, 1/13/40<sup>(3)(7)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 383 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 343 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2024-OMNI, A 144A<br> 5.990%, 10/5/39<sup>(3)(7)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 439 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.607%, 10/25/29<sup>(3)(7)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 195 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(3)(7)</sup> | $55 | $49 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.567%, 9/25/65<sup>(3)(7)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 244 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.411%, 4/25/55<sup>(3)(7)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(3)(7)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(3)(7)</sup> | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(3)(7)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 346 |
| Mill City Mortgage Loan Trust 2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(3)(7)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 329 |
| MSSG Trust 2017-237P, A 144A<br> 3.397%, 9/13/39<sup>(3)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 423 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(3)(7)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(3)(7)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(3)(7)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 |
| NYC Commercial Mortgage Trust 2025-300P, A 144A<br> 4.879%, 7/13/42<sup>(3)(7)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 403 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM16, A1 144A<br> 5.530%, 10/25/64<sup>(3)(7)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(3)(7)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 385 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(3)(7)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |
| PMT Loan Trust 2025-INV7, A7 144A<br> 6.000%, 6/25/56<sup>(3)(7)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 266 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| PRKCM Trust 2022-AFC1, A1A 144A<br> 4.100%, 4/25/57<sup>(3)(7)</sup> | $296 | $295 |
| Progress Residential Trust 2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(3)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 819 |
| RCKT Mortgage Trust 2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(3)(7)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 137 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(3)(7)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(3)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(3)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 342 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.481%, 6/25/43<sup>(7)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 51 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.987%, 7/25/56<sup>(3)(7)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(3)(7)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(3)(7)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(3)(7)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(3)(7)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(3)(7)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(3)(7)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 399 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(3)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(3)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 622 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 181 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 300 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(3)(7)</sup> | $199 | $200 |
| &nbsp;&nbsp;&nbsp;2022-6, A3 144A<br> 4.910%, 6/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(3)(7)</sup> | &nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(3)(7)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 207 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(3)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;2022-1, A2 144A<br> 5.850%, 8/25/57<sup>(3)(7)</sup> | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 196 |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(3)(7)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 90 |
|  |  | &nbsp;&nbsp;&nbsp; 22267 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $36,384)** | **Total Mortgage-Backed Securities<br> (Identified Cost $36,384)** | &nbsp;&nbsp;&nbsp;&nbsp; **35827** |
| **Asset-Backed Securities—4.9%** | **Asset-Backed Securities—4.9%** | **Asset-Backed Securities—4.9%** |
| **Automobiles—1.5%** | **Automobiles—1.5%** |  |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(3)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 4.920%, 5/15/29<sup>(3)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 281 |
| Avis Budget Rental Car Funding LLC (AESOP) 2024-2A, D 144A<br> 7.430%, 10/20/28<sup>(3)</sup> | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 342 |
| Carvana Auto Receivables Trust 2023-N4, C 144A<br> 6.590%, 2/11/30<sup>(3)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 499 |
| Exeter Automobile Receivables Trust 2023-3A, D<br> 6.680%, 4/16/29 | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 542 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.300%, 6/17/30<sup>(3)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 561 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(3)</sup> | $450 | $460 |
| &nbsp;&nbsp;&nbsp;2023-4A, C 144A<br> 6.760%, 3/15/29<sup>(3)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 426 |
| Lendbuzz Securitization Trust 2024-3A, B 144A<br> 5.030%, 11/15/30<sup>(3)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 429 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(3)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 411 |
| SAFCO Auto Receivables Trust 2025-1A, C 144A<br> 5.750%, 11/11/30<sup>(3)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 394 |
| United Auto Credit Securitization Trust 2024-1, C 144A<br> 7.060%, 10/10/29<sup>(3)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 408 |
| Veros Auto Receivables Trust 2024-1, C 144A<br> 7.570%, 12/15/28<sup>(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 311 |
| Westlake Automobile Receivables Trust 2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(3)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 363 |
|  |  | &nbsp;&nbsp;&nbsp; 5902 |
| **Consumer Loans—0.1%** | **Consumer Loans—0.1%** |  |
| Reach ABS Trust 2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(3)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 505 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| Auxilior Term Funding LLC 2023-1A, D 144A<br> 7.270%, 12/16/30<sup>(3)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 305 |
| **Other—3.1%** | **Other—3.1%** |  |
| Amur Equipment Finance Receivables XV LLC 2025-1A, D 144A<br> 5.680%, 8/20/32<sup>(3)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 347 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(3)</sup> | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 353 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Aqua Finance Issuer Trust 2025-A, A 144A<br> 5.250%, 12/19/50<sup>(3)</sup> | $268 | $272 |
| Aqua Finance Trust 2019-A, C 144A<br> 4.010%, 7/16/40<sup>(3)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 314 |
| BHG Securitization Trust 2024-1CON, A 144A<br> 5.810%, 4/17/35<sup>(3)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 153 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(3)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 385 |
| BXG Receivables Note Trust 2020-A, B 144A<br> 2.490%, 2/28/36<sup>(3)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 125 |
| CCG Receivables Trust 2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(3)</sup> | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 116 |
| Dext ABS LLC 2023-2, B 144A<br> 6.410%, 5/15/34<sup>(3)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 412 |
| Diamond Resorts Owner Trust 2021-1A, B 144A<br> 2.050%, 11/21/33<sup>(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(3)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 495 |
| Hardee's Funding LLC 2024-1A, A2 144A<br> 7.253%, 3/20/54<sup>(3)</sup> | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 471 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(3)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 128 |
| Jersey Mike's Funding LLC 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(3)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 298 |
| Libra Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(3)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 6.355%, 8/15/39<sup>(3)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 451 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| MetroNet Infrastructure Issuer LLC 2025-2A, A2 144A<br> 5.400%, 8/20/55<sup>(3)</sup> | $375 | $380 |
| MMP Capital LLC 2025-A, B 144A<br> 5.720%, 12/15/31<sup>(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 372 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(3)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87 |
| NBC Funding LLC 2025-1A, A2 144A<br> 6.209%, 7/30/55<sup>(3)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 530 |
| Oportun Issuance Trust 2024-2, B 144A<br> 5.830%, 2/9/32<sup>(3)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 427 |
| PEAC Solutions Receivables LLC 2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 375 |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(3)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 514 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(3)(7)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;2025-CES5, A1A 144A<br> 5.687%, 5/25/55<sup>(3)(7)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 244 |
| Scalelogix ABS U.S. Issuer LLC 2025-1A, A2 144A<br> 5.673%, 7/25/55<sup>(3)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 421 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(3)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 361 |
| Switch ABS Issuer LLC 2025-1A, A2 144A<br> 5.036%, 3/25/55<sup>(3)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 406 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 371 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(3)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 366 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Upgrade Master Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-ST3, A 144A<br> 5.981%, 6/15/32<sup>(3)</sup> | $239 | $241 |
| &nbsp;&nbsp;&nbsp;2025-ST5, A 144A<br> 4.794%, 9/15/32<sup>(3)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 450 |
| UPX HIL Issuer Trust 2025-1, A 144A<br> 5.160%, 1/25/47<sup>(3)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 376 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(3)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 353 |
| VFI ABS LLC 2025-1A, C 144A<br> 5.600%, 4/24/31<sup>(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 302 |
| Westgate Resorts LLC 2024-1A, A 144A<br> 6.060%, 1/20/38<sup>(3)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 214 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(3)</sup> | &nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp; 517 |
|  |  | &nbsp;&nbsp;&nbsp; 12234 |
| **Student Loan—0.1%** | **Student Loan—0.1%** |  |
| MPOWER Education Trust 2025-A, A 144A<br> 6.620%, 7/21/42<sup>(3)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 253 |
| **Total Asset-Backed Securities<br> (Identified Cost $19,001)** | **Total Asset-Backed Securities<br> (Identified Cost $19,001)** | &nbsp;&nbsp;&nbsp;&nbsp; **19199** |
| **Corporate Bonds and Notes—13.2%** | **Corporate Bonds and Notes—13.2%** | **Corporate Bonds and Notes—13.2%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(3)(4)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 72 |
| CCO Holdings LLC 144A<br> 4.750%, 3/1/30<sup>(3)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 375 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(3)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 326 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 294 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Communication<br> Services—continued** | **Communication<br> Services—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 1/31/29<sup>(3)</sup> | $250 | $229 |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 8/15/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 194 |
| Gray Media, Inc. 144A<br> 9.625%, 7/15/32<sup>(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 186 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 144 |
| IHS Holding Ltd. 144A<br> 8.250%, 11/29/31<sup>(3)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 68 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 243 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(3)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 127 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 3/1/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 3/15/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 128 |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
| Univision Communications, Inc. 144A<br> 8.000%, 8/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp;&nbsp; 3255 |
| **Consumer Discretionary—0.7%** | **Consumer Discretionary—0.7%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54<sup>(2)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 283 |
| Ashtead Capital, Inc. 144A<br> 5.500%, 8/11/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Consumer<br> Discretionary—continued** | **Consumer<br> Discretionary—continued** |  |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(2)(3)</sup> | $240 | $226 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52<sup>(2)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 238 |
| Ford Motor Credit Co. LLC<br> 7.350%, 3/6/30<sup>(2)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 215 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 277 |
| New Home Co., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 10/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 11/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Newell Brands, Inc.<br> 6.625%, 9/15/29<sup>(2)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 302 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 292 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| Under Armour, Inc. 144A<br> 7.250%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 209 |
|  |  | &nbsp;&nbsp;&nbsp; 2866 |
| **Consumer Staples—0.2%** | **Consumer Staples—0.2%** |  |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33<sup>(2)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 242 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(2)(3)</sup> | $160 | $162 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp;&nbsp; 844 |
| **Energy—2.3%** | **Energy—2.3%** |  |
| Adnoc Murban Rsc Ltd. 144A<br> 4.500%, 9/11/34<sup>(3)</sup> | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 317 |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 201 |
| BP Capital Markets plc<br> 4.875% <sup>(2)(8)</sup> | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 314 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 99 |
| Caturus Energy LLC 144A<br> 8.500%, 2/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 150 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 191 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 153 |
| Ecopetrol S.A.<br> 4.625%, 11/2/31 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 96 |
| Enbridge, Inc.<br> 8.500%, 1/15/84<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 294 |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(3)(5)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 41 |
| Energy Transfer LP Series H<br> 6.500% <sup>(2)(8)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 351 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 427 |
| Genesis Energy LP<br> 8.875%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 259 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(3)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 61 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 269 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(3)</sup> | $275 | $286 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 211 |
| Hilcorp Energy I LP 144A<br> 6.000%, 4/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 302 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(2)(3)(5)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 386 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(3)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 90 |
| Kinder Morgan Energy Partners LP<br> 7.500%, 11/15/40<sup>(2)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 278 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(3)(5)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/26<sup>(3)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; —<sup>(9)</sup> |
| Nabors Industries Ltd. 144A<br> 7.500%, 1/15/28<sup>(3)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 137 |
| Occidental Petroleum Corp.<br> 6.200%, 3/15/40<sup>(2)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 252 |
| Pertamina Persero PT 144A<br> 2.300%, 2/9/31<sup>(3)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 336 |
| Petroleos de Venezuela S.A. RegS<br> 6.000%, 5/16/24<sup>(4)(5)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 110 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 113 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/21/30<sup>(3)</sup> | $110 | $107 |
| &nbsp;&nbsp;&nbsp;144A 5.848%, 4/3/55<sup>(3)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 171 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(3)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 29 |
| South Bow Canadian Infrastructure Holdings Ltd.<br> 7.500%, 3/1/55 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 298 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 325 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 150 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 278 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50<sup>(2)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 255 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(3)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 65 |
|  |  | &nbsp;&nbsp;&nbsp; 8861 |
| **Financials—5.0%** | **Financials—5.0%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(3)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 206 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 149 |
| Albion Financing 1 S.a.r.l. 144A<br> 7.000%, 5/21/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 170 |
| Allianz SE 144A<br> 6.350%, 9/6/53<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(3)</sup> | $515 | $421 |
| American Express Co.<br> 5.625%, 7/28/34<sup>(2)</sup> | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 267 |
| American National Group, Inc.<br> 7.000%, 12/1/55<sup>(2)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 58 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29<sup>(2)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 166 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54<sup>(2)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 264 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 7/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 312 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(3)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 165 |
| Azorra Finance Ltd. 144A<br> 7.250%, 1/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 150 |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| Banco de Credito del Peru S.A. 144A<br> 6.450%, 7/30/35<sup>(3)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 53 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(3)(8)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 90 |
| Banco Mercantil del Norte S.A. 144A<br> 8.375% <sup>(3)(8)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 69 |
| Bank of America Corp.<br> 5.518%, 10/25/35<sup>(2)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 313 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(2)(8)</sup> | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 357 |
| Barclays plc<br> 7.437%, 11/2/33<sup>(2)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 267 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(3)</sup> | $71 | $69 |
| Blackstone Private Credit Fund<br> 6.000%, 11/22/34<sup>(2)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 222 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 5/15/32<sup>(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 227 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55<sup>(2)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |
| BPCE S.A. 144A<br> 7.003%, 10/19/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 276 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 283 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32<sup>(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 156 |
| Capital Power U.S. Holdings, Inc. 144A<br> 6.189%, 6/1/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 160 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(8)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 228 |
| Chobani Holdco II LLC 144A<br> 8.750%, 10/1/29<sup>(3)</sup> | &nbsp;&nbsp; —<sup>(9)</sup> | &nbsp;&nbsp; —<sup>(9)</sup> |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33<sup>(2)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34<sup>(2)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(2)(8)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 168 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(3)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54<sup>(2)</sup> | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 325 |
| Deutsche Bank AG<br> 5.403%, 9/11/35<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 262 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(2)(3)</sup> | $335 | $331 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 197 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29<sup>(2)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33<sup>(2)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 283 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| Foundry JV Holdco LLC 144A<br> 5.875%, 1/25/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 139 |
| Froneri Lux FinCo S.a.r.l. 144A<br> 6.000%, 8/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| FS Luxembourg S.a.r.l. 144A<br> 8.875%, 2/12/31<sup>(3)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 67 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(2)(3)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.330%, 7/23/35<sup>(2)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;6.450%, 5/1/36<sup>(2)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 239 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(3)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 237 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.375%, 7/1/34<sup>(2)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 274 |
| Huntington Bancshares, Inc.<br> 5.709%, 2/2/35<sup>(2)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 284 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34<sup>(2)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 276 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Imperial Brands Finance plc 144A<br> 5.625%, 7/1/35<sup>(2)(3)</sup> | $235 | $237 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 286 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 289 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.576%, 7/23/36<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32<sup>(2)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 264 |
| KeyCorp<br> 6.401%, 3/6/35<sup>(2)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 259 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(2)(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 181 |
| Maxam Prill S.a.r.l. 144A<br> 7.750%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 195 |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(3)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 106 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 210 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 264 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, 10/18/33<sup>(2)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38<sup>(2)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 138 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(3)</sup> | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 273 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.482%, 4/30/43<sup>(2)(7)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 270 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 227 |
| NatWest Group plc<br> 6.475%, 6/1/34<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 273 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55<sup>(2)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 225 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Nippon Life Insurance Co. 144A<br> 6.250%, 9/13/53<sup>(2)(3)</sup> | $260 | $274 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 5/15/30<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;7.125%, 11/15/31<sup>(2)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 275 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Phoenix Aviation Capital Ltd. 144A<br> 9.250%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36<sup>(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 279 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 148 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 265 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 12/15/29<sup>(3)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 12/15/29<sup>(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 49 |
| SGUS LLC 144A<br> 11.000%, 12/15/29<sup>(3)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 71 |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 258 |
| South Bow USA Infrastructure Holdings LLC<br> 5.584%, 10/1/34<sup>(2)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 159 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(2)(8)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 257 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 487 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82<sup>(2)</sup> | $239 | $252 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;144A 4.988%, 8/5/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 291 |
| Wells Fargo & Co.<br> 5.389%, 4/24/34<sup>(2)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 319 |
|  |  | &nbsp;&nbsp;&nbsp; 19378 |
| **Health Care—0.7%** | **Health Care—0.7%** |  |
| Amneal Pharmaceuticals LLC 144A<br> 6.875%, 8/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 243 |
| CVS Health Corp.<br> 6.750%, 12/10/54<sup>(2)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 225 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30<sup>(2)</sup> | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 356 |
| HCA, Inc.<br> 5.500%, 6/1/33<sup>(2)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 246 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 6/1/32<sup>(3)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| Medline Borrower LP 144A<br> 5.250%, 10/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 297 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(3)</sup> | &nbsp;&nbsp; 187 | &nbsp;&nbsp; — |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 176 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Smith & Nephew plc<br> 5.400%, 3/20/34<sup>(2)</sup> | $260 | $266 |
| Universal Health Services, Inc.<br> 2.650%, 1/15/32<sup>(2)</sup> | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 277 |
|  |  | &nbsp;&nbsp;&nbsp; 2728 |
| **Industrials—1.6%** | **Industrials—1.6%** |  |
| Adani Ports & Special Economic Zone Ltd. 144A<br> 4.375%, 7/3/29<sup>(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 115 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 394 |
| Altice France S.A. 144A<br> 5.125%, 1/15/29<sup>(3)(10)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 257 |
| Aviation Capital Group LLC 144A<br> 3.500%, 11/1/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 259 |
| Boeing Co. (The)<br> 5.930%, 5/1/60<sup>(2)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 252 |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(3)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 386 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 286 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 250 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 255 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(3)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |
| FTAI Aviation Investors LLC 144A<br> 7.000%, 6/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 266 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(3)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(3)</sup> | $211 | $196 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 375 |
| Herc Holdings, Inc. 144A<br> 7.250%, 6/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26<sup>(2)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 11/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 275 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 268 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33<sup>(2)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 276 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 410 |
| TransDigm, Inc. 144A<br> 6.625%, 3/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 299 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37<sup>(2)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 284 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 437 |
|  |  | &nbsp;&nbsp;&nbsp; 6068 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33<sup>(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 126 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(3)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(2)(3)</sup> | $100 | $103 |
|  |  | &nbsp;&nbsp;&nbsp; 599 |
| **Materials—0.8%** | **Materials—0.8%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(3)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 185 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 405 |
| Capstone Copper Corp. 144A<br> 6.750%, 3/31/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 190 |
| Corp. Nacional del Cobre de Chile 144A<br> 5.950%, 1/8/34<sup>(3)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 240 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 365 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 238 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| New Enterprise Stone & Lime Co., Inc. 144A<br> 9.750%, 7/15/28<sup>(3)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 231 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(3)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/2/54<sup>(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(3)(11)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 71 |
| Sonoco Products Co.<br> 5.000%, 9/1/34<sup>(2)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 269 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(2)(3)</sup> | $100 | $105 |
| Trivium Packaging Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 7/15/30<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;144A 12.250%, 1/15/31<sup>(3)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 97 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(3)</sup> | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 196 |
|  |  | &nbsp;&nbsp;&nbsp; 3225 |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(3)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 151 |
| Port of Spain Waterfront Development RegS<br> 7.875%, 2/19/40<sup>(5)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp;&nbsp; 201 |
| **Utilities—0.9%** | **Utilities—0.9%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 180 |
| CMS Energy Corp.<br> 4.750%, 6/1/50<sup>(2)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 354 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa 144A<br> 8.650%, 1/24/33<sup>(3)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54<sup>(2)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 139 |
| Electricite de France S.A. 144A<br> 6.900%, 5/23/53<sup>(2)(3)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 220 |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(3)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 225 |
| Entergy Corp.<br> 7.125%, 12/1/54<sup>(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 302 |
| Eskom Holdings 144A<br> 8.450%, 8/10/28<sup>(3)</sup> | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 107 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(3)</sup> | $125 | $123 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(3)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 255 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 289 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(3)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 56 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 244 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 244 |
| Southern California Edison Co.<br> 6.000%, 1/15/34<sup>(2)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 224 |
| Vistra Corp. 144A<br> 8.000% <sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 194 |
|  |  | &nbsp;&nbsp;&nbsp; 3439 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $51,898)** | **Total Corporate Bonds and Notes<br> (Identified Cost $51,898)** | &nbsp;&nbsp;&nbsp;&nbsp; **51464** |
| **Leveraged Loans—3.4%** | **Leveraged Loans—3.4%** | **Leveraged Loans—3.4%** |
| **Aerospace—0.1%** | **Aerospace—0.1%** |  |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.316%, 1/27/32<sup>(7)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 50 |
| Rand Parent LLC 2025, Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 3/18/30<sup>(7)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 348 |
|  |  | &nbsp;&nbsp;&nbsp; 398 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.566%, 2/18/30<sup>(7)</sup> | $75 | $69 |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 2.500%)<br> 6.816%, 12/31/29<sup>(7)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |
| Nouryon Finance B.V. 2024, Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.601%, 4/3/28<sup>(7)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp;&nbsp; 267 |
| **Consumer Durables—0.0%** | **Consumer Durables—0.0%** |  |
| Gloves Buyer, Inc. (1 month Term SOFR + 4.000%)<br> 8.316%, 5/21/32<sup>(7)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 94 |
| White Cap Supply Holdings LLC Tranche C (1 month Term SOFR + 3.250%)<br> 7.566%, 10/19/29<sup>(7)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 114 |
|  |  | &nbsp;&nbsp;&nbsp; 208 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| AI Aqua Merger Sub, Inc. 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.351%, 7/31/28<sup>(7)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| Albion Financing 3 S.a.r.l. 2025 (3 month Term SOFR + 3.000%)<br> 7.215%, 5/21/31<sup>(7)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp;&nbsp; 204 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—0.1%** | **Energy—0.1%** |  |
| CVR CHC LP Tranche B (3 month Term SOFR + 4.000%)<br> 8.296%, 12/30/27<sup>(7)</sup> | $68 | $68 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 2.500%)<br> 6.828%, 10/15/31<sup>(7)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 131 |
| Freeport LNG Investments LLP 2025, Tranche B (3 month Term SOFR + 3.250%)<br> 7.575%, 12/21/28<sup>(7)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 121 |
| M6 ETX Holdings II Midco LLC (1 month Term SOFR + 3.000%)<br> 7.316%, 4/1/32<sup>(7)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| Traverse Midstream Partners LLC Tranche B (3 month Term SOFR + 2.500%)<br> 6.808%, 2/16/28<sup>(7)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp;&nbsp; 546 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.316%, 11/6/30<sup>(7)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 114 |
| Focus Financial Partners LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.066%, 9/15/31<sup>(7)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| PEX Holdings LLC (3 month Term SOFR + 2.750%)<br> 6.967%, 11/20/31<sup>(7)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 124 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.046%, 5/6/31<sup>(7)</sup> | $210 | $210 |
|  |  | &nbsp;&nbsp;&nbsp; 578 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + 3.500%)<br> 7.831%, 12/23/30<sup>(7)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 150 |
| Del Monte Foods Corp. II, Inc. (1 month Term SOFR + 9.600%)<br> 13.961% - 13.966%, 4/2/26<sup>(7)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month PRIME + 8.500%)<br> 16.000%, 4/2/26<sup>(7)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.210%, 8/2/28<sup>(10)(12)</sup> | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.474%, 8/2/28<sup>(10)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;(3-6 month Term SOFR + 4.400%)<br> 8.710% - 8.724%, 8/2/28<sup>(10)(12)</sup> | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 6 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.610%, 3/15/32<sup>(7)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| Sazerac Co., Inc. Tranche B-1 (1 month Term SOFR + 2.500%)<br> 6.860%, 7/9/32<sup>(7)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| Sigma Holdco B.V. Tranche B-12 (3 month Term SOFR + 3.910%)<br> 8.297%, 1/3/28<sup>(7)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 163 |
|  |  | &nbsp;&nbsp;&nbsp; 599 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Food and Drug—0.0%** | **Food and Drug—0.0%** |  |
| Dechra Pharmaceuticals Holdings Ltd. Tranche B-1 (6 month Term SOFR + 3.250%)<br> 7.447%, 1/27/32<sup>(7)</sup> | $80 | $80 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 3.175%)<br> 7.491%, 4/13/29<sup>(7)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| Klockner Pentaplast of America, Inc. Tranche B (5 month Term SOFR + 4.975%)<br> 9.019%, 2/12/26<sup>(7)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 83 |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.354%, 4/15/27<sup>(7)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp;&nbsp; 327 |
| **Gaming / Leisure—0.2%** | **Gaming / Leisure—0.2%** |  |
| Catawba Nation Gaming Authority Tranche B (3 month Term SOFR + 4.750%)<br> 9.046%, 3/28/32<sup>(7)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |
| ECL Entertainment LLC 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.316%, 8/30/30<sup>(7)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 182 |
| Entain plc |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1<br> 0.000%, 7/30/32<sup>(7)(13)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (6 month Term SOFR + 2.850%)<br> 7.016%, 10/31/29<sup>(7)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 163 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Great Canadian Gaming 2024 (3 month Term SOFR + 4.750%)<br> 9.074%, 11/1/29<sup>(7)</sup> | $55 | $53 |
| Motion Finco LLC Tranche B-3 (3 month Term SOFR + 3.500%)<br> 7.796%, 11/12/29<sup>(7)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 115 |
|  |  | &nbsp;&nbsp;&nbsp; 655 |
| **Health Care—0.4%** | **Health Care—0.4%** |  |
| Agiliti Health, Inc. 2023, Tranche B (3-6 month Term SOFR + 3.000%)<br> 7.216% - 7.291%, 5/1/30<sup>(7)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 100 |
| Amneal Pharmaceuticals LLC (1 month Term SOFR + 3.500%)<br> 7.816%, 7/30/32<sup>(7)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)<br> 8.316%, 9/29/28<sup>(7)</sup> | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 118 |
| Cotiviti, Inc. (1 month Term SOFR + 2.750%)<br> 7.104%, 5/1/31<sup>(7)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 158 |
| Financiere Mendel (3 month Term SOFR + 2.750%)<br> 6.976%, 11/8/30<sup>(7)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)<br> 8.396%, 10/1/27<sup>(7)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 132 |
| Global Medical Response, Inc. 2024 (3 month Term SOFR + 4.750%)<br> 8.946%, 10/31/28<sup>(7)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| Grifols Worldwide Operations USA, Inc. Tranche B (1 month Term SOFR + 2.100%)<br> 6.416%, 11/15/27<sup>(7)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Lannett Co., Inc. First Lien<br> 2.000%, 6/16/30<sup>(12)</sup> | $20 | $7 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.068%, 5/16/31<sup>(7)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.819%, 5/16/31<sup>(7)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Modivcare, Inc. (3 month Term SOFR + 4.750%)<br> 9.046%, 7/1/31<sup>(4)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 17 |
| One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)<br> 10.075%, 4/22/27<sup>(7)</sup> | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 150 |
| Radiology Partners, Inc. Tranche B (3 month Term SOFR + 4.500%)<br> 8.796%, 6/30/32<sup>(7)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| Southern Veterinary Partners LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.819%, 12/4/31<sup>(7)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)<br> 8.820%, 11/20/26<sup>(7)</sup> | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 183 |
|  |  | &nbsp;&nbsp;&nbsp; 1578 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Chariot Buyer LLC (1 month Term SOFR + 3.350%)<br> 7.666%, 11/3/28<sup>(7)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 83 |
| Cornerstone Building Brands, Inc. Tranche B (1 month Term SOFR + 3.350%)<br> 7.713%, 4/12/28<sup>(7)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 159 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.546%, 1/17/32<sup>(7)</sup> | $112 | $112 |
|  |  | &nbsp;&nbsp;&nbsp; 354 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024, Second Lien (3 month Term SOFR + 4.500%)<br> 8.796%, 2/23/32<sup>(7)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.250%)<br> 6.446%, 2/24/31<sup>(7)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.546%, 7/6/29<sup>(7)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 122 |
| Cloud Software Group, Inc. Tranche B-2 (1 month Term SOFR + 3.250%)<br> 7.483%, 3/21/31<sup>(7)</sup> | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 145 |
| ConnectWise LLC (3 month Term SOFR + 3.762%)<br> 8.057%, 9/29/28<sup>(7)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |
| Delivery Hero SE Tranche B (3 month Term SOFR + 5.000%)<br> 9.226%, 12/12/29<sup>(7)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 134 |
| Genesys Cloud Services Holdings II LLC 2025 (1 month Term SOFR + 2.500%)<br> 6.816%, 1/30/32<sup>(7)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| Indicor LLC Tranche D (3 month Term SOFR + 2.750%)<br> 7.046%, 11/22/29<sup>(7)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| ION Trading Finance Ltd. 2024 (3 month Term SOFR + 3.500%)<br> 7.796%, 4/1/28<sup>(7)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 125 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Proofpoint, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.316%, 8/31/28<sup>(7)</sup> | $174 | $175 |
| Rocket Software, Inc. (1 month Term SOFR + 3.750%)<br> 8.066%, 11/28/28<sup>(7)</sup> | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 117 |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.320%, 2/10/31<sup>(7)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114 |
|  |  | &nbsp;&nbsp;&nbsp; 1582 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Arcline FM Holdings LLC 2025 (3 month Term SOFR + 3.500%)<br> 7.578%, 6/24/30<sup>(7)</sup> | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 165 |
| CPM Holdings, Inc. (1 month Term SOFR + 4.500%)<br> 8.854%, 9/28/28<sup>(7)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 124 |
| Dynamo U.S. Bidco, Inc. Tranche B (1 month Term SOFR + 3.500%)<br> 7.854%, 10/1/31<sup>(7)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Glatfelter Corp. Tranche B (3 month Term SOFR + 4.250%)<br> 8.449%, 11/4/31<sup>(7)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 148 |
| LSF12 Crown U.S. Commercial Bidco LLC 2025 (1 month Term SOFR + 3.500%)<br> 7.856%, 12/2/31<sup>(7)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
| Titan Acquisition Ltd. (3-6 month Term SOFR + 4.500%)<br> 8.666% - 8.796%, 2/15/29<sup>(7)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 99 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| TK Elevator Midco GmbH Tranche B (6 month Term SOFR + 3.000%)<br> 7.197%, 4/30/30<sup>(7)</sup> | $115 | $115 |
|  |  | &nbsp;&nbsp;&nbsp; 822 |
| **Media / Telecom -<br> Broadcasting—0.1%** | **Media / Telecom -<br> Broadcasting—0.1%** |  |
| CMG Media Corp. (3 month Term SOFR + 3.600%)<br> 7.896%, 6/18/29<sup>(7)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 125 |
| Gray Television, Inc. Tranche D (1 month Term SOFR + 3.000%)<br> 7.468%, 12/1/28<sup>(7)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.930%, 1/31/29<sup>(7)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 128 |
|  |  | &nbsp;&nbsp;&nbsp; 340 |
| **Media / Telecom - Cable/Wireless<br> Video—0.2%** | **Media / Telecom - Cable/Wireless<br> Video—0.2%** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.566%, 9/18/30<sup>(7)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 99 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.863%, 1/18/28<sup>(7)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 130 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.820%, 8/2/29<sup>(7)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 178 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Media / Telecom - Cable/Wireless<br> Video—continued** | **Media / Telecom - Cable/Wireless<br> Video—continued** |  |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.557%, 11/12/27<sup>(7)</sup> | $300 | $297 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.978%, 1/31/28<sup>(7)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 137 |
|  |  | &nbsp;&nbsp;&nbsp; 841 |
| **Media / Telecom - Diversified<br> Media—0.1%** | **Media / Telecom - Diversified<br> Media—0.1%** |  |
| Century DE Buyer LLC 2025 (1 month Term SOFR + 3.000%)<br> 7.301%, 10/30/30<sup>(7)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 124 |
| Creative Artists Agency LLC Tranche B (1 month Term SOFR + 2.500%)<br> 6.816%, 10/1/31<sup>(7)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 60 |
| McGraw-Hill Education, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.566%, 8/6/31<sup>(7)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.429%, 4/11/29<sup>(7)</sup> | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp;&nbsp; 417 |
| **Media / Telecom -<br> Telecommunications—0.1%** | **Media / Telecom -<br> Telecommunications—0.1%** |  |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (3 month PRIME + 1.750%)<br> 9.250%, 9/30/25<sup>(10)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 217 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Media / Telecom -<br> Telecommunications—continued** | **Media / Telecom -<br> Telecommunications—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month PRIME + 2.688%)<br> 10.188%, 1/31/26<sup>(10)</sup> | $50 | $44 |
|  |  | &nbsp;&nbsp;&nbsp; 261 |
| **Media / Telecom - Wireless<br> Communications—0.0%** | **Media / Telecom - Wireless<br> Communications—0.0%** |  |
| Viasat, Inc. (1 month Term SOFR + 4.614%)<br> 8.930%, 3/2/29<sup>(7)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 156 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| CNT Holdings I Corp. 2025 (3 month Term SOFR + 2.250%)<br> 6.558%, 11/8/32<sup>(7)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 121 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.566%, 6/11/31<sup>(7)</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 78 |
| Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%)<br> 7.807%, 3/3/28<sup>(7)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 111 |
|  |  | &nbsp;&nbsp;&nbsp; 310 |
| **Service—0.6%** | **Service—0.6%** |  |
| Acuren Delaware Holdco, Inc. (1 month Term SOFR + 2.750%)<br> 7.066%, 7/30/31<sup>(7)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| AlixPartners LLP 2025 (1 month Term SOFR + 2.000%)<br> 6.316%, 8/12/32<sup>(7)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 209 |
| Allied Universal Holdco LLC<br> 0.000%, 8/20/32<sup>(7)(13)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| Ascend Learning LLC (1 month Term SOFR + 3.000%)<br> 7.316%, 12/11/28<sup>(7)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 134 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Service—continued** | **Service—continued** |  |
| BIFM U.S. Finance LLC 2024, Tranche B (1 month Term SOFR + 3.750%)<br> 8.066%, 5/31/28<sup>(7)</sup> | $134 | $134 |
| DG Investment Intermediate Holdings 2, Inc. (1 month Term SOFR + 3.750%)<br> 8.102%, 7/9/32<sup>(7)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 129 |
| Ensemble RCM LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.308%, 8/1/29<sup>(7)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 60 |
| Fugue Finance B.V. (3 month Term SOFR + 2.750%)<br> 6.949%, 1/9/32<sup>(7)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Garda World Security Corp. (1 month Term SOFR + 3.000%)<br> 7.362%, 2/1/29<sup>(7)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 127 |
| Grant Thornton Advisors LLC 2025 (1 month Term SOFR + 2.500%)<br> 6.816%, 6/2/31<sup>(7)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 69 |
| Kuehg Corp. (3 month Term SOFR + 2.750%)<br> 7.041%, 6/12/30<sup>(7)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 123 |
| Lernen U.S. Finco LLC Tranche B-3 (3 month Term SOFR + 3.500%)<br> 7.830%, 10/27/31<sup>(7)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 110 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/24/28<sup>(7)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 217 |
| Omnia Partners LLC (3 month Term SOFR + 2.500%)<br> 6.814%, 7/25/30<sup>(7)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 74 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.577%, 3/4/28<sup>(7)</sup> | $157 | $133 |
| TMF Sapphire Bidco B.V. Tranche B-4 (3 month Term SOFR + 2.750%)<br> 7.029% - 7.035%, 5/3/28<sup>(7)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 123 |
| Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)<br> 8.416%, 11/2/27<sup>(7)</sup> | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 113 |
| WCG Intermediate Corp. Tranche B (1 month Term SOFR + 3.000%)<br> 7.316%, 2/25/32<sup>(7)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)<br> 7.180%, 3/24/28<sup>(7)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  |  | &nbsp;&nbsp;&nbsp; 2276 |
| **Transportation - Automotive—0.1%** | **Transportation - Automotive—0.1%** |  |
| First Brands Group LLC 2022 (3 month Term SOFR + 5.262%)<br> 9.570%, 3/30/27<sup>(7)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 121 |
| Wand NewCo 3, Inc. Tranche B-2<br> 0.000%, 1/30/31<sup>(7)(13)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
|  |  | &nbsp;&nbsp;&nbsp; 275 |
| **Utilities—0.1%** | **Utilities—0.1%** |  |
| Hamilton Projects Acquiror LLC (1 month Term SOFR + 2.500%)<br> 6.816%, 5/30/31<sup>(7)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 93 |
| Potomac Energy Center LLC (3 month Term SOFR + 3.000%)<br> 7.321%, 8/5/32<sup>(7)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.604%, 1/27/31<sup>(7)</sup> | $114 | $114 |
|  |  | &nbsp;&nbsp;&nbsp; 342 |
| **Total Leveraged Loans<br> (Identified Cost $13,821)** | **Total Leveraged Loans<br> (Identified Cost $13,821)** | &nbsp;&nbsp;&nbsp;&nbsp; **13416** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.1%** | **Preferred Stock—0.1%** | **Preferred Stock—0.1%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| **Total Preferred Stock<br> (Identified Cost $310)** | **Total Preferred Stock<br> (Identified Cost $310)** | &nbsp;&nbsp;&nbsp; **306** |
| **Common Stocks—103.5%** | **Common Stocks—103.5%** | **Common Stocks—103.5%** |
| **Communication Services—1.6%** | **Communication Services—1.6%** |  |
| Cellnex Telecom S.A.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 181318 | &nbsp;&nbsp;&nbsp;&nbsp; 6446 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYT Holding LLC Class B<sup>(15)</sup> | &nbsp;&nbsp;&nbsp; 22362 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| West Marine<sup>(15)</sup> | &nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| **Energy—14.2%** | **Energy—14.2%** |  |
| Cheniere Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 36429 | &nbsp;&nbsp;&nbsp;&nbsp; 8809 |
| DT Midstream, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 36576 | &nbsp;&nbsp;&nbsp;&nbsp; 3810 |
| Enbridge, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 120279 | &nbsp;&nbsp;&nbsp;&nbsp; 5814 |
| Keyera Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 98052 | &nbsp;&nbsp;&nbsp;&nbsp; 3159 |
| Keyera Corp. Subscription Receipts<sup>(15)</sup> | &nbsp;&nbsp;&nbsp; 21488 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
| Kinder Morgan, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 179523 | &nbsp;&nbsp;&nbsp;&nbsp; 4844 |
| ONEOK, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 52630 | &nbsp;&nbsp;&nbsp;&nbsp; 4020 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Targa Resources Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30953 | $5193 |
| TC Energy Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;178566 | &nbsp;&nbsp; 9296 |
| Williams Cos., Inc. (The)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170951 | &nbsp;&nbsp; 9895 |
|  |  | &nbsp;&nbsp;&nbsp; 55517 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Endo GUC Trust Class A<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp; — |
| Lannett Co., Inc.<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp; — |
| **Industrials—31.6%** | **Industrials—31.6%** |  |
| Aena SME S.A.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;914024 | &nbsp;&nbsp; 26455 |
| Auckland International Airport Ltd. | 1093767 | &nbsp;&nbsp; 4872 |
| Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;126919 | &nbsp;&nbsp; 12287 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144847 | &nbsp;&nbsp; 11033 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;304159 | &nbsp;&nbsp; 9888 |
| Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;177827 | &nbsp;&nbsp; 9713 |
| Flughafen Zurich AG Registered Shares<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30571 | &nbsp;&nbsp; 9330 |
| GEK TERNA S.A. | &nbsp;&nbsp;&nbsp;&nbsp;104454 | &nbsp;&nbsp; 2737 |
| Grupo Aeroportuario del Centro Norte SAB de C.V. Class B | &nbsp;&nbsp;&nbsp;&nbsp;166900 | &nbsp;&nbsp; 2127 |
| Transurban Group | 1188792 | &nbsp;&nbsp; 11359 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77561 | &nbsp;&nbsp; 17340 |
| Vinci S.A.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46333 | &nbsp;&nbsp; 6282 |
|  |  | &nbsp;&nbsp;&nbsp; 123423 |
| **Real Estate—6.1%** | **Real Estate—6.1%** |  |
| American Tower Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65727 | &nbsp;&nbsp; 13398 |
| Crown Castle, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103325 | &nbsp;&nbsp; 10244 |
|  |  | &nbsp;&nbsp;&nbsp; 23642 |
| **Utilities—50.0%** | **Utilities—50.0%** |  |
| Alliant Energy Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63459 | &nbsp;&nbsp; 4129 |
| Ameren Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48377 | &nbsp;&nbsp; 4827 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Atmos Energy Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45106 | $7493 |
| CenterPoint Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123277 | &nbsp;&nbsp;&nbsp; 4649 |
| Duke Energy Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104919 | &nbsp;&nbsp;&nbsp; 12852 |
| E.ON SE<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275594 | &nbsp;&nbsp;&nbsp; 4915 |
| Entergy Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87900 | &nbsp;&nbsp;&nbsp; 7743 |
| Evergy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105172 | &nbsp;&nbsp;&nbsp; 7495 |
| Eversource Energy<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93803 | &nbsp;&nbsp;&nbsp; 6010 |
| Iberdrola S.A.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;348060 | &nbsp;&nbsp;&nbsp; 6546 |
| Kansai Electric Power Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;343700 | &nbsp;&nbsp;&nbsp; 4811 |
| National Grid plc | &nbsp;&nbsp;&nbsp;&nbsp;601863 | &nbsp;&nbsp;&nbsp; 8468 |
| NextEra Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;325323 | &nbsp;&nbsp;&nbsp; 23439 |
| NiSource, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;207125 | &nbsp;&nbsp;&nbsp; 8755 |
| OGE Energy Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89727 | &nbsp;&nbsp;&nbsp; 4007 |
| Pennon Group plc | &nbsp;&nbsp;&nbsp;&nbsp;911674 | &nbsp;&nbsp;&nbsp; 5836 |
| PG&E Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;540330 | &nbsp;&nbsp;&nbsp; 8256 |
| PPL Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;192744 | &nbsp;&nbsp;&nbsp; 7029 |
| Public Service Enterprise Group, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50816 | &nbsp;&nbsp;&nbsp; 4184 |
| Sempra <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186394 | &nbsp;&nbsp;&nbsp; 15389 |
| Severn Trent plc | &nbsp;&nbsp;&nbsp;&nbsp;116457 | &nbsp;&nbsp;&nbsp; 4070 |
| Southern Co. (The)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67451 | &nbsp;&nbsp;&nbsp; 6226 |
| Spire, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78535 | &nbsp;&nbsp;&nbsp; 6016 |
| SSE plc | &nbsp;&nbsp;&nbsp;&nbsp;183666 | &nbsp;&nbsp;&nbsp; 4295 |
| United Utilities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;270068 | &nbsp;&nbsp;&nbsp; 4198 |
| WEC Energy Group, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44045 | &nbsp;&nbsp;&nbsp; 4691 |
| Xcel Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125290 | &nbsp;&nbsp;&nbsp; 9070 |
|  |  | &nbsp;&nbsp;&nbsp; 195399 |
| **Total Common Stocks<br> (Identified Cost $367,498)** | **Total Common Stocks<br> (Identified Cost $367,498)** | &nbsp;&nbsp;&nbsp;&nbsp; **404433** |
| **Total Long-Term Investments—141.4%<br> (Identified Cost $516,623)** | **Total Long-Term Investments—141.4%<br> (Identified Cost $516,623)** | &nbsp;&nbsp;&nbsp;&nbsp; **552339** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **TOTAL INVESTMENTS—141.4%<br> (Identified Cost $516,623)** | &nbsp;&nbsp;&nbsp; **$552339** |
| Other assets and liabilities, net—(41.4)% | &nbsp;&nbsp;&nbsp;&nbsp;(161765) |
| **NET ASSETS—100.0%** | &nbsp;&nbsp;&nbsp; **$390574** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee Corp. |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | All or a portion of securities is segregated as collateral for margin loan financing. The value of securities segregated as collateral is $300,073. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2025, these securities amounted to a value of $79,893 or 20.5% of net assets. |
| <sup>(4)</sup> | Security in default; no interest payments are being received. |
| <sup>(5)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(6)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of August 31, 2025. |

---

<sup>(7)</sup> Variable rate security. Rate disclosed is as of August 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(8)</sup> No contractual maturity date.

<sup>(9)</sup> Amount is less than $500 (not in thousands).

<sup>(10)</sup> Security in default; interest payments are being received.

<sup>(11)</sup> 100% of the income received was in PIK.

<sup>(12)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(13)</sup> This loan will settle after August 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(14)</sup> Value shown as par value.

<sup>(15)</sup> Non-income producing.

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;64% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;10 |
| Total | 100% |
| <sup>†</sup>% of total investments as of August 31, 2025. | <sup>†</sup>% of total investments as of August 31, 2025. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Total Return Fund Inc.

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

#### August 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of August 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$552339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$404427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$147896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16 |

---

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

Security held by the Fund with an end of period value of $6 was transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

Security held by the Fund with an end of period value of $6 was transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended August 31, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS TOTAL RETURN FUND INC.

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

#### August 31, 2025

#### Note 1. Security Valuation
The Fund's Board of Directors has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

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

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

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as

------

#### VIRTUS TOTAL RETURN FUND INC.

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

#### August 31, 2025
mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Virtus Total Return Fund Inc.

- **b. Investment Company Act file number:** 811-05620

- **c. CIK number of Registrant:** 0000836412

- **d. LEI of Registrant:** 549300KKRHI4GF7RNQ81

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

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9683

  - **Telephone number:** 866-270-7788

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

- **a. Name of Series:** Virtus Total Return Fund Inc.

- **c. LEI of Series:** 549300KKRHI4GF7RNQ81

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-29

**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:** $559781361.29

**Total Liabilities:** $169202603.90

**Net Assets:** $390578757.39

**Cash Not Reported:** $1433094.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -72.34415576 | **5-Year:** -1827.82411800 | **10-Year:** -11038.99456000 | **30-Year:** -24616.73507000

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

- **3-Month:** -0.10828506 | **1-Year:** -69.83517743 | **5-Year:** -6233.12473700 | **10-Year:** -7299.84117000 | **30-Year:** -5793.99451800

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.53%                | -0.20%               | 1.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2241618.96              | $1930553.24                                |
| Month 2  | $6574692.77              | $-7587086.15                               |
| Month 3  | $1568426.47              | $5034802.55                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CoreVest American Finance Ltd            | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $377516.40    | 0.10%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                      | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    293000 | PA      | $283428.52    | 0.07%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                   | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    276000 | PA      | $273607.87    | 0.07%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WCG INTERMEDIATE CORP                    | WCG INTERMEDIATE CORP                                                           | CUSIP: 23343FAE4<br>LEI: 254900CEZYHAWVXDTS47 | Long             | LON              | CORP              | US        |     70000 | PA      | $69913.20     | 0.02%             | 2032-02-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                         | Peruvian Government International Bond                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    109000 | PA      | $93536.17     | 0.02%             | 2034-01-15      | Fixed         | 3.00%                 | 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        |    510000 | PA      | $514362.69    | 0.13%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                    | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $96508.44     | 0.02%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                 | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    305000 | PA      | $254797.42    | 0.07%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    860000 | PA      | $819317.97    | 0.21%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                            | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    305000 | PA      | $330245.16    | 0.08%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| TMF SAPPHIRE BIDCO BV                    | TMF SAPPHIRE BIDCO BV                                                           | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |    123134 | PA      | $123134.36    | 0.03%             | 2028-05-03      | Floating      | 7.08%                 | 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        |    410000 | PA      | $410854.93    | 0.11%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| CHARIOT BUYER LLC                        | Chariot Buyer LLC                                                               | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |     83050 | PA      | $83020.97     | 0.02%             | 2028-11-03      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| TITAN ACQUISITION LTD                    | TITAN ACQUISITION LTD                                                           | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |     98532 | PA      | $98794.49     | 0.03%             | 2029-02-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust            | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $429068.87    | 0.11%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| LSF12 CROWN US COMMERCIA                 | LSF12 CROWN US COMMERCIAL BIDCO LLC                                             | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    135000 | PA      | $135618.30    | 0.03%             | 2031-12-02      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                 | TK ELEVATOR US NEWCO INC                                                        | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    114712 | PA      | $115084.17    | 0.03%             | 2030-04-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    136000 | PA      | $127908.00    | 0.03%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                       | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351274.35    | 0.09%             | N/A             | 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        |     62500 | PA      | $14218.75     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                 | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    308812 | PA      | $306060.63    | 0.08%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| KLOECKNER PENTAPLAST OF AME              | Kloeckner Pentaplast of America Inc                                             | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    139897 | PA      | $83472.41     | 0.02%             | 2026-02-09      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                 | OBX 2024-NQM16 Trust                                                            | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-MBS          | CORP              | US        |    402636 | PA      | $404974.47    | 0.10%             | 2064-10-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| CENT Trust                               | CENT 2025-CITY                                                                  | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $329278.46    | 0.08%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                       | Cellnex Telecom SA                                                              | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    181318 | NS      | $6446446.18   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCOT GROUP LTD                          | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    344000 | PA      | $311570.95    | 0.08%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MMP Capital                              | MMP Capital 2025-A LLC                                                          | CUSIP: 55317QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $371550.62    | 0.10%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                               | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |    345645 | PA      | $346063.69    | 0.09%             | 2069-08-25      | Variable      | 5.27%                 | 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        |   3790000 | PA      | $608313.15    | 0.16%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                 | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181437.96    | 0.05%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SSE PLC                                  | SSE PLC                                                                         | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |    183666 | NS      | $4294603.30   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VIASAT INC                               | Viasat Inc                                                                      | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    157111 | PA      | $155910.91    | 0.04%             | 2029-03-05      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                | ONEOK Inc                                                                       | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     52630 | NS      | $4019879.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     49000 | PA      | $52628.94     | 0.01%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                      | LBM Acquisition LLC                                                             | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    300000 | PA      | $275214.84    | 0.07%             | 2029-01-15      | 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        |    405000 | PA      | $336085.20    | 0.09%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                 | Saudi Government International Bond                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    240000 | PA      | $252001.20    | 0.06%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    365000 | PA      | $293981.74    | 0.08%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                 | Saks Global Enterprises LLC                                                     | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    125000 | PA      | $49375.00     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    141000 | PA      | $131835.00    | 0.03%             | 2054-02-10      | Fixed         | 5.10%                 | 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       |    420000 | PA      | $436789.49    | 0.11%             | 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        |    139000 | PA      | $84616.25     | 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        |    462000 | PA      | $474719.37    | 0.12%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                     | Garda World Security Corp                                                       | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $198166.41    | 0.05%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                   | PAR PHARMACEUTICAL INC                                                          | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| NBC Funding LLC                          | NBC Funding LLC                                                                 | CUSIP: 62878YAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $530192.21    | 0.14%             | 2055-07-30      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| DYNAMO US BIDCO INC                      | DYNAMO US BIDCO INC                                                             | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34738 | PA      | $34911.19     | 0.01%             | 2031-09-26      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    161000 | PA      | $144336.50    | 0.04%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1425000 | PA      | $1416650.38   | 0.36%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RED SPV LLC                              | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    125000 | PA      | $124687.50    | 0.03%             | 2032-03-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                    | CCG Receivables Trust 2023-1                                                    | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115783 | PA      | $116396.11    | 0.03%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp               | GREAT CANADIAN G 11/01/29                                                       | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |     55067 | PA      | $52713.24     | 0.01%             | 2029-11-01      | Floating      | 9.06%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                    | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     97000 | PA      | $96839.08     | 0.02%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1               | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157079 | PA      | $136501.24    | 0.03%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC               | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    299440 | PA      | $298115.91    | 0.08%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                         | WAND NEWCO 3 INC                                                                | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |    155000 | PA      | $154632.65    | 0.04%             | 2031-01-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    255000 | PA      | $277664.15    | 0.07%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Southern Co/The                          | Southern Co/The                                                                 | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     67451 | NS      | $6225727.30   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                        | Kinder Morgan Inc                                                               | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    179523 | NS      | $4843530.54   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MetroNet Infrastructure Issuer           | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $379605.21    | 0.10%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC                    | ECL ENTERTAINMENT LLC                                                           | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    182234 | PA      | $182188.74    | 0.05%             | 2030-08-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                            | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     84000 | PA      | $91036.38     | 0.02%             | 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        |    280000 | PA      | $282998.26    | 0.07%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                 | Altice France Holding SA                                                        | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $71993.85     | 0.02%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    178000 | PA      | $156538.54    | 0.04%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                 | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    286000 | PA      | $272669.80    | 0.07%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                  | Office Properties Income Trust                                                  | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $150834.20    | 0.04%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                  | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    160000 | PA      | $160371.54    | 0.04%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                    | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    322000 | PA      | $277153.60    | 0.07%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                   | RADIOLOGY PARTNERS INC                                                          | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |    125000 | PA      | $124947.50    | 0.03%             | 2032-06-30      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                   | Switch ABS Issuer LLC                                                           | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $405957.15    | 0.10%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC                      | Gray Television Inc                                                             | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     87196 | PA      | $86747.53     | 0.02%             | 2028-12-01      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| FLORA FOOD MANAG                         | FLORA FOOD MANAG                                                                | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | LON              | CORP              | US        |    167575 | PA      | $162966.21    | 0.04%             | 2028-01-03      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                     | Cornerstone Building Brands Inc                                                 | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    167809 | PA      | $158789.55    | 0.04%             | 2028-04-12      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| GEK TERNA SA                             | GEK TERNA SA                                                                    | CUSIP: 000000000<br>LEI: 2138003TO2MTRHWVP686 | Long             | EC               | CORP              | GR        |    104454 | NS      | $2737296.46   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                           | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    133000 | PA      | $138195.68    | 0.04%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                 | OBX 2025-NQM4 Trust                                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |    382899 | PA      | $385374.34    | 0.10%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                 | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    285000 | PA      | $289267.88    | 0.07%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    783125 | PA      | $755524.52    | 0.19%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                         | Teine Energy Ltd                                                                | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    330000 | PA      | $324761.18    | 0.08%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                               | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $251133.17    | 0.06%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     86000 | PA      | $90472.00     | 0.02%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                   | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248853.95    | 0.06%             | 2027-04-15      | Fixed         | 9.25%                 | 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        |    610000 | PA      | $578920.62    | 0.15%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora           | Chase Home Lending Mortgage Trust 2024-RPL4                                     | CUSIP: 16160NAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    237567 | PA      | $214328.10    | 0.05%             | 2064-12-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| POTOMAC ENERGY CENTER                    | POTOMAC ENERGY CENTER LLC                                                       | CUSIP: 000000000<br>LEI: 549300BHYFK6M9HVNA29 | Long             | LON              | CORP              | US        |    135000 | PA      | $134747.55    | 0.03%             | 2032-08-05      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                         | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     15000 | PA      | $17002.46     | 0.00%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                    | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    135000 | PA      | $138593.67    | 0.04%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING                  | Herbalife Nutrition Ltd / HLF Financing Inc                                     | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    130000 | PA      | $130000.00    | 0.03%             | 2025-09-01      | Fixed         | 7.88%                 | 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        |    480000 | PA      | $443319.22    | 0.11%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    398000 | PA      | $447949.00    | 0.11%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                     | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    310000 | PA      | $312763.10    | 0.08%             | 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        |    220000 | PA      | $229274.34    | 0.06%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc/T           | Kansai Electric Power Co Inc/The                                                | CUSIP: 000000000<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |    343700 | NS      | $4810934.64   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Fund LLC                        | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    341500 | PA      | $342739.94    | 0.09%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                      | WHITE CAP BUYER LLC                                                             | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    114138 | PA      | $114148.91    | 0.03%             | 2029-10-29      | Floating      | 7.61%                 | 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        |    336000 | PA      | $341712.00    | 0.09%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                 | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    354347 | PA      | $328931.06    | 0.08%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Endo GUC Trust Units Cl A-1              | Endo GUC Trust Units Cl A-1                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7168 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                 | Saudi Government International Bond                                             | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    193000 | PA      | $194729.28    | 0.05%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                  | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    235000 | PA      | $237355.29    | 0.06%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                 | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl             | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102592.00    | 0.03%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                    | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    239000 | PA      | $251700.70    | 0.06%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                              | VFI ABS 2025-1 LLC                                                              | CUSIP: 91824UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302097.30    | 0.08%             | 2031-04-24      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SOUTHERN VETERINARY PART                 | SOUTHERN VETERINARY PARTNERS LLC                                                | CUSIP: 84410HAQ3<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |     60000 | PA      | $59945.40     | 0.02%             | 2031-12-04      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                     | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    228000 | PA      | $158381.34    | 0.04%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PPL Corp                                 | PPL Corp                                                                        | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    192744 | NS      | $7029373.68   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HARBOR FREIGHT TOOLS                     | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |     78827 | PA      | $77780.85     | 0.02%             | 2031-06-11      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                     | GARDA WORLD SECURITY                                                            | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    127363 | PA      | $127203.55    | 0.03%             | 2029-02-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| DECHRA FINANCE US                        | DECHRA FINANCE US                                                               | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79800 | PA      | $79999.50     | 0.02%             | 2032-01-27      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LIFEPOINT HEALTH INC                                                            | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     29775 | PA      | $29429.69     | 0.01%             | 2031-05-19      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| SPIN HOLDCO INC                          | Spin Holdco Inc                                                                 | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |    157150 | PA      | $132694.21    | 0.03%             | 2028-03-06      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                       | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209537.99    | 0.05%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                     | Samarco Mineracao SA                                                            | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     71634 | PA      | $71128.98     | 0.02%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                      | ASCEND LEARNING LLC                                                             | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    134649 | PA      | $134521.96    | 0.03%             | 2028-12-11      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CATAWBA NATION GAMING AU                 | CATAWBA NATION GAMING AUTHORITY                                                 | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    110000 | PA      | $112096.60    | 0.03%             | 2032-03-29      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM                  | International Petroleum Corp                                                    | CUSIP: 000000000<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |    380000 | PA      | $385996.52    | 0.10%             | 2027-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    272000 | PA      | $285817.60    | 0.07%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                       | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    119000 | PA      | $112603.75    | 0.03%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                            | MODIVCARE INC                                                                   | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |     39601 | PA      | $17325.41     | 0.00%             | 2031-07-01      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| Vinci SA                                 | Vinci SA                                                                        | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     46333 | NS      | $6282356.80   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TASEKO MINES LTD                         | Taseko Mines Ltd                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $105137.50    | 0.03%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                 | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405000 | PA      | $411636.53    | 0.11%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    156000 | PA      | $161070.00    | 0.04%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro           | Grupo Aeroportuario del Centro Norte SAB de CV                                  | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    166900 | NS      | $2126433.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIXPARTNERS LLP                         | ALIXPARTNERS LLP                                                                | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |    210000 | PA      | $209124.30    | 0.05%             | 2032-08-12      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                    | MCGRAW-HILL EDUCATION INC                                                       | CUSIP: 58063DAF0<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |     87183 | PA      | $87468.72     | 0.02%             | 2031-08-06      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                      | Oportun Issuance Trust 2024-2                                                   | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $426628.18    | 0.11%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| HCA INC                                  | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    239000 | PA      | $245606.20    | 0.06%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                       | Panama Government International Bond                                            | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     17000 | PA      | $10302.00     | 0.00%             | 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        |    250000 | PA      | $229309.58    | 0.06%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                      | Benin Government International Bond                                             | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     49000 | PA      | $48088.11     | 0.01%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                 | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    492000 | PA      | $412200.06    | 0.11%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                 | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    730000 | PA      | $109500.00    | 0.03%             | 2024-05-16      | 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        |     59000 | PA      | $58955.75     | 0.02%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                     | Rackspace Technology Global Inc                                                 | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    490000 | PA      | $127400.00    | 0.03%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                        | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     40000 | PA      | $39970.00     | 0.01%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                   | Pertamina Persero PT                                                            | CUSIP: 69370PAL5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    379000 | PA      | $336479.99    | 0.09%             | 2031-02-09      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust            | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44040 | PA      | $43873.48     | 0.01%             | 2026-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                             | QatarEnergy                                                                     | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |     33000 | PA      | $29287.94     | 0.01%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II                  | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36785 | PA      | $28692.28     | 0.01%             | 2026-04-02      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                              | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193947.44    | 0.05%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust             | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240900 | PA      | $220101.73    | 0.06%             | 2055-04-25      | Variable      | 3.41%                 | 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        |    365000 | PA      | $365128.85    | 0.09%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                           | Azorra Finance Ltd                                                              | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    145000 | PA      | $149760.64    | 0.04%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    735613 | PA      | $728858.26    | 0.19%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                           | Gray Media Inc                                                                  | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $185945.85    | 0.05%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51332.54     | 0.01%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust               | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    205247 | PA      | $207289.48    | 0.05%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                | Towd Point Mortgage Trust 2019-4                                                | CUSIP: 89178BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    445000 | PA      | $407102.42    | 0.10%             | 2059-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                  | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     57000 | PA      | $58324.68     | 0.01%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                             | UBS Group AG                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     35000 | PA      | $41103.62     | 0.01%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                        | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     65000 | PA      | $65487.50     | 0.02%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Transurban Group                         | Transurban Group                                                                | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   1188792 | NS      | $11358871.90  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SAZERAC CO INC                           | SAZERAC CO INC                                                                  | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |     65000 | PA      | $65348.40     | 0.02%             | 2032-07-09      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     71000 | PA      | $69225.00     | 0.02%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1248498 | PA      | $1275771.88   | 0.33%             | 2054-10-01      | Fixed         | 6.00%                 | 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        |    150000 | PA      | $152265.90    | 0.04%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                 | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    321000 | PA      | $324923.90    | 0.08%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                      | American Tower Corp                                                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     65727 | NS      | $13398448.95  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE OF QATAR                           | Qatar Government International Bond                                             | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |     89000 | PA      | $87820.75     | 0.02%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                 | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242399 | PA      | $244408.50    | 0.06%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust               | LAD Auto Receivables Trust 2023-1                                               | CUSIP: 505710AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $561370.43    | 0.14%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                    | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    260000 | PA      | $273985.88    | 0.07%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                       | Angolan Government International Bond                                           | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    267000 | PA      | $245486.26    | 0.06%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62939.16     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                    | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137250.05    | 0.04%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Visio Trust                              | Visio 2022-1 Trust                                                              | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196964 | PA      | $196213.35    | 0.05%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                  | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     44000 | PA      | $41401.36     | 0.01%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                 | Benchmark 2023-B38 Mortgage Trust                                               | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $215555.61    | 0.06%             | 2056-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                 | SGUS LLC                                                                        | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80681 | PA      | $70917.27     | 0.02%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                      | Benin Government International Bond                                             | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     92000 | PA      | $92201.48     | 0.02%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                    | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    275000 | PA      | $284170.17    | 0.07%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                 | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $264166.12    | 0.07%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                       | NextEra Energy Inc                                                              | CUSIP: 65339F101<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EC               | CORP              | US        |    325323 | NS      | $23439522.15  | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Auto Receivables Trust           | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $499235.48    | 0.13%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management              | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187530 | PA      | $189114.91    | 0.05%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                        | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $273080.95    | 0.07%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    223000 | PA      | $243685.70    | 0.06%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II                  | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42111 | PA      | $40145.22     | 0.01%             | 2026-04-02      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    435000 | PA      | $436903.13    | 0.11%             | 2040-06-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                     | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    209000 | PA      | $195546.84    | 0.05%             | 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        |    222000 | PA      | $225043.18    | 0.06%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                 | ION TRADING TECHNOLOGIES SA                                                     | CUSIP: 000000000<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | LON              | CORP              | LU        |    124357 | PA      | $124642.07    | 0.03%             | 2028-04-03      | Floating      | 7.81%                 | 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        |    145000 | PA      | $145763.41    | 0.04%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                           | Transocean Inc                                                                  | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    160000 | PA      | $150331.78    | 0.04%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    152000 | PA      | $155648.00    | 0.04%             | 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        |    215007 | PA      | $197320.42    | 0.05%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                 | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $160283.62    | 0.04%             | 2035-06-01      | Fixed         | 6.19%                 | 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        |    215000 | PA      | $209325.01    | 0.05%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                 | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171257.96    | 0.04%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LERNEN US FINCO LLC                      | LERNEN US FINCO LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    109451 | PA      | $109724.32    | 0.03%             | 2031-10-27      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                  | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    255000 | PA      | $266132.03    | 0.07%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $330824.58    | 0.08%             | 2026-02-15      | Fixed         | 3.88%                 | 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        |     67000 | PA      | $69388.55     | 0.02%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                   | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246561 | PA      | $253517.62    | 0.06%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    165000 | PA      | $170961.27    | 0.04%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                   | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89445.16     | 0.02%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                      | MESQUITE ENERGY INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $10.50        | 0.00%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                         | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    278000 | PA      | $254767.44    | 0.07%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora           | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    269730 | PA      | $251197.60    | 0.06%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust             | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    228761 | PA      | $207344.42    | 0.05%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                        | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    206000 | PA      | $203618.64    | 0.05%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                            | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168016.44    | 0.04%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FUGUE FINANCE LLC                        | FUGUE FINANCE LLC                                                               | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | HK        |     34912 | PA      | $34968.71     | 0.01%             | 2032-01-09      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| FREEPORT LNG INVESTMENTS                 | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    121089 | PA      | $121023.55    | 0.03%             | 2028-12-21      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                           | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |  14760000 | PA      | $608286.54    | 0.16%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                 | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    190000 | PA      | $163467.52    | 0.04%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan           | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |    365000 | PA      | $371025.42    | 0.09%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                           | Transocean Inc                                                                  | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $48367.04     | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                              | Ameren Corp                                                                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     48377 | NS      | $4827057.06   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTWISE LLC                          | ConnectWise LLC                                                                 | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    174511 | PA      | $174994.11    | 0.04%             | 2028-09-29      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| NiSource Inc                             | NiSource Inc                                                                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    207125 | NS      | $8755173.75   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                   | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    215000 | PA      | $225190.36    | 0.06%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                      | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     20000 | PA      | $20460.00     | 0.01%             | 2032-02-23      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                      | Nigeria Government International Bond                                           | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    188000 | PA      | $176451.16    | 0.05%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                       | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $266067.30    | 0.07%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                  | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $276002.12    | 0.07%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                             | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    234000 | PA      | $267211.51    | 0.07%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                    | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $622222.33    | 0.16%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LIFEPOINT HEALTH INC                                                            | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    124092 | PA      | $123053.23    | 0.03%             | 2031-05-19      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                 | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    255000 | PA      | $251850.67    | 0.06%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    273000 | PA      | $278484.57    | 0.07%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                  | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   7000000 | PA      | $318725.27    | 0.08%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                 | Banco de Credito e Inversiones SA                                               | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     83000 | PA      | $89640.00     | 0.02%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                               | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168868 | PA      | $166586.05    | 0.04%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur           | BHG Securitization Trust 2024-1CON                                              | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148664 | PA      | $152707.80    | 0.04%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                           | Transocean Inc                                                                  | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $158802.90    | 0.04%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                   | CenterPoint Energy Inc                                                          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    123277 | NS      | $4648775.67   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MAUSER PACKAGING SOLUT                   | MAUSER PACKAGING SOLUTIONS HOLDING CO                                           | CUSIP: 57763TAE3<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |    123909 | PA      | $123883.32    | 0.03%             | 2027-04-16      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    215000 | PA      | $208980.00    | 0.05%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                         | Westgate Resorts 2024-1 LLC                                                     | CUSIP: 96034KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210947 | PA      | $213928.55    | 0.05%             | 2038-01-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| CREATIVE ARTISTS AGENCY LLC              | CREATIVE ARTISTS AGENCY LLC                                                     | CUSIP: 22526WAU2<br>LEI: 5493008FV5TCFL3KHH96 | Long             | LON              | CORP              | US        |     59737 | PA      | $59822.83     | 0.02%             | 2031-10-01      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                           | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155658.76    | 0.04%             | 2033-08-01      | Fixed         | 6.38%                 | 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        |    365000 | PA      | $375127.14    | 0.10%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,           | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10917 | PA      | $9981.45      | 0.00%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DG INVESTMENT INTERMEDI                  | DG INVESTMENT INTERMEDI                                                         | CUSIP: 23344MAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    128506 | PA      | $128827.69    | 0.03%             | 2032-07-12      | Floating      | 8.11%                 | 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        |    336225 | PA      | $334026.85    | 0.09%             | 2067-09-26      | Variable      | 4.75%                 | 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        |     55000 | PA      | $56103.14     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                        | Chile Government International Bond                                             | CUSIP: 168863EA2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     47000 | PA      | $44180.00     | 0.01%             | 2054-01-05      | Fixed         | 5.33%                 | 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        |    160000 | PA      | $158720.13    | 0.04%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                         | Crown Castle Inc                                                                | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    103325 | NS      | $10243640.50  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MELCO RESORTS FINANCE                    | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    110000 | PA      | $106150.00    | 0.03%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                    | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    281000 | PA      | $200915.00    | 0.05%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                      | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    283000 | PA      | $276477.61    | 0.07%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CENTURY DE BUYER LLC                     | CENTURY DE BUYER LLC                                                            | CUSIP: 15651FAE6<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |    123753 | PA      | $123753.12    | 0.03%             | 2030-10-30      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                    | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    255000 | PA      | $257195.52    | 0.07%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                   | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    169000 | PA      | $193598.93    | 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       |     10000 | PA      | $10362.20     | 0.00%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONE CALL CORP                            | One Call Corp                                                                   | CUSIP: 68235XAB7<br>LEI: 549300WUCCV86ZQHG041 | Long             | LON              | CORP              | US        |    153798 | PA      | $150337.98    | 0.04%             | 2027-04-22      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    625000 | PA      | $639721.68    | 0.16%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                            | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    265000 | PA      | $275283.86    | 0.07%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust               | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    199240 | PA      | $199680.65    | 0.05%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                 | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    128487 | PA      | $128059.18    | 0.03%             | 2029-01-31      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| DT Midstream Inc                         | DT Midstream Inc                                                                | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36576 | NS      | $3810487.68   | 0.98%             |  |  |  | No            |                  1 | 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        |    240000 | PA      | $243807.60    | 0.06%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                         | Duke Energy Corp                                                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    104919 | NS      | $12851528.31  | 3.29%             |  |  |  | No            |                  1 | 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        |    375000 | PA      | $375986.25    | 0.10%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                 | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    133000 | PA      | $134936.48    | 0.03%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                           | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    202000 | PA      | $220792.28    | 0.06%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     87000 | PA      | $92034.69     | 0.02%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                             | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $294115.64    | 0.08%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                  | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    120000 | PA      | $115500.00    | 0.03%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                      | Dominion Energy Inc                                                             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174150.04    | 0.04%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    270000 | PA      | $268512.30    | 0.07%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      6971 | PA      | $3677.03      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC                 | Virgin Media Bristol LLC                                                        | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    138210 | PA      | $137157.01    | 0.04%             | 2028-01-31      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325000 | PA      | $303379.88    | 0.08%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                 | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    206000 | PA      | $220447.82    | 0.06%             | 2053-05-23      | Fixed         | 6.90%                 | 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        |    430000 | PA      | $439077.86    | 0.11%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    150813 | PA      | $146289.07    | 0.04%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    285000 | PA      | $242932.32    | 0.06%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GAINWELL ACQUISITION COR                 | Gainwell Acquisition Corp                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134328 | PA      | $131876.87    | 0.03%             | 2027-10-01      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                     | Libra Solutions 2024-1 LLC                                                      | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $348265.40    | 0.09%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                   | Nationstar Mortgage Holdings Inc                                                | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $227139.98    | 0.06%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                     | Adnoc Murban Rsc Ltd                                                            | CUSIP: 00723L2B4<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |    321000 | PA      | $317189.73    | 0.08%             | 2034-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                 | Prime Security Services Borrower LLC / Prime Finance Inc                        | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249923.58    | 0.06%             | 2028-01-15      | Fixed         | 6.25%                 | 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        |    300000 | PA      | $310852.53    | 0.08%             | 2028-12-15      | Fixed         | 7.57%                 | 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        |     40000 | PA      | $39020.59     | 0.01%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                      | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   2600000 | PA      | $596307.69    | 0.15%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                 | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     20000 | PA      | $18305.60     | 0.00%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC                  | ARCLINE FM HOLDINGS LLC                                                         | CUSIP: 03960DAH6<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    163964 | PA      | $164919.45    | 0.04%             | 2030-06-24      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                        | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    207000 | PA      | $40675.50     | 0.01%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                    | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    276000 | PA      | $288789.76    | 0.07%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BIFM CA BUYER INC                        | BIFM CA BUYER INC                                                               | CUSIP: 000000000<br>LEI: 5493004RP2P0NY84N260 | Long             | LON              | CORP              | US        |    134027 | PA      | $134488.17    | 0.03%             | 2028-05-31      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                     | Constellation Oil Services Holding SA                                           | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     65000 | PA      | $66332.50     | 0.02%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $467837.81    | 0.12%             | 2056-07-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                         | GLOVES BUYER INC                                                                | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     95000 | PA      | $93456.25     | 0.02%             | 2032-05-24      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     86000 | PA      | $88951.52     | 0.02%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                    | CMG MEDIA CORP                                                                  | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130516 | PA      | $125230.44    | 0.03%             | 2029-06-18      | Floating      | 7.90%                 | 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        |    115000 | PA      | $113836.66    | 0.03%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                         | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    260000 | PA      | $261907.08    | 0.07%             | 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        |    190000 | PA      | $200787.06    | 0.05%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc             | Hardee's Funding LLC                                                            | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    454250 | PA      | $470774.25    | 0.12%             | 2054-03-20      | Fixed         | 7.25%                 | 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        |    290000 | PA      | $292102.50    | 0.07%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    153000 | PA      | $153165.24    | 0.04%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                      | Senegal Government International Bond                                           | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    188000 | PA      | $139473.44    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                      | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    240000 | PA      | $239580.00    | 0.06%             | 2031-02-24      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| COGECO COMMUNICATIONS US                 | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |     98995 | PA      | $98553.14     | 0.03%             | 2030-09-30      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan            | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26848 | PA      | $26131.15     | 0.01%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                          | GOAT HOLDCO LLC                                                                 | CUSIP: 38021CAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49875 | PA      | $49916.40     | 0.01%             | 2032-01-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                             | Enbridge Inc                                                                    | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    120279 | NS      | $5814286.86   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA/France                                                         | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    246222 | PA      | $217167.52    | 0.06%             | 2025-07-31      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se           | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105657 | PA      | $90097.66     | 0.02%             | 2050-07-25      | Variable      | 3.00%                 | 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        |    450000 | PA      | $459844.11    | 0.12%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| ESC NMG Parent LLC                       | ESC NMG Parent LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       368 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AGILITI HEALTH INC                       | AGILITI HEALTH INC                                                              | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    103978 | PA      | $100078.68    | 0.03%             | 2030-05-01      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                 | OCP SA                                                                          | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     70000 | PA      | $72330.30     | 0.02%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                       | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     57000 | PA      | $53836.50     | 0.01%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                               | Evergy Inc                                                                      | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    105172 | NS      | $7494556.72   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlife Securitization Trust             | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24017 | PA      | $23678.07     | 0.01%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                 | Amneal Pharmaceuticals LLC                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10289.15     | 0.00%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                    | Chobani Holdco II LLC                                                           | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       210 | PA      | $226.44       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                   | Millennium Escrow Corp                                                          | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $243043.31    | 0.06%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Pennon Group PLC                         | Pennon Group PLC                                                                | CUSIP: 000000000<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    911674 | NS      | $5835787.19   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GEOPARK LTD                              | Geopark Ltd                                                                     | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     67000 | PA      | $60718.75     | 0.02%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                           | PROOFPOINT INC                                                                  | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    174363 | PA      | $175149.67    | 0.04%             | 2028-08-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    316000 | PA      | $317896.00    | 0.08%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                         | Under Armour Inc                                                                | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124805.86    | 0.03%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                 | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    265000 | PA      | $263621.68    | 0.07%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     28458 | PA      | $11311.96     | 0.00%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                              | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    175000 | PA      | $173468.75    | 0.04%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                    | Argentine Republic Government International Bond                                | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    189955 | PA      | $116290.18    | 0.03%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                             | Entergy Corp                                                                    | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     87900 | NS      | $7743111.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP                  | ASP Unifrax Holdings Inc                                                        | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    565000 | PA      | $185037.50    | 0.05%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                       | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    120000 | PA      | $127500.00    | 0.03%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROPER INDUSTRIAL PRODUCT                 | ROPER INDUSTRIAL PRODUCT                                                        | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |    104737 | PA      | $104825.87    | 0.03%             | 2029-11-23      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                 | Aston Martin Capital Holdings Ltd                                               | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    170000 | PA      | $165375.42    | 0.04%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Severn Trent PLC                         | Severn Trent PLC                                                                | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    116457 | NS      | $4070448.85   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                 | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55259 | PA      | $48653.53     | 0.01%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| LANNETT CO INC                           | LANNETT CO INC                                                                  | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |     20281 | PA      | $7301.17      | 0.00%             | 2030-06-16      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| Cheniere Energy Inc                      | Cheniere Energy Inc                                                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     36429 | NS      | $8809260.78   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL FINANCE LLC                     | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226655.24    | 0.06%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| West Marine / Rising Tide - Common Stock | West Marine / Rising Tide - Common Stock                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       475 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MEDLINE BORROWER LP                      | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297083.37    | 0.08%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                    | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    335000 | PA      | $237636.70    | 0.06%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                    | Endo Finance Holdings Inc                                                       | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $196952.30    | 0.05%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    229000 | PA      | $224843.65    | 0.06%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| AGGREKO HOLDINGS INC                     | AGGREKO HOLDINGS INC                                                            | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     89102 | PA      | $89297.39     | 0.02%             | 2031-05-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| UKG INC                                  | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    114479 | PA      | $114384.36    | 0.03%             | 2031-02-10      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                             | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    290000 | PA      | $302021.51    | 0.08%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                      | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504999.10    | 0.13%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      7615 | PA      | $3845.81      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat           | United Auto Credit Securitization Trust 2024-1                                  | CUSIP: 90945DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405000 | PA      | $407940.50    | 0.10%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                      | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    130000 | PA      | $139131.20    | 0.04%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                             | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179817.06    | 0.05%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                       | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320398 | PA      | $314170.78    | 0.08%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                       | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     64000 | PA      | $67104.64     | 0.02%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                   | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    264000 | PA      | $258910.53    | 0.07%             | 2027-11-01      | Fixed         | 3.50%                 | 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        |    165000 | PA      | $170264.00    | 0.04%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                          | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    366000 | PA      | $353955.49    | 0.09%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     45000 | PA      | $47025.00     | 0.01%             | 2031-03-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1475354 | PA      | $1507507.95   | 0.39%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST INSURANCE HOLDING                 | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    210000 | PA      | $210000.00    | 0.05%             | 2031-05-06      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| USQ Rail                                 | USQ Rail III LLC                                                                | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353156 | PA      | $353300.37    | 0.09%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                              | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     60000 | PA      | $59607.00     | 0.02%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust               | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    419137 | PA      | $416471.62    | 0.11%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD                    | Nabors Industries Ltd                                                           | CUSIP: 629571AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    115000 | PA      | $115435.16    | 0.03%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA                                                                | CUSIP: 02156LAE1<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $257250.00    | 0.07%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $205801.30    | 0.05%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora           | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75126 | PA      | $69436.36     | 0.02%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                               | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    250000 | PA      | $265287.75    | 0.07%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                      | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255721.25    | 0.07%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                            | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35545.18     | 0.01%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                  | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   5280000 | PA      | $285192.33    | 0.07%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS WORLDWIDE OPERAT                 | Grifols Worldwide Operations USA Inc                                            | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    175000 | PA      | $174599.25    | 0.04%             | 2027-11-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                         | Maxam Prill Sarl                                                                | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $195083.72    | 0.05%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                       | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185000 | PA      | $180879.77    | 0.05%             | 2038-07-17      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                      | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549120 | PA      | $516857.99    | 0.13%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                     | YPF SA                                                                          | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     62000 | PA      | $64638.10     | 0.02%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    388049 | PA      | $200815.26    | 0.05%             | 2035-02-01      | Variable      | 0.01%                 | 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        |    323458 | PA      | $326707.41    | 0.08%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                       | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352338 | PA      | $360731.48    | 0.09%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    220000 | PA      | $229334.56    | 0.06%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    198000 | PA      | $196812.00    | 0.05%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                 | Hughes Satellite Systems Corp                                                   | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $143437.93    | 0.04%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    142000 | PA      | $143341.90    | 0.04%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                 | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $301841.48    | 0.08%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust              | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69920 | PA      | $69797.42     | 0.02%             | 2033-11-21      | Fixed         | 2.05%                 | 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        |      3742 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| National Grid PLC                        | National Grid PLC                                                               | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    601863 | NS      | $8468306.30   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BNSF FUNDING TRUST I                     | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $245212.42    | 0.06%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                 | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    495000 | PA      | $487148.93    | 0.12%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                      | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    388000 | PA      | $356371.95    | 0.09%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                    | CMG Media Corp                                                                  | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $326103.75    | 0.08%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UPSTREAM NEWCO INC                       | Upstream Newco Inc                                                              | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    224400 | PA      | $183334.78    | 0.05%             | 2026-11-20      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                  | Philippine Government International Bond                                        | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    326000 | PA      | $271232.00    | 0.07%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    133000 | PA      | $113421.07    | 0.03%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                      | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     45000 | PA      | $44877.83     | 0.01%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                   | Froneri Lux FinCo SARL                                                          | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     65000 | PA      | $65354.94     | 0.02%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp                     | Targa Resources Corp                                                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     30953 | NS      | $5192675.28   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                  | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    385000 | PA      | $383075.00    | 0.10%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                        | Chile Government International Bond                                             | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     88000 | PA      | $52965.44     | 0.01%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Iberdrola SA                             | Iberdrola SA                                                                    | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    348060 | NS      | $6545665.96   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                 | CSX Corp                                                                        | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    304159 | NS      | $9888209.09   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Mortgage Finance Corpora           | Chase Home Lending Mortgage Trust 2023-RPL1                                     | CUSIP: 16159LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    284852 | PA      | $263989.98    | 0.07%             | 2062-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                 | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $155975.50    | 0.04%             | 2034-06-08      | Fixed         | 6.38%                 | 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        |    240000 | PA      | $226448.23    | 0.06%             | 2030-04-01      | Fixed         | 4.62%                 | 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        |    285000 | PA      | $297879.72    | 0.08%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                       | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    259000 | PA      | $275546.21    | 0.07%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                 | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    467000 | PA      | $426782.85    | 0.11%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                       | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    146000 | PA      | $161403.00    | 0.04%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                             | ACRISURE LLC                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    113854 | PA      | $113675.99    | 0.03%             | 2030-11-06      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                             | Ecopetrol SA                                                                    | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    110000 | PA      | $96478.80     | 0.02%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                 | Republic of South Africa Government International Bond                          | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    175000 | PA      | $176225.00    | 0.05%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    135001 | PA      | $71887.87     | 0.02%             | 2035-02-01      | Variable      | 4.50%                 | 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        |    267506 | PA      | $271779.42    | 0.07%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    436202 | PA      | $447048.17    | 0.11%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                     | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $404985.76    | 0.10%             | 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        |    375000 | PA      | $386224.13    | 0.10%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     35000 | PA      | $32746.35     | 0.01%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    202000 | PA      | $215060.86    | 0.06%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| HAMILTON PROJECTS ACQUIR                 | HAMILTON PROJECTS ACQUIROR LLC                                                  | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |     93425 | PA      | $93658.56     | 0.02%             | 2031-05-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| FINANCIERE MENDEL SASU                   | FINANCIERE MENDEL SASU                                                          | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |     29850 | PA      | $29874.78     | 0.01%             | 2030-11-13      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                  | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126549.25    | 0.03%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                           | PMT Loan Trust 2025-INV7                                                        | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261323 | PA      | $266375.09    | 0.07%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                           | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238113.70    | 0.06%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     76000 | PA      | $70528.00     | 0.02%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                  | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102306.80    | 0.03%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                 | Kraken Oil & Gas Partners LLC                                                   | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89563.19     | 0.02%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    120000 | PA      | $107559.00    | 0.03%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     51000 | PA      | $55437.00     | 0.01%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                       | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     54000 | PA      | $53629.02     | 0.01%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                        | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206994.60    | 0.05%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                  | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    146000 | PA      | $134320.00    | 0.03%             | 2024-12-11      | Fixed         | 6.62%                 | 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        |    150343 | PA      | $145257.39    | 0.04%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    481000 | PA      | $492544.00    | 0.13%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                     | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    110000 | PA      | $106936.50    | 0.03%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                      | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    215000 | PA      | $223968.00    | 0.06%             | 2034-01-15      | Fixed         | 6.00%                 | 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        |    515000 | PA      | $468990.26    | 0.12%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                               | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $231605.42    | 0.06%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Ferrovial SE                             | Ferrovial SE                                                                    | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |    177827 | NS      | $9713378.60   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSEMBLE RCM LLC                         | ENSEMBLE RCM LLC                                                                | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     59398 | PA      | $59634.89     | 0.02%             | 2029-08-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1328850 | PA      | $1240378.68   | 0.32%             | 2053-03-01      | Fixed         | 4.00%                 | 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        |    145000 | PA      | $149162.81    | 0.04%             | 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        |   2303690 | PA      | $2318359.16   | 0.59%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                       | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    123000 | PA      | $128535.00    | 0.03%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                             | COTIVITI INC                                                                    | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    158006 | PA      | $157908.04    | 0.04%             | 2031-05-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                        | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     90000 | PA      | $96630.87     | 0.02%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                 | AMNEAL PHARMACEUTICALS LLC                                                      | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |     45000 | PA      | $45225.00     | 0.01%             | 2032-08-02      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                  | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    135000 | PA      | $140965.92    | 0.04%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EAGLE BROADBAND INVEST                   | Eagle Broadband Investments LLC                                                 | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    300000 | PA      | $297189.00    | 0.08%             | 2027-11-12      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Grou           | Public Service Enterprise Group Inc                                             | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     50816 | NS      | $4183681.28   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                 | FOCUS FINANCIAL PARTNERS LLC                                                    | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    130000 | PA      | $129896.00    | 0.03%             | 2031-09-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable           | Westlake Automobile Receivables Trust 2024-2                                    | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $363359.88    | 0.09%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS               | LUMMUS TECHNOLOGY HOLDINGS                                                      | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |     39103 | PA      | $39171.55     | 0.01%             | 2029-12-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                 | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     80000 | PA      | $83222.03     | 0.02%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                 | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $254580.99    | 0.07%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA                  | Capital Farm Credit ACA                                                         | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    310000 | PA      | $306125.00    | 0.08%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                     | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    230000 | PA      | $242395.16    | 0.06%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                        | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    227000 | PA      | $185288.75    | 0.05%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                 | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  12500000 | PA      | $583702.31    | 0.15%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corp                      | Alliant Energy Corp                                                             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     63459 | NS      | $4129277.13   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF GABON                        | Gabon Government International Bond                                             | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    241000 | PA      | $196868.08    | 0.05%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                            | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    212000 | PA      | $223345.19    | 0.06%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                      | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    442020 | PA      | $398260.02    | 0.10%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                  | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     94000 | PA      | $89945.78     | 0.02%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    309000 | PA      | $263654.25    | 0.07%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    141000 | PA      | $144419.25    | 0.04%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Flughafen Zurich AG                      | Flughafen Zurich AG                                                             | CUSIP: 000000000<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     30571 | NS      | $9330048.37   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIA PARTNERS LLC                       | OMNIA PARTNERS LLC                                                              | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     74438 | PA      | $74464.30     | 0.02%             | 2030-07-25      | Floating      | 7.07%                 | 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        |    566400 | PA      | $495487.34    | 0.13%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust               | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    301340 | PA      | $300000.35    | 0.08%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                      | New Home Co Inc/The                                                             | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10371.67     | 0.00%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                    | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    179937 | PA      | $178475.90    | 0.05%             | 2029-08-02      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                          | MYT Holding LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22362 | NS      | $5590.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                   | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221571.02    | 0.06%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Keyera Corp                              | Keyera Corp                                                                     | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     98052 | NS      | $3159282.78   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PEX HOLDINGS LLC                         | PEX HOLDINGS LLC                                                                | CUSIP: 69381MAB1<br>LEI: 2138006XMWHEBFQ55Z05 | Long             | LON              | CORP              | US        |    124688 | PA      | $124635.13    | 0.03%             | 2031-11-19      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                             | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    289000 | PA      | $290645.11    | 0.07%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II                  | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    189083 | PA      | $3152.02      | 0.00%             | 2028-08-02      | Floating      | 7.63%                 | No            |                  3 | On Loan: No      |
| PNC FINANCIAL SERVICES                   | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    270000 | PA      | $278718.26    | 0.07%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| GRANT THORNTON ADVISORS                  | GRANT THORNTON ADVISORS                                                         | CUSIP: 38821UAD2<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     69476 | PA      | $69280.65     | 0.02%             | 2031-05-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                             | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    285000 | PA      | $285969.86    | 0.07%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRUGREEN LP                              | TruGreen LP                                                                     | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    116214 | PA      | $112946.40    | 0.03%             | 2027-11-02      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                     | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    152000 | PA      | $161112.40    | 0.04%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                 | Phoenix Aviation Capital Ltd                                                    | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    125000 | PA      | $132481.75    | 0.03%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                      | New Home Co Inc/The                                                             | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $110884.31    | 0.03%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                 | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    265000 | PA      | $275467.88    | 0.07%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands Inc                                                               | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301458.00    | 0.08%             | 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        |     55000 | PA      | $55740.67     | 0.01%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500359 | PA      | $513185.72    | 0.13%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                    | Venezuela Government International Bond                                         | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    225000 | PA      | $60750.00     | 0.02%             | 2034-01-13      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                      | Nigeria Government International Bond                                           | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     41000 | PA      | $44113.54     | 0.01%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC                   | AI AQUA MERGER SUB INC                                                          | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    114511 | PA      | $114516.89    | 0.03%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                | Spire Inc                                                                       | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     78535 | NS      | $6015781.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     84000 | PA      | $52731.00     | 0.01%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NorthAB LLC                              | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    225000 | PA      | $217462.50    | 0.06%             | 2028-11-24      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                         | Peruvian Government International Bond                                          | CUSIP: 715638EC2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     45000 | PA      | $43807.50     | 0.01%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                    | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80568.96     | 0.02%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                 | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $123336.30    | 0.03%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    262000 | PA      | $251578.14    | 0.06%             | 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        |    200000 | PA      | $205476.40    | 0.05%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                         | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    205000 | PA      | $210934.77    | 0.05%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                   | Helix Energy Solutions Group Inc                                                | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $286232.10    | 0.07%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS                  | Petco Health & Wellness Co Inc                                                  | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    115000 | PA      | $110735.80    | 0.03%             | 2028-03-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd            | CoreVest American Finance 2022-1 Trust                                          | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    306764 | PA      | $307728.36    | 0.08%             | 2055-06-17      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                        | MOTION FINCO SARL                                                               | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | LON              | CORP              | LU        |    132774 | PA      | $114802.01    | 0.03%             | 2029-11-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    157000 | PA      | $166106.00    | 0.04%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management              | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    240717 | PA      | $243885.69    | 0.06%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| ENTAIN PLC                               | ENTAIN PLC                                                                      | CUSIP: 36270BAC6<br>LEI: 213800ATWJIEYQ8NF838 | Long             | LON              | CORP              | GI        |    163350 | PA      | $163145.81    | 0.04%             | 2029-10-31      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                   | Eskom Holdings                                                                  | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    101000 | PA      | $107217.56    | 0.03%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    779841 | PA      | $755219.62    | 0.19%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                  | ALLIED UNIVERSAL HOLDCO                                                         | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    200000 | PA      | $200568.00    | 0.05%             | 2032-08-20      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust           | Upgrade Master Pass-Thru Trust Series 2025-ST5                                  | CUSIP: 91535BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $450481.23    | 0.12%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2110000 | PA      | $2139589.46   | 0.55%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WIN WASTE INNOVATIONS HO                 | Win Waste Innovations Holdings Inc                                              | CUSIP: 38723BAJ0<br>LEI: 549300DJBUN7Z75R2S83 | Long             | LON              | CORP              | US        |    159963 | PA      | $159791.83    | 0.04%             | 2028-03-27      | Floating      | 7.19%                 | 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        |    102000 | PA      | $102604.86    | 0.03%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    290000 | PA      | $298611.26    | 0.08%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    141000 | PA      | $138157.44    | 0.04%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                               | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    528319 | PA      | $526575.56    | 0.13%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99304.18     | 0.03%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City L           | Canadian Pacific Kansas City Ltd                                                | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    144847 | NS      | $11033199.60  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                | PG&E Corp                                                                       | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    540330 | NS      | $8256242.40   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIVIUM PACKAGING FIN                    | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     20000 | PA      | $21243.02     | 0.01%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                   | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    317000 | PA      | $314239.10    | 0.08%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRAVERSE MIDSTREAM PARTN                 | TRAVERSE MIDSTREAM PARTN                                                        | CUSIP: 000000000<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    125207 | PA      | $125103.14    | 0.03%             | 2028-02-16      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                  | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $264838.60    | 0.07%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                 | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    475000 | PA      | $410231.55    | 0.11%             | 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        |    245000 | PA      | $259300.65    | 0.07%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust               | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128787 | PA      | $124968.94    | 0.03%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                     | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    367225 | PA      | $365745.67    | 0.09%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | CLOUD SOFTWARE GRP INC                                                          | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    144275 | PA      | $144605.39    | 0.04%             | 2031-03-24      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| WEC US HOLDINGS INC                      | WEC US HOLDINGS INC                                                             | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    114135 | PA      | $114115.94    | 0.03%             | 2031-01-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| OGE Energy Corp                          | OGE Energy Corp                                                                 | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     89727 | NS      | $4007207.82   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| M6 ETX HOLDINGS II MIDCO                 | M6 ETX HOLDINGS II MIDCO LLC                                                    | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $100518.00    | 0.03%             | 2032-04-01      | Floating      | 7.32%                 | 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        |    392198 | PA      | $394274.60    | 0.10%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1938091 | PA      | $1949762.55   | 0.50%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                            | Tidewater Inc                                                                   | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    120000 | PA      | $128038.56    | 0.03%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| AAL DELAWARE HOLDCO INC                  | AAL DELAWARE HOLDCO INC                                                         | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     54738 | PA      | $54737.94     | 0.01%             | 2031-07-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                 | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163920.00    | 0.04%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     17667 | PA      | $9407.70      | 0.00%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                 | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     81000 | PA      | $71988.75     | 0.02%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    130436 | PA      | $129925.75    | 0.03%             | 2028-01-18      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| LV Trust                                 | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $476985.23    | 0.12%             | 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        |    235000 | PA      | $239701.65    | 0.06%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                     | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     74793 | PA      | $68497.88     | 0.02%             | 2030-02-19      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                    | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     85000 | PA      | $16362.50     | 0.00%             | 2024-10-13      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                        | Gabon Government International Bond                                             | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     68000 | PA      | $55398.92     | 0.01%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Entain Holdings Gibraltar Ltd            | Entain 08/01/2032                                                               | CUSIP: 000000000<br>LEI: 213800ATWJIEYQ8NF838 | Long             | LON              | CORP              | GI        |     30000 | PA      | $29935.80     | 0.01%             | 2032-07-30      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Aena SME SA                              | Aena SME SA                                                                     | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    914024 | NS      | $26454894.60  | 6.77%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                 | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    302000 | PA      | $229853.71    | 0.06%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81362.38     | 0.02%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    220000 | PA      | $239388.06    | 0.06%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                 | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    148000 | PA      | $145029.09    | 0.04%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Sempra                                   | Sempra                                                                          | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    186394 | NS      | $15388688.64  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCC Trust                               | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $342124.33    | 0.09%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      4524 | PA      | $2386.34      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                    | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $384815.33    | 0.10%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                               | Grifols SA                                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    245000 | PA      | $237409.39    | 0.06%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                         | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $258162.66    | 0.07%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV                       | NOURYON FINANCE BV                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    158890 | PA      | $159088.13    | 0.04%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S           | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $365715.98    | 0.09%             | 2037-07-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                 | Coronado Finance Pty Ltd                                                        | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    185000 | PA      | $152532.50    | 0.04%             | 2029-10-01      | Fixed         | 9.25%                 | 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        |    390000 | PA      | $374816.52    | 0.10%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                     | Georgian Railway JSC                                                            | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    211000 | PA      | $195571.68    | 0.05%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CPM HOLDINGS INC                         | CPM HOLDINGS INC                                                                | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |    127177 | PA      | $124103.35    | 0.03%             | 2028-09-28      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                               | Opal Bidco SAS                                                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     20000 | PA      | $20351.28     | 0.01%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASPIRE BAKERIES HOLDING                  | ASPIRE BAKERIES HOLDING                                                         | CUSIP: 000000000<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |    149246 | PA      | $149713.38    | 0.04%             | 2030-12-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                       | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    275000 | PA      | $269136.57    | 0.07%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Utilities Group PLC               | United Utilities Group PLC                                                      | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    270068 | NS      | $4197774.95   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                        | Eversource Energy                                                               | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     93803 | NS      | $6009958.21   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET SOFTWARE INC                      | ROCKET SOFTWARE INC                                                             | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    117305 | PA      | $117539.13    | 0.03%             | 2028-11-28      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    402000 | PA      | $422602.50    | 0.11%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                   | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     52443 | PA      | $50959.73     | 0.01%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                   | Republic of Uzbekistan International Bond                                       | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     34000 | PA      | $31041.32     | 0.01%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                     | Libra Solutions 2025-1 LLC                                                      | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $451202.67    | 0.12%             | 2039-08-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc      | CLYDESDALE ACQUISITION                                                          | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    120000 | PA      | $119834.40    | 0.03%             | 2029-04-13      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                        | Atmos Energy Corp                                                               | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     45106 | NS      | $7493459.78   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CODELCO INC                              | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    233000 | PA      | $239757.00    | 0.06%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables            | Exeter Automobile Receivables Trust 2023-3                                      | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $542225.78    | 0.14%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1319053 | PA      | $1349244.74   | 0.35%             | 2053-10-01      | Fixed         | 6.00%                 | 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       |     65000 | PA      | $62035.12     | 0.02%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                    | Directv Financing LLC                                                           | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $193575.89    | 0.05%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                  | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    398000 | PA      | $391222.06    | 0.10%             | 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        |     70000 | PA      | $70700.00     | 0.02%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust           | Upgrade Master Pass-Thru Trust Series 2025-ST3                                  | CUSIP: 91534LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238922 | PA      | $241297.61    | 0.06%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                 | Prime Healthcare Services Inc                                                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $175424.70    | 0.04%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                  | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    276159 | PA      | $283980.56    | 0.07%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                     | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    196000 | PA      | $224854.36    | 0.06%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2757 | PA      | $1392.45      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                      | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    258000 | PA      | $266523.03    | 0.07%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II                  | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     82122 | PA      | $5953.84      | 0.00%             | 2028-08-02      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| Arroyo Mortgage Trust                    | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93017 | PA      | $90297.23     | 0.02%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                    | Argentine Republic Government International Bond                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    142000 | PA      | $90028.00     | 0.02%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                     | Republic of Cameroon International Bond                                         | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    200000 | PA      | $190312.00    | 0.05%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263750.90    | 0.07%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                     | Cornerstone Building Brands Inc                                                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    260000 | PA      | $250241.71    | 0.06%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                      | Altice Financing SA                                                             | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    515000 | PA      | $420523.26    | 0.11%             | 2028-01-15      | Fixed         | 5.00%                 | 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        |     52000 | PA      | $53190.28     | 0.01%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                 | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265371 | PA      | $265702.73    | 0.07%             | 2041-03-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                       | Bolivian Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |     61000 | PA      | $48098.50     | 0.01%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                          | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     66000 | PA      | $67884.96     | 0.02%             | 2031-11-29      | Fixed         | 8.25%                 | 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        |    400000 | PA      | $402655.20    | 0.10%             | 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        |    370000 | PA      | $383143.33    | 0.10%             | 2040-01-13      | Variable      | 5.65%                 | 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        |    420000 | PA      | $421107.96    | 0.11%             | 2055-07-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $135033.21    | 0.03%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                       | BAUSCH + LOMB CORP                                                              | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    117900 | PA      | $117900.00    | 0.03%             | 2028-09-29      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Keyera Corp                              | Keyera Corp                                                                     | CUSIP: 493271118<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     21488 | NS      | $676707.32    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                   | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    357000 | PA      | $356699.83    | 0.09%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                     | Capstone Copper Corp                                                            | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $189980.02    | 0.05%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESYS CLOUD SERVICES                   | GENESYS CLOUD SERVICES                                                          | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |    110000 | PA      | $110000.00    | 0.03%             | 2032-01-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                      | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98671.18     | 0.03%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    122000 | PA      | $116991.90    | 0.03%             | 2032-02-16      | Fixed         | 6.70%                 | 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        |    465000 | PA      | $398670.82    | 0.10%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                 | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    268951 | PA      | $267690.34    | 0.07%             | 2030-03-15      | Floating      | 5.91%                 | 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        |    280000 | PA      | $280689.67    | 0.07%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| E.ON SE                                  | E.ON SE                                                                         | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    275594 | NS      | $4915253.58   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                 | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    158000 | PA      | $166246.63    | 0.04%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                          | RAND PARENT LLC                                                                 | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    350000 | PA      | $348376.00    | 0.09%             | 2030-03-18      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The                     | Williams Cos Inc/The                                                            | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    170951 | NS      | $9894643.88   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                 | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    663000 | PA      | $671224.52    | 0.17%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                 | Merlin Entertainments Group US Holdings Inc                                     | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    245000 | PA      | $209457.07    | 0.05%             | 2031-02-15      | Fixed         | 7.38%                 | 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        |    175000 | PA      | $174124.87    | 0.04%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                      | CNT HOLDINGS I CORP                                                             | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    121150 | PA      | $121081.88    | 0.03%             | 2032-11-08      | Floating      | 6.75%                 | 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      | $157048.25    | 0.04%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II                  | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     37964 | PA      | $18032.88     | 0.00%             | 2028-08-02      | Floating      | 12.45%                | No            |                  2 | On Loan: No      |
| CVR CHC LP                               | CVR CHC LP                                                                      | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     68217 | PA      | $68217.31     | 0.02%             | 2027-12-30      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                 | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $186922.89    | 0.05%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                  | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    188000 | PA      | $198810.00    | 0.05%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                       | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    115000 | PA      | $120175.00    | 0.03%             | 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        |    400000 | PA      | $409683.64    | 0.10%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2670000 | PA      | $2544843.75   | 0.65%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust            | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |    102037 | PA      | $100313.80    | 0.03%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                     | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $320829.66    | 0.08%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                    | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    718400 | PA      | $542392.00    | 0.14%             | 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        |    356966 | PA      | $344956.91    | 0.09%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                    | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $319013.85    | 0.08%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    205000 | PA      | $189215.00    | 0.05%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                       | Zambia Government International Bond                                            | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     80605 | PA      | $75080.18     | 0.02%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                  | Kinder Morgan Energy Partners LP                                                | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    239000 | PA      | $277864.67    | 0.07%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                       | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    265000 | PA      | $268749.22    | 0.07%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     52000 | PA      | $47954.40     | 0.01%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                 | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    285000 | PA      | $283432.02    | 0.07%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                  | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    241000 | PA      | $258888.17    | 0.07%             | 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        |    445000 | PA      | $422814.66    | 0.11%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                          | Xcel Energy Inc                                                                 | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    125290 | NS      | $9069743.10   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    108000 | PA      | $108486.00    | 0.03%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KUEHG CORP                               | KUEHG CORP                                                                      | CUSIP: 50118YAH2<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    122801 | PA      | $122903.16    | 0.03%             | 2030-06-12      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                  | Hungary Government International Bond                                           | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    387000 | PA      | $396555.03    | 0.10%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                               | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $237372.71    | 0.06%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $305442.94    | 0.08%             | 2030-12-16      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                 | Snap Inc                                                                        | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90235.16     | 0.02%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                 | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    270000 | PA      | $127491.03    | 0.03%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $321075.00    | 0.08%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                 | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     50267 | PA      | $50011.57     | 0.01%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                 | OCP SA                                                                          | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    114000 | PA      | $113385.54    | 0.03%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                      | Republic of Armenia International Bond                                          | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |     50000 | PA      | $44850.00     | 0.01%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                      | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    158000 | PA      | $173049.50    | 0.04%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Progress Residential Trust               | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $819430.37    | 0.21%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| CENTRAL PARENT INC                       | CENTRAL PARENT INC                                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146376 | PA      | $122145.28    | 0.03%             | 2029-07-06      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                 | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    403000 | PA      | $372170.50    | 0.10%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc                     | WEC Energy Group Inc                                                            | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     44045 | NS      | $4691232.95   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ION TRADING TECHNOLOGIES                 | ION Trading Technologies Sarl                                                   | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    275000 | PA      | $286443.58    | 0.07%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan            | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15499 | PA      | $14910.90     | 0.00%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan            | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35625 | PA      | $34450.42     | 0.01%             | 2056-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva           | Amur Equipment Finance Receivables XV LLC                                       | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $346501.92    | 0.09%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| HUNTER DOUGLAS INC                       | HUNTER DOUGLAS INC                                                              | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |    111794 | PA      | $111746.84    | 0.03%             | 2032-01-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                     | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    168000 | PA      | $171391.08    | 0.04%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Visio Trust                              | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28331 | PA      | $27204.42     | 0.01%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                              | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296145 | PA      | $294801.18    | 0.08%             | 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        |      7256 | PA      | $3736.91      | 0.00%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                   | First Brands Group LLC                                                          | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    127297 | PA      | $120667.60    | 0.03%             | 2027-03-30      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust             | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $393966.42    | 0.10%             | 2030-11-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                        | Jordan Government International Bond                                            | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    196000 | PA      | $193163.88    | 0.05%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                    | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245053 | PA      | $239613.43    | 0.06%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                 | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    360000 | PA      | $374747.40    | 0.10%             | 2032-04-15      | Fixed         | 7.50%                 | 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        |    347000 | PA      | $353395.80    | 0.09%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                  | GLOBAL MEDICAL RESPONSE                                                         | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |    124685 | PA      | $124632.96    | 0.03%             | 2028-10-02      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| Auckland International Airport           | Auckland International Airport Ltd                                              | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |   1093767 | NS      | $4871772.20   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EPIC CRUDE SERVICES LP                   | EPIC CRUDE SERVICES LP                                                          | CUSIP: 29428XAJ9<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    130317 | PA      | $130682.85    | 0.03%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                              | Ivory Coast Government International Bond                                       | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $185312.00    | 0.05%             | 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        |    230000 | PA      | $230650.90    | 0.06%             | 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        |    117000 | PA      | $117731.25    | 0.03%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                 | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270047.64    | 0.07%             | 2043-04-30      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Co             | Canadian National Railway Co                                                    | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    126919 | NS      | $12286657.48  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA/France                                                         | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     49369 | PA      | $43740.59     | 0.01%             | 2026-02-02      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    332484 | PA      | $317739.59    | 0.08%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                            | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113288.23    | 0.03%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                 | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205367 | PA      | $195406.02    | 0.05%             | 2029-10-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                      | Honduras Government International Bond                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     57000 | PA      | $60733.50     | 0.02%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                       | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    415000 | PA      | $392498.08    | 0.10%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                           | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    317000 | PA      | $320177.26    | 0.08%             | 2039-06-10      | Variable      | 5.99%                 | 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        |     51000 | PA      | $53148.38     | 0.01%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC                  | DELIVERY HERO FINCO LLC                                                         | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    133003 | PA      | $134084.44    | 0.03%             | 2029-12-12      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                       | Panama Government International Bond                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     85000 | PA      | $83141.05     | 0.02%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                      | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    249000 | PA      | $227666.85    | 0.06%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                       | Union Pacific Corp                                                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     77561 | NS      | $17340312.77  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| POST HOLDINGS INC                        | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161624.64    | 0.04%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC                 | Caturus Energy LLC                                                              | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    145000 | PA      | $150437.79    | 0.04%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                 | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    140000 | PA      | $147660.10    | 0.04%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    365892 | PA      | $373930.66    | 0.10%             | 2055-01-01      | Fixed         | 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        |     87100 | PA      | $87188.22     | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A               | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130929 | PA      | $127823.68    | 0.03%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| TREASURE HOLDCO INC                      | TREASURE HOLDCO INC                                                             | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |    149250 | PA      | $148566.44    | 0.04%             | 2031-11-04      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $378683.69    | 0.10%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                        | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164362.56    | 0.04%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    520000 | PA      | $519740.00    | 0.13%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                    | Guatemala Government Bond                                                       | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    231000 | PA      | $231862.79    | 0.06%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TC Energy Corp                           | TC Energy Corp                                                                  | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    178566 | NS      | $9296145.96   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                  | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $190542.75    | 0.05%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                    | Tricon American Homes 2019-SFR1 Trust                                           | CUSIP: 89612LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $584755.73    | 0.15%             | 2038-03-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                     | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     45000 | PA      | $45819.45     | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust               | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    418146 | PA      | $416617.63    | 0.11%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T           | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21214 | PA      | $20232.45     | 0.01%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    242000 | PA      | $205170.02    | 0.05%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust               | LAD Auto Receivables Trust 2023-4                                               | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    412000 | PA      | $425685.82    | 0.11%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Virtus Total Return Fund Inc.

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer