# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0000940400-26-026168
**Filing Date:** 2026-6
**Character Count:** 97642
**Document Hash:** 459d920fafb5575f4c50f01beb1865af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-026168.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0000940400-26-026168

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 261132228

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments - Virtus Stone Harbor Emerging Markets High Yield Bond ETF

April 30, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES – 50.0%** | **CORPORATE BONDS AND NOTES – 50.0%** | |
| **Angola – 0.8%** | **Angola – 0.8%** | |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(1)</sup> | $119000 | $122849 |
| Azule Energy Finance PLC, 8.25%, 01/22/31<sup>(1)</sup> | 50000 | 51750 |
| Total Angola |  | 174599 |
| **Argentina – 4.9%** |  |  |
| MSU Energy SA, 9.75%, 12/05/30<sup>(1)</sup> | 158000 | 158993 |
| Provincia de Buenos Aires, 6.63%, 09/01/37<sup>(2)</sup> | 163778 | 126176 |
| Provincia de Buenos Aires, 6.63%, 09/01/37<sup>(2)</sup> | 144844 | 111589 |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(1)</sup> | 93000 | 99428 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(1)</sup> | 202000 | 214933 |
| Ypf SA, 9.50%, 01/17/31<sup>(1)</sup> | 125000 | 133797 |
| Ypf SA, 8.25%, 01/17/34<sup>(1)</sup> | 204000 | 213894 |
| Total Argentina |  | 1058810 |
| **Brazil – 7.5%** |  |  |
| 3r Lux Sarl, 9.75%, 02/05/31<sup>(1)</sup> | 101000 | 106535 |
| Braskem Netherlands Finance BV, 8.00%, 10/15/34<sup>(1)</sup> | 82000 | 48277 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29<sup>(1)</sup> | 87000 | 91024 |
| Fs Luxembourg Sarl, 8.13%, 02/11/36<sup>(1)</sup> | 133000 | 123856 |
| MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31<sup>(1)</sup> | 151330 | 142137 |
| Minerva Luxembourg SA, 4.38%, 03/18/31 | 304000 | 273980 |
| MV24 Capital BV, 6.75%, 06/01/34<sup>(1)</sup> | 52052 | 52711 |
| Ohi Group SA, 13.00%, 07/22/29<sup>(1)</sup> | 116850 | 118655 |
| Prio Luxembourg Holding Sarl, 6.75%, 10/15/30<sup>(1)</sup> | 81000 | 80861 |
| Samarco Mineracao SA, 9.50%, 06/30/31<sup>(1)(3)</sup> | 167428 | 168098 |
| Simpar Europe SA, 5.20%, 01/26/31<sup>(1)</sup> | 55000 | 47775 |
| Vamos Europe SA, 9.20%, 01/26/31<sup>(1)</sup> | 111000 | 106135 |
| Yinson Bergenia Production BV, 8.50%, 01/31/45<sup>(1)</sup> | 96697 | 103756 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(1)</sup> | 128233 | 142591 |
| Total Brazil |  | 1606391 |
| **Chile – 0.5%** |  |  |
| Banco de Credito E Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual<sup>(1)(4)(5)</sup> | 100000 | 106261 |
| **China – 2.4%** |  |  |
| Melco Resorts Finance Ltd. (Macau), 5.38%, 12/04/29 | 238000 | 233365 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **China (continued)** |  |  |
| Studio City Co. Ltd. (Macau), 7.00%, 02/15/27 | $131000 | $131098 |
| Studio City Finance Ltd. (Macau), 5.00%, 01/15/29<sup>(1)</sup> | 161000 | 153908 |
| Total China |  | 518371 |
| **Colombia – 3.5%** |  |  |
| AI Candelaria Spain SA, 5.75%, 06/15/33 | 343000 | 312062 |
| Banco Davivienda SA, 6.65%, (US 10 Year CMT T- Note + 5.10%), perpetual<sup>(1)(4)(5)</sup> | 139000 | 129826 |
| Ecopetrol SA, 7.75%, 02/01/32 | 101000 | 103569 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(1)</sup> | 100000 | 91500 |
| Grupo Nutresa SA, 7.88%, (US 5 Year CMT T- Note + 4.10%), perpetual<sup>(1)(4)(5)</sup> | 107000 | 106733 |
| Total Colombia |  | 743690 |
| **El Salvador – 0.3%** |  |  |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33<sup>(1)</sup> | 62000 | 66045 |
| **Georgia – 0.1%** |  |  |
| Georgian Railway JSC, 4.00%, 06/17/28<sup>(1)</sup> | 14000 | 13510 |
| **Ghana – 0.4%** |  |  |
| Kosmos Energy Ltd., 7.75%, 05/01/27 | 96000 | 95939 |
| **Guatemala – 0.6%** |  |  |
| Investment Energy Resources Ltd., 6.25%, 04/26/29<sup>(1)</sup> | 125000 | 125328 |
| **India – 2.6%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 3.83%, 02/02/32 | 111000 | 101877 |
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, 4.63%, 10/15/39<sup>(1)</sup> | 94478 | 79361 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31 | 135525 | 127925 |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd., 4.50%, 07/14/28 | 128000 | 123200 |
| Vedanta Resources Finance II PLC, 10.88%, 09/17/29<sup>(1)</sup> | 32000 | 34020 |
| Vedanta Resources Finance II PLC, 9.48%, 07/24/30<sup>(1)</sup> | 60000 | 63000 |
| Total India |  | 529383 |
| **Indonesia – 1.1%** |  |  |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30 | 50000 | 52250 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(1)</sup> | 202000 | 196087 |
| Total Indonesia |  | 248337 |
| **Israel – 1.2%** |  |  |
| Energean Israel Finance Ltd., 5.88%, 03/30/31<sup>(1)</sup> | 100000 | 95990 |

---

Schedule of Investments - Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **Israel (continued)** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | $200000 | $154251 |
| Total Israel |  | 250241 |
| **Kazakhstan – 1.0%** |  |  |
| Kazmunaygas National Co. JSC, 6.38%, 10/24/48<sup>(1)</sup> | 210000 | 212427 |
| **Kyrgyzstan – 0.5%** |  |  |
| Eldik Bank OAO, 8.50%, 04/23/31<sup>(1)</sup> | 107000 | 107469 |
| **Luxembourg – 0.5%** |  |  |
| Foresea Holding SA, 7.50%, 06/15/30<sup>(1)</sup> | 106000 | 105151 |
| **Mexico – 7.3%** |  |  |
| Banco Mercantil del Norte SA/Grand Cayman, 5.88%, (US 5 Year CMT T- Note + 4.64%), perpetual<sup>(1)(4)(5)</sup> | 138000 | 138344 |
| Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual<sup>(1)(4)(5)</sup> | 207000 | 203276 |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero Bbva Mexico, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33<sup>(1)(4)</sup> | 68000 | 67124 |
| Cemex SAB de CV, 5.13%, (US 5 Year CMT T- Note + 4.53%), perpetual<sup>(4)(5)</sup> | 154000 | 153889 |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31<sup>(1)</sup> | 163000 | 159112 |
| Grupo Televisa Sab, 6.13%, 01/31/46 | 137000 | 105353 |
| Orbia Advance Corp. SAB de CV, 7.50%, 05/13/35<sup>(1)</sup> | 86000 | 87088 |
| Petroleos Mexicanos, 5.95%, 01/28/31 | 35000 | 34344 |
| Petroleos Mexicanos, 6.70%, 02/16/32 | 59000 | 59354 |
| Petroleos Mexicanos, 6.35%, 02/12/48 | 172000 | 138381 |
| Petroleos Mexicanos, 6.95%, 01/28/60 | 391000 | 325879 |
| Saavi Energia Sarl, 8.88%, 02/10/35<sup>(1)</sup> | 67000 | 74896 |
| Total Mexico |  | 1547040 |
| **Morocco – 0.5%** |  |  |
| Ocp SA, 6.74%, (US 5 Year CMT T- Note + 2.75%), perpetual<sup>(1)(4)(5)</sup> | 100000 | 99618 |
| **Nigeria – 1.0%** |  |  |
| IHS Holding Ltd., 5.63%, 11/29/26<sup>(1)</sup> | 25000 | 24925 |
| IHS Holding Ltd., 7.88%, 05/29/30<sup>(1)</sup> | 40000 | 41369 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **Nigeria (continued)** |  |  |
| IHS Holding Ltd., 8.25%, 11/29/31<sup>(1)</sup> | $80000 | $83788 |
| IHS Netherlands Holdco BV, 8.00%, 09/18/27<sup>(1)</sup> | 61185 | 61362 |
| Total Nigeria |  | 211444 |
| **Pakistan – 0.9%** |  |  |
| Veon Midco BV, 3.38%, 11/25/27<sup>(1)</sup> | 200000 | 195280 |
| **Peru – 1.2%** |  |  |
| Banco Internacional del Peru Saa Interbank, 6.40%, <br> (US 5 Year CMT T- Note + 2.07%), 04/30/35<sup>(1)(4)</sup> | 80000 | 82752 |
| Petroleos del Peru SA, 4.75%, 06/19/32 | 70000 | 57313 |
| Volcan Cia Minera Saa, 8.50%, 10/28/32<sup>(1)</sup> | 102000 | 105314 |
| Total Peru |  | 245379 |
| **Serbia – 0.3%** |  |  |
| Serbia International Bond, 5.50%, 05/06/36<sup>(1)</sup> | 64000 | 62385 |
| **South Africa – 3.6%** |  |  |
| Eskom Holdings, 8.45%, 08/10/28<sup>(1)</sup> | 162000 | 170813 |
| Eskom Holdings, 6.35%, 08/10/28<sup>(1)</sup> | 81000 | 82418 |
| Prosus NV, 3.06%, 07/13/31 | 134000 | 122761 |
| Prosus NV, 3.83%, 02/08/51<sup>(1)</sup> | 251000 | 167752 |
| Sasol Financing USA LLC, 4.38%, 09/18/26 | 90000 | 89773 |
| Sasol Financing USA LLC, 8.75%, 04/10/33<sup>(1)</sup> | 124000 | 130572 |
| Total South Africa |  | 764089 |
| **Turkey – 2.7%** |  |  |
| ADM Elektrik Dagitim AS, 9.50%, 02/05/31<sup>(1)</sup> | 93000 | 91505 |
| Aydem Yenilenebilir Enerji AS, 9.88%, 09/30/30<sup>(1)</sup> | 69000 | 70204 |
| Turk Telekomunikasyon AS, 6.95%, 10/07/32<sup>(1)</sup> | 84000 | 84111 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(1)</sup> | 86000 | 89870 |
| We Soda Investments Holding PLC, 9.50%, 10/06/28<sup>(1)</sup> | 131000 | 132850 |
| Yapi VE Kredi Bankasi AS, 9.25%, (US 5 Year CMT T- Note + 5.28%), 01/17/34<sup>(1)(4)</sup> | 50000 | 52412 |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30<sup>(1)</sup> | 83000 | 73974 |
| Total Turkey |  | 594926 |
| **Ukraine – 1.1%** |  |  |
| Mhp Lux SA, 10.50%, 07/28/29<sup>(1)</sup> | 101000 | 103698 |
| VF Ukraine Pat Via Vfu Funding PLC, 9.63%, 02/11/27<sup>(1)</sup> | 127538 | 127220 |
| Total Ukraine |  | 230918 |

---

Schedule of Investments - Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **Uzbekistan – 0.6%** | **Uzbekistan – 0.6%** | |
| Uzbekneftegaz JSC, 8.75%, 05/07/30<sup>(1)</sup> | $111000 | $119186 |
| **Venezuela – 1.9%** |  |  |
| Petroleos de Venezuela SA, 12.75%, 02/17/22<sup>(6)</sup> | 391000 | 202636 |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(6)</sup> | 425000 | 200281 |
| Total Venezuela |  | 402917 |
| **Vietnam – 1.0%** |  |  |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | 186561 | 184753 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(1)</sup> | 23755 | 23524 |
| Total Vietnam |  | 208277 |
| **Total Corporate Bonds and Notes** |  |  |
| **(Cost $10,129,952)** |  | 10643411 |
| **FOREIGN GOVERNMENT SECURITIES – 46.5%**<sup>†</sup>** |  |  |
| **Angola – 1.7%** |  |  |
| Angolan Government International Bond, 8.00%, 11/26/29<sup>(1)</sup> | 46000 | 46966 |
| Angolan Government International Bond, 8.75%, 04/14/32<sup>(1)</sup> | 101000 | 105306 |
| Angolan Government International Bond, 9.88%, 10/15/35<sup>(1)</sup> | 200000 | 214869 |
| Total Angola |  | 367141 |
| **Argentina – 3.9%** |  |  |
| Argentine Republic Government International Bond, 0.75%, 07/09/30<sup>(2)</sup> | 238320 | 206117 |
| Argentine Republic Government International Bond, 4.13%, 07/09/35<sup>(2)</sup> | 167000 | 124833 |
| Argentine Republic Government International Bond, 3.50%, 07/09/41<sup>(2)</sup> | 469000 | 324314 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46<sup>(2)</sup> | 249727 | 176027 |
| Total Argentina |  | 831291 |
| **Bahrain – 1.4%** |  |  |
| Bahrain Government International Bond, 5.63%, 05/18/34<sup>(1)</sup> | 57000 | 52298 |
| Bahrain Government International Bond, 6.63%, 10/06/37<sup>(1)</sup> | 107000 | 101801 |
| Bahrain Government International Bond, 7.10%, 02/03/38<sup>(1)</sup> | 154000 | 150535 |
| Total Bahrain |  | 304634 |
| **Benin – 0.3%** |  |  |
| Benin Government International Bond, 7.96%, 02/13/38<sup>(1)</sup> | 69000 | 71156 |
| **Brazil – 3.6%** |  |  |
| Brazilian Government International Bond, 6.63%, 03/15/35 | 260000 | 269759 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Brazil (continued)** |  |  |
| Brazilian Government International Bond, 6.25%, 05/22/36 | $321000 | $320358 |
| Brazilian Government International Bond, 7.25%, 01/12/56 | 171000 | 172659 |
| Total Brazil |  | 762776 |
| **Colombia – 2.6%** |  |  |
| Colombia Government International Bond, 6.13%, 01/21/31 | 78000 | 78234 |
| Colombia Government International Bond, 8.00%, 04/20/33 | 219000 | 236356 |
| Colombia Government International Bond, 7.50%, 02/02/34 | 219000 | 229413 |
| Total Colombia |  | 544003 |
| **Costa Rica – 0.8%** |  |  |
| Costa Rica Government International Bond, 6.55%, 04/03/34<sup>(1)</sup> | 160000 | 172000 |
| **Dominican Republic – 3.3%** |  |  |
| Dominican Republic International Bond, 4.88%, 09/23/32<sup>(1)</sup> | 77000 | 72938 |
| Dominican Republic International Bond, 6.00%, 02/22/33 | 172000 | 172387 |
| Dominican Republic International Bond, 5.88%, 10/28/35<sup>(1)</sup> | 199000 | 194995 |
| Dominican Republic International Bond, 6.60%, 06/01/36<sup>(1)</sup> | 143000 | 147612 |
| Dominican Republic International Bond, 6.95%, 03/15/37 | 73000 | 76349 |
| Dominican Republic International Bond, 6.95%, 03/15/37<sup>(1)</sup> | 45000 | 47064 |
| Total Dominican Republic |  | 711345 |
| **Ecuador – 2.5%** |  |  |
| Ecuador Government International Bond, 6.90%, 07/31/35<sup>(2)</sup> | 219000 | 203506 |
| Ecuador Government International Bond, 9.25%, 01/29/39<sup>(1)</sup> | 200000 | 207250 |
| Ecuador Government International Bond, 5.00%, 07/31/40<sup>(2)</sup> | 116000 | 97209 |
| Total Ecuador |  | 507965 |
| **Egypt – 3.0%** |  |  |
| Egypt Government International Bond, 8.63%, 02/04/30<sup>(1)</sup> | 158000 | 167188 |
| Egypt Government International Bond, 7.05%, 01/15/32<sup>(1)</sup> | 59000 | 58096 |
| Egypt Government International Bond, 6.88%, 04/30/40<sup>(1)</sup> | 106000 | 92588 |
| Egypt Government International Bond, 7.90%, 02/21/48<sup>(1)</sup> | 150000 | 129688 |
| Egypt Government International Bond, 8.75%, 09/30/51<sup>(1)</sup> | 214000 | 198092 |
| Total Egypt |  | 645652 |

---

Schedule of Investments - Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **El Salvador – 0.7%** |  |  |
| El Salvador Government International Bond, 7.65%, 06/15/35 | $29000 | $29847 |
| El Salvador Government International Bond, 7.63%, 02/01/41 | 24000 | 24042 |
| El Salvador Government International Bond, 7.12%, 01/20/50 | 117000 | 106704 |
| Total El Salvador |  | 160593 |
| **Ethiopia – 0.1%** |  |  |
| Ethiopia International Bond, 6.63%, 12/11/24<sup>(1)</sup> | 12000 | 12360 |
| **Gabon – 0.3%** |  |  |
| Gabon Government International Bond, 6.63%, 02/06/31<sup>(1)</sup> | 75000 | 63458 |
| **Ghana – 0.8%** |  |  |
| Ghana Government International Bond, 4.79%, 07/03/26<sup>(1)(7)</sup> | 1600 | 1588 |
| Ghana Government International Bond, 5.00%, 07/03/29<sup>(1)(2)</sup> | 28000 | 27451 |
| Ghana Government International Bond, 5.17%, 01/03/30<sup>(1)(7)</sup> | 116191 | 102248 |
| Ghana Government International Bond, 5.00%, 07/03/35<sup>(1)(2)</sup> | 34600 | 31811 |
| Total Ghana |  | 163098 |
| **Guatemala – 0.4%** |  |  |
| Guatemala Government Bond, 6.60%, 06/13/36<sup>(1)</sup> | 70000 | 75040 |
| **Ivory Coast – 1.1%** |  |  |
| Ivory Coast Government International Bond, 7.63%, 01/30/33<sup>(1)</sup> | 97000 | 102141 |
| Ivory Coast Government International Bond, 8.08%, 04/01/36<sup>(1)</sup> | 75000 | 79733 |
| Ivory Coast Government International Bond, 6.75%, 02/25/41<sup>(1)</sup> | 42000 | 38836 |
| Total Ivory Coast |  | 220710 |
| **Jordan – 1.0%** |  |  |
| Jordan Government International Bond, 7.50%, 01/13/29 | 200000 | 207879 |
| **Kenya – 1.0%** |  |  |
| Republic of Kenya Government International Bond, 7.88%, 10/09/33<sup>(1)</sup> | 73000 | 69660 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36<sup>(1)</sup> | 97000 | 97485 |
| Republic of Kenya Government International Bond, 8.70%, 02/26/39<sup>(1)</sup> | 56000 | 52797 |
| Total Kenya |  | 219942 |
| **Kyrgyzstan – 0.6%** |  |  |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30<sup>(1)</sup> | 129000 | 132112 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Lebanon – 0.8%** | **Lebanon – 0.8%** | |
| Lebanon Government International Bond, 8.25%, 04/12/21<sup>(6)</sup> | $264000 | $71082 |
| Lebanon Government International Bond, 6.10%, 10/04/26<sup>(6)</sup> | 267000 | 68352 |
| Lebanon Government International Bond, 7.15%, 11/20/31<sup>(6)</sup> | 202000 | 52116 |
| Total Lebanon |  | 191550 |
| **Morocco – 0.1%** |  |  |
| Morocco Government International Bond, 3.00%, 12/15/32<sup>(1)</sup> | 17000 | 14878 |
| **Nigeria – 2.5%** |  |  |
| Nigeria Government International Bond, 6.13%, 09/28/28<sup>(1)</sup> | 241000 | 243109 |
| Nigeria Government International Bond, 9.63%, 06/09/31<sup>(1)</sup> | 171000 | 192965 |
| Nigeria Government International Bond, 8.63%, 01/13/36<sup>(1)</sup> | 41000 | 44946 |
| Nigeria Government International Bond, 9.13%, 01/13/46<sup>(1)</sup> | 58000 | 64090 |
| Total Nigeria |  | 545110 |
| **Pakistan – 0.2%** |  |  |
| Pakistan Government International Bond, 7.38%, 04/08/31<sup>(1)</sup> | 35000 | 33789 |
| **Senegal – 0.2%** |  |  |
| Senegal Government International Bond, 6.25%, 05/23/33<sup>(1)</sup> | 88000 | 49676 |
| **South Africa – 3.1%** |  |  |
| Republic of South Africa Government International Bond, 5.88%, 04/20/32 | 30000 | 30484 |
| Republic of South Africa Government International Bond, 7.10%, 11/19/36<sup>(1)</sup> | 109000 | 114235 |
| Republic of South Africa Government International Bond, 5.65%, 09/27/47 | 182000 | 147466 |
| Republic of South Africa Government International Bond, 6.30%, 06/22/48 | 259000 | 225330 |
| Republic of South Africa Government International Bond, 7.95%, 11/19/54<sup>(1)</sup> | 139000 | 142336 |
| Total South Africa |  | 659851 |
| **Sri Lanka – 0.7%** |  |  |
| Sri Lanka Government International Bond, 3.35%, 03/15/33<sup>(1)(2)</sup> | 128000 | 114432 |
| Sri Lanka Government International Bond, 3.60%, 06/15/35<sup>(1)(2)</sup> | 53000 | 41075 |
| Total Sri Lanka |  | 155507 |

---

Schedule of Investments - Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Suriname – 0.4%** | **Suriname – 0.4%** | |
| Suriname Government International Bond, 8.50%, 11/06/35<sup>(1)</sup> | $87000 | $95439 |
| **Trinidad & Tobago – 1.0%** |  |  |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 | 205000 | 210535 |
| **Turkey – 4.5%** |  |  |
| Istanbul Metropolitan Municipality, 10.50%, 12/06/28<sup>(1)</sup> | 82000 | 88916 |
| Turkiye Government International Bond, 5.95%, 01/15/31 | 382000 | 375185 |
| Turkiye Government International Bond, 7.13%, 02/12/32 | 84000 | 85890 |
| Turkiye Government International Bond, 7.25%, 05/29/32 | 124000 | 126967 |
| Turkiye Government International Bond, 6.95%, 09/16/35 | 142000 | 140296 |
| Turkiye Government International Bond, 6.80%, 11/04/36 | 53000 | 51567 |
| Turkiye Government International Bond, 6.88%, 01/14/38 | 80000 | 76825 |
| Total Turkey |  | 945646 |
| **Ukraine – 2.4%** |  |  |
| Ukraine Government International Bond, 0.00%, 02/01/30<sup>(1)(2)</sup> | 8035 | 5102 |
| Ukraine Government International Bond, 4.00%, 02/01/32<sup>(2)</sup> | 461980 | 354906 |
| Ukraine Government International Bond, 4.00%, 02/01/32<sup>(1)(2)</sup> | 61000 | 46802 |
| Ukraine Government International Bond, 4.50%, 02/01/34<sup>(1)(2)</sup> | 2197 | 1351 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(1)(2)</sup> | 65421 | 38926 |
| Ukraine Government International Bond, 0.00%, 02/01/36<sup>(1)(2)</sup> | 94000 | 48175 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(2)</sup> | 44000 | 26180 |
| Total Ukraine |  | 521442 |
| **Uzbekistan – 0.4%** |  |  |
| Republic of Uzbekistan International Bond, 3.90%, 10/19/31<sup>(1)</sup> | 89000 | 82714 |
| **Venezuela – 0.9%** |  |  |
| Venezuela Government International Bond, 12.75%, 08/23/22<sup>(6)</sup> | 44000 | 25146 |
| Venezuela Government International Bond, 11.75%, 10/21/26<sup>(6)</sup> | 280000 | 160230 |
| Total Venezuela |  | 185376 |
| **Zambia – 0.2%** |  |  |
| Zambia Government International Bond, 5.75%, 06/30/33<sup>(1)(2)</sup> | 35353 | 34972 |

---

---

| | |
|:---|:---|
| **Security Description** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** |  |
| **Total Foreign Government Securities** |  |
| **(Cost $9,546,844)** | $9899640 |
| **TOTAL INVESTMENTS - 96.5%** |  |
| (Cost $19,676,796) | **20543051** |
| Other Assets in Excess of Liabilities - 3.5% | 739106 |
| **Net Assets - 100.0%** | $**21282157** |

---

† Principal
 disclosed in USD unless otherwise stated.

(1) Security was purchased
 pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional
 buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At April 30, 2026, the aggregate value of these securities
 was $11,636,503, or 54.7% of net assets.

(2) Represents step
 coupon bond. Rate shown reflects the rate in effect as of April 30, 2026.

(3) Payment in-kind
 security, which may pay interest/dividends in additional par/shares and/or in cash.

(4) Variable rate
 instrument. The interest rate shown reflects the rate in effect at April 30, 2026.

(5) Perpetual security
 with no contractual maturity date.

(6) Security in default,
 no interest payments are being received.

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

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |

---

Schedule of Investments - Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2026 (unaudited)

---

| |
|:---|
| **Fair Value Measurements** |
| The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2026. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | $— | $10643411 | $— | $10643411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Securities |  | 9899640 |  | 9899640 |
| **Total** | $**—** | $**20543051** | $**—** | $**20543051** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $22032202.93

**Total Liabilities:** $750529.48

**Net Assets:** $21281673.45

**Cash Not Reported:** $749161.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -13.73088826 | **10-Year:** -347.73107930 | **30-Year:** -1250.77094100

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

- **3-Month:** -0.02643009 | **1-Year:** -18.26300123 | **5-Year:** -1449.49957500 | **10-Year:** -3242.50542700 | **30-Year:** -3694.71475900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239036 | 0.90%                | -2.67%               | 3.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $64165.80                | $-9683.43                                  |
| Month 2  | $177253.17               | $-860798.90                                |
| Month 3  | $-25191.32               | $691737.99                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GABON, REPUBLIC OF - MINISTRY OF PUBLIC ACCOUNTS AND DEBT         | GABON 6.625 02/06/31 144A   | CUSIP: 362420AD3<br>LEI: 213800ZIWIDL1KU8MB19 | Long             | DBT              | NUSS              | GA        |     75000 | PA      | $63458.25     | 0.30%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ECUADOR, REPUBLICA DEL - MINISTERIO DE FINANZAS Y CREDITO PUBLICO | ECUA 5 07/31/40 REGS        | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    116000 | PA      | $97208.94     | 0.46%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COTE D'IVOIRE, REPUBLIC OF                                        | IVYCST 7.625 01/30/33 144A  | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     97000 | PA      | $102141.00    | 0.48%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 0 02/01/30 144A      | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      8035 | PA      | $5102.23      | 0.02%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| GHANA, REPUBLIC OF                                                | GHANA 0 07/03/26 144A       | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      1600 | PA      | $1588.00      | 0.01%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EL SALVADOR, REPUBLIC OF - MINISTRY OF FINANCE                    | ELSALV 7.625 02/01/41 REGS  | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     24000 | PA      | $24042.00     | 0.11%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ARGENTINA, REPUBLIC OF - SUBSECRETARIA DE FINANCIAMIENTO          | ARGENT 4.125 07/09/35       | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    167000 | PA      | $124832.50    | 0.59%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| EGYPT, ARAB REPUBLIC OF - MINISTRY OF FINANCE                     | EGYPT 8.75 09/30/51 144A    | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    214000 | PA      | $198092.31    | 0.93%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                            | ESKOM 6.35 08/10/28 144a    | CUSIP: 29646AAC0<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     81000 | PA      | $82417.50     | 0.39%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| COLOMBIA, REPUBLIC OF - MINISTERO DE HACIENDA Y CREDITO PUBLICO   | COLOM 6.125 01/21/31        | CUSIP: 195325EU5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     78000 | PA      | $78234.00     | 0.37%             | 2031-01-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS FINANCE BV                                    | BRASKM 8 10/15/34 144A      | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     82000 | PA      | $48277.50     | 0.23%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL   | BRAZIL 6.625 03/15/35       | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    260000 | PA      | $269759.10    | 1.27%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAYS JSC                                             | GRAIL 4 06/17/28 144A       | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |     14000 | PA      | $13510.00     | 0.06%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YACIMIENTOS PETROLIFEROS FISCALES SA                              | YPFDAR 8.25 01/17/34 144A   | CUSIP: 984245BB5<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    204000 | PA      | $213894.00    | 1.01%             | 2034-01-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BUENOS AIRES, PROVINCE OF                                         | BUENOS 6.625 09/01/37 REGS  | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    144844 | PA      | $111589.11    | 0.52%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| NIGERIA, FEDERAL REPUBLIC OF - DEBT MANAGEMENT OFFICE (THE)       | NGERIA 6.125 09/28/28 144A  | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    241000 | PA      | $243108.75    | 1.14%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD (NEW)                                             | IHS 8.25 11/29/31 144A      | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     80000 | PA      | $83787.60     | 0.39%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENERJI AS                                     | AYDEMT 9.875 09/30/30 144A  | CUSIP: 054644AB5<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     69000 | PA      | $70204.05     | 0.33%             | 2030-09-30      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GUATEMALA, REPUBLIC OF - MINISTRY OF PUBLIC FINANCE               | GUATEM 6.6 06/13/36 144A    | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     70000 | PA      | $75040.00     | 0.35%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA, REPUBLIC OF - NATIONAL TREASURY                     | SOAF 7.95 11/19/54 144A     | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    139000 | PA      | $142336.00    | 0.67%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV                                                   | MVFPSO 6.748 06/01/34 144A  | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     52052 | PA      | $52710.71     | 0.25%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS SA DE CV                                      | PEMEX 6.7 02/16/32          | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     59000 | PA      | $59354.00     | 0.28%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| NIGERIA, FEDERAL REPUBLIC OF - DEBT MANAGEMENT OFFICE (THE)       | NGERIA 9.1297 01/13/46 144A | CUSIP: 65412AFG2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     58000 | PA      | $64090.00     | 0.30%             | 2046-01-13      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| SRI LANKA, GOVERNMENT OF                                          | SRILAN 3.35 03/15/33 144A   | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    128000 | PA      | $114432.00    | 0.54%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                                                | SAAVIE 8.875 02/10/35 144A  | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |     67000 | PA      | $74895.95     | 0.35%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                                            | GTE 9.5 10/15/29 144A       | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91500.00     | 0.43%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KENYA, GOVERNMENT OF                                              | KENINT 9.5 03/05/36 144A    | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     97000 | PA      | $97485.00     | 0.46%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MEDCO CYPRESS TREE PTE LTD                                        | MEDCIJ 8.625 05/19/30 REGS  | CUSIP: 000000000<br>LEI: 254900NKZ2Y3YZK4WC46 | Long             | DBT              | CORP              | SG        |     50000 | PA      | $52250.00     | 0.25%             | 2030-05-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BANCO INTERNACIONAL DEL PERU' SA                                  | BINTPE V6.397 04/30/35 144A | CUSIP: 05968DAG5<br>LEI: 5493001TRCGXJLRLHN14 | Long             | DBT              | CORP              | PE        |     80000 | PA      | $82752.00     | 0.39%             | 2035-04-30      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                                             | BEEFBZ 4.375 03/18/31 REGS  | CUSIP: 000000000<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    304000 | PA      | $273980.00    | 1.29%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BAHRAIN, KINGDOM OF - MINISTRY OF FINANCE & NATIONAL ECONOMY      | BHRAIN 5.625 05/18/34 144A  | CUSIP: 05675M2J2<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     57000 | PA      | $52297.50     | 0.25%             | 2034-05-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD                         | ADSEZ 3.828 02/02/32 REGS   | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    111000 | PA      | $101877.19    | 0.48%             | 2032-02-02      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                                               | MINCAP 5.625 08/10/37 144A  | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    202000 | PA      | $196087.46    | 0.92%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                           | SASOL 8.75 04/10/33 144A    | CUSIP: 80386WAG0<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    124000 | PA      | $130572.00    | 0.61%             | 2033-04-10      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                         | PRXNA 3.061 07/13/31 REGS   | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    134000 | PA      | $122760.75    | 0.58%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA                   | DOMREP 6.95 03/15/37 144A   | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     45000 | PA      | $47064.38     | 0.22%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA                                                      | OHIFLY 13 07/22/29 144A     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |    116850 | PA      | $118655.33    | 0.56%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD (NEW)                                             | IHS 7.875 05/29/30 144A     | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $41369.40     | 0.19%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARGENTINA, REPUBLIC OF - SUBSECRETARIA DE FINANCIAMIENTO          | ARGENT 0.75 07/09/30        | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    238320 | PA      | $206117.01    | 0.97%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                                           | STCITY 5 01/15/29 144A      | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    161000 | PA      | $153907.95    | 0.72%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GHANA, REPUBLIC OF                                                | GHANA 5 07/03/29 144A       | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     28000 | PA      | $27451.48     | 0.13%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIO LUXEMBOURG HOLDING SARL                                      | PRIOBZ 6.75 10/15/30 144A   | CUSIP: 74259PAA5<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |     81000 | PA      | $80860.68     | 0.38%             | 2030-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LEBANESE, REPUBLIC OF - MINISTRY OF FINANCE                       | LEBAN 7.15 11/20/31 GMTN    | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    202000 | PA      | $52116.00     | 0.24%             | 2031-11-20      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                              | TECOAR 9.5 07/18/31 144A    | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     93000 | PA      | $99428.16     | 0.47%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ZAMBIA, REPUBLIC OF - MINISTRY OF FINANCE                         | ZAMBIN 5.75 06/30/33 144A   | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     35353 | PA      | $34972.40     | 0.16%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                                     | VEONHD 3.375 11/25/27 144a  | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $195280.00    | 0.92%             | 2027-11-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHOSPHATES SA                                | OCPMR V6.7405 PERP 144a     | CUSIP: 67091TAK1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    100000 | PA      | $99617.50     | 0.47%             | N/A             | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA, REPUBLIC OF - NATIONAL TREASURY                     | SOAF 7.1 11/19/36 144A      | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    109000 | PA      | $114234.73    | 0.54%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| ADANI RENEWABLE ENERGY (RJ) LTD                                   | ARENRJ 4.625 10/15/39 144A  | CUSIP: 00654CAA0<br>LEI: 335800DKCLYHG21PBG55 | Long             | DBT              | CORP              | IN        |     94478 | PA      | $79361.10     | 0.37%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MHP LUX SA                                                        | MHPSA 10.5 07/28/29 144A    | CUSIP: 59318YAC2<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |    101000 | PA      | $103698.07    | 0.49%             | 2029-07-28      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MONG DUONG FINANCE HOLDINGS BV                                    | MONDFI 5.125 05/07/29 144A  | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     23755 | PA      | $23524.46     | 0.11%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CEMEX-CEMENTOS MEXICANOS SAB DE CV                                | CEMEX V5.125 PERP REGS      | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    154000 | PA      | $153889.12    | 0.72%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                          | YKBNK V9.25 01/17/34 144A   | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $52411.50     | 0.25%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| KENYA, GOVERNMENT OF                                              | KENINT 7.875 10/09/33 144A  | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     73000 | PA      | $69660.25     | 0.33%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PAKISTAN, ISLAMIC REPUBLIC OF                                     | PKSTAN 7.375 04/08/31 144A  | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     35000 | PA      | $33788.70     | 0.16%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RENEW WIND ENERGY (AP 2) PRIVATE LTD                              | RPVIN 4.5 07/14/28 REGS     | CUSIP: 000000000<br>LEI: 335800HUUTPY6YMI3284 | Long             | DBT              | CORP              | IN        |    128000 | PA      | $123200.00    | 0.58%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV                    | TEVA 4.1 10/01/46           | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $154251.34    | 0.72%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ARGENTINA, REPUBLIC OF - SUBSECRETARIA DE FINANCIAMIENTO          | ARGENT 3.5 07/09/41         | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    469000 | PA      | $324313.50    | 1.52%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA                   | DOMREP 6.6 06/01/36 144a    | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    143000 | PA      | $147611.75    | 0.69%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA                   | DOMREP 6 02/22/33 REGS      | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    172000 | PA      | $172387.00    | 0.81%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ JSC                                                 | UNGUZB 8.75 05/07/30 144A   | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |    111000 | PA      | $119186.25    | 0.56%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO E INVERSIONES SA                                 | BCICI V7.5 PERP 144A        | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    100000 | PA      | $106261.00    | 0.50%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EGYPT, ARAB REPUBLIC OF - MINISTRY OF FINANCE                     | EGYPT 7.903 02/21/48 144A   | CUSIP: 03846JW55<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    150000 | PA      | $129687.75    | 0.61%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| ETHIOPIA, REPUBLIC OF                                             | ETHOPI 6.625 12/11/24 144A  | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |     12000 | PA      | $12360.00     | 0.06%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                          | TURKTI 6.95 10/07/32 144A   | CUSIP: 90011QAE0<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |     84000 | PA      | $84110.88     | 0.40%             | 2032-10-07      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DOWNSTREAM TRADING SARL                                 | MCBRAC 7.25 06/30/31 144A   | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    151330 | PA      | $142136.85    | 0.67%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FINANCE HOLDINGS BV                                    | MONDFI 5.125 05/07/29 REGS  | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    186561 | PA      | $184753.39    | 0.87%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA, REPUBLIC OF - NATIONAL TREASURY                     | SOAF 6.3 06/22/48 30Y       | CUSIP: 836205AZ7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    259000 | PA      | $225330.00    | 1.06%             | 2048-06-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                              | TECOAR 9.25 05/28/33 144A   | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    202000 | PA      | $214933.05    | 1.01%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BAHRAIN, KINGDOM OF - MINISTRY OF FINANCE & NATIONAL ECONOMY      | BHRAIN 6.625 10/06/37 144A  | CUSIP: 056909AA2<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | CORP              | BH        |    107000 | PA      | $101800.87    | 0.48%             | 2037-10-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                      | ECOPET 7.75 02/01/32        | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    101000 | PA      | $103569.44    | 0.49%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SIMPAR EUROPE SA                                                  | SIMHBZ 5.2 01/26/31 144A    | CUSIP: 82883PAA2<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |     55000 | PA      | $47775.20     | 0.22%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EGYPT, ARAB REPUBLIC OF - MINISTRY OF FINANCE                     | EGYPT 6.875 04/30/40 144A   | CUSIP: 038461AF6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    106000 | PA      | $92588.35     | 0.44%             | 2040-04-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SRI LANKA, GOVERNMENT OF                                          | SRILAN 3.6 06/15/35 144A    | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     53000 | PA      | $41075.00     | 0.19%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES FINANCE II PLC                                  | VEDLN 10.875 09/17/29 144A  | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     32000 | PA      | $34020.00     | 0.16%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| COSTA RICA, REPUBLIC OF                                           | COSTAR 6.55 04/03/34 144A   | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    160000 | PA      | $172000.00    | 0.81%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 0 02/01/36 144A      | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     94000 | PA      | $48175.00     | 0.23%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| INVESTMENT ENERGY RESOURCES LTD                                   | CMIENE 6.25 04/26/29 144A   | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    125000 | PA      | $125327.50    | 0.59%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EL SALVADOR, REPUBLIC OF - MINISTRY OF FINANCE                    | ELSALV 7.65 06/15/35 REGS   | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     29000 | PA      | $29847.16     | 0.14%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| ADM ELEKTRIK DAGITIM AS                                           | ADMELE 9.5 02/05/31 144A    | CUSIP: 326026317<br>LEI: 984500CB836F7EC9CF60 | Long             | DBT              | CORP              | TR        |     93000 | PA      | $91505.17     | 0.43%             | 2031-02-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GRUPO TELEVISA SAB                                                | TELVIS 6.125 01/31/46       | CUSIP: 40049JBC0<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |    137000 | PA      | $105353.00    | 0.50%             | 2046-01-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY CO LTD                                                | STDCTY 7 02/15/27 REGS      | CUSIP: 000000000<br>LEI: 984500V5401EFT095A58 | Long             | DBT              | CORP              | VG        |    131000 | PA      | $131098.25    | 0.62%             | 2027-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BAHRAIN, KINGDOM OF - MINISTRY OF FINANCE & NATIONAL ECONOMY      | BHRAIN 7.1 02/03/38 144A    | CUSIP: 056909AB0<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | CORP              | BH        |    154000 | PA      | $150535.00    | 0.71%             | 2038-02-03      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| TURKEY, REPUBLIC OF UNDERSECRETARIAT OF TREASURY                  | TURKEY 7.125 02/12/32 7Y    | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     84000 | PA      | $85890.00     | 0.40%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMETLERI AS                                   | TCELLT 7.65 01/24/32 144A   | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     86000 | PA      | $89870.00     | 0.42%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| SERBIA, REPUBLIC OF - MINISTRY OF FINANCE                         | SERBIA 5.5 05/06/36 144A    | CUSIP: 817477AK8<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     64000 | PA      | $62384.64     | 0.29%             | 2036-05-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD (NEW)                                             | IHS 5.625 11/29/26 144A     | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $24925.50     | 0.12%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KYRGYZSTAN, REPUBLIC OF - MINISTRY OF FINANCE                     | KYRGYZ 7.75 06/03/30 144A   | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    129000 | PA      | $132112.13    | 0.62%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 4 02/01/32 144A      | CUSIP: 903724CH3<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     61000 | PA      | $46802.25     | 0.22%             | 2032-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH                | BANORT V5.875 PERP 144a     | CUSIP: 05973KAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    138000 | PA      | $138344.48    | 0.65%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VENEZUELA, BOLIVARIAN REPUBLIC OF - MINISTRY OF FINANCE           | VENZ 11.75 10/21/26         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    280000 | PA      | $160230.00    | 0.75%             | 2026-10-21      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| MOROCCO, KINGDOM OF - MINISTRY OF FINANCE AND FOREIGN INVESTMENT  | MOROC 3 12/15/32 144A       | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     17000 | PA      | $14877.55     | 0.07%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COTE D'IVOIRE, REPUBLIC OF                                        | IVYCST 6.75 02/25/41 144A   | CUSIP: 221625AX4<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     42000 | PA      | $38835.93     | 0.18%             | 2041-02-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TURKEY, REPUBLIC OF UNDERSECRETARIAT OF TREASURY                  | TURKEY 7.25 05/29/32        | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    124000 | PA      | $126967.32    | 0.60%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GHANA, REPUBLIC OF                                                | GHANA 5 07/03/35 144A       | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     34600 | PA      | $31810.99     | 0.15%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SERVICES HOLDING SA                             | COSHSA 9.375 11/07/29 144A  | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     87000 | PA      | $91023.75     | 0.43%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD                                              | HBSPIN 4.125 05/18/31 REGS  | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    135525 | PA      | $127925.44    | 0.60%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ISTANBUL, METROPOLITAN MUNICIPALITY OF                            | ISTNBL 10.5 12/06/28 144A   | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |     82000 | PA      | $88915.88     | 0.42%             | 2028-12-06      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                           | SASOL 4.375 09/18/26        | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89772.75     | 0.42%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NIGERIA, FEDERAL REPUBLIC OF - DEBT MANAGEMENT OFFICE (THE)       | NGERIA 9.625 06/09/31 144A  | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    171000 | PA      | $192964.95    | 0.91%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TURKEY, REPUBLIC OF UNDERSECRETARIAT OF TREASURY                  | TURKEY 6.95 09/16/35        | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    142000 | PA      | $140296.00    | 0.66%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ANGOLA, REPUBLIC OF - MINISTRY OF FINANCE                         | ANGOL 9.875 10/15/35 144A   | CUSIP: 035198AJ9<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $214868.92    | 1.01%             | 2035-10-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| TRINIDAD AND TOBAGO, REPUBLIC OF - MINISTRY OF FINANCE            | TRITOB 6.4 06/26/34 REGS    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    205000 | PA      | $210535.00    | 0.99%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LEBANESE, REPUBLIC OF - MINISTRY OF FINANCE                       | LEBAN 6.1 10/04/22 EMTN     | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    267000 | PA      | $68352.00     | 0.32%             | 2022-10-04      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BUENOS AIRES, PROVINCE OF                                         | BUENOS 6.625 09/01/37 REGS  | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    163778 | PA      | $126176.21    | 0.59%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA, REPUBLIC OF - NATIONAL TREASURY                     | SOAF 5.875 04/20/32 10Y     | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     30000 | PA      | $30483.75     | 0.14%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ELDIK BANK OJSC                                                   | ELDIKB 8.5 04/23/31 144A    | CUSIP: 68370XAA4<br>LEI: 529900MRXI5QEMS86V46 | Long             | DBT              | CORP              | KG        |    107000 | PA      | $107468.66    | 0.50%             | 2031-04-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA (SPAIN) SA                                          | AICNRA 5.75 06/15/33 REGS   | CUSIP: 000000000<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    343000 | PA      | $312061.40    | 1.47%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU' - PETROPERU SA                                | PETRPE 4.75 06/19/32 REGS   | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     70000 | PA      | $57312.50     | 0.27%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA SA                                         | PDVSA 12.75 02/17/22 REGS   | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |    391000 | PA      | $202635.75    | 0.95%             | 2022-02-17      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH                | BANORT V6.625 PERP 144A     | CUSIP: 05973KAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    207000 | PA      | $203276.07    | 0.96%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTION BV                                     | YPMQBR 8.498 01/31/45 144A  | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     96697 | PA      | $103756.13    | 0.49%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KENYA, GOVERNMENT OF                                              | KENINT 8.7 02/26/39 144A    | CUSIP: 491798AS3<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     56000 | PA      | $52797.08     | 0.25%             | 2039-02-26      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| SENEGAL, REPUBLIC OF                                              | SENEGL 6.25 05/23/33 144A   | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     88000 | PA      | $49676.00     | 0.23%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARGENTINA, REPUBLIC OF - SUBSECRETARIA DE FINANCIAMIENTO          | ARGENT 4.125 07/09/46       | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    249727 | PA      | $176026.51    | 0.83%             | 2046-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                                | FSBIOE 8.125 02/11/36 144A  | CUSIP: 30315XAE4<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    133000 | PA      | $123856.25    | 0.58%             | 2036-02-11      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 4.5 02/01/34 144A    | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2197 | PA      | $1351.16      | 0.01%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL   | BRAZIL 6.25 05/22/36        | CUSIP: 105756CQ1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    321000 | PA      | $320358.00    | 1.51%             | 2036-05-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                              | SAMMIN 9.5 06/30/31 144A    | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    167428 | PA      | $168097.47    | 0.79%             | 2031-06-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA                   | DOMREP 6.95 03/15/37 REGS   | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     73000 | PA      | $76348.88     | 0.36%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                            | ESKOM 8.45 08/10/28 144A    | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    162000 | PA      | $170812.80    | 0.80%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA                   | DOMREP 4.875 09/23/32 144A  | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     77000 | PA      | $72938.25     | 0.34%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES FINANCE II PLC                                  | VEDLN 9.475 07/24/30 144A   | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $63000.00     | 0.30%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA                   | DOMREP 5.875 10/28/35 144A  | CUSIP: 25714PFF0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    199000 | PA      | $194995.13    | 0.92%             | 2035-10-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO LTD                                       | IHS 8 09/18/27 144A         | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | MU        |     61185 | PA      | $61361.50     | 0.29%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ECUADOR, REPUBLICA DEL - MINISTERIO DE FINANZAS Y CREDITO PUBLICO | ECUA 9.25 01/29/39 144A     | CUSIP: 27927WAR3<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    200000 | PA      | $207250.00    | 0.97%             | 2039-01-29      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ANGOLA, REPUBLIC OF - MINISTRY OF FINANCE                         | ANGOL 8 11/26/29 144A       | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     46000 | PA      | $46966.00     | 0.22%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COLOMBIA, REPUBLIC OF - MINISTERO DE HACIENDA Y CREDITO PUBLICO   | COLOM 8 04/20/33            | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    219000 | PA      | $236355.75    | 1.11%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VFU FUNDING PLC                                                   | VODUKR 9.625 02/11/27 144A  | CUSIP: 918212AA9<br>LEI: 213800C9OW7RIPPP6Z96 | Long             | DBT              | CORP              | GB        |    127538 | PA      | $127219.41    | 0.60%             | 2027-02-11      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 4 02/01/32 REGS      | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    461980 | PA      | $354906.31    | 1.67%             | 2032-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE LTD                                         | MPEL 5.375 12/04/29 REGS    | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    238000 | PA      | $233364.95    | 1.10%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                                                 | KOS 7.75 05/01/27 REGS      | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     96000 | PA      | $95939.04     | 0.45%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL COMPANY JSC                                  | KZOKZ 6.375 10/24/48 144A   | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    210000 | PA      | $212426.55    | 1.00%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WE SODA INVESTMENTS HOLDING PLC                                   | WESODA 9.5 10/06/28 144A    | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    131000 | PA      | $132850.38    | 0.62%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LEBANESE, REPUBLIC OF - MINISTRY OF FINANCE                       | LEBAN 8.25 04/12/21 REGS    | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    264000 | PA      | $71082.00     | 0.33%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL   | BRAZIL 7.25 01/12/56        | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    171000 | PA      | $172658.70    | 0.81%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COTE D'IVOIRE, REPUBLIC OF                                        | IVYCST 8.075 04/01/36 144A  | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     75000 | PA      | $79732.88     | 0.37%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| BENIN, REPUBLIC OF - MINISTRY OF FINANCE                          | BENIN 7.96 02/13/38 144A    | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     69000 | PA      | $71156.25     | 0.33%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA                                                     | MSUNRG 9.75 12/05/30 144A   | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |    158000 | PA      | $158992.44    | 0.75%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TURKEY, REPUBLIC OF UNDERSECRETARIAT OF TREASURY                  | TURKEY 6.8 11/04/36         | CUSIP: 900123DS6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     53000 | PA      | $51567.41     | 0.24%             | 2036-11-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN, REPUBLIC OF - MINISTRY OF FINANCE                     | UZBEK 3.9 10/19/31 144A     | CUSIP: 91822Q2E6<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     89000 | PA      | $82714.38     | 0.39%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GHANA, REPUBLIC OF                                                | GHANA 0 01/03/30 144A       | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    116191 | PA      | $102248.29    | 0.48%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EGYPT, ARAB REPUBLIC OF - MINISTRY OF FINANCE                     | EGYPT 8.625 02/04/30 144A   | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    158000 | PA      | $167188.49    | 0.79%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VENEZUELA, BOLIVARIAN REPUBLIC OF - MINISTRY OF FINANCE           | VENZ 12.75 08/23/22         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     44000 | PA      | $25146.00     | 0.12%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| SURINAME, REPUBLIC OF - MINISTRY OF FINANCE                       | SURINM 8.5 11/06/35 144A    | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |     87000 | PA      | $95439.00     | 0.45%             | 2035-11-06      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TURKEY, REPUBLIC OF UNDERSECRETARIAT OF TREASURY                  | TURKEY 5.95 01/15/31 10Y    | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    382000 | PA      | $375184.68    | 1.76%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| COMISION EJECUTIVA HIDROELECTRICA DEL RIO LEMPA                   | CELELS 8.65 01/24/33 144A   | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     62000 | PA      | $66045.50     | 0.31%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| VAMOS EUROPE SA                                                   | VAMOBZ 9.2 01/26/31 144a    | CUSIP: 92049NAA7<br>LEI: 894500FA5CLVV8HLE261 | Long             | DBT              | CORP              | LU        |    111000 | PA      | $106134.87    | 0.50%             | 2031-01-26      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK UERETIM AS                                  | ZOREN 11 04/23/30 144A      | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     83000 | PA      | $73973.75     | 0.35%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS SA DE CV                                      | PEMEX 6.35 02/12/48         | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    172000 | PA      | $138381.52    | 0.65%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                          | AZURGY 8.25 01/22/31 144A   | CUSIP: 05501YAB4<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $51750.00     | 0.24%             | 2031-01-22      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA, REPUBLIC OF - NATIONAL TREASURY                     | SOAF 5.65 09/27/47 30Y      | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    182000 | PA      | $147465.50    | 0.69%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| EL SALVADOR, REPUBLIC OF - MINISTRY OF FINANCE                    | ELSALV 7.1246 01/20/50 REGS | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    117000 | PA      | $106704.00    | 0.50%             | 2050-01-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COLOMBIA, REPUBLIC OF - MINISTERO DE HACIENDA Y CREDITO PUBLICO   | COLOM 7.5 02/02/34          | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    219000 | PA      | $229413.45    | 1.08%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS SA DE CV                                      | PEMEX 6.95 01/28/60         | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    391000 | PA      | $325878.95    | 1.53%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB DE CV                                      | ORBIA 7.5 05/13/35 144A     | CUSIP: 68560EAD0<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     86000 | PA      | $87087.90     | 0.41%             | 2035-05-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                                | FORSEA 7.5 06/15/30 144A    | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |    106000 | PA      | $105150.72    | 0.49%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA                                               | DAVIVI V6.65 PERP 144A      | CUSIP: 059501AD8<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |    139000 | PA      | $129826.00    | 0.61%             | N/A             | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 4.5 02/01/36 144A    | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     65421 | PA      | $38925.50     | 0.18%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                                       | BBVASM V5.125 01/18/33 144A | CUSIP: 05533UAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $67124.50     | 0.32%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS SA DE CV                                      | PEMEX 5.95 01/28/31         | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     35000 | PA      | $34343.75     | 0.16%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JORDAN, HASHEMITE KINGDOM OF - MINISTRY OF FINANCE                | JORDAN 7.5 01/13/29 REGS    | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    200000 | PA      | $207879.00    | 0.98%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                         | PRXNA 3.832 02/08/51 144A   | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    251000 | PA      | $167752.09    | 0.79%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| GRUPO NUTRESA SA                                                  | NUTRES V7.875 PERP 144A     | CUSIP: 40052JAA9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    107000 | PA      | $106732.50    | 0.50%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EGYPT, ARAB REPUBLIC OF - MINISTRY OF FINANCE                     | EGYPT 7.0529 01/15/32 144A  | CUSIP: 03846JX21<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     59000 | PA      | $58096.12     | 0.27%             | 2032-01-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| ANGOLA, REPUBLIC OF - MINISTRY OF FINANCE                         | ANGOL 8.75 04/14/32 144A    | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    101000 | PA      | $105306.14    | 0.49%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ECUADOR, REPUBLICA DEL - MINISTERIO DE FINANZAS Y CREDITO PUBLICO | ECUA 6.9 07/31/35 REGS      | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    219000 | PA      | $203505.75    | 0.96%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| UKRAINE, REPUBLIC OF - MINISTRY OF FINANCE                        | UKRAIN 4.5 02/01/36 REGS    | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     44000 | PA      | $26180.00     | 0.12%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE LTD                                       | ENOIGA 5.875 03/30/31       | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    100000 | PA      | $95990.40     | 0.45%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL                                                       | RRRPBZ 9.75 02/05/31 144A   | CUSIP: 88563PAA6<br>LEI: 9845007D0DF0BEFD8D97 | Long             | DBT              | CORP              | LU        |    101000 | PA      | $106534.80    | 0.50%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NIGERIA, FEDERAL REPUBLIC OF - DEBT MANAGEMENT OFFICE (THE)       | NGERIA 8.6308 01/13/36 144A | CUSIP: 65412AFF4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     41000 | PA      | $44946.25     | 0.21%             | 2036-01-13      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA SA                                         | PDVSA 9.75 05/17/35 REGS    | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |    425000 | PA      | $200281.25    | 0.94%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| YACIMIENTOS PETROLIFEROS FISCALES SA                              | YPFDAR 9.5 01/17/31 144A    | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    125000 | PA      | $133797.50    | 0.63%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VOLCAN COMPANIA MINERA SA                                         | VOLCAN 8.5 10/28/32 144A    | CUSIP: 92863UAD8<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |    102000 | PA      | $105313.98    | 0.49%             | 2032-10-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB DE CV                                        | AEROMX 8.625 11/15/31 144A  | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    163000 | PA      | $159112.45    | 0.75%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                          | AZURGY 8.125 01/23/30 144A  | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    119000 | PA      | $122848.82    | 0.58%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTION BV                                      | YPANBR 8.947 07/31/42 144A  | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    128233 | PA      | $142590.94    | 0.67%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| TURKEY, REPUBLIC OF UNDERSECRETARIAT OF TREASURY                  | TURKEY 6.875 01/14/38       | CUSIP: 900123DU1<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     80000 | PA      | $76825.00     | 0.36%             | 2038-01-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-29

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer