# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044747
**Filing Date:** 2023-2
**Character Count:** 301096
**Document Hash:** 2d6dfdee505415cd2f9268cda16cf304
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044747.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044747

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23679966

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX OPPORTUNITIES TRUST
- **DATE OF NAME CHANGE:** 20060127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX SENECA FUNDS
- **DATE OF NAME CHANGE:** 19990122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SENECA FUNDS
- **DATE OF NAME CHANGE:** 19951218

## Series and Classes Contracts Data

### Virtus Newfleet Low Duration Core Plus Bond Fund (Series ID: S000055179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173503 | Class A      | HIMZX           |
| C000173504 | Class C      | PCMZX           |
| C000173505 | Class I      | HIBIX           |
| C000210350 | Class R6     | VLDRX           |

## Nport-Ex

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Security—2.8%** | **U.S. Government Security—2.8%** | **U.S. Government Security—2.8%** |
| U.S. Treasury Note<br> 0.125%, 3/31/23 | $13200 | $13065 |
| **Total U.S. Government Security<br> (Identified Cost $13,117)** | **Total U.S. Government Security<br> (Identified Cost $13,117)** | &nbsp;&nbsp;&nbsp;&nbsp; **13065** |
| **Foreign Government Securities—0.4%** | **Foreign Government Securities—0.4%** | **Foreign Government Securities—0.4%** |
| Dominican Republic 144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 998 |
| Republic of Indonesia 144A<br> 4.125%, 1/15/25<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 430 |
| Republic of South Africa<br> 5.875%, 9/16/25 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 265 |
| State of Qatar Government International Bond 144A<br> 3.400%, 4/16/25<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 290 |
| **Total Foreign Government Securities<br> (Identified Cost $2,121)** | **Total Foreign Government Securities<br> (Identified Cost $2,121)** | &nbsp;&nbsp;&nbsp;&nbsp; **1983** |
| **Mortgage-Backed Securities—27.8%** | **Mortgage-Backed Securities—27.8%** | **Mortgage-Backed Securities—27.8%** |
| **Agency—0.2%** | **Agency—0.2%** |  |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AC3654<br> 5.000%, 10/1/39 | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;Pool #AD3841<br> 4.500%, 4/1/40 | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;Pool #AD6058<br> 4.000%, 8/1/25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;Pool #AL7532<br> 3.000%, 11/1/27 | &nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Pool #AO5149<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;Pool #AS5730<br> 3.000%, 9/1/30 | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;Pool #MA0908<br> 4.000%, 11/1/31 | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Pool #MA3663<br> 3.500%, 5/1/49 | &nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 172 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #345039<br> 7.000%, 9/15/23 | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; —<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #780023<br> 7.000%, 9/15/24 | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; —<sup>(2)</sup> |
|  |  | &nbsp;&nbsp;&nbsp; 914 |
| **Non-Agency—27.6%** | **Non-Agency—27.6%** |  |
| Ajax Mortgage Loan Trust 2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; 439 |
| American Homes 4 Rent Trust 2015-SFR1, A 144A<br> 3.467%, 4/17/52<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 163 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 2.120%, 4/17/37<sup>(1)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;2020-SFR3, B 144A<br> 1.806%, 9/17/37<sup>(1)</sup> | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2149 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp; 854 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp; 909 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 1.261%, 5/25/65<sup>(1)(3)</sup> | $234 | $200 |
| &nbsp;&nbsp;&nbsp;2020-R1, A2 144A<br> 1.247%, 4/25/53<sup>(1)(3)</sup> | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 718 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 0.985%, 4/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 1912 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;2021-7, A1 144A<br> 1.978%, 10/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 2497 | &nbsp;&nbsp; 2062 |
| Angel Oak Mortgage Trust I LLC 2018-3, A1 144A<br> 3.649%, 9/25/48<sup>(1)(3)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A<br> 2.068%, 5/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 520 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp;2020-1, A1B 144A<br> 2.100%, 3/25/55<sup>(1)</sup> | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.175%, 10/25/48<sup>(1)(3)</sup> | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 773 |
| BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A<br> 5.568%, 2/15/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 734 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.991%, 10/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;2021-NQM3, A1 144A<br> 1.699%, 4/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 2061 | &nbsp;&nbsp; 1845 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 417 |
| BX Commercial Mortgage Trust 2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A<br> 5.700%, 10/15/36<sup>(1)(3)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 858 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-GW, B (1 month LIBOR + 1.020%, Cap N/A, Floor 1.020%) 144A<br> 5.338%, 5/15/35<sup>(1)(3)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1220 |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 2212 | &nbsp;&nbsp; 2165 |
| Cascade MH Asset Trust 2021-MH1, A1 144A<br> 1.753%, 2/25/46<sup>(1)</sup> | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; 1978 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(3)</sup> | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 344 |
| CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%, Cap N/A, Floor 1.120%) 144A<br> 5.438%, 6/15/34<sup>(1)(3)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 358 |
| Citigroup Commercial Mortgage Trust 2015-GC27, A4<br> 2.878%, 2/10/48 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 884 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2014-A, A 144A<br> 4.000%, 1/25/35<sup>(1)(3)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;2015-PS1, A1 144A<br> 3.750%, 9/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 27 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(3)</sup> | $1118 | $1055 |
| COLT Funding LLC 2021-3R, A1 144A<br> 1.051%, 12/25/64<sup>(1)(3)</sup> | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 910 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3, A1 144A<br> 3.901%, 2/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; 1837 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp;2021-2R, A1 144A<br> 0.798%, 7/27/54<sup>(1)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 320 |
| COLT Mortgage Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 0.857%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;2021-1R, A3 144A<br> 1.421%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 766 |
| COMM Mortgage Trust 2020-CBM, B 144A<br> 3.099%, 2/10/37<sup>(1)</sup> | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 942 |
| CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A<br> 2.239%, 3/28/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 864 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 1.832%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp;2020-4, A 144A<br> 1.174%, 12/15/52<sup>(1)</sup> | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 1209 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A<br> 5.298%, 5/15/36<sup>(1)(3)</sup> | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1439 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 1.208%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; 1580 |
| &nbsp;&nbsp;&nbsp;2021-NQM1, A1 144A<br> 0.809%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;2021-NQM2, A1 144A<br> 1.179%, 2/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;2021-AFC1, A1 144A<br> 0.830%, 3/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 754 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 93 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.006%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;2020-2, A1 144A<br> 1.178%, 10/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1468 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 1.003%, 2/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 449 |
| Extended Stay America Trust 2021-ESH, C (1 month LIBOR + 1.700%, Cap N/A, Floor 1.700%) 144A<br> 6.018%, 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 1012 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 1.740%, 8/17/37<sup>(1)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 393 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, B 144A<br> 1.567%, 10/19/37<sup>(1)</sup> | $2045 | $1815 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 881 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, A21 144A<br> 3.500%, 7/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;2019-2, A52 144A<br> 3.500%, 6/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 385 |
| GCAT Trust 2020-NQM1, A1 144A<br> 2.247%, 1/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 92 |
| GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 2/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 1935 |
| GS Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(3)</sup> | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 1184 |
| Hilton USA Trust 2016-SFP, B 144A<br> 3.323%, 11/5/35<sup>(1)</sup> | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1013 |
| INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A<br> 6.825%, 8/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1753 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-C18, AS<br> 4.439%, 2/15/47<sup>(3)</sup> | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp;2015-C32, AS<br> 3.984%, 11/15/48 | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2060 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;2014-2, 2A2 144A<br> 3.500%, 6/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;2014-2, AM 144A<br> 3.351%, 6/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;2015-1, AM1 144A<br> 4.691%, 12/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;2015-5, A2 144A<br> 4.863%, 5/25/45<sup>(1)(3)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(3)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 3.211%, 10/26/48<sup>(1)(3)</sup> | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 339 |
| KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A<br> 5.318%, 12/15/37<sup>(1)(3)</sup> | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; 1384 |
| KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 5/15/36<sup>(1)(3)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1028 |
| LHOME Mortgage Trust 2021-RTL1, A1 144A<br> 2.090%, 2/25/26<sup>(1)(3)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 947 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 1369 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 2020 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 129 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, M2 144A<br> 3.250%, 1/25/61<sup>(1)(3)</sup> | $1015 | $911 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 638 |
| Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A<br> 5.025%, 6/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 253 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;2016-1A, A1 144A<br> 3.750%, 3/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;2019-NQM4, A1 144A<br> 2.492%, 9/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;2020-1A, A1B 144A<br> 3.500%, 10/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 524 | &nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp;2014-3A, AFX3 144A<br> 3.750%, 11/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 1209 | &nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(1)(3)</sup> | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 1011 |
| NMLT Trust 2021-INV1, A1 144A<br> 1.185%, 5/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 1346 | &nbsp;&nbsp; 1074 |
| NYMT Loan Trust 2022-CP1, A1 144A<br> 2.042%, 7/25/61<sup>(1)</sup> | &nbsp;&nbsp; 2369 | &nbsp;&nbsp; 2115 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-INV1, A3 144A<br> 4.500%, 11/25/48<sup>(1)(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;2018-1, A2 (1 month LIBOR + 0.650%) 144A<br> 5.039%, 6/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 106 |
| Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 2.363%, 11/25/25<sup>(1)(3)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.867%, 4/25/26<sup>(1)(3)</sup> | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;2021-RPL2, A1 144A<br> 1.455%, 10/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 522 |
| PRET LLC 2021-RN3, A1 144A<br> 1.843%, 9/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 1086 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A<br> 2.240%, 9/27/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 920 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR3, B 144A<br> 2.571%, 9/17/36<sup>(1)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, C 144A<br> 2.088%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 857 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-SFR6, C 144A<br> 1.855%, 7/17/38<sup>(1)</sup> | $725 | $616 |
| &nbsp;&nbsp;&nbsp;2020-SFR3, A 144A<br> 1.294%, 10/17/27<sup>(1)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, C 144A<br> 1.555%, 4/17/38<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 896 |
| Provident Funding Mortgage Trust 2019-1, A2 144A<br> 3.000%, 12/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 88 |
| RCKT Mortgage Trust 2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 254 |
| RCO VI Mortgage LLC 2022-1, A1 144A<br> 3.000%, 1/25/27<sup>(1)(3)</sup> | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 682 |
| RCO VII Mortgage LLC 2021-2, A1 144A<br> 2.116%, 9/25/26<sup>(1)(3)</sup> | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 444 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.913%, 5/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 562 |
| SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, A1 144A<br> 2.703%, 9/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;2021-1, A1 144A<br> 1.160%, 7/25/61<sup>(1)(3)</sup> | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 866 |
| &nbsp;&nbsp;&nbsp;2021-1, A3 144A<br> 1.560%, 7/25/61<sup>(1)(3)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 335 |
| STAR Trust 2021-1, A1 144A<br> 1.219%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 912 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.275%, 2/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;2020-3, A1 144A<br> 1.486%, 4/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;2021-3, A2 144A<br> 1.395%, 6/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp;2021-3, A3 144A<br> 1.518%, 6/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 243 |
| Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A<br> 3.778%, 10/25/34<sup>(3)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 52 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-1, M1 144A<br> 3.500%, 2/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1196 |
| &nbsp;&nbsp;&nbsp;2016-2, M2 144A<br> 3.000%, 8/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 3370 | &nbsp;&nbsp; 3074 |
| &nbsp;&nbsp;&nbsp;2017-1, A2 144A<br> 3.500%, 10/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 2355 | &nbsp;&nbsp; 2255 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1435 |
| &nbsp;&nbsp;&nbsp;2018-3, A1 144A<br> 3.750%, 5/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.722%, 3/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp;2015-4, M1 144A<br> 3.750%, 4/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;2018-4, A1 144A<br> 3.000%, 6/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1264 | &nbsp;&nbsp; 1153 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(3)</sup> | $1170 | $1049 |
| Towd Point Trust 2021-HE1, M1 144A<br> 1.500%, 2/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 505 |
| VCAT Asset Securitization LLC 2021-NPL6, A1 144A<br> 1.917%, 9/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp; 1026 |
| VCAT LLC 2021-NPL2, A1 144A<br> 2.115%, 3/27/51<sup>(1)(3)</sup> | &nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; 653 |
| Velocity Commercial Capital Loan Trust 2020-1, AFX 144A<br> 2.610%, 2/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 519 |
| Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A<br> 1.992%, 5/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 294 |
| Vericrest Opportunity Loan Trust XCIV LLC 2021-NPL3, A1 144A<br> 2.240%, 2/27/51<sup>(1)(3)</sup> | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 297 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-INV2, A1 144A<br> 2.913%, 7/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 1.031%, 2/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp; 1288 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.046%, 6/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp;2021-R3, A1 144A<br> 1.020%, 4/25/64<sup>(1)(3)</sup> | &nbsp;&nbsp; 1653 | &nbsp;&nbsp;&nbsp; 1425 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 3019 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.417%, 1/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp;2021-R1, A1 144A<br> 0.820%, 10/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp;2021-R2, A1 144A<br> 0.918%, 2/25/64<sup>(1)(3)</sup> | &nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 255 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 2660 | &nbsp;&nbsp;&nbsp; 2467 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 1726 | &nbsp;&nbsp;&nbsp; 1580 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-C24, AS<br> 3.931%, 11/15/47 | &nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp;2015-P2, A3<br> 3.541%, 12/15/48 | &nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 1310 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2004-K, 1A2<br> 3.615%, 7/25/34<sup>(3)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;2004-U, A1<br> 4.017%, 10/25/34<sup>(3)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; 232 |
|  |  | &nbsp;&nbsp;&nbsp;128050 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $142,903)** | **Total Mortgage-Backed Securities<br> (Identified Cost $142,903)** | &nbsp;&nbsp;&nbsp;&nbsp;**128964** |
| **Asset-Backed Securities—36.6%** | **Asset-Backed Securities—36.6%** | **Asset-Backed Securities—36.6%** |
| **Automobiles—17.8%** | **Automobiles—17.8%** |  |
| ACC Auto Trust 2021-A, B 144A<br> 1.790%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp; 1764 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| ACC Trust 2021-1, C 144A<br> 2.080%, 12/20/24<sup>(1)</sup> | $1785 | $1749 |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 3.230%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 4.470%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1381 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, C 144A<br> 0.830%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1212 |
| &nbsp;&nbsp;&nbsp;2021-3, C 144A<br> 0.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp;2022-1, D 144A<br> 2.460%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; 2132 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.190%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 719 |
| Avid Automobile Receivables Trust 2021-1, D 144A<br> 1.990%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 360 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-1A, A 144A<br> 2.330%, 8/20/26<sup>(1)</sup> | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1365 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, A 144A<br> 1.380%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1524 |
| CarNow Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, C 144A<br> 3.840%, 9/16/24<sup>(1)</sup> | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.380%, 2/17/26<sup>(1)</sup> | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1761 |
| &nbsp;&nbsp;&nbsp;2021-2A, B 144A<br> 1.300%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1609 | &nbsp;&nbsp; 1580 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2A, D 144A<br> 3.280%, 1/15/25<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;2019-3A, D 144A<br> 3.040%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp;2019-3A, E 144A<br> 4.600%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp;2020-N1A, D 144A<br> 3.430%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp;2020-P1, B<br> 0.920%, 11/9/26 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp;2021-N1, C<br> 1.300%, 1/10/28 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 775 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1344 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1762 |
| CIG Auto Receivables Trust 2021-1A, D 144A<br> 2.110%, 4/12/27<sup>(1)</sup> | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1846 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, E 144A<br> 3.860%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1850 |
| &nbsp;&nbsp;&nbsp;2020-C, C 144A<br> 1.710%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 344 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2022-D, D 144A<br> 8.730%, 1/16/29<sup>(1)</sup> | $1335 | $1354 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3A, B 144A<br> 2.860%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.600%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1480 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4A, C 144A<br> 2.730%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;2020-2A, C 144A<br> 3.280%, 3/16/26<sup>(1)</sup> | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.100%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1914 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2A, E 144A<br> 4.680%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1605 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;2020-1A, D 144A<br> 2.730%, 12/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1191 |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 3.440%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1897 |
| &nbsp;&nbsp;&nbsp;2022-3A, C<br> 5.300%, 9/15/27 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;2018-4A, D 144A<br> 4.350%, 9/16/24<sup>(1)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 359 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 0.890%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2079 |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1895 | &nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.470%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 1677 |
| Flagship Credit Auto Trust 2019-2, C 144A<br> 3.090%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 460 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, E 144A<br> 4.300%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 2.150%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; 1496 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4A, D 144A<br> 4.090%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 1986 |
| &nbsp;&nbsp;&nbsp;2020-2A, B 144A<br> 3.160%, 6/16/25<sup>(1)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp;2020-4A, C 144A<br> 1.140%, 11/17/25<sup>(1)</sup> | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 1380 |
| &nbsp;&nbsp;&nbsp;2021-3A, C 144A<br> 1.110%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.300%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1701 |
| Hertz Vehicle Financing III LLC 2022-1A, C 144A<br> 2.630%, 6/25/26<sup>(1)</sup> | &nbsp;&nbsp; 2415 | &nbsp;&nbsp; 2143 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1802 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 981 |
| Lendbuzz Securitization Trust 2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1343 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(1)</sup> | $1210 | $1147 |
| Santander Consumer Auto Receivables Trust 2021-AA, C 144A<br> 1.030%, 11/16/26<sup>(1)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 536 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, C<br> 4.740%, 10/16/28 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp;2022-7, A2<br> 5.810%, 1/15/26 | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1322 |
| Tesla Auto Lease Trust 2020-A, C 144A<br> 1.680%, 2/20/24<sup>(1)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1196 |
| Tidewater Auto Receivables Trust 2020-AA, C 144A<br> 1.910%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1056 |
| Tricolor Auto Securitization Trust 2022-1A, C 144A<br> 4.710%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1685 |
| United Auto Credit Securitization Trust 2021-1, D 144A<br> 1.140%, 6/10/26<sup>(1)</sup> | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1778 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, C 144A<br> 1.240%, 11/17/25<sup>(1)</sup> | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1243 |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1824 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 2.750%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1758 |
|  |  | &nbsp;&nbsp; 82750 |
| **Collateralized Loan Obligations—0.5%** | **Collateralized Loan Obligations—0.5%** |  |
| GoldentTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%, Cap N/A, Floor 1.070%) 144A<br> 5.313%, 1/20/33<sup>(1)(3)</sup> | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1404 |
| Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A<br> 5.143%, 4/20/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 779 |
|  |  | &nbsp;&nbsp; 2183 |
| **Consumer Loans—2.3%** | **Consumer Loans—2.3%** |  |
| CFMT Issuer Trust 2021-GRN1, A 144A<br> 1.100%, 3/20/41<sup>(1)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 665 |
| Lendingpoint Asset Securitization Trust 2022-A, B 144A<br> 2.410%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 1941 |
| Marlette Funding Trust 2021-1A, B 144A<br> 1.000%, 6/16/31<sup>(1)</sup> | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 1019 |
| Oportun Issuance Trust 2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; 1724 |
| Regional Management Issuance Trust 2021-1, A 144A<br> 1.680%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1635 |
| Republic Finance Issuance Trust 2020-A, A 144A<br> 2.470%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 963 |
| SoFi Consumer Loan Program Trust 2022-1S, A 144A<br> 6.210%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1041 | &nbsp;&nbsp; 1041 |
| Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, A 144A<br> 0.870%, 3/20/31<sup>(1)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Loans—continued** | **Consumer Loans—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-2, B 144A<br> 1.750%, 6/20/31<sup>(1)</sup> | $1730 | $1643 |
|  |  | &nbsp;&nbsp; 10675 |
| **Credit Card—1.3%** | **Credit Card—1.3%** |  |
| Avant Credit Card Master Trust 2021-1A, A 144A<br> 1.370%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1715 |
| Genesis Sales Finance Master Trust 2021-AA, A 144A<br> 1.200%, 12/21/26<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 656 |
| Mercury Financial Credit Card Master Trust 2021-1A, A 144A<br> 1.540%, 3/20/26<sup>(1)</sup> | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 1546 |
| Mission Lane Credit Card Master Trust 2021-A, A 144A<br> 1.590%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2237 |
|  |  | &nbsp;&nbsp; 6154 |
| **Equipment—1.4%** | **Equipment—1.4%** |  |
| CLI Funding VI LLC 2020-1A, A 144A<br> 2.080%, 9/18/45<sup>(1)</sup> | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1559 |
| Encina Equipment Finance LLC 2022-1A, B 144A<br> 5.150%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1172 |
| NMEF Funding LLC 2021-A, B 144A<br> 1.850%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3031 |
| Pawnee Equipment Receivables Series LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, B 144A<br> 2.520%, 10/15/24<sup>(1)</sup> | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;2020-1, A 144A<br> 1.370%, 11/17/25<sup>(1)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp; 6595 |
| **Other—12.9%** | **Other—12.9%** |  |
| Accelerated LLC 2021-1H, A 144A<br> 1.350%, 10/20/40<sup>(1)</sup> | &nbsp;&nbsp; 1153 | &nbsp;&nbsp; 1044 |
| Aligned Data Centers Issuer LLC 2021-1A, A2 144A<br> 1.937%, 8/15/46<sup>(1)</sup> | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1572 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 3.720%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 1990 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1192 |
| &nbsp;&nbsp;&nbsp;2021-A, A 144A<br> 1.540%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 1673 | &nbsp;&nbsp; 1530 |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(1)</sup> | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1522 |
| Bankers Healthcare Group Securitization Trust 2020-A, A 144A<br> 2.560%, 9/17/31<sup>(1)</sup> | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 317 |
| BHG Securitization Trust 2021-B, B 144A<br> 1.670%, 10/17/34<sup>(1)</sup> | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1258 |
| BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A<br> 2.940%, 5/25/29<sup>(1)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 153 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-A, A 144A<br> 2.880%, 5/2/30<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-A, B 144A<br> 2.490%, 2/28/36<sup>(1)</sup> | $671 | $609 |
| &nbsp;&nbsp;&nbsp;2022-A, A 144A<br> 4.120%, 9/28/37<sup>(1)</sup> | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; 1023 |
| CCG Receivables Trust 2021-1, C 144A<br> 0.840%, 6/14/27<sup>(1)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1397 |
| Commercial Equipment Finance LLC 2021-A, A 144A<br> 2.050%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 609 |
| Conn's Receivables Funding LLC 2021-A, B 144A<br> 2.870%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1965 |
| Crossroads Asset Trust 2021-A, B 144A<br> 1.120%, 6/20/25<sup>(1)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1316 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A 144A<br> 1.460%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;2020-1, B 144A<br> 1.920%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2385 | &nbsp;&nbsp; 2290 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, B 144A<br> 3.530%, 2/20/32<sup>(1)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 776 |
| Foundation Finance Trust 2019-1A, A 144A<br> 3.860%, 11/15/34<sup>(1)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 470 |
| FREED ABS Trust 2022-1FP, C 144A<br> 2.510%, 3/19/29<sup>(1)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1127 |
| GCI Funding I LLC 2021-1, A 144A<br> 2.380%, 6/18/46<sup>(1)</sup> | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 1018 |
| Gold Key Resorts LLC 2014-A, A 144A<br> 3.220%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(1)</sup> | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 1645 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-AA, A 144A<br> 2.660%, 12/26/28<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;2018-AA, A 144A<br> 3.540%, 2/25/32<sup>(1)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;2020-AA, A 144A<br> 2.740%, 2/25/39<sup>(1)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 421 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 994 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 2193 | &nbsp;&nbsp; 1970 |
| LL ABS Trust 2021-1A, A 144A<br> 1.070%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 633 |
| Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-AA, A 144A<br> 2.960%, 7/20/32<sup>(1)</sup> | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;2020-AA, A 144A<br> 2.190%, 8/21/34<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1037 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp;2021-1WA, B 144A<br> 1.440%, 1/22/41<sup>(1)</sup> | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 717 |
| MVW Owner Trust 2019-1A, A 144A<br> 2.890%, 11/20/36<sup>(1)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 301 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 1926 | &nbsp;&nbsp; 1619 |
| NMEF Funding LLC 2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1343 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Oasis Securitization Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 2.579%, 2/15/33<sup>(1)</sup> | $300 | $295 |
| &nbsp;&nbsp;&nbsp;2021-2A, A 144A<br> 2.143%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 864 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, C 144A<br> 4.740%, 6/20/25<sup>(1)</sup> | &nbsp;&nbsp; 1715 | &nbsp;&nbsp; 1692 |
| &nbsp;&nbsp;&nbsp;2020-1A, B 144A<br> 1.980%, 6/20/25<sup>(1)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1764 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 0.930%, 3/22/27<sup>(1)</sup> | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 711 |
| Orange Lake Timeshare Trust 2019-A, B 144A<br> 3.360%, 4/9/38<sup>(1)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 331 |
| Pawneee Equipment Receivables Series LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1412 |
| Planet Fitness Master Issuer LLC 2018-1A, A2II 144A<br> 4.666%, 9/5/48<sup>(1)</sup> | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 1735 |
| Purchasing Power Funding LLC 2021-A, A 144A<br> 1.570%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1958 |
| SBA Tower Trust 144A<br> 1.631%, 11/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1614 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, A 144A<br> 3.500%, 6/20/35<sup>(1)</sup> | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;2019-1A, B 144A<br> 3.420%, 1/20/36<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;2019-2A, B 144A<br> 2.820%, 5/20/36<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;2020-2A, B 144A<br> 2.320%, 7/20/37<sup>(1)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 6.360%, 6/20/40<sup>(1)</sup> | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 649 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 630 |
| TRP LLC 2021-1, A 144A<br> 2.070%, 6/19/51<sup>(1)</sup> | &nbsp;&nbsp; 1913 | &nbsp;&nbsp; 1603 |
| VFI ABS LLC 2022-1A, B 144A<br> 3.040%, 7/24/28<sup>(1)</sup> | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 2301 |
| Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 2.713%, 3/20/34<sup>(1)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 2.288%, 8/20/36<sup>(1)</sup> | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 1140 |
| ZAXBY'S Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 1904 |
|  |  | &nbsp;&nbsp; 60012 |
| **Student Loan—0.4%** | **Student Loan—0.4%** |  |
| Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-AGS, A1 144A<br> 2.550%, 5/25/41<sup>(1)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;2019-AGS, A1 144A<br> 2.540%, 1/25/47<sup>(1)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;2020-1, A 144A<br> 1.690%, 10/25/51<sup>(1)</sup> | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 267 |
| Navient Private Education Loan Trust 2017-A, A2A 144A<br> 2.880%, 12/16/58<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 147 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Student Loan—continued** | **Student Loan—continued** |  |
| Navient Private Education Refi Loan Trust 2021-A, A 144A<br> 0.840%, 5/15/69<sup>(1)</sup> | $790 | $683 |
|  |  | &nbsp;&nbsp;&nbsp; 1575 |
| **Total Asset-Backed Securities<br> (Identified Cost $181,282)** | **Total Asset-Backed Securities<br> (Identified Cost $181,282)** | &nbsp;&nbsp;&nbsp;&nbsp;**169944** |
| **Corporate Bonds and Notes—24.4%** | **Corporate Bonds and Notes—24.4%** | **Corporate Bonds and Notes—24.4%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| AT&T, Inc. (3 month LIBOR + 0.890%)<br> 5.540%, 2/15/23<sup>(3)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 475 |
| CCO Holdings LLC 144A<br> 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 203 |
| Level 3 Financing, Inc. 144A<br> 4.625%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 495 |
| Sprint Spectrum Co. LLC 144A<br> 4.738%, 3/20/25<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 134 |
| T-Mobile USA, Inc.<br> 2.050%, 2/15/28 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 945 |
| TripAdvisor, Inc. 144A<br> 7.000%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 889 |
| Verizon Communications, Inc. (3 month LIBOR + 1.100%)<br> 5.706%, 5/15/25<sup>(3)</sup> | &nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp; 641 |
|  |  | &nbsp;&nbsp;&nbsp; 3782 |
| **Consumer Discretionary—0.4%** | **Consumer Discretionary—0.4%** |  |
| Ashtead Capital, Inc. 144A<br> 4.375%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 1495 |
| Ford Motor Credit Co. LLC<br> 7.350%, 11/4/27 | &nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; 538 |
|  |  | &nbsp;&nbsp;&nbsp; 2033 |
| **Consumer Staples—0.8%** | **Consumer Staples—0.8%** |  |
| Albertsons Cos., Inc. 144A<br> 3.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 702 |
| Bacardi Ltd. 144A<br> 4.700%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 1117 |
| BAT Capital Corp.<br> 2.259%, 3/25/28 | &nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp; 1299 |
| Central American Bottling Corp. 144A<br> 5.250%, 4/27/29<sup>(1)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 462 |
|  |  | &nbsp;&nbsp;&nbsp; 3580 |
| **Energy—2.2%** | **Energy—2.2%** |  |
| Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.875%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;144A 2.000%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp; 950 |
| Boardwalk Pipelines LP<br> 4.950%, 12/15/24 | &nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp; 943 |
| BP Capital Markets plc<br> 4.875% <sup>(4)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp; 976 |
| Chesapeake Energy Corp. 144A<br> 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 1081 |
| Enbridge, Inc.<br> 7.375%, 1/15/83 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp;&nbsp; 1468 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Energy Transfer LP<br> 4.200%, 4/15/27 | $690 | $651 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Kinder Morgan, Inc.<br> 3.150%, 1/15/23 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1004 |
| NGPL PipeCo LLC 144A<br> 4.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 906 |
| Petroleos Mexicanos<br> 6.500%, 3/13/27 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1104 |
| Transocean Guardian Ltd. 144A<br> 5.875%, 1/15/24<sup>(1)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp; 10318 |
| **Financials—9.8%** | **Financials—9.8%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 8/14/24 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp;2.450%, 10/29/26 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;Series 3NC1<br> 1.750%, 10/29/24 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 524 |
| American Express Co.<br> 5.850%, 11/5/27 | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 1421 |
| Banco Santander Chile 144A<br> 2.700%, 1/10/25<sup>(1)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 899 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.734%, 7/22/27 | &nbsp;&nbsp; 4075 | &nbsp;&nbsp; 3570 |
| &nbsp;&nbsp;&nbsp;2.551%, 2/4/28 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;(3 month LIBOR + 0.770%)<br> 5.302%, 2/5/26<sup>(3)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 827 |
| Bank of New York Mellon Corp. (The)<br> 5.802%, 10/25/28 | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 1066 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp;7.385%, 11/2/28 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 698 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 12/15/26 | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;4.000%, 1/15/29 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 342 |
| Brookfield Finance, Inc.<br> 3.900%, 1/25/28 | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1449 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 5.375%<sup>(4)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(4)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 754 |
| Citadel Finance LLC 144A<br> 3.375%, 3/9/26<sup>(1)</sup> | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1061 |
| Citadel LP 144A<br> 4.875%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 176 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, 10/21/26 | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 1744 |
| &nbsp;&nbsp;&nbsp;(3 month LIBOR + 1.250%)<br> 6.004%, 7/1/26<sup>(3)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.280%)<br> 5.494%, 2/24/28<sup>(3)</sup> | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 929 |
| Corebridge Financial, Inc. 144A<br> 6.875%, 12/15/52<sup>(1)</sup> | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 868 |
| Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.773%, 3/28/25<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp;144A 1.621%, 9/11/26<sup>(1)</sup> | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 593 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | $1430 | $1289 |
| F&G Global Funding 144A<br> 1.750%, 6/30/26<sup>(1)</sup> | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1304 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.850%, 1/26/27 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 952 |
| &nbsp;&nbsp;&nbsp;(3 month LIBOR + 1.170%)<br> 5.776%, 5/15/26<sup>(3)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;(3 month LIBOR + 1.750%)<br> 6.124%, 10/28/27<sup>(3)</sup> | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 2930 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1476 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.378%, 2/24/28<sup>(3)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1454 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1008 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1128 |
| Lincoln National Corp. (3 month LIBOR + 2.040%)<br> 6.283%, 4/20/67<sup>(3)</sup> | &nbsp;&nbsp; 1715 | &nbsp;&nbsp; 1235 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;2.475%, 1/21/28 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 903 |
| &nbsp;&nbsp;&nbsp;6.296%, 10/18/28 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 350 |
| Navient Corp.<br> 5.875%, 10/25/24 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1093 |
| OWL Rock Core Income Corp.<br> 5.500%, 3/21/25 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 485 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 6/15/43 | &nbsp;&nbsp; 1948 | &nbsp;&nbsp; 1914 |
| &nbsp;&nbsp;&nbsp;6.000%, 9/1/52 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 251 |
| Spirit Realty LP<br> 4.450%, 9/15/26 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 591 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.751%, 11/4/26 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;5.820%, 11/4/28 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 733 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 905 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1440 |
| Wells Fargo & Co.<br> 1.654%, 6/2/24 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 910 |
|  |  | &nbsp;&nbsp; 45516 |
| **Health Care—2.0%** | **Health Care—2.0%** |  |
| Bio-Rad Laboratories, Inc.<br> 3.300%, 3/15/27 | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 974 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 573 |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.600%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;144A 5.650%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 557 |
| HCA, Inc.<br> 5.375%, 2/1/25 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 569 |
| Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, 12/12/25 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;5.750%, 12/13/27 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 517 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, 9/2/25 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;1.750%, 9/2/27 | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 1807 |
| Universal Health Services, Inc. 144A<br> 1.650%, 9/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1564 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Utah Acquisition Sub, Inc.<br> 3.950%, 6/15/26 | $273 | $255 |
| Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 6/22/27 | &nbsp;&nbsp; 1441 | &nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp; —<sup>(2)</sup> |
|  |  | &nbsp;&nbsp; 9184 |
| **Industrials—1.4%** | **Industrials—1.4%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 1336 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/25 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;5.040%, 5/1/27 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 501 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 3/15/35<sup>(1)</sup> | &nbsp;&nbsp; 1506 | &nbsp;&nbsp; 1226 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| GFL Environmental, Inc. 144A<br> 3.750%, 8/1/25<sup>(1)</sup> | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 1559 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 1948 | &nbsp;&nbsp; 1606 |
|  |  | &nbsp;&nbsp; 6591 |
| **Information Technology—2.1%** | **Information Technology—2.1%** |  |
| CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.670%, 12/1/26 | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;3.276%, 12/1/28 | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 678 |
| Dell International LLC<br> 4.900%, 10/1/26 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1024 |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2068 | &nbsp;&nbsp; 1886 |
| Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.050%, 10/15/26 | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp;2.700%, 10/15/28 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 587 |
| Open Text Corp. 144A<br> 3.875%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 772 |
| Oracle Corp.<br> 5.800%, 11/10/25 | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1084 |
| SK Hynix, Inc. 144A<br> 1.500%, 1/19/26<sup>(1)</sup> | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; 1670 |
| TD SYNNEX Corp.<br> 2.375%, 8/9/28 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 609 |
|  |  | &nbsp;&nbsp; 9668 |
| **Materials—2.3%** | **Materials—2.3%** |  |
| ArcelorMittal S.A.<br> 6.550%, 11/29/27 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1286 |
| Ardagh Packaging Finance plc 144A<br> 4.125%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 974 |
| Bayport Polymers LLC 144A<br> 4.743%, 4/14/27<sup>(1)</sup> | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1626 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, 7/5/24 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;6.050%, 3/15/25 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 583 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1192 |
| Glencore Funding LLC 144A<br> 1.625%, 9/1/25<sup>(1)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1168 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| International Flavors & Fragrances, Inc. 144A<br> 1.832%, 10/15/27<sup>(1)</sup> | $1393 | $1169 |
| Silgan Holdings, Inc. 144A<br> 1.400%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp; 1599 |
| Suzano Austria GmbH<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 470 |
|  |  | &nbsp;&nbsp;&nbsp; 10717 |
| **Real Estate—1.4%** | **Real Estate—1.4%** |  |
| EPR Properties<br> 4.950%, 4/15/28 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp; 943 |
| GLP Capital LP<br> 5.250%, 6/1/25 | &nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp; 1587 |
| Office Properties Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 2/1/25 | &nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp;2.650%, 6/15/26 | &nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp; 289 |
| Retail Opportunity Investments Partnership LP<br> 5.000%, 12/15/23 | &nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp; 1626 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, 3/15/24 | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;4.350%, 10/1/24 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 500 |
| VICI Properties LP 144A<br> 4.625%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 163 |
|  |  | &nbsp;&nbsp;&nbsp; 6448 |
| **Utilities—1.2%** | **Utilities—1.2%** |  |
| DPL, Inc.<br> 4.125%, 7/1/25 | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 138 |
| Enel Finance America LLC 144A<br> 7.100%, 10/14/27<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 590 |
| Enel Finance International N.V. 144A<br> 6.800%, 10/14/25<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 205 |
| FirstEnergy Transmission LLC 144A<br> 2.866%, 9/15/28<sup>(1)(5)</sup> | &nbsp;&nbsp; 837 | &nbsp;&nbsp;&nbsp; 730 |
| NRG Energy, Inc. 144A<br> 3.750%, 6/15/24<sup>(1)</sup> | &nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp; 1118 |
| Puget Energy, Inc.<br> 2.379%, 6/15/28 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; 909 |
| Southern California Edison Co.<br> 5.850%, 11/1/27 | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 286 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1454 |
|  |  | &nbsp;&nbsp;&nbsp; 5430 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $123,806)** | **Total Corporate Bonds and Notes<br> (Identified Cost $123,806)** | &nbsp;&nbsp;&nbsp;&nbsp;**113267** |
| **Leveraged Loans—6.6%** | **Leveraged Loans—6.6%** | **Leveraged Loans—6.6%** |
| **Aerospace—0.6%** | **Aerospace—0.6%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(3)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 191 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(3)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 730 |
| Delta Air Lines, Inc. (3 month LIBOR + 3.750%)<br> 7.993%, 10/20/27<sup>(3)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 616 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(3)</sup> | &nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; 559 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche E (3 month LIBOR + 2.250%)<br> 6.980%, 5/30/25<sup>(3)</sup> | $128 | $126 |
| &nbsp;&nbsp;&nbsp;Tranche F (3 month LIBOR + 2.250%)<br> 6.980%, 12/9/25<sup>(3)</sup> | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 691 |
|  |  | &nbsp;&nbsp; 2913 |
| **Chemicals—0.4%** | **Chemicals—0.4%** |  |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(3)</sup> | &nbsp;&nbsp; 1956 | &nbsp;&nbsp; 1922 |
| **Consumer Durables—0.4%** | **Consumer Durables—0.4%** |  |
| Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.550% - 6.880%, 2/11/28<sup>(3)</sup> | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 611 |
| Zodiac Pool Solutions LLC (1 month Term SOFR + 2.100%)<br> 6.423%, 1/29/29<sup>(3)</sup> | &nbsp;&nbsp; 1217 | &nbsp;&nbsp; 1153 |
|  |  | &nbsp;&nbsp; 1764 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%)<br> 7.743%, 12/21/28<sup>(3)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 597 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(3)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 613 |
| Paragon Offshore Finance Co. (1 month PRIME + 0.000%)<br> 3.250%, 7/16/21<sup>(6)(7)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1210 |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month LIBOR + 2.250%)<br> 6.603%, 12/1/27<sup>(3)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 942 |
| Citadel Securities LP 2021 (1 month Term SOFR + 2.610%)<br> 6.938%, 2/2/28<sup>(3)</sup> | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 898 |
|  |  | &nbsp;&nbsp; 1840 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 1.750%)<br> 6.134%, 3/11/25<sup>(3)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;Tranche B-5 (1 month LIBOR + 2.500%)<br> 6.884%, 4/6/28<sup>(3)</sup> | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 574 |
| Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%)<br> 6.634% - 6.665%, 8/3/25<sup>(3)</sup> | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 976 |
|  |  | &nbsp;&nbsp; 1892 |
| **Forest Prod / Containers—0.2%** | **Forest Prod / Containers—0.2%** |  |
| Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%)<br> 6.024%, 7/1/26<sup>(3)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 798 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—0.6%** | **Gaming / Leisure—0.6%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 12/23/24<sup>(3)</sup> | $849 | $847 |
| Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.173%, 6/22/26<sup>(3)</sup> | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 620 |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)<br> 7.417%, 4/13/29<sup>(3)</sup> | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 362 |
| Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%)<br> 6.980%, 7/21/26<sup>(3)</sup> | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 616 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(3)</sup> | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 367 |
|  |  | &nbsp;&nbsp; 2812 |
| **Health Care—0.5%** | **Health Care—0.5%** |  |
| Agiliti Health, Inc. (1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(3)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 413 |
| Elanco Animal Health, Inc. (1 month LIBOR + 1.750%)<br> 5.870%, 8/1/27<sup>(3)</sup> | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 588 |
| Horizon Therapeutics USA, Inc. Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.188%, 3/15/28<sup>(3)</sup> | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 685 |
| Select Medical Corp. Tranche B (1 month LIBOR + 2.500%)<br> 6.890%, 3/6/25<sup>(3)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 631 |
|  |  | &nbsp;&nbsp; 2317 |
| **Housing—0.4%** | **Housing—0.4%** |  |
| CPG International LLC (1 month Term SOFR + 2.600%)<br> 6.923%, 4/28/29<sup>(3)</sup> | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 537 |
| Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%)<br> 7.384%, 6/9/28<sup>(3)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 629 |
| Standard Industries, Inc. (3 month LIBOR + 2.250%)<br> 6.425%, 9/22/28<sup>(3)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 612 |
|  |  | &nbsp;&nbsp; 1778 |
| **Information Technology—0.7%** | **Information Technology—0.7%** |  |
| CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 9/21/28<sup>(3)</sup> | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 622 |
| Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 3.250%)<br> 7.573%, 11/9/29<sup>(3)</sup> | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1828 |
| Open Text Corp. (3 month LIBOR + 3.750%)<br> 0.000%, 8/25/29<sup>(3)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 410 |
| UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(3)</sup> | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 482 |
|  |  | &nbsp;&nbsp; 3342 |
| **Manufacturing—0.3%** | **Manufacturing—0.3%** |  |
| Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%)<br> 6.884%, 3/31/27<sup>(3)</sup> | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 515 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| NCR Corp. (3 month LIBOR + 2.500%)<br> 6.920%, 8/28/26<sup>(3)</sup> | $943 | $913 |
|  |  | &nbsp;&nbsp;&nbsp; 1428 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)<br> 6.884%, 9/18/26<sup>(3)</sup> | &nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 367 |
| **Media / Telecom - Cable/Wireless Video—0.3%** | **Media / Telecom - Cable/Wireless Video—0.3%** |  |
| Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.140%, 2/1/27<sup>(3)</sup> | &nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 621 |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(3)</sup> | &nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp; 635 |
|  |  | &nbsp;&nbsp;&nbsp; 1256 |
| **Media / Telecom - Telecommunications—0.0%** | **Media / Telecom - Telecommunications—0.0%** |  |
| Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)<br> 6.134%, 3/1/27<sup>(3)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 241 |
| **Media / Telecom - Wireless Communications—0.2%** | **Media / Telecom - Wireless Communications—0.2%** |  |
| SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)<br> 6.140%, 4/11/25<sup>(3)</sup> | &nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 1048 |
| **Service—0.6%** | **Service—0.6%** |  |
| Asplundh Tree Expert, LLC 2021 (1 month LIBOR + 1.750%)<br> 6.134%, 9/7/27<sup>(3)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 619 |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(3)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 596 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(3)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp; 614 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2028 (1 month LIBOR + 3.000%)<br> 7.390%, 1/21/28<sup>(3)</sup> | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;2028, Tranche B (1 month Term SOFR + 3.500%)<br> 7.823%, 1/21/28<sup>(3)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp;&nbsp; 2585 |
| **Utilities—0.2%** | **Utilities—0.2%** |  |
| Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%)<br> 6.089% - 6.134%, 12/31/25<sup>(3)</sup> | &nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp; 908 |
| **Total Leveraged Loans<br> (Identified Cost $30,733)** | **Total Leveraged Loans<br> (Identified Cost $30,733)** | &nbsp;&nbsp;&nbsp;&nbsp; **30421** |

---

---

| | |
|:---|:---|
| **Preferred Stocks—0.7%** | **Preferred Stocks—0.7%** |
| **Financials—0.5%** |  |
| Citigroup, Inc. Series T, 6.250%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235<sup>(8)</sup> | &nbsp;&nbsp; 1198 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| JPMorgan Chase & Co. Series HH, 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106<sup>(8)</sup> | $974 |
|  |  | &nbsp;&nbsp;&nbsp; 2172 |
| **Industrials—0.2%** | **Industrials—0.2%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.099%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215<sup>(8)</sup> | &nbsp;&nbsp;&nbsp; 1194 |
| **Total Preferred Stocks<br> (Identified Cost $3,546)** | **Total Preferred Stocks<br> (Identified Cost $3,546)** | &nbsp;&nbsp;&nbsp;&nbsp; **3366** |
| **Total Long-Term Investments—99.3%<br> (Identified Cost $497,508)** | **Total Long-Term Investments—99.3%<br> (Identified Cost $497,508)** | &nbsp;&nbsp;&nbsp;&nbsp;**461010** |
| **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** |
| **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;2375536 | &nbsp;&nbsp;&nbsp; 2376 |
| **Total Short-Term Investment<br> (Identified Cost $2,376)** | **Total Short-Term Investment<br> (Identified Cost $2,376)** | &nbsp;&nbsp;&nbsp;&nbsp; **2376** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp; 580500 | &nbsp;&nbsp;&nbsp; 580 |
| **Total Securities Lending Collateral<br> (Identified Cost $580)** | **Total Securities Lending Collateral<br> (Identified Cost $580)** | &nbsp;&nbsp;&nbsp;&nbsp; **580** |
| **TOTAL INVESTMENTS—99.9%<br> (Identified Cost $500,464)** | **TOTAL INVESTMENTS—99.9%<br> (Identified Cost $500,464)** | &nbsp;&nbsp;**$463966** |
| Other assets and liabilities, net—0.1% | Other assets and liabilities, net—0.1% | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$464601** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| GS | Goldman Sachs & Co. |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $324,191 or 69.8% of net assets. |
| <sup>(2)</sup> | Amount is less than $500. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Low Duration Core Plus Bond Fund

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

#### December 31, 2022
($ reported in thousands)

<sup>(3)</sup> Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(4)</sup> No contractual maturity date.

<sup>(5)</sup> All or a portion of security is on loan.

<sup>(6)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(7)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(8)</sup> Value shown as par value.

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(10)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;93% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$463966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$461010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

Securities held by the Fund with an end of period value of $703 were transferred from Level 3 to Level 2 due to a increase in trading activities at period end.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET LOW DURATION CORE PLUS BOND FUND

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

#### December 31, 2022

#### Note 1. Security Valuation
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.

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

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

• Level 3 – prices determined using significant unobservable inputs (including the 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 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 Fundcalculates 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, and restricted securities, are valued based on evaluated 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 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 ("OTC") derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Virtus Opportunities Trust

- **b. Investment Company Act file number:** 811-07455

- **c. CIK number of Registrant:** 0001005020

- **d. LEI of Registrant:** 549300O4C4QVD88M4N75

- **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:** 800-243-1574

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

- **a. Name of Series:** Virtus Newfleet Low Duration Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000055179

- **c. LEI of Series:** 549300INF8MRMW88KO98

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $468603517.47

**Total Liabilities:** $4889579.09

**Net Assets:** $463713938.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -10.00000000 | **1-Year:** -149.00000000 | **5-Year:** -31087.00000000 | **10-Year:** -13899.00000000 | **30-Year:** -56057.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -8446.00000000 | **10-Year:** -9936.00000000 | **30-Year:** -5204.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173503 | -2.75%               | -1.16%               | -1.82%               |
| Class ID C000173504 | -1.56%               | 0.05%                | -0.63%               |
| Class ID C000173505 | -0.39%               | 1.03%                | 0.56%                |
| Class ID C000210350 | -0.39%               | 1.04%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1126493.34             | $-2449733.79                               |
| Month 2  | $-2350653.73             | $6708175.17                                |
| Month 3  | $-1500678.22             | $2680088.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SOFI CONSUMER LOAN PROGRAM TRU            | SoFi Consumer Loan Program 2022-1S Trust                                        | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1041000 | PA      | $1041057.36   | 0.22%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LL            | Aligned Data Centers Issuer LLC                                                 | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1840000 | PA      | $1571536.27   | 0.34%             | 2046-08-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    475000 | PA      | $471656.09    | 0.10%             | 2026-05-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1885000 | PA      | $1743928.09   | 0.38%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                | Navient Private Education Loan Trust 2017-A                                     | CUSIP: 63939XAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149993 | PA      | $147230.28    | 0.03%             | 2058-12-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                      | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30158.70     | 0.01%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus            | Residential Mortgage Loan Trust 2020-1                                          | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590267 | PA      | $561876.62    | 0.12%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                | LAD Auto Receivables Trust 2021-1                                               | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1801867.80   | 0.39%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                               | Aker BP ASA                                                                     | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   1075000 | PA      | $949559.11    | 0.20%             | 2026-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2014-2                                                 | CUSIP: 46641YAN3<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |    280352 | PA      | $259590.59    | 0.06%             | 2029-06-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Commerical Equipment Finance 2            | Commercial Equipment Finance 2021-A LLC                                         | CUSIP: 20166QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    635779 | PA      | $608968.67    | 0.13%             | 2027-02-16      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2020-SFR3 Trust                                                            | CUSIP: 001807AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2148501.84   | 0.46%             | 2037-09-17      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                | LAD Auto Receivables Trust 2022-1                                               | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    997230 | PA      | $981257.59    | 0.21%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables             | Exeter Automobile Receivables Trust 2020-3                                      | CUSIP: 30166NAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1985000 | PA      | $1896879.90   | 0.41%             | 2026-08-17      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential             | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     79671 | PA      | $76261.96     | 0.02%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card             | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1620000 | PA      | $1545569.26   | 0.33%             | 2026-03-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,            | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53725 | PA      | $48529.00     | 0.01%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables              | Pawnee Equipment Receivables Series 2020-1 LLC                                  | CUSIP: 70410LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137390 | PA      | $135616.88    | 0.03%             | 2025-11-17      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential 2019-SFR3 Trust                                            | CUSIP: 74332WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    685000 | PA      | $649282.11    | 0.14%             | 2036-09-17      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                  | EQM Midstream Partners LP                                                       | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    403000 | PA      | $388893.72    | 0.08%             | 2025-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra            | VOLT XCIV LLC                                                                   | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    328262 | PA      | $296753.12    | 0.06%             | 2051-02-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust             | CarNow Auto Receivables Trust 2021-1                                            | CUSIP: 14369GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1770489 | PA      | $1760821.82   | 0.38%             | 2026-02-17      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                          | ArcelorMittal SA                                                                | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |   1280000 | PA      | $1286022.57   | 0.28%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                        | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1090000 | PA      | $998235.63    | 0.22%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                       | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    419434 | PA      | $334894.48    | 0.07%             | 2061-07-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A                | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1084876 | PA      | $994404.66    | 0.21%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                    | Cascade MH Asset Trust 2021-MH1                                                 | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2328288 | PA      | $1978099.75   | 0.43%             | 2046-02-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | Corevest American Finance 2020-4 Trust                                          | CUSIP: 21873AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1369111 | PA      | $1208535.26   | 0.26%             | 2052-12-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1049410 | PA      | $936789.68    | 0.20%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                        | Agiliti Health Inc                                                              | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    424487 | PA      | $413344.40    | 0.09%             | 2026-01-04      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable            | Westlake Automobile Receivables Trust 2020-3                                    | CUSIP: 96042QAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1275000 | PA      | $1242987.81   | 0.27%             | 2025-11-17      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                | CIG Auto Receivables Trust 2021-1                                               | CUSIP: 12598NAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1985000 | PA      | $1845729.62   | 0.40%             | 2027-04-12      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                      | INEOS US Finance LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   1962381 | PA      | $1928745.93   | 0.42%             | 2027-11-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2355000 | PA      | $2254890.13   | 0.49%             | 2056-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                      | Glencore Funding LLC                                                            | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1167565.17   | 0.25%             | 2025-09-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-1                                      | CUSIP: 64829FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    299026 | PA      | $274275.97    | 0.06%             | 2056-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                         | Arbys Funding LLC                                                               | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800555 | PA      | $1521767.87   | 0.33%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora            | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    224292 | PA      | $187906.83    | 0.04%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru            | First Investors Auto Owner Trust 2021-1                                         | CUSIP: 32059FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1895000 | PA      | $1794481.81   | 0.39%             | 2027-03-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                                               | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    633000 | PA      | $647951.95    | 0.14%             | 2026-11-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC              | Hilton Worldwide Finance LLC                                                    | CUSIP: 43289DAH6<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |    622749 | PA      | $620270.70    | 0.13%             | 2026-06-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                              | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |   1054000 | PA      | $974069.10    | 0.21%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3104410 | PA      | $3018875.79   | 0.65%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                      | Oasis Securitization Funding LLC                                                | CUSIP: 67422AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    299782 | PA      | $295401.07    | 0.06%             | 2033-02-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                   | UKG Inc                                                                         | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    506995 | PA      | $481645.27    | 0.10%             | 2026-05-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                 | Boeing Co/The                                                                   | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    507000 | PA      | $501411.62    | 0.11%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1490000 | PA      | $1344402.86   | 0.29%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust I LLC 2018-3                                           | CUSIP: 03464NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18142 | PA      | $18041.32     | 0.00%             | 2048-09-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                      | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $881428.91    | 0.19%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                                         | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    275000 | PA      | $268950.00    | 0.06%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GHB8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    840000 | PA      | $827416.35    | 0.18%             | 2026-02-05      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC               | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MAL3<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   2415000 | PA      | $2143054.34   | 0.46%             | 2026-06-25      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                           | Danske Bank A/S                                                                 | CUSIP: 23636ABD2<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    500000 | PA      | $484474.57    | 0.10%             | 2025-03-28      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding            | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDU5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1475000 | PA      | $1364891.84   | 0.29%             | 2026-08-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                           | NCR Corp                                                                        | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |    942924 | PA      | $912279.44    | 0.20%             | 2026-08-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                    | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1115000 | PA      | $975625.00    | 0.21%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DB92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186670 | PA      | $171895.49    | 0.04%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential             | Starwood Mortgage Residential Trust 2020-3                                      | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245533 | PA      | $224717.58    | 0.05%             | 2065-04-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221294 | PA      | $192383.15    | 0.04%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CHC Commercial Mortgage Trust             | CHC Commercial Mortgage Trust 2019 - CHC                                        | CUSIP: 162665AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    367227 | PA      | $358357.21    | 0.08%             | 2034-06-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable            | Westlake Automobile Receivables Trust 2022-1                                    | CUSIP: 96042WAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825000 | PA      | $1758111.01   | 0.38%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2021-3                                               | CUSIP: 92539LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1685000 | PA      | $1345655.58   | 0.29%             | 2066-06-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                       | Resideo Funding Inc                                                             | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |    617389 | PA      | $610832.09    | 0.13%             | 2028-02-11      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| GCI Funding I LLC                         | GCI Funding I LLC                                                               | CUSIP: 36166VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1198119 | PA      | $1017760.88   | 0.22%             | 2046-06-18      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Avolon TLB Borrower 1 (US) LLC            | Avolon TLB Borrower 1 US LLC                                                    | CUSIP: 05400KAH3<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |    945408 | PA      | $942203.09    | 0.20%             | 2027-12-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                  | Octane Receivables Trust 2020-1                                                 | CUSIP: 67592LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825000 | PA      | $1764383.54   | 0.38%             | 2025-06-20      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                       | COMM 2020-CBM Mortgage Trust                                                    | CUSIP: 20049AAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1035000 | PA      | $941921.31    | 0.20%             | 2037-02-10      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    495982 | PA      | $465595.51    | 0.10%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1215000 | PA      | $1104131.25   | 0.24%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting Inc                  | Nexstar Media Inc                                                               | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    370818 | PA      | $367387.54    | 0.08%             | 2026-09-18      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                            | ACM Auto Trust 2022-1                                                           | CUSIP: 00091QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    342981 | PA      | $342100.98    | 0.07%             | 2029-04-20      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                     | Quikrete Holdings Inc                                                           | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    636800 | PA      | $631030.59    | 0.14%             | 2028-06-09      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor            | Morgan Stanley Residential Mortgage Loan Trust 2014-1                           | CUSIP: 61763YAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    264338 | PA      | $252997.81    | 0.05%             | 2044-06-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 64830TAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1187510 | PA      | $1093783.74   | 0.24%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    760000 | PA      | $664575.68    | 0.14%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                    | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $702282.27    | 0.15%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                       | LL ABS Trust 2021-1                                                             | CUSIP: 53934QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    655508 | PA      | $632961.44    | 0.14%             | 2029-05-15      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                      | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1755000 | PA      | $1626047.87   | 0.35%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2021-A                                                       | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1673008 | PA      | $1529649.58   | 0.33%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2019-1                                                | CUSIP: 89177BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    308229 | PA      | $290015.10    | 0.06%             | 2058-03-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Tr            | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    453985 | PA      | $417399.91    | 0.09%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2020-1                                               | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    557321 | PA      | $524672.01    | 0.11%             | 2060-01-25      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag            | Wells Fargo Commercial Mortgage Trust 2015-P2                                   | CUSIP: 95000AAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1382136 | PA      | $1310041.03   | 0.28%             | 2048-12-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr            | Avid Automobile Receivables Trust 2021-1                                        | CUSIP: 05369LAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $360261.04    | 0.08%             | 2028-04-17      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825000 | PA      | $1761880.00   | 0.38%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr            | Credit Acceptance Auto Loan Trust 2019-3                                        | CUSIP: 22535KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    316921 | PA      | $316411.56    | 0.07%             | 2029-01-16      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1565000 | PA      | $1435486.55   | 0.31%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB                      | Utah Acquisition Sub Inc                                                        | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |    273000 | PA      | $255218.07    | 0.06%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418AAJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100576 | PA      | $97347.97     | 0.02%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2014-2                                                 | CUSIP: 46641YAJ2<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |    203665 | PA      | $190301.40    | 0.04%             | 2029-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                  | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $905184.31    | 0.20%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    671015 | PA      | $609285.40    | 0.13%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2021-3 LLC                                                                 | CUSIP: 69357PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    481382 | PA      | $429157.12    | 0.09%             | 2026-04-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| BRE Grand Islander Timeshare I            | BRE Grand Islander Timeshare Issuer 2017-A LLC                                  | CUSIP: 05584AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158640 | PA      | $153078.10    | 0.03%             | 2029-05-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147030 | PA      | $128629.32    | 0.03%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec            | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2370000 | PA      | $2132393.99   | 0.46%             | 2028-03-13      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                          | Pike Corp                                                                       | CUSIP: 72108PAT1<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |    110000 | PA      | $108946.20    | 0.02%             | 2028-01-21      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418RHT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22287 | PA      | $22030.12     | 0.00%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2016-2                                                | CUSIP: 89172PAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3370000 | PA      | $3073715.33   | 0.66%             | 2055-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                       | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1495278.06   | 0.32%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Visio Trust                               | Visio Trust                                                                     | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1725759 | PA      | $1580470.04   | 0.34%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| Dext ABS 2020-1, LLC                      | Dext ABS 2020-1 LLC                                                             | CUSIP: 25216AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650277 | PA      | $641434.30    | 0.14%             | 2027-02-16      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T            | Tricolor Auto Securitization Trust 2022-1                                       | CUSIP: 89616BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1725000 | PA      | $1684812.85   | 0.36%             | 2025-08-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus            | Residential Mortgage Loan Trust 2019-2                                          | CUSIP: 76119DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38464 | PA      | $37341.68     | 0.01%             | 2059-05-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                    | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    744000 | PA      | $615827.12    | 0.13%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | CAFL 2021-RTL1 Issuer LLC                                                       | CUSIP: 12468RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $863877.94    | 0.19%             | 2029-03-28      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Issuer Trust 2021-3                                        | CUSIP: 36263LAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1055000 | PA      | $988994.87    | 0.21%             | 2026-09-15      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2015-4                                                | CUSIP: 89171UAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53201 | PA      | $52961.93     | 0.01%             | 2055-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                          | RCO VI Mortgage LLC 2022-1                                                      | CUSIP: 74934VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    726846 | PA      | $681922.61    | 0.15%             | 2027-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T            | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    554745 | PA      | $449312.95    | 0.10%             | 2066-02-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T            | Regional Management Issuance Trust 2021-1                                       | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1815000 | PA      | $1635017.70   | 0.35%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust             | CarNow Auto Receivables Trust 2021-2                                            | CUSIP: 14369HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1608715 | PA      | $1580074.03   | 0.34%             | 2026-01-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables              | Pawnee Equipment Receivables Series 2019-1 LLC                                  | CUSIP: 704102AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    699363 | PA      | $697079.11    | 0.15%             | 2024-10-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora            | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    394556 | PA      | $343549.67    | 0.07%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                    | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $162987.50    | 0.04%             | 2025-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                       | Southern California Edison Co                                                   | CUSIP: 842400HS5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    278000 | PA      | $286141.80    | 0.06%             | 2027-11-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                      | Aramark Services Inc                                                            | CUSIP: 03852JAS0<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    583110 | PA      | $573780.56    | 0.12%             | 2028-04-06      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust 2020-R1                                                | CUSIP: 034651AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    771363 | PA      | $718245.32    | 0.15%             | 2053-04-25      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    873762 | PA      | $818637.59    | 0.18%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                  | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    691407 | PA      | $638453.79    | 0.14%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                            | CPS Auto Receivables Trust 2022-D                                               | CUSIP: 12663UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1335000 | PA      | $1353546.22   | 0.29%             | 2029-01-16      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                              | Illumina Inc                                                                    | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    420000 | PA      | $422853.94    | 0.09%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu            | JPMBB Commercial Mortgage Securities Trust 2014-C18                             | CUSIP: 46641JBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1395000 | PA      | $1356163.76   | 0.29%             | 2047-02-15      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mor            | Structured Adjustable Rate Mortgage Loan Trust                                  | CUSIP: 863579CP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56032 | PA      | $52140.93     | 0.01%             | 2034-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1515000 | PA      | $1468176.89   | 0.32%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables             | Exeter Automobile Receivables Trust 2018-4                                      | CUSIP: 30166EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360722 | PA      | $359393.42    | 0.08%             | 2024-09-16      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust              | METLIFE SECURITIZATION TRUST 2018-1                                             | CUSIP: 59166DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1457530 | PA      | $1368585.62   | 0.30%             | 2057-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC      | Charter Communications Operating LLC                                            | CUSIP: 16117LBX6<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    637116 | PA      | $621302.86    | 0.13%             | 2027-02-01      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust            | Mariner Finance Issuance Trust 2020-A                                           | CUSIP: 56848MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1037344.39   | 0.22%             | 2034-08-21      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat            | Lendingpoint 2022-A Asset Securitization Trust                                  | CUSIP: 52605AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2010000 | PA      | $1940754.50   | 0.42%             | 2029-06-15      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                        | Royalty Pharma PLC                                                              | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    190000 | PA      | $170038.87    | 0.04%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2021-NQM2                                                                  | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    727513 | PA      | $602450.78    | 0.13%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                    | Tesla Auto Lease Trust 2020-A                                                   | CUSIP: 88167HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1205000 | PA      | $1196166.63   | 0.26%             | 2024-02-20      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2021-R2                                              | CUSIP: 92538DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281237 | PA      | $254932.17    | 0.05%             | 2064-02-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2021-R3                                              | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1652909 | PA      | $1424505.63   | 0.31%             | 2064-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                  | Octane Receivables Trust 2021-1                                                 | CUSIP: 67571AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    736127 | PA      | $711195.75    | 0.15%             | 2027-03-22      | Fixed         | 0.93%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                       | DT Auto Owner Trust 2021-2                                                      | CUSIP: 23345EAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2015000 | PA      | $1914207.69   | 0.41%             | 2027-02-16      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1042763 | PA      | $1012037.04   | 0.22%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables             | Exeter Automobile Receivables Trust 2020-1                                      | CUSIP: 30167HAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1215039 | PA      | $1191224.43   | 0.26%             | 2025-12-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                     | American Homes 4 Rent 2015-SFR1 Trust                                           | CUSIP: 02666AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171459 | PA      | $163273.85    | 0.04%             | 2052-04-17      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                  | Foundation Finance Trust 2019-1                                                 | CUSIP: 35041JAA3<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |    480166 | PA      | $470202.64    | 0.10%             | 2034-11-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                                                | CUSIP: 95000U2R3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    925000 | PA      | $910054.48    | 0.20%             | 2024-06-02      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L            | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAB9<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   1852762 | PA      | $1734954.60   | 0.37%             | 2048-09-05      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    655311 | PA      | $626081.76    | 0.14%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| DPL INC                                   | DPL Inc                                                                         | CUSIP: 233293AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $138179.95    | 0.03%             | 2025-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1023671.07   | 0.22%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                  | Purchasing Power Funding 2021-A LLC                                             | CUSIP: 74615JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2015000 | PA      | $1958359.96   | 0.42%             | 2025-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                     | Directv Financing LLC                                                           | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    653708 | PA      | $635051.60    | 0.14%             | 2027-08-02      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                | BXG Receivables Note Trust 2022-A                                               | CUSIP: 12434KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1074360 | PA      | $1023001.57   | 0.22%             | 2037-09-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                                              | CUSIP: 29273RBK4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    690000 | PA      | $651158.60    | 0.14%             | 2027-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings, LLC                | Mileage Plus Holdings LLC                                                       | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    544500 | PA      | $559337.63    | 0.12%             | 2027-06-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur            | Bankers Healthcare Group Securitization Trust 2020-A                            | CUSIP: 06616PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    324263 | PA      | $316778.87    | 0.07%             | 2031-09-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company, LLC           | Go Daddy Operating Co LLC                                                       | CUSIP: 38017BAT3<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |   1833201 | PA      | $1828361.32   | 0.39%             | 2029-11-09      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R            | Foursight Capital Automobile Receivables Trust 2019-1                           | CUSIP: 35105RAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1286885.30   | 0.28%             | 2025-09-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                            | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $942759.40    | 0.20%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2016-1                                                | CUSIP: 89172EAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1219887 | PA      | $1196335.51   | 0.26%             | 2055-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus            | BRAVO Residential Funding Trust 2021-A                                          | CUSIP: 105693AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    773806 | PA      | $734422.36    | 0.16%             | 2059-10-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                   | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1587568.48   | 0.34%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2165000 | PA      | $1990301.17   | 0.43%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                           | MVW Owner Trust 2019-1                                                          | CUSIP: 55389PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    318959 | PA      | $300522.52    | 0.06%             | 2036-11-20      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1340000 | PA      | $1177792.87   | 0.25%             | 2026-11-09      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                           | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1925450 | PA      | $1619082.02   | 0.35%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1170000 | PA      | $1048971.81   | 0.23%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A            | Ginnie Mae I Pool                                                               | CUSIP: 36203CHQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       192 | PA      | $191.61       | 0.00%             | 2023-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC            | VCAT 2021-NPL2 LLC                                                              | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722453 | PA      | $652805.77    | 0.14%             | 2051-03-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust 2            | BX Commercial Mortgage Trust 2019-XL                                            | CUSIP: 056054AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    879750 | PA      | $857597.02    | 0.18%             | 2036-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER CHILE                     | Banco Santander Chile                                                           | CUSIP: 05970FAC5<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | DBT              | CORP              | CL        |    950000 | PA      | $898818.75    | 0.19%             | 2025-01-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus            | Republic Finance Issuance Trust 2020-A                                          | CUSIP: 76042EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1020000 | PA      | $963070.13    | 0.21%             | 2030-11-20      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    537951 | PA      | $499825.10    | 0.11%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53464 | PA      | $51224.90     | 0.01%             | 2044-12-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                               | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |   1441000 | PA      | $1231262.41   | 0.27%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Hardee's Funding LLC and Carls            | Hardee's Funding LLC                                                            | CUSIP: 411707AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1920800 | PA      | $1644896.29   | 0.35%             | 2050-12-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust              | GS Mortgage Securities Trust 2020-GC45                                          | CUSIP: 36258YBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1426000 | PA      | $1184154.11   | 0.26%             | 2053-02-13      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                     | GFL Environmental Inc                                                           | CUSIP: 36168QAK0<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   1650000 | PA      | $1559250.00   | 0.34%             | 2025-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust            | Mariner Finance Issuance Trust 2019-A                                           | CUSIP: 56847MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    567386 | PA      | $559740.42    | 0.12%             | 2032-07-20      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US             | GoldentTree Loan Management US CLO 1 Ltd                                        | CUSIP: 38138JAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1435000 | PA      | $1404147.50   | 0.30%             | 2033-01-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                    | Verizon Communications Inc                                                      | CUSIP: 92343VEP5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    636000 | PA      | $641043.75    | 0.14%             | 2025-05-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2021-NQM2R                                  | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    524297 | PA      | $453234.50    | 0.10%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    356663 | PA      | $339110.75    | 0.07%             | 2048-10-26      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                 | SBA Senior Finance II LLC                                                       | CUSIP: 78404XAH8<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |   1052826 | PA      | $1048151.74   | 0.23%             | 2025-04-11      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1106000 | PA      | $974662.50    | 0.21%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur            | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1495000 | PA      | $1258029.19   | 0.27%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1018171 | PA      | $908785.52    | 0.20%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Funding, LLC             | Towd Point HE Trust 2021- HE1                                                   | CUSIP: 89180DAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    539505 | PA      | $505335.40    | 0.11%             | 2063-02-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable            | OneMain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1210000 | PA      | $1147320.31   | 0.25%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential Trust                                                      | CUSIP: 74333HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    725000 | PA      | $616304.52    | 0.13%             | 2038-07-17      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus            | BRAVO Residential Funding Trust 2021-NQM3                                       | CUSIP: 105690AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2060539 | PA      | $1845194.37   | 0.40%             | 2060-04-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable            | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2015000 | PA      | $1824181.72   | 0.39%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                           | Danske Bank A/S                                                                 | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    673338 | PA      | $593032.92    | 0.13%             | 2026-09-11      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2019-INV2                                            | CUSIP: 92537HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    697151 | PA      | $672350.44    | 0.14%             | 2059-07-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T            | Ellington Financial Mortgage Trust 2020-2                                       | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1641756 | PA      | $1467731.61   | 0.32%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                    | Crossroads Asset Trust 2021-A                                                   | CUSIP: 22767CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1316426.45   | 0.28%             | 2025-06-20      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2021-2                                               | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1550596 | PA      | $1287621.62   | 0.28%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust              | Upstart Securitization Trust 2021-2                                             | CUSIP: 91680FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1730000 | PA      | $1642539.33   | 0.35%             | 2031-06-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                           | CLI Funding VI LLC                                                              | CUSIP: 12563LAN7<br>LEI: 549300NQLBWJD5AREU05 | Long             | ABS-O            | CORP              | US        |   1800688 | PA      | $1558924.33   | 0.34%             | 2045-09-18      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1680000 | PA      | $1476152.93   | 0.32%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Company LLC             | Vistra Operations Co LLC                                                        | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |    919552 | PA      | $910568.30    | 0.20%             | 2025-12-31      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp                       | Select Medical Corp                                                             | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    645000 | PA      | $630810.00    | 0.14%             | 2025-03-06      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                  | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | CUSIP: 85208NAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $133408.79    | 0.03%             | 2025-03-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                          | Pike Corp                                                                       | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |    656849 | PA      | $646891.48    | 0.14%             | 2028-01-21      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                            | ACM Auto Trust 2022-1                                                           | CUSIP: 00091QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390000 | PA      | $1381102.19   | 0.30%             | 2029-04-20      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2014-3                                      | CUSIP: 64829DAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1209278 | PA      | $1112909.07   | 0.24%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    339000 | PA      | $349951.24    | 0.08%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding            | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REH3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1523647.65   | 0.33%             | 2027-08-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                          | NMEF Funding 2021-A LLC                                                         | CUSIP: 62919TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3160000 | PA      | $3031131.09   | 0.65%             | 2027-12-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $426646.15    | 0.09%             | 2026-05-17      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Ccc Intelligent Solutions Inc.            | CCC Intelligent Solutions Inc                                                   | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |    628092 | PA      | $621810.81    | 0.13%             | 2028-09-21      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2019-3                                           | CUSIP: 14686XAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1445000 | PA      | $1387332.07   | 0.30%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Encina Equipment Finance                  | Encina Equipment Finance 2022-1 LLC                                             | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1210000 | PA      | $1172572.04   | 0.25%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $952124.49    | 0.21%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Genesis Sales Finance Master T            | Genesis Sales Finance Master Trust                                              | CUSIP: 37186XAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $655514.30    | 0.14%             | 2026-12-21      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec            | Arivo Acceptance Auto Loan Receivables Trust 2021-1                             | CUSIP: 04047AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410469 | PA      | $396675.17    | 0.09%             | 2027-01-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Zodiac Pool Solutions LLC                 | Fluidra Finco SL                                                                | CUSIP: 98975VAM8<br>LEI: 9598001EJ2RDDXG5CK22 | Long             | LON              | CORP              | ES        |   1216844 | PA      | $1153263.88   | 0.25%             | 2029-01-29      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                  | Service Properties Trust                                                        | CUSIP: 44106MAS1<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    520000 | PA      | $496663.43    | 0.11%             | 2024-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se            | Wells Fargo Mortgage Backed Securities 2004-K Trust                             | CUSIP: 94981VAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35136 | PA      | $35861.73     | 0.01%             | 2034-07-25      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Issuer Trust 2020-2                                        | CUSIP: 38014RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    734862 | PA      | $732012.30    | 0.16%             | 2025-06-16      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                       | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    792000 | PA      | $678078.72    | 0.15%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A            | Ginnie Mae I Pool                                                               | CUSIP: 36225AAY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       320 | PA      | $320.71       | 0.00%             | 2024-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru            | First Investors Auto Owner Trust 2021-2                                         | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1845000 | PA      | $1677458.13   | 0.36%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                  | Octane Receivables Trust 2019-1                                                 | CUSIP: 67576TAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1715000 | PA      | $1691798.62   | 0.36%             | 2025-06-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| RETAIL OPPORTUNITY IN                     | Retail Opportunity Investments Partnership LP                                   | CUSIP: 76132FAA5<br>LEI: 549300KH0PNTJK9NTE57 | Long             | DBT              | CORP              | US        |   1645000 | PA      | $1626478.25   | 0.35%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company          | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |       909 | PA      | $0.00         | 0.00%             | 2021-07-16      | Floating      | 3.25%                 | No            |                  3 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2018-3                                                | CUSIP: 89175MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    787820 | PA      | $744795.10    | 0.16%             | 2058-05-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                              | Illumina Inc                                                                    | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    510000 | PA      | $516352.24    | 0.11%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                | Citadel LP                                                                      | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    189000 | PA      | $175659.83    | 0.04%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                   | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1403967 | PA      | $1336256.23   | 0.29%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU            | WFRBS Commercial Mortgage Trust 2014-C24                                        | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1690000 | PA      | $1610497.50   | 0.35%             | 2047-11-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    670000 | PA      | $698359.81    | 0.15%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    984974 | PA      | $773255.07    | 0.17%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Dext ABS 2020-1, LLC                      | Dext ABS 2020-1 LLC                                                             | CUSIP: 25216AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2385000 | PA      | $2289683.48   | 0.49%             | 2027-11-15      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2212000 | PA      | $2165088.13   | 0.47%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                           | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    822053 | PA      | $744215.64    | 0.16%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| GCT Commercial Mortgage Trust             | GCT Commercial Mortgage Trust 2021-GCT                                          | CUSIP: 36167RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2085000 | PA      | $1934592.69   | 0.42%             | 2038-02-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                    | Marlette Funding Trust 2021-1                                                   | CUSIP: 57110NAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1033078 | PA      | $1019208.85   | 0.22%             | 2031-06-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                        | F&G Global Funding                                                              | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1304385.38   | 0.28%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                  | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    472498 | PA      | $438899.54    | 0.09%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust             | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1117831 | PA      | $1054962.40   | 0.23%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust             | Citigroup Mortgage Loan Trust 2015-PS1                                          | CUSIP: 17324VAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29403 | PA      | $27428.25     | 0.01%             | 2042-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                  | Service Properties Trust                                                        | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    550000 | PA      | $499989.34    | 0.11%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential 2020-SFR3 Trust                                            | CUSIP: 74333AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    344012 | PA      | $304664.54    | 0.07%             | 2027-10-17      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                               | Aker BP ASA                                                                     | CUSIP: 00973RAG8<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    755000 | PA      | $697467.91    | 0.15%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                          | Gates Global LLC                                                                | CUSIP: 36740UAT9<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |    528589 | PA      | $516516.06    | 0.11%             | 2027-03-31      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1454244.59   | 0.31%             | 2028-02-24      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                                               | CUSIP: 857477BY8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    710000 | PA      | $733199.26    | 0.16%             | 2028-11-04      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                  | OBX 2019-INV1 Trust                                                             | CUSIP: 67098AAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49521 | PA      | $47335.96     | 0.01%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                  | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1008035.08   | 0.22%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                  | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                          | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1125000 | PA      | $974478.47    | 0.21%             | 2026-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                | NMLT 2021-INV1 Trust                                                            | CUSIP: 62923JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1346262 | PA      | $1073551.79   | 0.23%             | 2056-05-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31417NBY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77217 | PA      | $78193.08     | 0.02%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Issuer Trust 2020-4                                        | CUSIP: 36261EAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1403839 | PA      | $1380107.79   | 0.30%             | 2025-11-17      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste            | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2310000 | PA      | $2237098.71   | 0.48%             | 2026-09-15      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                      | Oasis Securitization Funding LLC                                                | CUSIP: 67422CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    886302 | PA      | $864319.33    | 0.19%             | 2033-10-15      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust            | KKR Industrial Portfolio Trust 2021-KDIP                                        | CUSIP: 48254CAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1458750 | PA      | $1384133.48   | 0.30%             | 2037-12-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $703345.49    | 0.15%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust             | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1403464 | PA      | $1343147.86   | 0.29%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                    | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAE3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    550000 | PA      | $556435.27    | 0.12%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se            | Wells Fargo Mortgage Backed Securities 2004-U Trust                             | CUSIP: 949803AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11441 | PA      | $10714.73     | 0.00%             | 2034-10-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Tidewater Auto Receivables Tru            | Tidewater Auto Receivables Trust 2020-A                                         | CUSIP: 88641WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1065132 | PA      | $1055802.39   | 0.23%             | 2026-09-15      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust              | Hilton Grand Vacations Trust 2018-A                                             | CUSIP: 43284BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304431 | PA      | $294224.64    | 0.06%             | 2032-02-25      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust             | Citigroup Mortgage Loan Trust 2014-A                                            | CUSIP: 17322GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91929 | PA      | $85317.63     | 0.02%             | 2035-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                            | Open Text Corp                                                                  | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    900000 | PA      | $772317.00    | 0.17%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                  | Celanese US Holdings LLC                                                        | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    585000 | PA      | $582723.98    | 0.13%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | Credit Suisse Mortgage Capital Certificates 2019-ICE4                           | CUSIP: 12653VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1455000 | PA      | $1438946.55   | 0.31%             | 2036-05-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2018-GW                                                                | CUSIP: 12433UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265000 | PA      | $1220451.13   | 0.26%             | 2035-05-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding            | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDY7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $362492.16    | 0.08%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust              | Hilton Grand Vacations Trust 2017-A                                             | CUSIP: 43283AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109827 | PA      | $108100.88    | 0.02%             | 2028-12-26      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST             | Commonbond Student Loan Trust 2017-A-GS                                         | CUSIP: 20267VAA5<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |    107359 | PA      | $99803.81     | 0.02%             | 2041-05-25      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                     | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1385000 | PA      | $1440400.00   | 0.31%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2021-NQM1                                                                  | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1044639 | PA      | $873944.06    | 0.19%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2020-6 LLC                                                                 | CUSIP: 693587AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    702502 | PA      | $648230.94    | 0.14%             | 2025-11-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                           | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    954265 | PA      | $906315.45    | 0.20%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                  | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    525000 | PA      | $537967.50    | 0.12%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                   | Standard Industries Inc/NJ                                                      | CUSIP: 85350EAB2<br>LEI: 54930064UHXCIUWVI755 | Long             | LON              | CORP              | US        |    619633 | PA      | $611447.26    | 0.13%             | 2028-09-22      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                    | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   1280000 | PA      | $1192355.23   | 0.26%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                       | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1077107 | PA      | $866200.03    | 0.19%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                                        | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1948000 | PA      | $1913910.00   | 0.41%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust            | FirstKey Homes 2020-SFR1 Trust                                                  | CUSIP: 33767MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $393077.83    | 0.08%             | 2037-08-17      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co             | Sierra Timeshare 2020-2 Receivables Funding LLC                                 | CUSIP: 826525AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    714656 | PA      | $665212.07    | 0.14%             | 2037-07-20      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1775000 | PA      | $1701477.19   | 0.37%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                    | Chesapeake Energy Corp                                                          | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1080772.01   | 0.23%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                       | American Express Co                                                             | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1421006.66   | 0.31%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    311198 | PA      | $287258.88    | 0.06%             | 2056-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                 | BPR Trust 2021-KEN                                                              | CUSIP: 05591QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    755000 | PA      | $734328.25    | 0.16%             | 2029-02-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2019-3                                           | CUSIP: 14686XAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200561 | PA      | $1184557.99   | 0.26%             | 2025-04-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                   | Office Properties Income Trust                                                  | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $842722.16    | 0.18%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1376708 | PA      | $1256642.95   | 0.27%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential 2021-SFR1                                                  | CUSIP: 74331FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $896061.71    | 0.19%             | 2038-04-17      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                    | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505553 | PA      | $1225560.25   | 0.26%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,            | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36416UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72284 | PA      | $66660.63     | 0.01%             | 2056-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    719000 | PA      | $638606.57    | 0.14%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                | Jersey Mike's Funding                                                           | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2193425 | PA      | $1969761.45   | 0.42%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2019-2                                           | CUSIP: 14686UAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    259910 | PA      | $257840.48    | 0.06%             | 2025-01-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                   | Brown Group Holding LLC                                                         | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    744800 | PA      | $730008.51    | 0.16%             | 2028-06-07      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.      | Scientific Games International Inc                                              | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    368150 | PA      | $362233.83    | 0.08%             | 2029-04-13      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| CITADEL FINANCE LLC                       | Citadel Finance LLC                                                             | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1060800.94   | 0.23%             | 2026-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                    | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAR8<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    415000 | PA      | $342385.63    | 0.07%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2019-NQM4                                   | CUSIP: 64828EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    247037 | PA      | $222557.92    | 0.05%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                     | Citadel Securities LP                                                           | CUSIP: 17288YAD4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    919127 | PA      | $900055.35    | 0.19%             | 2028-02-02      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967MB4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1075412.84   | 0.23%             | 2026-07-01      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak SB Commercial Mortgage Trust 2020-SBC1                                | CUSIP: 03465BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546618 | PA      | $520272.84    | 0.11%             | 2050-05-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                  | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   1948000 | PA      | $1605635.86   | 0.35%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec            | Arivo Acceptance Auto Loan Receivables Trust 2022-2                             | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    719846 | PA      | $718640.07    | 0.15%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                                        | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    260000 | PA      | $251283.75    | 0.05%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                       | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   1813000 | PA      | $1599523.09   | 0.34%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                        | Royalty Pharma PLC                                                              | CUSIP: 78081BAJ2<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   2135000 | PA      | $1807049.91   | 0.39%             | 2027-09-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                       | ZAXBY'S FUNDING LLC                                                             | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2365062 | PA      | $1903586.77   | 0.41%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT 2021-1RMortgage Pass-Through Certificates                                  | CUSIP: 19688BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    927614 | PA      | $765800.14    | 0.17%             | 2065-05-25      | Variable      | 1.42%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                  | OWL Rock Core Income Corp                                                       | CUSIP: 69120VAL5<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484701.65    | 0.10%             | 2025-03-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                          | UFC Holdings LLC                                                                | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    373308 | PA      | $367917.36    | 0.08%             | 2026-04-29      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru            | First Investors Auto Owner Trust 2021-1                                         | CUSIP: 32059FAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2150000 | PA      | $2079147.18   | 0.45%             | 2027-03-15      | Fixed         | 0.89%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2020-NP1                                         | CUSIP: 14687PAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1240155.25   | 0.27%             | 2026-01-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co             | Sierra Timeshare 2018-2 Receivables Funding LLC                                 | CUSIP: 82653DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117047 | PA      | $114208.16    | 0.02%             | 2035-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Stars Group Holdings BV                   | Stars Group Holdings BV                                                         | CUSIP: 000000000<br>LEI: 549300RNFXC8F8RT6R13 | Long             | LON              | CORP              | NL        |    625560 | PA      | $615914.24    | 0.13%             | 2026-07-21      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    840306 | PA      | $766458.84    | 0.17%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST             | Commonbond Student Loan Trust 2019-A-GS                                         | CUSIP: 20268CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    421446 | PA      | $378779.38    | 0.08%             | 2047-01-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    570000 | PA      | $524146.53    | 0.11%             | 2024-10-29      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                       | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    690000 | PA      | $572811.72    | 0.12%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                    | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAC7<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    541000 | PA      | $544333.19    | 0.12%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $856997.93    | 0.18%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT 2021-1RMortgage Pass-Through Certificates                                  | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441745 | PA      | $370480.93    | 0.08%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                          | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   1068000 | PA      | $908733.96    | 0.20%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                  | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112576 | PA      | $105874.83    | 0.02%             | 2057-06-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                  | Celanese US Holdings LLC                                                        | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    650000 | PA      | $649790.69    | 0.14%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST             | Commonbond Student Loan Trust 2020-1                                            | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300795 | PA      | $266785.90    | 0.06%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Avant Credit Card Master Trust            | Avant Credit Card Master Trust                                                  | CUSIP: 05351KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1875000 | PA      | $1715389.50   | 0.37%             | 2027-04-15      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                     | Level 3 Financing Inc                                                           | CUSIP: 52729KAP1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    252130 | PA      | $241099.68    | 0.05%             | 2027-03-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1016000 | PA      | $902769.95    | 0.19%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                          | Westgate Resorts 2020-1 LLC                                                     | CUSIP: 96034LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    488590 | PA      | $475935.21    | 0.10%             | 2034-03-20      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                       | DT Auto Owner Trust 2020-2                                                      | CUSIP: 23343RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1094431 | PA      | $1081508.47   | 0.23%             | 2026-03-16      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE AMERICA LLC                  | Enel Finance America LLC                                                        | CUSIP: 29280HAA0<br>LEI: 549300EGNLVUJX1DEC60 | Long             | DBT              | CORP              | US        |    570000 | PA      | $589413.79    | 0.13%             | 2027-10-14      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                     | Lincoln National Corp                                                           | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   1715000 | PA      | $1234800.00   | 0.27%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                           | TripAdvisor Inc                                                                 | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    900000 | PA      | $889231.39    | 0.19%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                          | Berry Global Inc                                                                | CUSIP: 08579JBG6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | LON              | CORP              | US        |    805134 | PA      | $797815.24    | 0.17%             | 2026-07-01      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables              | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1460000 | PA      | $1411540.12   | 0.30%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                  | International Flavors & Fragrances Inc                                          | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1169100.77   | 0.25%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                              | Navient Corp                                                                    | CUSIP: 63938CAB4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1093331.75   | 0.24%             | 2024-10-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                            | Open Text Corp                                                                  | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |    420000 | PA      | $409815.00    | 0.09%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2497259 | PA      | $2062469.03   | 0.44%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| Horizon Therapeutics USA Inc              | Horizon Therapeutics USA Inc                                                    | CUSIP: 44055UAD7<br>LEI: 254900IS87RLPXY88S03 | Long             | LON              | CORP              | US        |    688008 | PA      | $687147.57    | 0.15%             | 2028-03-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2880000 | PA      | $2930304.84   | 0.63%             | 2027-10-28      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                 | Boeing Co/The                                                                   | CUSIP: 097023CT0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    335000 | PA      | $332434.92    | 0.07%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust               | Diamond Resorts Owner Trust 2019-1                                              | CUSIP: 252722AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    504974 | PA      | $492571.08    | 0.11%             | 2032-02-20      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1078477 | PA      | $1011395.43   | 0.22%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co             | Sierra Timeshare 2022-2 Receivables Funding LLC                                 | CUSIP: 82650TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    667153 | PA      | $649371.86    | 0.14%             | 2040-06-20      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2021-ESH                                            | CUSIP: 30227FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1054288 | PA      | $1011971.03   | 0.22%             | 2038-07-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2021-RPL2 LLC                                                              | CUSIP: 69357QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    586253 | PA      | $521918.35    | 0.11%             | 2051-10-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3138LVWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38361 | PA      | $37000.05     | 0.01%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2017-A                                                       | CUSIP: 03837PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93879 | PA      | $92483.05     | 0.02%             | 2035-11-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| GCAT                                      | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97236 | PA      | $91537.59     | 0.02%             | 2060-01-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl            | Santander Drive Auto Receivables Trust 2022-5                                   | CUSIP: 80287HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1155000 | PA      | $1116479.48   | 0.24%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Air Canada                                | Air Canada                                                                      | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    193632 | PA      | $190969.91    | 0.04%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT 2021-2R Mortgage Loan Trust                                                | CUSIP: 12656YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    378983 | PA      | $319979.88    | 0.07%             | 2054-07-27      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd            | Palmer Square Loan Funding 2021-1 Ltd                                           | CUSIP: 69701YAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    790123 | PA      | $779140.55    | 0.17%             | 2029-04-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                            | Qatar Government International Bond                                             | CUSIP: 74727PBC4<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    300000 | PA      | $289837.50    | 0.06%             | 2025-04-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2021-N2                                          | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    842962 | PA      | $774579.60    | 0.17%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-2                                      | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    709044 | PA      | $656414.62    | 0.14%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne            | Pretium Mortgage Credit Partners I 2021-NPL1 LLC                                | CUSIP: 741389AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1009950 | PA      | $919848.06    | 0.20%             | 2060-09-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN GUARDIAN LTD                   | Transocean Guardian Ltd                                                         | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    146554 | PA      | $143110.97    | 0.03%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                          | RCO VII Mortgage LLC 2021-2                                                     | CUSIP: 74938JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486109 | PA      | $444360.73    | 0.10%             | 2026-09-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust               | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    841922 | PA      | $775915.61    | 0.17%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr            | Credit Acceptance Auto Loan Trust 2022-1                                        | CUSIP: 22534LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1520000 | PA      | $1480053.03   | 0.32%             | 2032-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust            | CFMT 2021-GRN1 Issuer Trust                                                     | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722725 | PA      | $665285.58    | 0.14%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP             | Freeport LNG Investments LLLP                                                   | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    629563 | PA      | $597297.72    | 0.13%             | 2028-12-21      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                             | TransDigm Inc                                                                   | CUSIP: 89364MBR4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    702396 | PA      | $692969.88    | 0.15%             | 2025-12-09      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Orange Lake Timeshare Trust               | Orange Lake Timeshare Trust 2019-A                                              | CUSIP: 68504UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351526 | PA      | $330801.69    | 0.07%             | 2038-04-09      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                   | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2374515 | PA      | $2119778.76   | 0.46%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                            | CPS Auto Receivables Trust 2019-D                                               | CUSIP: 12655KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1849581.22   | 0.40%             | 2025-10-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat            | United Auto Credit Securitization Trust                                         | CUSIP: 90943UAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1840000 | PA      | $1777930.18   | 0.38%             | 2026-06-10      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy Inc                                                                  | CUSIP: 629377CK6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $1118200.85   | 0.24%             | 2024-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                  | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1014468 | PA      | $910765.26    | 0.20%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                               | VFI ABS 2022-1 LLC                                                              | CUSIP: 91824CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2443000 | PA      | $2301305.02   | 0.50%             | 2028-07-24      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    369009 | PA      | $347432.19    | 0.07%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                       | DT Auto Owner Trust 2019-4                                                      | CUSIP: 23343JAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3512 | PA      | $3507.97      | 0.00%             | 2025-07-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    945000 | PA      | $753590.25    | 0.16%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                       | General Electric Co                                                             | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1193667.65   | 0.26%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables             | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    895000 | PA      | $877627.87    | 0.19%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co             | Sierra Timeshare 2019-2 Receivables Funding LLC                                 | CUSIP: 82652MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205408 | PA      | $192966.50    | 0.04%             | 2036-05-20      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                       | SkyMiles IP Ltd                                                                 | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |    605000 | PA      | $615890.00    | 0.13%             | 2027-10-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| HCA INC                                   | HCA Inc                                                                         | CUSIP: 404119BR9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    570000 | PA      | $569309.90    | 0.12%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust 2020-6                                                 | CUSIP: 03465AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233965 | PA      | $200301.64    | 0.04%             | 2065-05-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage            | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    107939 | PA      | $93147.94     | 0.02%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Issuer Trust 2019-4                                        | CUSIP: 36258HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2070000 | PA      | $1986290.65   | 0.43%             | 2026-08-17      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)        | Dun & Bradstreet Corp/The                                                       | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    602520 | PA      | $595958.40    | 0.13%             | 2026-02-06      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                   | Office Properties Income Trust                                                  | CUSIP: 67623CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    373000 | PA      | $289074.46    | 0.06%             | 2026-06-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                       | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    793000 | PA      | $704039.67    | 0.15%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management        | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5349609 | NS      | $5349609.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD FINANCE INC                    | Brookfield Finance Inc                                                          | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   1580000 | PA      | $1448711.46   | 0.31%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,            | Galton Funding Mortgage Trust 2019-2                                            | CUSIP: 36418ABC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    412226 | PA      | $384765.88    | 0.08%             | 2059-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                    | Boardwalk Pipelines LP                                                          | CUSIP: 096630AD0<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    955000 | PA      | $943460.61    | 0.20%             | 2024-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection LLC             | Caesars Resort Collection LLC                                                   | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |    849461 | PA      | $846767.88    | 0.18%             | 2024-12-23      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust             | CarNow Auto Receivables Trust 2020-1                                            | CUSIP: 14368RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262512 | PA      | $261729.29    | 0.06%             | 2024-09-16      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                    | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    685000 | PA      | $709519.69    | 0.15%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    678906 | PA      | $615488.72    | 0.13%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                      | Enel Finance International NV                                                   | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $205365.73    | 0.04%             | 2025-10-14      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co             | Sierra Timeshare 2019-1 Receivables Funding LLC                                 | CUSIP: 82653EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200042 | PA      | $189361.50    | 0.04%             | 2036-01-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                      | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    802000 | PA      | $654345.50    | 0.14%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential             | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    607475 | PA      | $479453.13    | 0.10%             | 2056-06-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec            | American Credit Acceptance Receivables Trust 2021-3                             | CUSIP: 025286AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1840000 | PA      | $1791047.35   | 0.39%             | 2027-11-15      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage             | Citigroup Commercial Mortgage Trust 2015-GC27                                   | CUSIP: 17323CAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    927464 | PA      | $884043.19    | 0.19%             | 2048-02-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                            | CPS Auto Receivables Trust 2020-C                                               | CUSIP: 12597TAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345962 | PA      | $343769.02    | 0.07%             | 2026-08-17      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo            | Velocity Commercial Capital Loan Trust 2020-1                                   | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    589573 | PA      | $519330.62    | 0.11%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                  | Corebridge Financial Inc                                                        | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    939000 | PA      | $867668.56    | 0.19%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                     | CCG Receivables Trust 2021-1                                                    | CUSIP: 12510KAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1510000 | PA      | $1397322.44   | 0.30%             | 2027-06-14      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust              | Hilton Grand Vacations Trust 2020-A                                             | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448000 | PA      | $420883.41    | 0.09%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec            | American Credit Acceptance Receivables Trust 2021-1                             | CUSIP: 02528BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1231643 | PA      | $1211675.32   | 0.26%             | 2027-03-15      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    962000 | PA      | $929094.79    | 0.20%             | 2028-02-24      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                      | Conn's Receivables Funding 2021-A LLC                                           | CUSIP: 20825GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1964535.80   | 0.42%             | 2026-05-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                        | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2660183 | PA      | $2466754.85   | 0.53%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC                                       | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    621305 | PA      | $613053.66    | 0.13%             | 2028-10-05      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT Funding LLC                                                                | CUSIP: 19688DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1063788 | PA      | $910131.07    | 0.20%             | 2064-12-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305025 | PA      | $253896.00    | 0.05%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY LP                          | Spirit Realty LP                                                                | CUSIP: 84861TAC2<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              | CORP              | US        |    618750 | PA      | $590851.72    | 0.13%             | 2026-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                  | EQM Midstream Partners LP                                                       | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4896.30      | 0.00%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets                        | Accelerated 2021-1H LLC                                                         | CUSIP: 00439KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1153119 | PA      | $1043833.28   | 0.23%             | 2040-10-20      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential             | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305137 | PA      | $242602.89    | 0.05%             | 2056-06-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                          | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1342785.50   | 0.29%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                            | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1499306 | PA      | $1365359.36   | 0.29%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                            | ACC Auto Trust 2021-A                                                           | CUSIP: 00108XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1835000 | PA      | $1763847.69   | 0.38%             | 2027-04-15      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust              | Upstart Securitization Trust 2021-1                                             | CUSIP: 91681NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44415 | PA      | $44277.37     | 0.01%             | 2031-03-20      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                           | FREED ABS Trust 2022-1FP                                                        | CUSIP: 35633KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1205000 | PA      | $1126604.87   | 0.24%             | 2029-03-19      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $1066100.75   | 0.23%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                          | Hilton USA Trust 2016-SFP                                                       | CUSIP: 43289VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1070000 | PA      | $1013032.02   | 0.22%             | 2035-11-05      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| CPG International LLC                     | CPG International LLC                                                           | CUSIP: 12594VAD0<br>LEI: 549300SVLALB4NVWP891 | Long             | LON              | CORP              | US        |    555000 | PA      | $538350.00    | 0.12%             | 2029-04-28      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3138WFLL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    369287 | PA      | $353248.62    | 0.08%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                             | TransDigm Inc                                                                   | CUSIP: 89364MBQ6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    127503 | PA      | $125999.97    | 0.03%             | 2025-05-30      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $853528.07    | 0.18%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust              | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2085449 | PA      | $2019779.86   | 0.44%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru            | Provident Funding Mortgage Trust 2019-1                                         | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106205 | PA      | $88330.02     | 0.02%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust 2021-2                                                 | CUSIP: 03465DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1912365 | PA      | $1569643.79   | 0.34%             | 2066-04-25      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    560000 | PA      | $469700.00    | 0.10%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                     | Level 3 Financing Inc                                                           | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    595000 | PA      | $495337.50    | 0.11%             | 2027-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T            | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249597 | PA      | $233739.27    | 0.05%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $202983.84    | 0.04%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                          | BAT Capital Corp                                                                | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1298828.93   | 0.28%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne            | PRET 2021-RN3 LLC                                                               | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1218947 | PA      | $1086269.38   | 0.23%             | 2051-09-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                              | SK Hynix Inc                                                                    | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   1940000 | PA      | $1669976.25   | 0.36%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    977766 | PA      | $892769.13    | 0.19%             | 2055-03-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                               | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       297 | PA      | $253.77       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc                  | Elanco Animal Health Inc                                                        | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |    613104 | PA      | $587715.37    | 0.13%             | 2027-08-01      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra            | VOLT C LLC                                                                      | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    329409 | PA      | $294125.21    | 0.06%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                          | Westgate Resorts 2022-1 LLC                                                     | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1211987 | PA      | $1139919.33   | 0.25%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                               | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1453412.56   | 0.31%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                | Navient Private Education Refi Loan Trust 2021-A                                | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    789830 | PA      | $682893.10    | 0.15%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                       | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270547 | PA      | $259096.50    | 0.06%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                  | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1128221.04   | 0.24%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT 2022-3 Mortgage Loan Trust                                                 | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1987441 | PA      | $1837056.89   | 0.40%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Gold Key Resorts LLC                      | Gold Key Resorts 2014-A LLC                                                     | CUSIP: 38061LAA7<br>LEI: 549300MORAF4RGEXUA95 | Long             | ABS-O            | CORP              | US        |     11254 | PA      | $11060.37     | 0.00%             | 2031-03-17      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                      | Entegris Escrow Corp                                                            | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2068000 | PA      | $1885886.34   | 0.41%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                     | Indonesia Government International Bond                                         | CUSIP: 455780BT2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    435000 | PA      | $429610.35    | 0.09%             | 2025-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2021-N1                                          | CUSIP: 14687DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    609577 | PA      | $561365.68    | 0.12%             | 2028-01-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1083728.30   | 0.23%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                      | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2045000 | PA      | $1814895.78   | 0.39%             | 2037-10-19      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R            | Foursight Capital Automobile Receivables Trust 2022-1                           | CUSIP: 35105JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1495512.74   | 0.32%             | 2027-05-17      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                       | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1970000 | PA      | $1723382.00   | 0.37%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                      | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    782000 | PA      | $586854.25    | 0.13%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2018-4                                                | CUSIP: 89175TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1264053 | PA      | $1152592.60   | 0.25%             | 2058-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1782398 | PA      | $1580396.79   | 0.34%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Starwood Residential Mortgage             | STAR 2021-1 Trust                                                               | CUSIP: 85573GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1009361 | PA      | $911765.43    | 0.20%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4075000 | PA      | $3570174.29   | 0.77%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                  | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1288860.56   | 0.28%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1355000 | PA      | $1192145.40   | 0.26%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 91282CBU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13200000 | PA      | $13064815.63  | 2.82%             | 2023-03-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                     | Universal Health Services Inc                                                   | CUSIP: 913903AX8<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1563951.80   | 0.34%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3138EQLN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    153064 | PA      | $147232.39    | 0.03%             | 2027-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                 | ACC Trust 2021-1                                                                | CUSIP: 00091KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1785000 | PA      | $1749334.45   | 0.38%             | 2024-12-20      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                          | NAB Holdings LLC                                                                | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |    633203 | PA      | $614523.51    | 0.13%             | 2028-11-23      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                    | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    656775 | PA      | $629954.94    | 0.14%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| TRP LLC                                   | TRP 2021 LLC                                                                    | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1913090 | PA      | $1602834.82   | 0.35%             | 2051-06-19      | Fixed         | 2.07%                 | 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        |    150000 | PA      | $125666.29    | 0.03%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                      | LHOME Mortgage Trust 2021-RTL1                                                  | CUSIP: 501894AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $946670.10    | 0.20%             | 2026-02-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    102786 | PA      | $91816.51     | 0.02%             | 2044-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2020-SFR1 Trust                                                            | CUSIP: 00180AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $857312.62    | 0.18%             | 2037-04-17      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                           | SBA Tower Trust                                                                 | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1613628.58   | 0.35%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1043396 | PA      | $958378.19    | 0.21%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl            | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1322421.14   | 0.29%             | 2026-01-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418TWU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6580 | PA      | $6422.21      | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    570000 | PA      | $539666.89    | 0.12%             | 2024-08-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                  | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAD1<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    837000 | PA      | $730128.22    | 0.16%             | 2028-09-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: —       |
| VCAT Asset Securitization, LLC            | VCAT 2021-NPL6 LLC                                                              | CUSIP: 91824WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1178022 | PA      | $1025546.04   | 0.22%             | 2051-09-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                            | TD SYNNEX Corp                                                                  | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    755000 | PA      | $609080.02    | 0.13%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Hostess Brands LLC                        | Hostess Brands LLC                                                              | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |    980166 | PA      | $976078.46    | 0.21%             | 2025-08-03      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receiv            | Santander Consumer Auto Receivables Trust 2021-A                                | CUSIP: 80282YAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $535898.24    | 0.12%             | 2026-11-16      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                | BXG Receivables Note Trust 2015-A                                               | CUSIP: 05606XAA2<br>LEI: 549300R4HW4HQYM9LE23 | Long             | ABS-O            | CORP              | US        |     40360 | PA      | $38972.59     | 0.01%             | 2030-05-02      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                               | Bacardi Ltd                                                                     | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |   1170000 | PA      | $1116700.65   | 0.24%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu            | JPMBB Commercial Mortgage Securities Trust 2015-C32                             | CUSIP: 46590JBA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2060370.84   | 0.44%             | 2048-11-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825000 | PA      | $1762015.78   | 0.38%             | 2028-04-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| INTOWN 2022-STAY                          | INTOWN 2022-STAY Mortgage Trust                                                 | CUSIP: 46117NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1765000 | PA      | $1753394.42   | 0.38%             | 2039-08-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                        | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    811000 | PA      | $664880.83    | 0.14%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se            | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    276655 | PA      | $231622.95    | 0.05%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                          | T-Mobile USA Inc                                                                | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $944715.22    | 0.20%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| KNDL Mortgage Trust                       | KNDL 2019-KNSQ Mortgage Trust                                                   | CUSIP: 482598AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $1027843.02   | 0.22%             | 2036-05-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    976165 | PA      | $754320.75    | 0.16%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak Mortgage Trust 2021-7                                                 | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    962199 | PA      | $782229.09    | 0.17%             | 2066-10-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    732402 | PA      | $698235.79    | 0.15%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables             | Exeter Automobile Receivables Trust 2019-2                                      | CUSIP: 30167LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1605000 | PA      | $1570033.95   | 0.34%             | 2026-05-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government International Bond                          | CUSIP: 836205AR5<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    265000 | PA      | $264884.06    | 0.06%             | 2025-09-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                         | Kinder Morgan Inc                                                               | CUSIP: 49456BAM3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $1004130.05   | 0.22%             | 2023-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1197950.00   | 0.26%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | Corevest American Finance 2020-1 Trust                                          | CUSIP: 21872UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1760130 | PA      | $1638221.64   | 0.35%             | 2050-03-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Trust 2015-5                                                          | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    288542 | PA      | $277681.90    | 0.06%             | 2045-05-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                      | Aramark Services Inc                                                            | CUSIP: 03852JAL5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    345085 | PA      | $342390.03    | 0.07%             | 2025-03-11      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                | Flagship Credit Auto Trust 2019-2                                               | CUSIP: 33845WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    462115 | PA      | $459836.60    | 0.10%             | 2025-05-15      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert LLC                  | Asplundh Tree Expert LLC                                                        | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    619693 | PA      | $618657.68    | 0.13%             | 2027-09-07      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                    | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    495000 | PA      | $462453.75    | 0.10%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T            | Ellington Financial Mortgage Trust 2020-1                                       | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165763 | PA      | $159920.82    | 0.03%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                  | AT&T Inc                                                                        | CUSIP: 00206RFY3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    475000 | PA      | $475115.64    | 0.10%             | 2023-02-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer