# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0000940400-25-011201
**Filing Date:** 2025-11
**Character Count:** 80499
**Document Hash:** 337416a75c84fb77219b723c69b69f48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011201.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS ASSET TRUST
- **CENTRAL INDEX KEY:** 0001018593

**ORGANIZATION NAME:**
- **EIN:** 956981193
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07705
- **FILM NUMBER:** 251531626

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** (800) 243-4361

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ASSET TRUST
- **DATE OF NAME CHANGE:** 20060523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX-KAYNE FUNDS
- **DATE OF NAME CHANGE:** 20021223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAYNE ANDERSON RUDNICK MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20010226

## Series and Classes Contracts Data

### Virtus Seix Total Return Bond Fund (Series ID: S000057031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181187 | Class A      | CBPSX           |
| C000181188 | Class I      | SAMFX           |
| C000181189 | Class R6     | SAMZX           |

## Nport-Ex

**VIRTUS Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—38.4%** | **U.S. Government Securities—38.4%** | **U.S. Government Securities—38.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.875%, 2/15/51 | $9116 | &nbsp;&nbsp; $5207 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 5/15/55 | 2196 | &nbsp;&nbsp; 2203 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Note <br>1.625%, 10/15/29<br>| 5564 | &nbsp;&nbsp; 5673 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 7/15/28 | 13490 | &nbsp;&nbsp; 13577 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 6/30/30 | 3072 | &nbsp;&nbsp; 3091 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.625%, 9/30/30 | 1432 | &nbsp;&nbsp; 1425 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 8/15/35 | 5268 | &nbsp;&nbsp; 5311 |
| **Total U.S. Government Securities** <br>**(Identified Cost $36,252)** | **Total U.S. Government Securities** <br>**(Identified Cost $36,252)** | &nbsp;&nbsp; **36487** |
| **Mortgage-Backed Securities—36.0%** | **Mortgage-Backed Securities—36.0%** | **Mortgage-Backed Securities—36.0%** |
| **Agency—36.0%** | **Agency—36.0%** |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMIC 5304, UB <br>4.000%, 2/25/52<br>| 221 | &nbsp;&nbsp; 208 |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #A95259 <br>4.000%, 12/1/40<br>| 696 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; Pool #Q42921 <br>3.500%, 9/1/46<br>| 871 | &nbsp;&nbsp; 818 |
| &nbsp;&nbsp;&nbsp; Pool #Q53881 <br>4.500%, 1/1/48<br>| 596 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Pool #QA3079 <br>3.500%, 10/1/49<br>| 225 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Pool #QA4766 <br>3.500%, 11/1/49<br>| 725 | &nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp; Pool #QC2692 <br>3.000%, 6/1/51<br>| 246 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Pool #QE9908 <br>5.500%, 9/1/52<br>| 496 | &nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp; Pool #QF8190 <br>6.000%, 2/1/53<br>| 673 | &nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; Pool #QG6239 <br>5.000%, 7/1/53<br>| 477 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp; Pool #QJ5568 <br>6.000%, 9/1/54<br>| 458 | &nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp; Pool #RA2579 <br>3.000%, 5/1/50<br>| 2166 | &nbsp;&nbsp; 1911 |
| &nbsp;&nbsp;&nbsp; Pool #RA2622 <br>3.000%, 5/1/50<br>| 1123 | &nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp; Pool #RA8285 <br>4.500%, 10/1/47<br>| 1450 | &nbsp;&nbsp; 1420 |
| &nbsp;&nbsp;&nbsp; Pool #SD0164 <br>3.500%, 12/1/49<br>| 442 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp; Pool #SD1618 <br>5.000%, 9/1/52<br>| 850 | &nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp; Pool #SD5272 <br>6.000%, 5/1/54<br>| 1268 | &nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp; Pool #ZT2423 <br>4.000%, 12/1/48<br>| 310 | &nbsp;&nbsp; 298 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #AB3692 <br>4.000%, 10/1/41<br>| 642 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp; Pool #AB3878 <br>4.000%, 11/1/41<br>| 669 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp; Pool #AB5924 <br>3.000%, 8/1/42<br>| 663 | &nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; Pool #BL7779 <br>1.460%, 8/1/30<br>| 1955 | &nbsp;&nbsp; 1711 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #BO1277 <br>3.000%, 7/1/49<br>| $410 | &nbsp;&nbsp; $361 |
| &nbsp;&nbsp;&nbsp; Pool #BO1345 <br>3.500%, 8/1/49<br>| 384 | &nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp; Pool #BO1351 <br>4.000%, 8/1/49<br>| 343 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; Pool #BT7914 <br>5.000%, 10/1/52<br>| 1126 | &nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp; Pool #BV3044 <br>3.000%, 2/1/52<br>| 654 | &nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp; Pool #BW3311 <br>4.500%, 7/1/52<br>| 831 | &nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; Pool #BY8494 <br>5.500%, 8/1/53<br>| 427 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp; Pool #CA5122 <br>3.000%, 2/1/50<br>| 462 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Pool #CB0998 <br>3.000%, 7/1/51<br>| 195 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; Pool #CB3110 <br>2.500%, 3/1/47<br>| 784 | &nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp; Pool #CB3630 <br>4.000%, 5/1/52<br>| 81 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Pool #CB3875 <br>3.500%, 6/1/47<br>| 949 | &nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Pool #FM8210 <br>3.000%, 4/1/50<br>| 566 | &nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Pool #FS2692 <br>5.000%, 8/1/52<br>| 1498 | &nbsp;&nbsp; 1496 |
| &nbsp;&nbsp;&nbsp; Pool #FS3262 <br>4.000%, 10/1/46<br>| 1394 | &nbsp;&nbsp; 1360 |
| &nbsp;&nbsp;&nbsp; Pool #FS3687 <br>5.000%, 11/1/52<br>| 738 | &nbsp;&nbsp; 741 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #783745 <br>3.500%, 3/15/43<br>| 1572 | &nbsp;&nbsp; 1449 |
| &nbsp;&nbsp;&nbsp; Pool #787186 <br>6.000%, 10/20/53<br>| 468 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Pool #787394 <br>5.500%, 5/20/54<br>| 1414 | &nbsp;&nbsp; 1436 |
| &nbsp;&nbsp;&nbsp; Pool #CR3025 <br>5.500%, 12/20/52<br>| 631 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; Pool #CS2411 <br>6.000%, 3/20/53<br>| 99 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Pool #CS5448 <br>6.000%, 1/20/53<br>| 930 | &nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp; Pool #CS7736 <br>6.000%, 4/20/53<br>| 364 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; Pool #MA8151 <br>4.500%, 7/20/52<br>| 531 | &nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp; Pool #MA8201 <br>4.500%, 8/20/52<br>| 1661 | &nbsp;&nbsp; 1623 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $34,566)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $34,566)** | &nbsp;&nbsp; **34209** |
| **Asset-Backed Securities—5.1%** | **Asset-Backed Securities—5.1%** | **Asset-Backed Securities—5.1%** |
| **Automobiles—1.3%** | **Automobiles—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust 2023-1, A 144A <br>4.850%, 8/15/35<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust 2025-2, A4 <br>4.280%, 8/15/31<br>| 340 | &nbsp;&nbsp; 341 |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust 2025-1A, A 144A <br>4.650%, 5/25/38<sup>(1)</sup> <br>| $340 | &nbsp;&nbsp; $347 |
|  |  | &nbsp;&nbsp; 1212 |
| **Credit Card—1.8%** | **Credit Card—1.8%** |  |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust 2025-5, A <br>4.510%, 7/15/32<br>| 155 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Barclays Dryrock Issuance Trust 2025-1, A <br>3.970%, 7/15/31<br>| 370 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust 2025-A2, A <br>4.490%, 6/21/32<br>| 410 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC 2024-A1, A <br>5.040%, 3/15/30<br>| 745 | &nbsp;&nbsp; 756 |
|  |  | &nbsp;&nbsp; 1700 |
| **Other—2.0%** | **Other—2.0%** |  |
| &nbsp;&nbsp;&nbsp; PSNH Funding LLC 2018-1, A3 <br>3.814%, 2/1/35<br>| 255 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S. Trust 2025-1A, A 144A <br>4.740%, 11/20/29<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers LLC 2020-2A, A2 144A <br>1.992%, 9/15/45<sup>(1)</sup> <br>| 805 | &nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust 2025-4, A 144A <br>4.760%, 3/21/33<sup>(1)</sup> <br>| 495 | &nbsp;&nbsp; 508 |
|  |  | &nbsp;&nbsp; 1925 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $4,820)** | **Total Asset-Backed Securities** <br>**(Identified Cost $4,820)** | &nbsp;&nbsp; **4837** |
| **Corporate Bonds and Notes—19.1%** | **Corporate Bonds and Notes—19.1%** | **Corporate Bonds and Notes—19.1%** |
| **Consumer Discretionary—2.5%** | **Consumer Discretionary—2.5%** |  |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. <br>5.400%, 8/15/34<br>| 174 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. 144A <br>6.125%, 2/15/33<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC 144A <br>2.500%, 12/14/31<sup>(1)</sup> <br>| 267 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. <br>3.250%, 2/12/32<br>| 161 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. 144A <br>4.375%, 1/15/31<sup>(1)</sup> <br>| 570 | &nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. <br>5.500%, 3/11/35<br>| 188 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. 144A <br>5.000%, 2/15/28<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 544 |
|  |  | &nbsp;&nbsp; 2382 |
| **Consumer Staples—0.7%** | **Consumer Staples—0.7%** |  |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. <br>4.650%, 2/15/53<br>| 785 | &nbsp;&nbsp; 704 |
| **Energy—0.9%** | **Energy—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP <br>3.400%, 2/15/31<br>| 111 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>6.200%, 4/1/55<br>| 351 | &nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. <br>4.200%, 2/1/33<br>| 223 | &nbsp;&nbsp; 212 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) <br>3.500%, 10/15/51<br>| $260 | &nbsp;&nbsp; $185 |
|  |  | &nbsp;&nbsp; 854 |
| **Financials—8.3%** | **Financials—8.3%** |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC <br>3.000%, 10/29/28<br>| 174 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>6.338%, 10/30/26<br>| 377 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC 144A <br>5.400%, 4/7/35<sup>(1)</sup> <br>| 199 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. 144A <br>5.375%, 5/30/30<sup>(1)</sup> <br>| 181 | &nbsp;&nbsp; 185 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.087%, 6/14/29 | 188 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.572%, 10/20/32 | 382 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>6.250%, 6/23/55<br>| 185 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Centerpoint Energy Restoration Bond Co. II LLC Series <br> A-2 <br>4.826%, 6/15/39<br>| 265 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>6.950% <sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; Consumers 2023 Securitization Funding LLC Series A2 <br>5.210%, 9/1/31<br>| 305 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc. <br>6.250%, 5/28/29<br>| 111 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. <br>6.250%, 7/1/29<br>| 117 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. 144A <br>5.875%, 3/15/30<sup>(1)</sup> <br>| 525 | &nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>5.576%, 7/23/36<br>| 358 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. 144A <br>6.400%, 3/26/29<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>1.593%, 5/4/27<br>| 703 | &nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp; NYSEG Storm Funding LLC Series A-3 <br>5.162%, 5/1/35<br>| 460 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2 <br>4.263%, 6/1/38<br>| 635 | &nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. <br>6.200%, 5/15/29<br>| 117 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Sigeco Securitization I LLC Series A1 <br>5.026%, 11/15/38<br>| 214 | &nbsp;&nbsp; 220 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.046%, 2/12/31 | 88 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.678%, 1/23/35 | 174 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 144A <br>4.375%, 5/1/29<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>3.350%, 3/2/33<br>| 204 | &nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp; 7902 |
| **Health Care—1.2%** | **Health Care—1.2%** |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. <br>4.250%, 11/21/49<br>| 474 | &nbsp;&nbsp; 399 |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.650%, 3/2/53<br>| $201 | &nbsp;&nbsp; $201 |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd. <br>5.300%, 5/19/53<br>| 597 | &nbsp;&nbsp; 577 |
|  |  | &nbsp;&nbsp; 1177 |
| **Industrials—3.5%** | **Industrials—3.5%** |  |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The) 144A <br>4.125%, 8/1/29<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. 144A <br>5.950%, 2/15/29<sup>(1)</sup> <br>| 137 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; BAE Systems plc 144A <br>5.300%, 3/26/34<sup>(1)</sup> <br>| 386 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. <br>5.000%, 10/3/34<br>| 356 | &nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; GATX Corp. <br>5.500%, 6/15/35<br>| 294 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; Owens Corning <br>5.950%, 6/15/54<br>| 239 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. <br>5.150%, 3/15/35<br>| 201 | &nbsp;&nbsp; 208 |
| United Airlines Pass-Through-Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, A <br>5.875%, 4/15/29<br>| 326 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; 2020-1, B <br>4.875%, 7/15/27<br>| 134 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. <br>5.050%, 3/3/53<br>| 467 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. <br>5.450%, 9/18/33<br>| 152 | &nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp; 3275 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Dell International LLC <br>3.450%, 12/15/51<br>| 385 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. <br>5.550%, 8/15/35<br>| 218 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. <br>5.700%, 3/17/35<br>| 393 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 908 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—0.2%** | **Materials—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. <br>5.150%, 12/1/34<br>| $187 | &nbsp;&nbsp; $191 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc. <br>3.200%, 12/1/51<br>| 275 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>3.375%, 2/15/29<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 544 |
|  |  | &nbsp;&nbsp; 730 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,189)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,189)** | &nbsp;&nbsp; **18123** |
| **Total Long-Term Investments—98.6%** <br>**(Identified Cost $93,827)** | **Total Long-Term Investments—98.6%** <br>**(Identified Cost $93,827)** | &nbsp;&nbsp; **93656** |
| **TOTAL INVESTMENTS—98.6%** <br>**(Identified Cost $93,827)** | **TOTAL INVESTMENTS—98.6%** <br>**(Identified Cost $93,827)** | &nbsp;&nbsp; **$93656** |
| Other assets and liabilities, net—1.4% | Other assets and liabilities, net—1.4% | &nbsp;&nbsp; 1287 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$94943** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At September 30, 2025, these securities <br> amounted to a value of $8,398 or 8.8% of net assets.<br>|
| <sup>(2)</sup> <br>| No contractual maturity date. |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36487 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34209 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4837 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18123 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93656 |

---

There were no securities valued significant unobservable inputs (Level 1) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

See Notes to Schedule of Investments

------

**VIRTUS Seix Total Return Bond Fund**

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

**September 30, 2025**

**Note 1. Security Valuation**

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

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

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

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

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

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

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

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

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

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

A summary of the inputs used to value the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the

Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

------

## 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 Asset Trust

- **b. Investment Company Act file number:** 811-07705

- **c. CIK number of Registrant:** 0001018593

- **d. LEI of Registrant:** 5493001887IYOL1CRU72

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9668

  - **Telephone number:** 800-263-4790

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

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

- **b. EDGAR series identifier (if any):** S000057031

- **c. LEI of Series:** 549300IWC5TV58FXZZ22

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $105126119.11

**Total Liabilities:** $10454052.00

**Net Assets:** $94672067.11

**Cash Not Reported:** $916440.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -3.20448647 | **5-Year:** -1605.92526500 | **10-Year:** -4073.42528500 | **30-Year:** -23879.35795000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -859.55613720 | **10-Year:** -446.71585130 | **30-Year:** -258.16243370

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000181187 | -0.28%               | 1.18%                | 0.92%                |
| Class ID C000181189 | -0.27%               | 1.25%                | 0.98%                |
| Class ID C000181188 | -0.28%               | 1.24%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25156.36               | $-680422.30                                |
| Month 2  | $-93050.79               | $916794.09                                 |
| Month 3  | $62200.55                | $568075.23                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 36179XDE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1661277 | PA      | $1623387.45   | 1.71%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                   | Tapestry Inc                                               | CUSIP: 876030AL1<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    188000 | PA      | $192039.53    | 0.20%             | 2035-03-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1432000 | PA      | $1424728.13   | 1.50%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC         | Motorola Solutions Inc                                     | CUSIP: 620076CC1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    218000 | PA      | $227105.74    | 0.24%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 3618AUVC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     99396 | PA      | $101867.41    | 0.11%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 31346YJK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    724810 | PA      | $679204.15    | 0.72%             | 2049-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GATX CORP                      | GATX Corp                                                  | CUSIP: 361448BS1<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    294000 | PA      | $303336.45    | 0.32%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3072000 | PA      | $3090839.99   | 3.26%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 3618AYBR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    929850 | PA      | $955033.26    | 1.01%             | 2053-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133KQF27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1449743 | PA      | $1420066.19   | 1.50%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                          | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $263279.19    | 0.28%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 31417AJY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    669066 | PA      | $648246.79    | 0.68%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2196000 | PA      | $2202862.50   | 2.33%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 31417CSN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    663204 | PA      | $604242.65    | 0.64%             | 2042-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140JVQD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    342653 | PA      | $329876.43    | 0.35%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/F | Ford Credit Auto Owner Trust 2023-REV1                     | CUSIP: 34535QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    515000 | PA      | $524076.98    | 0.55%             | 2035-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                           | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    204000 | PA      | $189898.48    | 0.20%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Synchrony Card Issuance Trust  | Synchrony Card Funding LLC                                 | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    745000 | PA      | $756000.97    | 0.80%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140QNN40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    783557 | PA      | $673182.67    | 0.71%             | 2047-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140XKCZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    738428 | PA      | $740463.76    | 0.78%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BORGWARNER INC                 | BorgWarner Inc                                             | CUSIP: 099724AQ9<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |    174000 | PA      | $179513.48    | 0.19%             | 2034-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC          | Amrize Finance US LLC                                      | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    199000 | PA      | $204997.22    | 0.22%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 36179XBU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    531388 | PA      | $519350.63    | 0.55%             | 2052-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140QLDC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195426 | PA      | $171740.05    | 0.18%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133AL7D4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    245621 | PA      | $220051.34    | 0.23%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                 | Rocket Cos Inc                                             | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $605528.80    | 0.64%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140JVM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    409916 | PA      | $360927.72    | 0.38%             | 2049-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE          | United Parcel Service Inc                                  | CUSIP: 911312CA2<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    467000 | PA      | $431382.28    | 0.46%             | 2053-03-03      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    181000 | PA      | $185342.19    | 0.20%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                              | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    530000 | PA      | $544313.71    | 0.57%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3132DS2D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1267742 | PA      | $1308426.35   | 1.38%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile US Trust              | T-Mobile US Trust 2025-1                                   | CUSIP: 872974AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $405105.80    | 0.43%             | 2029-11-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                       | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    188000 | PA      | $178078.87    | 0.19%             | 2029-06-14      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note | Toyota Auto Loan Extended Note Trust 2025-1                | CUSIP: 891950AA5<br>LEI: 254900QVX5SBHB37FT67 | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $346494.71    | 0.37%             | 2038-05-25      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140QPJV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    949351 | PA      | $875668.98    | 0.92%             | 2047-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                  | Owens Corning                                              | CUSIP: 690742AQ4<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    239000 | PA      | $246633.74    | 0.26%             | 2054-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                       | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    382000 | PA      | $342372.05    | 0.36%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                     | NetApp Inc                                                 | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |    393000 | PA      | $410815.24    | 0.43%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 3618B1SZ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    363942 | PA      | $373185.77    | 0.39%             | 2053-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133KH2L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2165686 | PA      | $1910811.46   | 2.02%             | 2050-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140J0UD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1955000 | PA      | $1711193.96   | 1.81%             | 2030-08-01      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| NYSEG STORM FUNDING LLC        | NYSEG Storm Funding LLC                                    | CUSIP: 67122QAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $466448.39    | 0.49%             | 2035-05-01      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133C64Y2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    477228 | PA      | $474867.25    | 0.50%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIGECO SECURITIZATION I        | Sigeco Securitization I LLC                                | CUSIP: 82655KAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213978 | PA      | $219690.54    | 0.23%             | 2036-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140NRNL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    426959 | PA      | $432028.66    | 0.46%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                 | NRG Energy Inc                                             | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    575000 | PA      | $543557.74    | 0.57%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC         | Williams Cos Inc/The                                       | CUSIP: 88339WAA4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    260000 | PA      | $184659.71    | 0.20%             | 2051-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T | Honda Auto Receivables 2025-2 Owner Trust                  | CUSIP: 437921AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $341322.33    | 0.36%             | 2031-08-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                        | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    358000 | PA      | $371132.16    | 0.39%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP           | Targa Resources Corp                                       | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    223000 | PA      | $211873.32    | 0.22%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP         | Boardwalk Pipelines LP                                     | CUSIP: 096630AH1<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    111000 | PA      | $103949.06    | 0.11%             | 2031-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 A PTT        | United Airlines 2020-1 Class A Pass Through Trust          | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    326368 | PA      | $335467.83    | 0.35%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140QCVQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    462229 | PA      | $413501.76    | 0.44%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds             | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5563525 | PA      | $5673569.02   | 5.99%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                | BAE Systems PLC                                            | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    386000 | PA      | $399989.60    | 0.42%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                   | Veralto Corp                                               | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    152000 | PA      | $158949.21    | 0.17%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust                                       | CUSIP: 92348KEC3<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $507436.43    | 0.54%             | 2033-03-21      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 31339SM44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    225334 | PA      | $208950.00    | 0.22%             | 2049-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC             | Enact Holdings Inc                                         | CUSIP: 29249EAA7<br>LEI: 9845003CA5664B741N19 | Long             | DBT              | CORP              | US        |    111000 | PA      | $116065.28    | 0.12%             | 2029-05-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3132DMFD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    441678 | PA      | $412346.68    | 0.44%             | 2049-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                                                | CUSIP: 713448FT0<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    785000 | PA      | $704420.06    | 0.74%             | 2053-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 3618AHLE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    630707 | PA      | $638177.78    | 0.67%             | 2052-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3132AEVQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    310379 | PA      | $298220.95    | 0.32%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140MGL25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    653628 | PA      | $582528.80    | 0.62%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun | American Express Credit Account Master Trust Series 2025-5 | CUSIP: 02582JKT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $158293.64    | 0.17%             | 2032-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance  | Citibank Credit Card Issuance Trust                        | CUSIP: 17305EHB4<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $416918.75    | 0.44%             | 2032-06-21      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL       | Martin Marietta Materials Inc                              | CUSIP: 573284BA3<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    187000 | PA      | $190842.79    | 0.20%             | 2034-12-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                   | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    560000 | PA      | $548274.10    | 0.58%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133BLAH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    496502 | PA      | $505166.93    | 0.53%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC          | Republic Services Inc                                      | CUSIP: 760759BM1<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    201000 | PA      | $207539.23    | 0.22%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 3622AC2T6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    467783 | PA      | $477249.88    | 0.50%             | 2053-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5268000 | PA      | $5310802.50   | 5.61%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    174000 | PA      | $167682.49    | 0.18%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                      | CUSIP: 312943ZY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    695537 | PA      | $682155.35    | 0.72%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                              | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    161000 | PA      | $140870.76    | 0.15%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ESSENT GROUP LTD               | Essent Group Ltd                                           | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |    117000 | PA      | $122559.19    | 0.13%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140XH7E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1497999 | PA      | $1495944.81   | 1.58%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PG&E WILDFIRE RECOVERY         | PG&E Wildfire Recovery Funding LLC                         | CUSIP: 693342AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $606066.56    | 0.64%             | 2036-06-01      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                             | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    703000 | PA      | $691902.88    | 0.73%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                          | CUSIP: 3622A2ES7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1572057 | PA      | $1448672.16   | 1.53%             | 2043-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13490000 | PA      | $13577474.29  | 14.34%            | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Public Service New Hampshire F | PSNH Funding LLC 3                                         | CUSIP: 69363PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $249415.25    | 0.26%             | 2035-02-01      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                                        | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    377000 | PA      | $377640.39    | 0.40%             | 2026-10-30      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER        | Pfizer Investment Enterprises Pte Ltd                      | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    597000 | PA      | $576932.80    | 0.61%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RE II       | Centerpoint Energy Restoration Bond Co II LLC              | CUSIP: 15201GAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $263794.49    | 0.28%             | 2039-06-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC       | Vantage Data Centers LLC                                   | CUSIP: 92212KAC0<br>LEI: 5493000RL8X7WTQ7HO20 | Long             | ABS-O            | CORP              | US        |    805000 | PA      | $762474.67    | 0.81%             | 2045-09-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133CWFH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    458035 | PA      | $469935.12    | 0.50%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA         | Daimler Truck Finance North America LLC                    | CUSIP: 233853AH3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    267000 | PA      | $236483.65    | 0.25%             | 2031-12-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133KH4F0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1123439 | PA      | $989161.52    | 1.04%             | 2050-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                         | CUSIP: 3137H9YM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    221124 | PA      | $207992.67    | 0.22%             | 2052-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC        | Consolidated Edison Co of New York Inc                     | CUSIP: 209111GC1<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    275000 | PA      | $186228.45    | 0.20%             | 2051-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trus | Barclays Dryrock Issuance Trust                            | CUSIP: 06742LBF9<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $368933.62    | 0.39%             | 2031-07-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9116000 | PA      | $5207158.93   | 5.50%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                                                  | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    201000 | PA      | $200485.89    | 0.21%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC       | Ferguson Enterprises Inc                                   | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    356000 | PA      | $358440.68    | 0.38%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140MUVD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    831128 | PA      | $812688.13    | 0.86%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                         | CUSIP: 29273VBF6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    351000 | PA      | $353108.34    | 0.37%             | 2055-04-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                      | CUSIP: 3132XWJ36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    595587 | PA      | $587375.27    | 0.62%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT        | United Airlines 2020-1 Class B Pass Through Trust          | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134479 | PA      | $134483.77    | 0.14%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                 | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    174000 | PA      | $183203.11    | 0.19%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                         | CUSIP: 3622ADC71<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1413893 | PA      | $1435771.07   | 1.52%             | 2054-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140QPA80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80505 | PA      | $76099.66     | 0.08%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSUMERS 23 SECURE FUND       | Consumers 2023 Securitization Funding LLC                  | CUSIP: 21071BAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $314220.94    | 0.33%             | 2030-09-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie Inc                                                 | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    474000 | PA      | $399335.94    | 0.42%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP        | Dell International LLC / EMC Corp                          | CUSIP: 24703DBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $270529.79    | 0.29%             | 2051-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140LWYL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1126399 | PA      | $1126966.01   | 1.19%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC              | Brown & Brown Inc                                          | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    185000 | PA      | $194670.99    | 0.21%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                           | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    117000 | PA      | $122195.80    | 0.13%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                          | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    570000 | PA      | $541281.92    | 0.57%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3132DNYP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    850146 | PA      | $848346.60    | 0.90%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                           | CUSIP: 3133BWC35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    673257 | PA      | $693864.44    | 0.73%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 31417AC64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    641527 | PA      | $620968.97    | 0.66%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                   | ADT Security Corp/The                                      | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    575000 | PA      | $556034.26    | 0.59%             | 2029-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                              | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    535000 | PA      | $548394.26    | 0.58%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                 | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     88000 | PA      | $90255.67     | 0.10%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                      | CUSIP: 3132WGG76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    871175 | PA      | $818334.78    | 0.86%             | 2046-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                           | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    525000 | PA      | $532218.75    | 0.56%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140XCDQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    566335 | PA      | $508077.63    | 0.54%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140XJTU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1393658 | PA      | $1359758.53   | 1.44%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                 | VOC Escrow Ltd                                             | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    545000 | PA      | $543517.27    | 0.57%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                  | Aircastle Ltd                                              | CUSIP: 00928QAY7<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    137000 | PA      | $142877.97    | 0.15%             | 2029-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                            | CUSIP: 3140JVP71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    383720 | PA      | $356890.27    | 0.38%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Virtus Asset Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer