# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-25-203843
**Filing Date:** 2025-8
**Character Count:** 236494
**Document Hash:** 9711c35fa22c523216c04384abe88d38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203843.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203843

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Strategy Trust
- **CENTRAL INDEX KEY:** 0001423227

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 251253611

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **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:** Allianz Funds Multi-Strategy Trust
- **DATE OF NAME CHANGE:** 20080109

## Series and Classes Contracts Data

### Virtus Global Allocation Fund (Series ID: S000025374)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000075793 | Class C             | PALCX           |
| C000075797 | Institutional Class | PALLX           |
| C000075799 | Class A             | PALAX           |
| C000160541 | Class R6            | AGASX           |

## Nport-Ex

#### VIRTUS Global Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.8%** | **U.S. Government Securities—5.8%** | **U.S. Government Securities—5.8%** |
| Tennessee Valley Authority<br> 1.500%, 9/15/31 | $775 | $666 |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 2443 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1224 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 953 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 5/15/33 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/34 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp; 2285 |
| **Total U.S. Government Securities<br> (Identified Cost $9,806)** | **Total U.S. Government Securities<br> (Identified Cost $9,806)** | &nbsp;&nbsp;&nbsp;&nbsp; **8524** |
| **Mortgage-Backed Securities—9.0%** | **Mortgage-Backed Securities—9.0%** | **Mortgage-Backed Securities—9.0%** |
| **Agency—7.1%** | **Agency—7.1%** |  |
| Federal Home Loan Mortgage Multiclass Certificates 2021-P009, A2<br> 1.878%, 1/25/31 | &nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp; 818 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2021-M3G, A2<br> 1.286%, 1/25/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;2021-M2G, A2<br> 1.421%, 3/25/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;2021-M2S, A2<br> 1.867%, 10/25/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 867 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #784446<br> 3.000%, 2/20/48 | &nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;Pool #784648<br> 3.000%, 11/20/48 | &nbsp;&nbsp; 1328 | &nbsp;&nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp;Pool #BV0838<br> 2.500%, 8/20/50 | &nbsp;&nbsp; 3423 | &nbsp;&nbsp;&nbsp; 2893 |
| &nbsp;&nbsp;&nbsp;Pool #MA6985<br> 2.000%, 11/20/50 | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;Pool #MA7366<br> 2.000%, 5/20/51 | &nbsp;&nbsp; 1507 | &nbsp;&nbsp;&nbsp; 1227 |
| &nbsp;&nbsp;&nbsp;2024-110, JF (SOFR30A + 1.000%, Cap 7.000%, Floor 1.000%)<br> 5.302%, 7/20/54<sup>(1)</sup> | &nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 523 |
|  |  | &nbsp;&nbsp;&nbsp; 10432 |
| **Non-Agency—1.9%** | **Non-Agency—1.9%** |  |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.231%, 3/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 473 |
| BX Commercial Mortgage Trust 2019-IMC, A (1 month Term SOFR + 1.046%, Cap N/A, Floor 1.000%) 144A<br> 5.358%, 4/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 280 |
| BX Trust 2023-LIFE, A 144A<br> 5.045%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 492 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Grace Trust 2020-GRCE, A 144A<br> 2.347%, 12/10/40<sup>(2)</sup> | $1250 | $1098 |
| TEXAS Commercial Mortgage Trust 2025-TWR, A (1 month Term SOFR + 1.293%, Cap N/A, Floor 1.293%) 144A<br> 5.605%, 4/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 499 |
|  |  | &nbsp;&nbsp;&nbsp; 2842 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $15,580)** | **Total Mortgage-Backed Securities<br> (Identified Cost $15,580)** | &nbsp;&nbsp;&nbsp;&nbsp; **13274** |
| **Asset-Backed Securities—3.5%** | **Asset-Backed Securities—3.5%** | **Asset-Backed Securities—3.5%** |
| **Agency—1.5%** | **Agency—1.5%** |  |
| United States Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;2017-20E, 1<br> 2.880%, 5/1/37 | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 817 |
| &nbsp;&nbsp;&nbsp;2020-25L, 1<br> 1.210%, 12/1/45 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp;2021-25B, 1<br> 1.340%, 2/1/46 | &nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;2021-25I, 1<br> 1.560%, 9/1/46 | &nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 168 |
|  |  | &nbsp;&nbsp;&nbsp; 2202 |
| **Collateralized Loan Obligation—0.8%** | **Collateralized Loan Obligation—0.8%** |  |
| Venture 42 CLO Ltd. 2021-42A, A1A (3 month Term SOFR + 1.392%, Cap N/A, Floor 1.130%) 144A<br> 5.648%, 4/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp; 1220 |
| **Consumer Loans—1.2%** | **Consumer Loans—1.2%** |  |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A1 144A<br> 1.550%, 6/16/36<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;2022-S1, A 144A<br> 4.130%, 5/14/35<sup>(2)</sup> | &nbsp;&nbsp; 1289 | &nbsp;&nbsp;&nbsp; 1284 |
|  |  | &nbsp;&nbsp;&nbsp; 1762 |
| **Total Asset-Backed Securities<br> (Identified Cost $5,688)** | **Total Asset-Backed Securities<br> (Identified Cost $5,688)** | &nbsp;&nbsp;&nbsp;&nbsp; **5184** |
| **Convertible Bonds and Notes—3.1%** | **Convertible Bonds and Notes—3.1%** | **Convertible Bonds and Notes—3.1%** |
| **Auto Manufacturers—0.0%** | **Auto Manufacturers—0.0%** |  |
| Rivian Automotive, Inc.<br> 4.625%, 3/15/29 | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 53 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** |  |
| Alnylam Pharmaceuticals, Inc.<br> 1.000%, 9/15/27 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 61 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Biotechnology—continued** | **Biotechnology—continued** |  |
| BioMarin Pharmaceutical, Inc.<br> 1.250%, 5/15/27 | $35 | $33 |
| Guardant Health, Inc.<br> 0.000%, 11/15/27<sup>(3)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 47 |
| Halozyme Therapeutics, Inc.<br> 1.000%, 8/15/28 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 74 |
| Innoviva, Inc.<br> 2.125%, 3/15/28 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| NeoGenomics, Inc.<br> 0.250%, 1/15/28 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 292 |
| **Capital Markets—0.0%** | **Capital Markets—0.0%** |  |
| Coinbase Global, Inc.<br> 0.250%, 4/1/30 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 55 |
| **Commercial Services—0.2%** | **Commercial Services—0.2%** |  |
| Affirm Holdings, Inc. 144A<br> 0.750%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 38 |
| Alarm.com Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 1/15/26<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;2.250%, 6/1/29 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45 |
| Block, Inc.<br> 0.000%, 5/1/26<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39 |
| Euronet Worldwide, Inc.<br> 0.750%, 3/15/49 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 31 |
| Stride, Inc.<br> 1.125%, 9/1/27 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 97 |
|  |  | &nbsp;&nbsp; 290 |
| **Computers—0.2%** | **Computers—0.2%** |  |
| Okta, Inc.<br> 0.375%, 6/15/26 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 45 |
| Seagate HDD Cayman<br> 3.500%, 6/1/28 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 117 |
| Zscaler, Inc.<br> 0.125%, 7/1/25 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 266 |
| **Diversified REITs—0.0%** | **Diversified REITs—0.0%** |  |
| Uniti Group, Inc. 144A<br> 7.500%, 12/1/27<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 40 |
| **Electric Utilities—0.2%** | **Electric Utilities—0.2%** |  |
| CMS Energy Corp.<br> 3.375%, 5/1/28 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 45 |
| Evergy, Inc.<br> 4.500%, 12/15/27 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 90 |
| PG&E Corp.<br> 4.250%, 12/1/27 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
| Southern Co. (The)<br> 3.875%, 12/15/25 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 210 |
| **Electronics—0.1%** | **Electronics—0.1%** |  |
| Advanced Energy Industries, Inc.<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 98 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electronics—continued** | **Electronics—continued** |  |
| Itron, Inc.<br> 1.375%, 7/15/30 | $63 | $75 |
|  |  | &nbsp;&nbsp; 173 |
| **Engineering & Construction—0.1%** | **Engineering & Construction—0.1%** |  |
| Granite Construction, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 5/15/28 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;3.250%, 6/15/30 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 145 |
| **Financial Services—0.1%** | **Financial Services—0.1%** |  |
| EZCORP, Inc. 144A<br> 3.750%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 75 |
| Upstart Holdings, Inc. 144A<br> 2.000%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 116 |
| **Health Care REITs—0.2%** | **Health Care REITs—0.2%** |  |
| Ventas Realty LP<br> 3.750%, 6/1/26 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 99 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.750%, 5/15/28<sup>(2)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 80 |
|  |  | &nbsp;&nbsp; 262 |
| **Healthcare-Products—0.2%** | **Healthcare-Products—0.2%** |  |
| CONMED Corp.<br> 2.250%, 6/15/27 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| Exact Sciences Corp.<br> 0.375%, 3/1/28 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |
| Haemonetics Corp.<br> 0.000%, 3/1/26<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 60 |
| iRhythm Technologies, Inc.<br> 1.500%, 9/1/29 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 64 |
| LivaNova plc<br> 2.500%, 3/15/29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp; 294 |
| **Home Builders—0.0%** | **Home Builders—0.0%** |  |
| LCI Industries<br> 1.125%, 5/15/26 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 45 |
| **Internet—0.3%** | **Internet—0.3%** |  |
| Fiverr International Ltd.<br> 0.000%, 11/1/25<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Lyft, Inc.<br> 0.625%, 3/1/29 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 68 |
| Sea Ltd.<br> 2.375%, 12/1/25 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 37 |
| Spotify USA, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 154 |
| Uber Technologies, Inc. Series 2028<br> 0.875%, 12/1/28 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 29 |
| Wix.com Ltd.<br> 0.000%, 8/15/25<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Internet—continued** | **Internet—continued** |  |
| Ziff Davis, Inc. 144A<br> 3.625%, 3/1/28<sup>(2)</sup> | $40 | $37 |
|  |  | &nbsp;&nbsp; 365 |
| **Investment Companies—0.0%** | **Investment Companies—0.0%** |  |
| HAT Holdings I LLC 144A<br> 3.750%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |
| New Mountain Finance Corp.<br> 7.500%, 10/15/25 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 54 |
| **Leisure Time—0.2%** | **Leisure Time—0.2%** |  |
| Carnival Corp.<br> 5.750%, 12/1/27 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 95 |
| NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 2/15/27 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;144A 0.875%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 48 |
| Peloton Interactive, Inc.<br> 5.500%, 12/1/29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 247 |
| **Media—0.1%** | **Media—0.1%** |  |
| Liberty Media Corp. 144A<br> 2.375%, 9/30/53<sup>(2)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 28 |
| Sphere Entertainment Co.<br> 3.500%, 12/1/28 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 81 |
|  |  | &nbsp;&nbsp; 109 |
| **Metal Fabricate/Hardware—0.0%** | **Metal Fabricate/Hardware—0.0%** |  |
| Xometry, Inc.<br> 1.000%, 2/1/27 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** |  |
| Axon Enterprise, Inc.<br> 0.500%, 12/15/27 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 36 |
| **Mortgage Real Estate Investment Trusts<br> (REITs)—0.1%** | **Mortgage Real Estate Investment Trusts<br> (REITs)—0.1%** |  |
| Arbor Realty Trust, Inc.<br> 7.500%, 8/1/25 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| Starwood Property Trust, Inc.<br> 6.750%, 7/15/27 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 79 |
| **Oil, Gas & Consumable Fuels—0.1%** | **Oil, Gas & Consumable Fuels—0.1%** |  |
| Kosmos Energy Ltd.<br> 3.125%, 3/15/30 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 39 |
| Northern Oil & Gas, Inc.<br> 3.625%, 4/15/29 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 50 |
| UGI Corp.<br> 5.000%, 6/1/28 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 98 |
|  |  | &nbsp;&nbsp; 187 |
| **Passenger Airlines—0.0%** | **Passenger Airlines—0.0%** |  |
| American Airlines Group, Inc.<br> 6.500%, 7/1/25 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |  |
| Collegium Pharmaceutical, Inc.<br> 2.875%, 2/15/29 | $19 | $20 |
| Herbalife Ltd.<br> 4.250%, 6/15/28 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 43 |
| Pacira BioSciences, Inc.<br> 2.125%, 5/15/29 | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp;&nbsp; 106 |
| **Software—0.6%** | **Software—0.6%** |  |
| Alignment Healthcare, Inc. 144A<br> 4.250%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 79 |
| Bandwidth, Inc.<br> 0.500%, 4/1/28 | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 49 |
| BlackLine, Inc.<br> 1.000%, 6/1/29 | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 74 |
| Box, Inc. 144A<br> 1.500%, 9/15/29<sup>(2)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 48 |
| Confluent, Inc.<br> 0.000%, 1/15/27<sup>(3)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 37 |
| CSG Systems International, Inc.<br> 3.875%, 9/15/28 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 51 |
| Dayforce, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 39 |
| DigitalOcean Holdings, Inc.<br> 0.000%, 12/1/26<sup>(3)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 36 |
| Dropbox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/26<sup>(3)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/28 | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 75 |
| MicroStrategy, Inc.<br> 0.625%, 3/15/30 | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 136 |
| Nutanix, Inc.<br> 0.250%, 10/1/27 | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 58 |
| Progress Software Corp.<br> 1.000%, 4/15/26 | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 67 |
| RingCentral, Inc.<br> 0.000%, 3/15/26<sup>(3)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 40 |
| Snowflake, Inc. 144A<br> 0.000%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 31 |
| Verint Systems, Inc.<br> 0.250%, 4/15/26 | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp;&nbsp; 936 |
| **Telecommunications—0.1%** | **Telecommunications—0.1%** |  |
| InterDigital, Inc.<br> 3.500%, 6/1/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 41 |
| Viavi Solutions, Inc.<br> 1.625%, 3/15/26 | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp;&nbsp; 83 |
| **Transportation—0.0%** | **Transportation—0.0%** |  |
| Greenbrier Cos., Inc. (The)<br> 2.875%, 4/15/28 | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 49 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $4,119)** | **Total Convertible Bonds and Notes<br> (Identified Cost $4,119)** | &nbsp;&nbsp;&nbsp;&nbsp; **4592** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—14.2%** | **Corporate Bonds and Notes—14.2%** | **Corporate Bonds and Notes—14.2%** |
| **Apparel—0.2%** | **Apparel—0.2%** |  |
| Tapestry, Inc.<br> 3.050%, 3/15/32 | $315 | $281 |
| **Banks—2.7%** | **Banks—2.7%** |  |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 568 |
| BNP Paribas S.A. 144A<br> 1.675%, 6/30/27<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 194 |
| Cooperatieve Rabobank UA 144A<br> 1.106%, 2/24/27<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 489 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.286%, 11/19/30 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;2.804%, 5/24/32 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 391 |
| Kreditanstalt fuer Wiederaufbau<br> 1.000%, 10/1/26 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1447 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| Truist Financial Corp.<br> 1.267%, 3/2/27 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 391 |
| U.S. Bancorp<br> 5.046%, 2/12/31 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  |  | &nbsp;&nbsp; 3930 |
| **Chemicals—0.4%** | **Chemicals—0.4%** |  |
| Dow Chemical Co. (The)<br> 5.150%, 2/15/34 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 570 |
| **Computers—0.4%** | **Computers—0.4%** |  |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(2)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 528 |
| **Containers & Packaging—0.4%** | **Containers & Packaging—0.4%** |  |
| Smurfit Kappa Treasury ULC<br> 5.200%, 1/15/30 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 520 |
| **Diversified REITs—0.3%** | **Diversified REITs—0.3%** |  |
| Boston Properties LP<br> 3.400%, 6/21/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 474 |
| **Electric Utilities—3.5%** | **Electric Utilities—3.5%** |  |
| AES Corp. (The)<br> 5.450%, 6/1/28 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 485 |
| Constellation Energy Generation LLC<br> 5.750%, 3/15/54 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 387 |
| DTE Electric Co. Series A<br> 4.050%, 5/15/48 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 97 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 12/1/29 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;2.400%, 12/15/31 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 221 |
| Duke Energy Progress LLC<br> 3.450%, 3/15/29 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 321 |
| Enel Finance International N.V. 144A<br> 5.500%, 6/15/52<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 368 |
| New York State Electric & Gas Corp. 144A<br> 5.650%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 529 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electric Utilities—continued** | **Electric Utilities—continued** |  |
| Niagara Mohawk Power Corp. 144A<br> 1.960%, 6/27/30<sup>(2)</sup> | $240 | $212 |
| Northern States Power Co.<br> 4.500%, 6/1/52 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 501 |
| Oglethorpe Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, 6/1/54 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;5.900%, 2/1/55 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 373 |
| PacifiCorp.<br> 5.350%, 12/1/53 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 530 |
| Southern California Edison Co.<br> 2.750%, 2/1/32 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 452 |
| Wisconsin Public Service Corp.<br> 2.850%, 12/1/51 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 5190 |
| **Entertainment—0.2%** | **Entertainment—0.2%** |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 3/15/42 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;5.141%, 3/15/52 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 91 |
|  |  | &nbsp;&nbsp; 300 |
| **Financial Services—1.0%** | **Financial Services—1.0%** |  |
| American Express Co.<br> 4.050%, 5/3/29 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 560 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.528%, 11/18/27<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A 5.150%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
| Capital One Financial Corp.<br> 6.377%, 6/8/34 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 553 |
|  |  | &nbsp;&nbsp; 1503 |
| **Food & Beverage—0.3%** | **Food & Beverage—0.3%** |  |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, 7/18/32 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;2.875%, 10/15/49 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 131 |
|  |  | &nbsp;&nbsp; 518 |
| **Home Builders—0.2%** | **Home Builders—0.2%** |  |
| DR Horton, Inc.<br> 5.500%, 10/15/35 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 265 |
| **Insurance—0.5%** | **Insurance—0.5%** |  |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 521 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 174 |
|  |  | &nbsp;&nbsp; 695 |
| **Investment Companies—0.6%** | **Investment Companies—0.6%** |  |
| Apollo Debt Solutions BDC<br> 6.700%, 7/29/31 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 187 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Investment Companies—continued** | **Investment Companies—continued** |  |
| HAT Holdings I LLC 144A<br> 8.000%, 6/15/27<sup>(2)</sup> | $620 | $646 |
|  |  | &nbsp;&nbsp;&nbsp; 833 |
| **Multi-National—0.3%** | **Multi-National—0.3%** |  |
| International Bank for Reconstruction & Development (SOFR + 0.370%)<br> 4.730%, 2/11/31<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 498 |
| **Paper & Forest Products—0.3%** | **Paper & Forest Products—0.3%** |  |
| Suzano Austria GmbH<br> 3.750%, 1/15/31 | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 429 |
| **Personal Care Product—0.2%** | **Personal Care Product—0.2%** |  |
| Haleon U.S. Capital LLC 144A<br> 3.375%, 3/24/27<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 246 |
| **Residential REITs—0.6%** | **Residential REITs—0.6%** |  |
| American Homes 4 Rent LP<br> 5.500%, 2/1/34 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 508 |
| AvalonBay Communities, Inc.<br> 1.900%, 12/1/28 | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 390 |
|  |  | &nbsp;&nbsp;&nbsp; 898 |
| **Retail REIT—0.3%** | **Retail REIT—0.3%** |  |
| Kimco Realty OP LLC<br> 2.700%, 10/1/30 | &nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp; 465 |
| **Semiconductors—0.4%** | **Semiconductors—0.4%** |  |
| NXP B.V.<br> 2.500%, 5/11/31 | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 579 |
| **Software—0.6%** | **Software—0.6%** |  |
| Autodesk, Inc.<br> 2.400%, 12/15/31 | &nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 548 |
| Synopsys, Inc.<br> 5.150%, 4/1/35 | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 398 |
|  |  | &nbsp;&nbsp;&nbsp; 946 |
| **Telecommunications—0.8%** | **Telecommunications—0.8%** |  |
| Verizon Communications, Inc.<br> 5.500%, 2/23/54 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 966 |
| Vodafone Group plc<br> 5.875%, 6/28/64 | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 226 |
|  |  | &nbsp;&nbsp;&nbsp; 1192 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $21,321)** | **Total Corporate Bonds and Notes<br> (Identified Cost $21,321)** | &nbsp;&nbsp;&nbsp;&nbsp; **20860** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—0.2%** | **Convertible Preferred Stocks—0.2%** | **Convertible Preferred Stocks—0.2%** |
| **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |  |
| Boeing Co. (The), 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp; 78 |
| **Banks—0.1%** | **Banks—0.1%** |  |
| Bank of America Corp. Series L, 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp; 27 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| Wells Fargo & Co. Series L, 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $77 |
|  |  | &nbsp;&nbsp;&nbsp; 104 |
| **Specialized REITs—0.0%** | **Specialized REITs—0.0%** |  |
| EPR Properties Series C, 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp; 47 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $212)** | **Total Convertible Preferred Stocks<br> (Identified Cost $212)** | &nbsp;&nbsp;&nbsp;&nbsp; **229** |
| **Common Stocks—32.4%** | **Common Stocks—32.4%** | **Common Stocks—32.4%** |
| **Aerospace & Defense—0.8%** | **Aerospace & Defense—0.8%** |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 | &nbsp;&nbsp;&nbsp; 38 |
| AviChina Industry & Technology Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp; 51 |
| Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp; 300 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp; 128 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 | &nbsp;&nbsp;&nbsp; 339 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp; 198 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 153 |
|  |  | &nbsp;&nbsp;&nbsp; 1207 |
| **Air Freight & Logistics—0.2%** | **Air Freight & Logistics—0.2%** |  |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp; 245 |
| **Automobile Components—0.0%** | **Automobile Components—0.0%** |  |
| Fuyao Glass Industry Group Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp; 48 |
| **Automobiles—0.2%** | **Automobiles—0.2%** |  |
| Tesla, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp; 215 |
| Zhejiang Leapmotor Technology Co., Ltd.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp;&nbsp; 340 |
| **Banks—3.5%** | **Banks—3.5%** |  |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;77029 | &nbsp;&nbsp;&nbsp; 283 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;45376 | &nbsp;&nbsp;&nbsp; 266 |
| Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp; 76 |
| Banco de Sabadell S.A. | &nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp; 193 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;107100 | &nbsp;&nbsp;&nbsp; 57 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp; 322 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp; 235 |
| China Construction Bank Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp; 54 |
| CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp; 99 |
| DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp; 243 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;61551 | &nbsp;&nbsp;&nbsp; 152 |
| E.Sun Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;262702 | &nbsp;&nbsp;&nbsp; 295 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;13965 | &nbsp;&nbsp;&nbsp; 87 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | $272 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 96 |
| ICICI Bank Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4167 | &nbsp;&nbsp; 140 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp; 207 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp; 897 |
| Krung Thai Bank PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp; 84 |
| Malayan Banking Bhd | &nbsp;&nbsp;&nbsp;&nbsp;64500 | &nbsp;&nbsp; 149 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535 | &nbsp;&nbsp; 198 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp; 168 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 169 |
| NatWest Group plc | &nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp; 162 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9177 | &nbsp;&nbsp; 126 |
| SinoPac Financial Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55475 | &nbsp;&nbsp; 46 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp; 48 |
|  |  | &nbsp;&nbsp; 5124 |
| **Beverages—0.0%** | **Beverages—0.0%** |  |
| Sino Grandness Food Industry Group Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77400 | &nbsp;&nbsp; — |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp; 8 |
| Argenx SE<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp; 175 |
|  |  | &nbsp;&nbsp; 183 |
| **Broadline Retail—0.9%** | **Broadline Retail—0.9%** |  |
| Amazon.com, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | &nbsp;&nbsp; 812 |
| Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp; 67 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp; 205 |
| Global-e Online Ltd.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp; 47 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050 | &nbsp;&nbsp; 131 |
| Vipshop Holdings Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045 | &nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp; 1383 |
| **Building Products—0.3%** | **Building Products—0.3%** |  |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp; 391 |
| **Capital Markets—1.8%** | **Capital Markets—1.8%** |  |
| 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 57 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp; 661 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp; 52 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp; 546 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 296 |
| Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp; 175 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp; 290 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp; 81 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp; 178 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp; 276 |
|  |  | &nbsp;&nbsp; 2612 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Commercial Services &<br> Supplies—0.8%** | **Commercial Services &<br> Supplies—0.8%** |  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | $581 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648 | &nbsp;&nbsp; 175 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp; 240 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp; 216 |
|  |  | &nbsp;&nbsp; 1212 |
| **Communications Equipment—0.3%** | **Communications Equipment—0.3%** |  |
| Arista Networks, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp; 119 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp; 270 |
| Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 508 |
| **Construction & Engineering—0.2%** | **Construction & Engineering—0.2%** |  |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 267 |
| **Construction Materials—0.1%** | **Construction Materials—0.1%** |  |
| CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp; 106 |
| **Consumer Finance—0.0%** | **Consumer Finance—0.0%** |  |
| Qifu Technology, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 69 |
| **Consumer Staples Distribution &<br> Retail—0.7%** | **Consumer Staples Distribution &<br> Retail—0.7%** |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp; 124 |
| CP AXTRA PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;136400 | &nbsp;&nbsp; 75 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 217 |
| Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp;54179 | &nbsp;&nbsp; 298 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp; 249 |
|  |  | &nbsp;&nbsp; 963 |
| **Diversified Telecommunication<br> Services—0.1%** | **Diversified Telecommunication<br> Services—0.1%** |  |
| Deutsche Telekom AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp; 86 |
| Telefonica Brasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp; 103 |
|  |  | &nbsp;&nbsp; 189 |
| **Electric Utilities—1.7%** | **Electric Utilities—1.7%** |  |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp; 336 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp; 95 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp; 114 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp; 290 |
| Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;26729 | &nbsp;&nbsp; 254 |
| Iberdrola S.A. | &nbsp;&nbsp;&nbsp;&nbsp;19647 | &nbsp;&nbsp; 377 |
| Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8296 | &nbsp;&nbsp; 241 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp; 198 |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11383 | &nbsp;&nbsp; 159 |
| PGE Polska Grupa Energetyczna S.A.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp; 80 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp; 416 |
|  |  | &nbsp;&nbsp; 2560 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment—0.1%** | **Electrical Equipment—0.1%** |  |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $90 |
| **Entertainment—0.8%** | **Entertainment—0.8%** |  |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp; 197 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp; 470 |
| Netflix, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp; 450 |
| Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 1202 |
| **Financial Services—0.5%** | **Financial Services—0.5%** |  |
| Berkshire Hathaway, Inc. Class B<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp; 287 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp; 404 |
|  |  | &nbsp;&nbsp; 691 |
| **Food Products—0.3%** | **Food Products—0.3%** |  |
| Britannia Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp; 45 |
| Danone S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 402 |
| **Gas Utilities—0.2%** | **Gas Utilities—0.2%** |  |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 128 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp; 295 |
| **Health Care REITs—0.2%** | **Health Care REITs—0.2%** |  |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp; 246 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp; 367 |
| **Healthcare Equipment &<br> Supplies—0.3%** | **Healthcare Equipment &<br> Supplies—0.3%** |  |
| Boston Scientific Corp.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp; 157 |
| Insulet Corp.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 157 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 77 |
|  |  | &nbsp;&nbsp; 391 |
| **Healthcare Providers &<br> Services—1.0%** | **Healthcare Providers &<br> Services—1.0%** |  |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp; 337 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp; 373 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp; 122 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp; 247 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp; 319 |
|  |  | &nbsp;&nbsp; 1398 |
| **Healthcare Technology—0.1%** | **Healthcare Technology—0.1%** |  |
| Veeva Systems, Inc. Class A<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp; 192 |
| **Hotels, Restaurants & Leisure—0.2%** | **Hotels, Restaurants & Leisure—0.2%** |  |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 52 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp; 100 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp; 8 |
| OPAP S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp; 296 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Products—0.3%** | **Household Products—0.3%** |  |
| Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $56 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp; 84 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp; 94 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp; 260 |
|  |  | &nbsp;&nbsp; 494 |
| **Industrial Conglomerates—0.3%** | **Industrial Conglomerates—0.3%** |  |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp; 49 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp; 445 |
|  |  | &nbsp;&nbsp; 494 |
| **Insurance—2.1%** | **Insurance—2.1%** |  |
| Allianz SE Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp; 76 |
| Aviva plc | &nbsp;&nbsp;&nbsp;&nbsp;36371 | &nbsp;&nbsp; 309 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp; 191 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp; 179 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp; 154 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp; 121 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp; 58 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp; 166 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp; 152 |
| People's Insurance Co. Group of China Ltd. (The) Class A | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 42 |
| Phoenix Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp; 136 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp; 351 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp; 252 |
| Sampo Oyj Class A | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp; 113 |
| Sanlam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp; 103 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp; 199 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp; 297 |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 77 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp; 3102 |
| **Interactive Media & Services—1.4%** | **Interactive Media & Services—1.4%** |  |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190 | &nbsp;&nbsp; 915 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp; 204 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp; 791 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp; 2012 |
| **IT Services—0.6%** | **IT Services—0.6%** |  |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 244 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp; 274 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp; 145 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services—continued** | **IT Services—continued** |  |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | $188 |
|  |  | &nbsp;&nbsp; 851 |
| **Marine Transportation—0.4%** | **Marine Transportation—0.4%** |  |
| AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp; 253 |
| COSCO SHIPPING Holdings Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp; 153 |
| MISC Bhd | &nbsp;&nbsp;&nbsp;&nbsp;31100 | &nbsp;&nbsp; 56 |
| Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp; 128 |
|  |  | &nbsp;&nbsp; 590 |
| **Media—0.2%** | **Media—0.2%** |  |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp; 289 |
| **Multi-Utilities—1.1%** | **Multi-Utilities—1.1%** |  |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp; 97 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp; 240 |
| Engie S.A. | &nbsp;&nbsp;&nbsp;&nbsp;29211 | &nbsp;&nbsp; 685 |
| National Grid plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036 | &nbsp;&nbsp; 59 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp; 411 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp; 91 |
|  |  | &nbsp;&nbsp; 1583 |
| **Oil, Gas & Consumable Fuels—0.2%** | **Oil, Gas & Consumable Fuels—0.2%** |  |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp; 60 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 209 |
| United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp; 347 |
| **Passenger Airlines—0.1%** | **Passenger Airlines—0.1%** |  |
| Eva Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 96 |
| **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** |  |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp; 178 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp; 1 |
| Novartis AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp; 279 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp; 114 |
|  |  | &nbsp;&nbsp; 572 |
| **Professional Services—0.5%** | **Professional Services—0.5%** |  |
| Amentum Holdings, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp; 3 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp; 141 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 263 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp; 254 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 93 |
|  |  | &nbsp;&nbsp; 754 |
| **Real Estate Management &<br> Development—0.4%** | **Real Estate Management &<br> Development—0.4%** |  |
| CBRE Group, Inc. Class A<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp; 132 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp; 186 |
| Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;29683 | &nbsp;&nbsp; 109 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Management &<br> Development—continued** | **Real Estate Management &<br> Development—continued** |  |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;42172 | $156 |
|  |  | &nbsp;&nbsp; 583 |
| **Semiconductors & Semiconductor<br> Equipment—2.8%** | **Semiconductors & Semiconductor<br> Equipment—2.8%** |  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp; 342 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp; 358 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 358 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 292 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13142 | &nbsp;&nbsp; 2076 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 96 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp; 69 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp; 508 |
|  |  | &nbsp;&nbsp; 4099 |
| **Software—3.2%** | **Software—3.2%** |  |
| Adobe, Inc. <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp; 208 |
| Atlassian Corp. Class A<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 61 |
| Autodesk, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp; 116 |
| Fortinet, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp; 123 |
| HubSpot, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 111 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 79 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399 | &nbsp;&nbsp; 2685 |
| Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp; 114 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp; 227 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp; 320 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp; 68 |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp; 167 |
| ServiceNow, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp; 370 |
|  |  | &nbsp;&nbsp; 4649 |
| **Specialty Retail—0.3%** | **Specialty Retail—0.3%** |  |
| Lojas Renner S.A. | &nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp; 105 |
| Pop Mart International Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp; 109 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp; 183 |
|  |  | &nbsp;&nbsp; 397 |
| **Technology Hardware, Storage &<br> Peripherals—1.2%** | **Technology Hardware, Storage &<br> Peripherals—1.2%** |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 | &nbsp;&nbsp; 1646 |
| Logitech International S.A. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 1695 |
| **Textiles, Apparel & Luxury<br> Goods—0.1%** | **Textiles, Apparel & Luxury<br> Goods—0.1%** |  |
| Deckers Outdoor Corp.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp; 113 |
| Lululemon Athletica, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 184 |
| **Tobacco—1.0%** | **Tobacco—1.0%** |  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11208 | &nbsp;&nbsp; 657 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Tobacco—continued** | **Tobacco—continued** |  |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392 | $800 |
|  |  | &nbsp;&nbsp;&nbsp; 1457 |
| **Wireless Telecommunication<br> Services—0.4%** | **Wireless Telecommunication<br> Services—0.4%** |  |
| Advanced Info Service PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp; 193 |
| Advanced Info Service PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp; 252 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844 | &nbsp;&nbsp;&nbsp; 160 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp;&nbsp; 649 |
| **Total Common Stocks<br> (Identified Cost $37,748)** | **Total Common Stocks<br> (Identified Cost $37,748)** | &nbsp;&nbsp;&nbsp;&nbsp; **47628** |
| **Affiliated Mutual Funds—18.8%** | **Affiliated Mutual Funds—18.8%** | **Affiliated Mutual Funds—18.8%** |
| Virtus Duff & Phelps Water Fund Institutional Shares<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220305 | &nbsp;&nbsp;&nbsp; 4541 |
| Virtus KAR Mid-Cap Core Fund Class R6<sup>(4)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75547 | &nbsp;&nbsp;&nbsp; 4643 |
| Virtus SGA International Growth Fund Class R6<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;944698 | &nbsp;&nbsp;&nbsp; 7388 |
| Virtus Silvant Focused Growth Fund Class R6<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132075 | &nbsp;&nbsp;&nbsp; 11040 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $26,531)** | **Total Affiliated Mutual Funds<br> (Identified Cost $26,531)** | &nbsp;&nbsp;&nbsp;&nbsp; **27612** |
| **Affiliated Exchange-Traded Fund—2.1%** | **Affiliated Exchange-Traded Fund—2.1%** | **Affiliated Exchange-Traded Fund—2.1%** |
| **Capital Markets—2.1%** | **Capital Markets—2.1%** |  |
| Virtus Duff & Phelps Clean Energy ETF<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;163001 | &nbsp;&nbsp;&nbsp; 3157 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,997)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,997)** | &nbsp;&nbsp;&nbsp;&nbsp; **3157** |
| **Total Long-Term Investments—89.1%<br> (Identified Cost $124,002)** | **Total Long-Term Investments—89.1%<br> (Identified Cost $124,002)** | &nbsp;&nbsp;&nbsp;&nbsp;**131060** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.9%** | **Short-Term Investment—2.9%** | **Short-Term Investment—2.9%** |
| **Money Market Mutual Fund—2.9%** | **Money Market Mutual Fund—2.9%** | **Money Market Mutual Fund—2.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<sup>(7)</sup> | 4160134 | $4160 |
| **Total Short-Term Investment<br> (Identified Cost $4,160)** | **Total Short-Term Investment<br> (Identified Cost $4,160)** | &nbsp;&nbsp;&nbsp;&nbsp; **4160** |
| **TOTAL INVESTMENTS—92.0%<br> (Identified Cost $128,162)** | **TOTAL INVESTMENTS—92.0%<br> (Identified Cost $128,162)** | &nbsp;&nbsp;**$135220** |
| Other assets and liabilities, net—8.0% | Other assets and liabilities, net—8.0% | &nbsp;&nbsp;&nbsp;&nbsp; 11827 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$147047** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| BTP | Italian Buonie |
| CLO | Collateralized Loan Obligation |
| DAX | Deutsche Boerse AG German Stock Index |
| EAFE | Europe, Australasia and Far East |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| HSBC | Hong Kong & Shanghai Bank |
| HSCEI | Hang Seng China Enterprises Index |
| IBEX | Spanish Stock Exchange |
| IFSC | International Financial Service Centre |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MIB | Milano Indice di Borsa |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipts |
| OAT | Obligations Assimilables du Trésor |
| OP | Operating Partnership |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average |
| TOPIX | Tokyo Stock Price Index |
| TSX | Toronto Stock Exchange |
| ULC | Unlimited Liability Company |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(2)</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 June 30, 2025, these securities amounted to a value of $10,071 or 6.8% of net assets. |
| <sup>(3)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(4)</sup> | Non-income producing. |
| <sup>(5)</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>(6)</sup> | Affiliated investment. |
| <sup>(7)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Equity: North America | &nbsp;&nbsp;&nbsp;40% |
| Equity: Developed Markets ex U.S. | &nbsp;&nbsp;17 |
| Equity: Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Fixed Income | &nbsp;&nbsp;52 |
| Other | (15) |
| Total | 100% |
| <sup>†</sup>% of total investments as of June 30, 2025 (includes derivative contracts). | <sup>†</sup>% of total investments as of June 30, 2025 (includes derivative contracts). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of June 30, 2025 were as follows:** | **Exchange-traded futures contracts as of June 30, 2025 were as follows:** | **Exchange-traded futures contracts as of June 30, 2025 were as follows:** | **Exchange-traded futures contracts as of June 30, 2025 were as follows:** | **Exchange-traded futures contracts as of June 30, 2025 were as follows:** | **Exchange-traded futures contracts as of June 30, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts<br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| **Long Contracts:** |  |  |  |  |  |
| FTSE Taiwan Index Future | July 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;$73 | &nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;$— |
| HSCEI Index Future | July 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| IBEX 35 Index Future | July 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| IFSC Nifty 50 Future | July 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Bovespa Index Future | August 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| 2 Year U.S. Treasury Note Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 5 Year U.S. Treasury Note Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;6649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Australian Bond Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Euro-Bund Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| 10 Year U.K. Gilt Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.S. Treasury Note Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.S. Ultra Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;3657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Australian Dollar Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| British Pound Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Canadian Dollar Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| DAX Mini Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MSCI EAFE Net Total Return Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Euro FX Currency Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Euro-BTP Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;2281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Euro-OAT Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| FTSE 100 Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| FTSE/MIB Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Japanese Yen Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MSCI Emerging Markets Net Total Return Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of June 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of June 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of June 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of June 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of June 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of June 30, 2025 were as follows (continued):** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts<br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| New Zealand Dollar Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;$428 | &nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;$— |
| S&P 500<sup>®</sup> E-Mini Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| S&P 500<sup>®</sup> E-Mini Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;7563 | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| S&P/TSX 60 Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPI 200 Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TOPIX Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Ultra Bond Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | &nbsp;&nbsp;&nbsp;$565 | &nbsp;&nbsp;&nbsp;$(11) |
| **Short Contracts:** |  |  |  |  |  |
| Russell 2000<sup>®</sup> E-Mini Index Future | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp;$565 | &nbsp;&nbsp;&nbsp;$(24) |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | Amount is less than $500 (not in thousands). |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &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;$135761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

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 June 30, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS Global Allocation Fund

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

#### June 30, 2025

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

• 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 investment adviser's Valuation Committee's own assumptions in determining the
fair value of investments).

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22167

- **c. CIK number of Registrant:** 0001423227

- **d. LEI of Registrant:** 549300PO6JSVIR6RII57

- **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 Global Allocation Fund

- **b. EDGAR series identifier (if any):** S000025374

- **c. LEI of Series:** 549300TOJ076HUKPD274

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $147205061.47

**Total Liabilities:** $192214.03

**Net Assets:** $147012847.44

**Cash Not Reported:** $11412325.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -6.85000000 | **5-Year:** -2209.86000000 | **10-Year:** -5351.91000000 | **30-Year:** -6605.56000000

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

- **3-Month:** -0.66000000 | **1-Year:** -33.27000000 | **5-Year:** -464.97000000 | **10-Year:** -36.76000000 | **30-Year:** -5062.86000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075799 | 1.26%                | 3.54%                | 3.33%                |
| Class ID C000160541 | 1.21%                | 3.59%                | 3.46%                |
| Class ID C000075793 | 1.11%                | 3.47%                | 3.27%                |
| Class ID C000075797 | 1.17%                | 3.57%                | 3.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-68825.58               | $1327374.83                                |
| Month 2  | $40079.73                | $3982589.65                                |
| Month 3  | $368020.07               | $3458720.99                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chubu Electric Power Co Inc                 | Chubu Electric Power Co Inc                               | CUSIP: 000000000<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |      7700 | NS      | $95230.72     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group              | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     12200 | NS      | $167998.33    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                           | National Grid PLC                                         | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      4036 | NS      | $58807.26     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                              | ServiceNow Inc                                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       360 | NS      | $370108.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk PT                      | United Tractors Tbk PT                                    | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |     58700 | NS      | $77555.59     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd                        | Vipshop Holdings Ltd                                      | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |      8045 | NS      | $121077.25    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                    | Duke Energy Progress LLC                                  | CUSIP: 26442UAH7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    330000 | PA      | $321037.67    | 0.22%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Virtus Duff & Phelps Clean Energy ETF       | Virtus Duff & Phelps Clean Energy ETF                     | CUSIP: 92790A702<br>LEI: 549300DOWN7JGQW0Z967 | Long             | EC               | RF                | US        |    163001 | NS      | $3156938.17   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration               | CUSIP: 83162CH89<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1058661 | PA      | $841457.96    | 0.57%             | 2045-12-01      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                          | Liberty Media Corp                                        | CUSIP: 531229AR3<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |     18000 | PA      | $27666.00     | 0.02%             | 2053-09-30      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Telefonica Brasil SA                        | Telefonica Brasil SA                                      | CUSIP: 000000000<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |     18000 | NS      | $102670.67    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                                 | PepsiCo Inc                                               | CUSIP: 713448EP9<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    200000 | PA      | $131360.64    | 0.09%             | 2049-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Virtus KAR Mid-Cap Core Fund                | Virtus KAR Mid-Cap Core Fund                              | CUSIP: 92828N262<br>LEI: 549300QFF23HRQSQI170 | Long             | EC               | RF                | US        |     75547 | NS      | $4643118.62   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                       | American Homes 4 Rent LP                                  | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508358.29    | 0.35%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | AUST 10Y BOND                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |        32 | NC      | $2597.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMETRY INC                                 | Xometry Inc                                               | CUSIP: 98423FAB5<br>LEI: 5493006JFRGU7YRRXE44 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40400.00     | 0.03%             | 2027-02-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                           | NatWest Group PLC                                         | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     23100 | NS      | $162155.81    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Tru              | OneMain Financial Issuance Trust 2021-1                   | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $478314.45    | 0.33%             | 2036-06-16      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                             | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      1150 | NS      | $78200.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                        | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     14000 | NS      | $508010.41    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                                  | Loews Corp                                                | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      1316 | NS      | $120624.56    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                   | Tesla Inc                                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       676 | NS      | $214738.16    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY                       | Tennessee Valley Authority                                | CUSIP: 880591EX6<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    775000 | PA      | $665690.67    | 0.45%             | 2031-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                     | Duke Energy Florida LLC                                   | CUSIP: 26444HAK7<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $221182.81    | 0.15%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                               | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    135000 | PA      | $135814.73    | 0.09%             | 2030-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UGI CORP                                    | UGI Corp                                                  | CUSIP: 902681AB1<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | DBT              | CORP              | US        |     71000 | PA      | $97836.10     | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVANOVA PLC                                | LivaNova PLC                                              | CUSIP: 53802LAB8<br>LEI: 2138001K2FX6SHK2B339 | Long             | DBT              | CORP              | GB        |     37000 | PA      | $37566.85     | 0.03%             | 2029-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                        | Tencent Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      1600 | NS      | $102522.95    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Leapmotor Technology               | Zhejiang Leapmotor Technology Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     18000 | NS      | $125427.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC                               | Snowflake Inc                                             | CUSIP: 833445AC3<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $31120.00     | 0.02%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SinoPac Financial Holdings Co               | SinoPac Financial Holdings Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     55475 | NS      | $45956.97     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Multiclass Certifi              | Freddie Mac Multiclass Certificates Series 2021-P009      | CUSIP: 3137H13V6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    920745 | PA      | $817743.19    | 0.56%             | 2031-01-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                         | Erste Group Bank AG                                       | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |      3200 | NS      | $272530.51    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T              | Bank of New York Mellon Corp/The                          | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      7250 | NS      | $660547.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG FUTURES EXCHANGE                  | HSCEI                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |        10 | NC      | $9969.41      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA EXCHANGE,INC                          | TOPIX INDX                                                | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |         5 | NC      | $22885.49     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                      | Emaar Development PJSC                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     29683 | NS      | $109110.85    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                          | Walt Disney Co/The                                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |       687 | NS      | $85194.87     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                       | Northrop Grumman Corp                                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       396 | NS      | $197992.08    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                  | AbbVie Inc                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |        44 | NS      | $8167.28      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                 | BlackRock Liquidity FedFund                               | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   4744368 | NS      | $4744367.51   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                         | Kimberly-Clark Corp                                       | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      2016 | NS      | $259902.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | AUDUSD CRNCY                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         3 | NC      | $769.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc                   | Tokio Marine Holdings Inc                                 | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |      7000 | NS      | $297052.19    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                  | JD.com Inc                                                | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      8050 | NS      | $131159.43    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                     | CRH PLC                                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |      1150 | NS      | $105570.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                  | Ventas Inc                                                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      3900 | NS      | $246285.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WISCONSIN PUBLIC SERVICE                    | Wisconsin Public Service Corp                             | CUSIP: 976843BN1<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |    670000 | PA      | $410894.00    | 0.28%             | 2051-12-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| NEOGENOMICS INC                             | NeoGenomics Inc                                           | CUSIP: 64049MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $37565.00     | 0.03%             | 2028-01-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| E.Sun Financial Holding Co Ltd              | E.Sun Financial Holding Co Ltd                            | CUSIP: 000000000<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |    262702 | NS      | $295418.35    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                        | Waste Management Inc                                      | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       945 | NS      | $216234.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                        | CUSIP: 36179WFF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1506854 | PA      | $1227397.44   | 0.83%             | 2051-05-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        13 | NC      | $10677.83     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                     | Consolidated Edison Inc                                   | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       971 | NS      | $97439.85     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S                      | AP Moller - Maersk A/S                                    | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       137 | NS      | $253072.82    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | NEW ZEALAND $                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         7 | NC      | $1974.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                         | Axon Enterprise Inc                                       | CUSIP: 05464CAB7<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     10000 | PA      | $36275.00     | 0.02%             | 2027-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc                     | Lululemon Athletica Inc                                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |       300 | NS      | $71274.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                       | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    560000 | PA      | $559775.43    | 0.38%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                            | Osaka Gas Co Ltd                                          | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |      5000 | NS      | $128224.71    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                         | Paycom Software Inc                                       | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       400 | NS      | $92560.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALARM.COM HLDGS INC                         | Alarm.com Holdings Inc                                    | CUSIP: 011642AD7<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |     46000 | PA      | $44507.47     | 0.03%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                         | Viavi Solutions Inc                                       | CUSIP: 925550AH8<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42262.50     | 0.03%             | 2026-03-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | BP CURRENCY                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        32 | NC      | $14261.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                         | Cardinal Health Inc                                       | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2006 | NS      | $337008.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd                         | Global-e Online Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      1403 | NS      | $47056.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                     | Sea Ltd                                                   | CUSIP: 81141RAF7<br>LEI: 529900OM6JLLW44YKI15 | Long             | DBT              | CORP              | KY        |     21000 | PA      | $37301.97     | 0.03%             | 2025-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings Inc                        | Amentum Holdings Inc                                      | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |       121 | NS      | $2856.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW MOUNTAIN FINANCE COR                    | New Mountain Finance Corp                                 | CUSIP: 647551AE0<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37094.30     | 0.03%             | 2025-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         2 | NC      | $7443.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALARM.COM HLDGS INC                         | Alarm.com Holdings Inc                                    | CUSIP: 011642AB1<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39770.00     | 0.03%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| General Electric Co                         | General Electric Co                                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      1728 | NS      | $444769.92    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC                       | Uber Technologies Inc                                     | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     20000 | PA      | $28530.00     | 0.02%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| MISC Bhd                                    | MISC Bhd                                                  | CUSIP: 000000000<br>LEI: 9845002055U77FF6B972 | Long             | EC               | CORP              | MY        |     31100 | NS      | $56061.99     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                            | Altria Group Inc                                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     11208 | NS      | $657125.04    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                                   | Block Inc                                                 | CUSIP: 852234AJ2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39134.50     | 0.03%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALIGNMENT HEALTHCARE                        | Alignment Healthcare Inc                                  | CUSIP: 01625VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     63000 | PA      | $78772.62     | 0.05%             | 2029-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virtus Duff & Phelps Water Fund             | Virtus Duff & Phelps Water Fund                           | CUSIP: 92838V460<br>LEI: 549300HV77NI47YM2B40 | Long             | EC               | RF                | US        |    220305 | NS      | $4540491.20   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                   | PG&E Corp                                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     11383 | NS      | $158679.02    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                 | NVIDIA Corp                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     13142 | NS      | $2076304.58   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH INC                         | Guardant Health Inc                                       | CUSIP: 40131MAB5<br>LEI: 254900M8C3E5VC8BR186 | Long             | DBT              | CORP              | US        |     52000 | PA      | $47028.20     | 0.03%             | 2027-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                  | BOC Hong Kong Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |     54000 | NS      | $234574.74    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                              | Salesforce Inc                                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       248 | NS      | $67627.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | EMINI S&P500 ESG                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        28 | NC      | $216343.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS IN                    | Halozyme Therapeutics Inc                                 | CUSIP: 40637HAF6<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |     65000 | PA      | $74002.50     | 0.05%             | 2028-08-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5190 | NS      | $914633.70    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                            | Tokyo Gas Co Ltd                                          | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |      5000 | NS      | $166383.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                               | Welltower Inc                                             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |       785 | NS      | $120678.05    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Malayan Banking Bhd                         | Malayan Banking Bhd                                       | CUSIP: 000000000<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |     64500 | NS      | $148592.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS                     | Alnylam Pharmaceuticals Inc                               | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |     47000 | PA      | $61053.00     | 0.04%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                         | Southern California Edison Co                             | CUSIP: 842400HM8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    525000 | PA      | $451855.71    | 0.31%             | 2032-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                        | Boston Properties LP                                      | CUSIP: 10112RBB9<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    500000 | PA      | $474043.57    | 0.32%             | 2029-06-21      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                     | Duke Energy Florida LLC                                   | CUSIP: 26444HAH4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    143000 | PA      | $132787.07    | 0.09%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                          | Vertiv Holdings Co                                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |       700 | NS      | $89887.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                    | BX Trust 2023-LIFE                                        | CUSIP: 05609DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $492057.15    | 0.33%             | 2028-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                       | AvalonBay Communities Inc                                 | CUSIP: 053484AC5<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    420000 | PA      | $389495.43    | 0.26%             | 2028-12-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| HERBALIFE LTD                               | Herbalife Ltd                                             | CUSIP: 42703MAF0<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |     47000 | PA      | $42535.00     | 0.03%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                       | Oglethorpe Power Corp                                     | CUSIP: 677050AY2<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    380000 | PA      | $373431.80    | 0.25%             | 2055-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| NUTANIX INC                                 | Nutanix Inc                                               | CUSIP: 67059NAH1<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |     41000 | PA      | $57687.00     | 0.04%             | 2027-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS 2018-TALL Mortgage Trust                            | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $472579.30    | 0.32%             | 2037-03-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| DROPBOX INC                                 | Dropbox Inc                                               | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74962.00     | 0.05%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                 | Netflix Inc                                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       336 | NS      | $449947.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OOIL                                        | Orient Overseas International Ltd                         | CUSIP: 000000000<br>LEI: 529900DQ426GJO276W95 | Long             | EC               | CORP              | HK        |      7500 | NS      | $127453.04    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                              | EPR Properties                                            | CUSIP: 26884U208<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |      1857 | NS      | $46517.85     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALOCEAN HOLDINGS                       | DigitalOcean Holdings Inc                                 | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |     39000 | PA      | $36390.90     | 0.02%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                | Autodesk Inc                                              | CUSIP: 052769AH9<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    625000 | PA      | $548330.10    | 0.37%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP INC                             | Uniti Group Inc                                           | CUSIP: 91325VAA6<br>LEI: 549300V3NU625PJUVA84 | Long             | DBT              | CORP              | US        |     36000 | PA      | $39708.00     | 0.03%             | 2027-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                  | PacifiCorp                                                | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    590000 | PA      | $530305.83    | 0.36%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration               | CUSIP: 83162CJ53<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    469306 | PA      | $375888.98    | 0.26%             | 2046-02-01      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC                       | Haleon US Capital LLC                                     | CUSIP: 36264FAB7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246345.38    | 0.17%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Advanced Info Service PCL                   | Advanced Info Service PCL                                 | CUSIP: 000000000<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |     29400 | NS      | $251415.39    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                               | Carnival Corp                                             | CUSIP: 143658BV3<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     43000 | PA      | $94578.50     | 0.06%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUND                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |         8 | NC      | $-6181.42     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NY STATE ELECTRIC & GAS                     | New York State Electric & Gas Corp                        | CUSIP: 649840CU7<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    510000 | PA      | $528606.18    | 0.36%             | 2028-08-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                           | Bharti Airtel Ltd                                         | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |      6844 | NS      | $160374.33    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MS&AD Insurance Group Holdings              | MS&AD Insurance Group Holdings Inc                        | CUSIP: 000000000<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |      7400 | NS      | $165980.35    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | LONG GILT                                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         9 | NC      | $20469.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                              | Eli Lilly & Co                                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       229 | NS      | $178512.37    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank PCL                         | Krung Thai Bank PCL                                       | CUSIP: 000000000<br>LEI: 54930007ZQMYCRFQGE36 | Long             | EC               | CORP              | TH        |    129000 | NS      | $84521.86     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                           | Lam Research Corp                                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3000 | NS      | $292020.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                     | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $391051.27    | 0.27%             | 2027-03-02      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                      | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113373.67    | 0.08%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| ST Engineering                              | Singapore Technologies Engineering Ltd                    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     25000 | NS      | $153165.55    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                           | Brown & Brown Inc                                         | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      1724 | NS      | $191139.88    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                             | EMCOR Group Inc                                           | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       500 | NS      | $267445.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                      | Trane Technologies PLC                                    | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       895 | NS      | $391481.95    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED CORP                                 | CONMED Corp                                               | CUSIP: 207410AH4<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47373.38     | 0.03%             | 2027-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                          | Seagate HDD Cayman                                        | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     65000 | PA      | $116902.50    | 0.08%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC                             | RingCentral Inc                                           | CUSIP: 76680RAH0<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40278.00     | 0.03%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                              | Morgan Stanley                                            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      2100 | NS      | $295806.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                 | Paychex Inc                                               | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1750 | NS      | $254555.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                    | Cooperatieve Rabobank UA                                  | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $489034.72    | 0.33%             | 2027-02-24      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| Pop Mart International Group L              | Pop Mart International Group Ltd                          | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |      3200 | NS      | $108678.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                   | ONEOK Inc                                                 | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       740 | NS      | $60406.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-OAT                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |         1 | NC      | $-308.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Gracechurch Mortgage Finance P              | Grace Trust 2020-GRCE                                     | CUSIP: 38406JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1097928.38   | 0.75%             | 2040-12-10      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | EURO FX CURR                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        16 | NC      | $26829.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                             | Lojas Renner SA                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     29100 | NS      | $105139.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY INC                                | Tapestry Inc                                              | CUSIP: 876030AA5<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    315000 | PA      | $281387.30    | 0.19%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                     | Booz Allen Hamilton Inc                                   | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    550000 | PA      | $528353.01    | 0.36%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                              | Amazon.com Inc                                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3703 | NS      | $812401.17    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                    | eBay Inc                                                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      2750 | NS      | $204765.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                              | Microsoft Corp                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5399 | NS      | $2685516.59   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                      | Roper Technologies Inc                                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       564 | NS      | $319697.76    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | E-MINI RUSS 2000                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        -5 | NC      | $-12554.25    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc                                        | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       318 | NS      | $121825.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                          | Deutsche Boerse AG                                        | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |       160 | NS      | $52187.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                                  | Evergy Inc                                                | CUSIP: 30034WAD8<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |     77000 | PA      | $90051.50     | 0.06%             | 2027-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC              | Abu Dhabi Commercial Bank PJSC                            | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |     77029 | NS      | $282729.11    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc               | Hilton Worldwide Holdings Inc                             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       375 | NS      | $99877.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES INC                    | iRhythm Technologies Inc                                  | CUSIP: 450056AB2<br>LEI: 549300FJI72RJGDQS384 | Long             | DBT              | CORP              | US        |     50000 | PA      | $64025.00     | 0.04%             | 2029-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PROGRESS SOFTWARE CORP                      | Progress Software Corp                                    | CUSIP: 743312AB6<br>LEI: 549300R65B3JG6972S24 | Long             | DBT              | CORP              | US        |     56000 | PA      | $66640.00     | 0.05%             | 2026-04-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EAFE SCR NTR                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |        77 | NC      | $33655.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mediobanca Banca di Credito Fi              | Mediobanca Banca di Credito Finanziario SpA               | CUSIP: 000000000<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |      8535 | NS      | $198411.81    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                 | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      2300 | NS      | $278771.19    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eva Airways Corp                            | Eva Airways Corp                                          | CUSIP: 000000000<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |     70000 | NS      | $95611.39     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino Grandness Food Industry G              | Sino Grandness Food Industry Group Ltd                    | CUSIP: 000000000<br>LEI: 529900L4CX3OJ8CAOL39 | Long             | EC               | CORP              | CN        |     77400 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Phoenix Group Holdings PLC                  | Phoenix Group Holdings PLC                                | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |     15000 | NS      | $135583.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                      | Boston Scientific Corp                                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      1460 | NS      | $156818.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                | NiSource Inc                                              | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     10180 | NS      | $410661.20    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT KAPPA TREASURY                      | Smurfit Kappa Treasury ULC                                | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    510000 | PA      | $519510.31    | 0.35%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Veeva Systems Inc                           | Veeva Systems Inc                                         | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       666 | NS      | $191794.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT INC                                    | Lyft Inc                                                  | CUSIP: 55087PAD6<br>LEI: 549300H7I5VN334XVZ52 | Long             | DBT              | CORP              | US        |     64000 | PA      | $68224.00     | 0.05%             | 2029-03-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        61 | NC      | $70455.83     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY USA INC                             | Spotify USA Inc                                           | CUSIP: 84921RAB6<br>LEI: 2138008WM218QBKRII94 | Long             | DBT              | CORP              | US        |    102000 | PA      | $154519.80    | 0.11%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Aviva PLC                                   | Aviva PLC                                                 | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |     36371 | NS      | $309133.45    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                               | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $95000.00     | 0.06%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                            | Welltower OP LLC                                          | CUSIP: 95041AAB4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     51000 | PA      | $83028.00     | 0.06%             | 2028-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CBRE Group Inc                              | CBRE Group Inc                                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       940 | NS      | $131712.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES GROUP                     | American Airlines Group Inc                               | CUSIP: 02376RAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59939.96     | 0.04%             | 2025-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                         | NCL Corp Ltd                                              | CUSIP: 62886HBS9<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     45000 | PA      | $48121.88     | 0.03%             | 2030-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Ericsson                                    | Telefonaktiebolaget LM Ericsson                           | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |     13900 | NS      | $118917.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                        | CUSIP: 3622A25F5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    586189 | PA      | $519416.99    | 0.35%             | 2048-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PGE Polska Grupa Energetyczna               | PGE Polska Grupa Energetyczna SA                          | CUSIP: 000000000<br>LEI: 259400MP9VXR0E69MJ89 | Long             | EC               | CORP              | PL        |     25300 | NS      | $80055.07     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T              | Hartford Insurance Group Inc/The                          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1212 | NS      | $153766.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                    | F&G Annuities & Life Inc                                  | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $520694.50    | 0.35%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Argenx SE                                   | Argenx SE                                                 | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       316 | NS      | $174874.69    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                                | DNB Bank ASA                                              | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |      8800 | NS      | $243236.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                    | Fox Corp                                                  | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      5165 | NS      | $289446.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                        | Deckers Outdoor Corp                                      | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      1092 | NS      | $112552.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                       | Applied Materials Inc                                     | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1866 | NS      | $341608.62    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVERR INTERNATIONAL LTD                    | Fiverr International Ltd                                  | CUSIP: 33835LAA3<br>LEI: 549300Z8OREY6THCPF67 | Long             | DBT              | CORP              | IL        |     20000 | PA      | $19520.05     | 0.01%             | 2025-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                             | DTE Electric Co                                           | CUSIP: 23338VAH9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    120000 | PA      | $96642.12     | 0.07%             | 2048-05-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Fortinet Inc                                | Fortinet Inc                                              | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      1160 | NS      | $122635.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - BRASIL, BOLSA, BALCAO             | MINI BOVESPA                                              | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | N/A              | DE               | CORP              | BR        |        18 | NC      | $-62.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                    | KLA Corp                                                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       400 | NS      | $358296.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                         | Electronic Arts Inc                                       | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1230 | NS      | $196431.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Tru              | OneMain Financial Issuance Trust 2022-S1                  | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1288922 | PA      | $1284117.04   | 0.87%             | 2035-05-14      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                           | CUSIP: 3136BG3C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $856971.90    | 0.58%             | 2031-01-25      | Variable      | 1.29%                 | No            |                  2 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration               | CUSIP: 83162CYQ0<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    872425 | PA      | $816509.21    | 0.56%             | 2037-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                            | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $194345.41    | 0.13%             | 2027-06-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                  | FTSE TAIWAN INDEX                                         | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DE               | CORP              | SG        |         1 | NC      | $2165.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                       | 3M Co                                                     | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       326 | NS      | $49630.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG SYSTEMS INTERNATIONA                    | CSG Systems International Inc                             | CUSIP: 126349AH2<br>LEI: 549300D7FJZUOHHXUA81 | Long             | DBT              | CORP              | US        |     45000 | PA      | $50692.50     | 0.03%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                   | PG&E Corp                                                 | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30761.30     | 0.02%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BLACKLINE INC                               | BlackLine Inc                                             | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74345.84     | 0.05%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Atlassian Corp                              | Atlassian Corp                                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |       300 | NS      | $60927.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                               | Dollarama Inc                                             | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |       472 | NS      | $66504.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS Commercial Mortgage Trus              | TEXAS Commercial Mortgage Trust 2025-TWR                  | CUSIP: 88231WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499063.65    | 0.34%             | 2042-04-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd               | CTBC Financial Holding Co Ltd                             | CUSIP: 000000000<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |     66000 | NS      | $98733.40     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                 | Cintas Corp                                               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2604 | NS      | $580353.48    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kongsberg Gruppen ASA                       | Kongsberg Gruppen ASA                                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |      8752 | NS      | $339377.26    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp                   | Korea Electric Power Corp                                 | CUSIP: 000000000<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |      8296 | NS      | $241577.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NIAGARA MOHAWK POWER                        | Niagara Mohawk Power Corp                                 | CUSIP: 65364UAN6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    240000 | PA      | $211876.31    | 0.14%             | 2030-06-27      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    520000 | PA      | $553593.77    | 0.38%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                              | NRG Energy Inc                                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1231 | NS      | $197673.98    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                 | Walmart Inc                                               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      2542 | NS      | $248556.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INTL BK RECON & DEVELOP                     | International Bank for Reconstruction & Development       | CUSIP: 459058JU8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |    500000 | PA      | $497585.00    | 0.34%             | 2031-02-11      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                              | ICICI Bank Ltd                                            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      4167 | NS      | $140177.88    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAP SA                                     | OPAP SA                                                   | CUSIP: 000000000<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |      6000 | NS      | $136053.23    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                           | CUSIP: 3136BJZQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $866618.80    | 0.59%             | 2031-10-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| STRIDE INC                                  | Stride Inc                                                | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |     35000 | PA      | $97370.00     | 0.07%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                            | Welltower OP LLC                                          | CUSIP: 95041AAD0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     60000 | PA      | $79530.00     | 0.05%             | 2029-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Danone SA                                   | Danone SA                                                 | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |      4365 | NS      | $356631.90    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DAYFORCE INC                                | Dayforce Inc                                              | CUSIP: 15677JAD0<br>LEI: 549300T64GVCHFJ8L449 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39442.00     | 0.03%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Terna - Rete Elettrica Naziona              | Terna - Rete Elettrica Nazionale                          | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |     40500 | NS      | $416291.06    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sampo Oyj                                   | Sampo Oyj                                                 | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |     10500 | NS      | $112924.18    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                 | Cencora Inc                                               | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1244 | NS      | $373013.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                          | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1223437.50   | 0.83%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Tesco PLC                                   | Tesco PLC                                                 | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |     54179 | NS      | $298442.01    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                                   | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |       235 | NS      | $152416.13    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZANO AUSTRIA GMBH                         | Suzano Austria GmbH                                       | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    460000 | PA      | $429122.50    | 0.29%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ResMed Inc                                  | ResMed Inc                                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       300 | NS      | $77400.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                        | CUSIP: 3617ND4X9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3423447 | PA      | $2893092.89   | 1.97%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                         | Dow Chemical Co/The                                       | CUSIP: 260543DJ9<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    570000 | PA      | $569766.37    | 0.39%             | 2034-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                  | EZCORP Inc                                                | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     52000 | PA      | $75335.00     | 0.05%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc                        | Labcorp Holdings Inc                                      | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       940 | NS      | $246759.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                          | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $953242.19    | 0.65%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        32 | NC      | $60331.92     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                  | CUSIP: 55903VBD4<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    310000 | PA      | $182714.00    | 0.12%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OKTA INC                                    | Okta Inc                                                  | CUSIP: 679295AF2<br>LEI: 549300N8J06I8MRHU620 | Long             | DBT              | CORP              | US        |     47000 | PA      | $44838.00     | 0.03%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                          | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2250000 | PA      | $2285068.37   | 1.55%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                      | Berkshire Hathaway Inc                                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       590 | NS      | $286604.30    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                        | Progressive Corp/The                                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1315 | NS      | $350920.90    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIFF DAVIS INC                              | Ziff Davis Inc                                            | CUSIP: 48123VAH5<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37300.00     | 0.03%             | 2028-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                         | CUSIP: 404280CT4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    440000 | PA      | $390913.24    | 0.27%             | 2032-05-24      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                      | Aristocrat Leisure Ltd                                    | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |      1200 | NS      | $51469.96     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                  | Allianz SE                                                | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |       187 | NS      | $75797.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                    | Apollo Debt Solutions BDC                                 | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    180000 | PA      | $187044.46    | 0.13%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                    | Marsh & McLennan Cos Inc                                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       266 | NS      | $58158.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORPORATION                         | Insulet Corp                                              | CUSIP: 45784PAK7<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     43000 | PA      | $60390.68     | 0.04%             | 2026-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                                           | CUSIP: 842587DP9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     40000 | PA      | $44272.00     | 0.03%             | 2025-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                    | Bank Central Asia Tbk PT                                  | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    107100 | NS      | $57227.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AVICHINA                                    | AviChina Industry & Technology Co Ltd                     | CUSIP: 000000000<br>LEI: 5299003TVA3JVDKJGF39 | Long             | EC               | CORP              | CN        |     91000 | NS      | $51354.47     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL FINANCE INTL NV                        | Enel Finance International NV                             | CUSIP: 29278GAY4<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $368084.24    | 0.25%             | 2052-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP                            | Haemonetics Corp                                          | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39508.37     | 0.03%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                             | CMS Energy Corp                                           | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |     42000 | PA      | $44646.00     | 0.03%             | 2028-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COSCO SHIPPING Holdings Co Ltd              | COSCO SHIPPING Holdings Co Ltd                            | CUSIP: 000000000<br>LEI: 3003009XI0QGYYA29S17 | Long             | EC               | CORP              | CN        |     88000 | NS      | $152907.98    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COLLEGIUM PHARMA INC                        | Collegium Pharmaceutical Inc                              | CUSIP: 19459JAC8<br>LEI: 54930049FXZMTLW8D496 | Long             | DBT              | CORP              | US        |     19000 | PA      | $20358.50     | 0.01%             | 2029-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Otsuka Corp                                 | Otsuka Corp                                               | CUSIP: 000000000<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |      7100 | NS      | $144780.74    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                         | Williams-Sonoma Inc                                       | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      1120 | NS      | $182974.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | Visa Inc                                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1139 | NS      | $404401.95    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Industry Co Ltd                 | Daiwa House Industry Co Ltd                               | CUSIP: 000000000<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |      5400 | NS      | $185768.55    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                              | Merck & Co Inc                                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |        13 | NS      | $1029.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                   | Adobe Inc                                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       537 | NS      | $207754.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVIVA INC                                | Innoviva Inc                                              | CUSIP: 45781MAD3<br>LEI: 549300ACOX4QTBES6535 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39900.00     | 0.03%             | 2028-03-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                       | Emaar Properties PJSC                                     | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     42172 | NS      | $156167.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OGLETHORPE POWER CORP                       | Oglethorpe Power Corp                                     | CUSIP: 677050AW6<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170461.64    | 0.12%             | 2054-06-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                      | HAT Holdings I LLC / HAT Holdings II LLC                  | CUSIP: 418751AJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $17310.00     | 0.01%             | 2028-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                              | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $567474.95    | 0.39%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| BANDWIDTH INC                               | Bandwidth Inc                                             | CUSIP: 05988JAD5<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |     58000 | PA      | $48517.00     | 0.03%             | 2028-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Grou              | Sumitomo Mitsui Financial Group Inc                       | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |      1900 | NS      | $47946.95     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVIAN AUTO INC                             | Rivian Automotive Inc                                     | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52845.00     | 0.04%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Jacobs Solutions Inc                        | Jacobs Solutions Inc                                      | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $262900.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3095 | NS      | $897271.45    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus SGA International Growth Fund        | Virtus SGA International Growth Fund                      | CUSIP: 92837F268<br>LEI: 5493000X0M0KMG2CRK03 | Long             | EC               | RF                | US        |    944698 | NS      | $7387540.36   | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Britannia Industries Ltd                    | Britannia Industries Ltd                                  | CUSIP: 000000000<br>LEI: 335800RRN5EVHNNAXN80 | Long             | EC               | CORP              | IN        |       658 | NS      | $44892.23     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC                      | Emirates NBD Bank PJSC                                    | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |     13965 | NS      | $86696.62     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                         | Henkel AG & Co KGaA                                       | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |      1290 | NS      | $93452.66     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                       | Costco Wholesale Corp                                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       125 | NS      | $123742.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                | China Construction Bank Corp                              | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |     41000 | NS      | $54014.37     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                         | Deutsche Telekom AG                                       | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |      2375 | NS      | $86642.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INC                           | MicroStrategy Inc                                         | CUSIP: 594972AJ0<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |     49000 | PA      | $136207.46    | 0.09%             | 2030-03-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| TIS Inc                                     | TIS Inc                                                   | CUSIP: 000000000<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |      5600 | NS      | $188137.91    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture CDO Ltd                             | Venture 42 CLO Ltd                                        | CUSIP: 923260AC7<br>LEI: 5493005OM8P21GK6YE73 | Long             | ABS-CBDO         | CORP              | KY        |   1220000 | PA      | $1219512.00   | 0.83%             | 2034-04-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1150 | NS      | $203998.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PELOTON INTERACTIVE INC                     | Peloton Interactive Inc                                   | CUSIP: 70614WAD2<br>LEI: 5493002YS021166W0339 | Long             | DBT              | CORP              | US        |     30000 | PA      | $55045.30     | 0.04%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZSCALER INC.                                | Zscaler Inc                                               | CUSIP: 98980GAB8<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |     51000 | PA      | $104142.00    | 0.07%             | 2025-07-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                        | Banco de Sabadell SA                                      | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |     60500 | NS      | $192631.93    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INC                    | Granite Construction Inc                                  | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |     38000 | PA      | $51851.00     | 0.04%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd                     | QBE Insurance Group Ltd                                   | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |     16400 | NS      | $252463.71    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN OIL & GAS INC                      | Northern Oil & Gas Inc                                    | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     48000 | PA      | $50040.00     | 0.03%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                    | Constellation Energy Generation LLC                       | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    395000 | PA      | $386952.76    | 0.26%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                               | CUSIP: 85571BBA2<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     32000 | PA      | $34176.00     | 0.02%             | 2027-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chubb Ltd                                   | Chubb Ltd                                                 | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       617 | NS      | $178757.24    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON INC                                   | Itron Inc                                                 | CUSIP: 465741AQ9<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |     63000 | PA      | $74907.00     | 0.05%             | 2030-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| IBM                                         | International Business Machines Corp                      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       930 | NS      | $274145.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                | SK Hynix Inc                                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       320 | NS      | $69235.33     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                              | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    395000 | PA      | $398135.93    | 0.27%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                         | Dominion Energy Inc                                       | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      4250 | NS      | $240210.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV               | Koninklijke Ahold Delhaize NV                             | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      5200 | NS      | $217449.57    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech International SA                   | Logitech International SA                                 | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |       544 | NS      | $48980.23     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON INC                             | DR Horton Inc                                             | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    260000 | PA      | $264746.28    | 0.18%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                                  | Zoetis Inc                                                | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       730 | NS      | $113843.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aselsan Elektronik Sanayi Ve T              | Aselsan Elektronik Sanayi Ve Ticaret AS                   | CUSIP: 000000000<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |      9893 | NS      | $37467.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | DAX MINI                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |         4 | NC      | $9583.99      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VERINT SYSTEMS INC                          | Verint Systems Inc                                        | CUSIP: 92343XAC4<br>LEI: 549300KEQJS5FRVUCO94 | Long             | DBT              | CORP              | US        |     73000 | PA      | $69824.50     | 0.05%             | 2026-04-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Nedbank Group Ltd                           | Nedbank Group Ltd                                         | CUSIP: 000000000<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |      9177 | NS      | $125988.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KFW                                         | Kreditanstalt fuer Wiederaufbau                           | CUSIP: 500769JQ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |   1500000 | PA      | $1447129.67   | 0.98%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Banco BPM SpA                               | Banco BPM SpA                                             | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |      6500 | NS      | $75892.96     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                  | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    130000 | PA      | $90675.00     | 0.06%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                          | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $952968.75    | 0.65%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                         | Arista Networks Inc                                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      1169 | NS      | $119600.39    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                | Insulet Corp                                              | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       500 | NS      | $157090.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Talanx AG                                   | Talanx AG                                                 | CUSIP: 000000000<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |      1538 | NS      | $199104.41    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                        | WEC Energy Group Inc                                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       870 | NS      | $90654.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORP/THE                                | AES Corp/The                                              | CUSIP: 00130HCH6<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    475000 | PA      | $485397.84    | 0.33%             | 2028-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MEFF RENTA VARIABLE (MADRID)                | IBEX 35 INDX                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ES        |         1 | NC      | $900.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                | Iberdrola SA                                              | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     19647 | NS      | $377002.46    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In              | Philip Morris International Inc                           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4392 | NS      | $799914.96    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                        | CUSIP: 36179VXN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    872858 | PA      | $691176.94    | 0.47%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WIX LTD                                     | Wix.com Ltd                                               | CUSIP: 92940WAD1<br>LEI: 5493008P6N29Q1AG9464 | Long             | DBT              | CORP              | IL        |     20000 | PA      | $19850.00     | 0.01%             | 2025-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                  | Mizuho Financial Group Inc                                | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |      6100 | NS      | $169142.04    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UPSTART HOLDINGS INC                        | Upstart Holdings Inc                                      | CUSIP: 91680MAC1<br>LEI: 549300WNB47JRNENIC75 | Long             | DBT              | CORP              | US        |     25000 | PA      | $40875.00     | 0.03%             | 2029-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SPHERE ENTERTAINMENT CO                     | Sphere Entertainment Co                                   | CUSIP: 55826TAB8<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | DBT              | CORP              | US        |     58000 | PA      | $81287.00     | 0.06%             | 2028-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| McKesson Corp                               | McKesson Corp                                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       436 | NS      | $319492.08    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                   | Apple Inc                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      8022 | NS      | $1645873.74   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                      | SAP SE                                                    | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       549 | NS      | $166944.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                              | LCI Industries                                            | CUSIP: 501812AB7<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | DBT              | CORP              | US        |     47000 | PA      | $45214.00     | 0.03%             | 2026-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                | Broadcom Inc                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1300 | NS      | $358345.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX INC                                 | Dropbox Inc                                               | CUSIP: 26210CAC8<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45471.00     | 0.03%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                         | Coinbase Global Inc                                       | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     42000 | PA      | $54831.00     | 0.04%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BTP                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        16 | NC      | $4847.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                          | SEI Investments Co                                        | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |       900 | NS      | $80874.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Qifu Technology Inc                         | Qifu Technology Inc                                       | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | CN        |      1600 | NS      | $69376.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                            | InterDigital Inc                                          | CUSIP: 45867GAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $40775.00     | 0.03%             | 2027-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc              | American Electric Power Co Inc                            | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      3240 | NS      | $336182.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                        | Colgate-Palmolive Co                                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       926 | NS      | $84173.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE INC                       | Euronet Worldwide Inc                                     | CUSIP: 298736AL3<br>LEI: YG3575C4DSHJPA5KET68 | Long             | DBT              | CORP              | US        |     36000 | PA      | $30762.67     | 0.02%             | 2049-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| 3i Group PLC                                | 3i Group PLC                                              | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |      1000 | NS      | $56553.18     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank PJSC                     | Dubai Islamic Bank PJSC                                   | CUSIP: 000000000<br>LEI: 5493003E7YRAQY3JGW88 | Long             | EC               | CORP              | AE        |     61551 | NS      | $152008.81    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                      | HAT Holdings I LLC / HAT Holdings II LLC                  | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $645933.98    | 0.44%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PACIRA BIOSCIENCES INC                      | Pacira BioSciences Inc                                    | CUSIP: 695127AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $42953.14     | 0.03%             | 2029-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                    | Enel SpA                                                  | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     26729 | NS      | $253646.59    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Leumi Le-Israel BM                     | Bank Leumi Le-Israel BM                                   | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |     17300 | NS      | $321623.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        19 | NC      | $12305.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC                      | Arbor Realty Trust Inc                                    | CUSIP: 038923BA5<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44572.50     | 0.03%             | 2025-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                            | Ventas Realty LP                                          | CUSIP: 92277GAZ0<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     83000 | PA      | $99226.50     | 0.07%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                    | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    660000 | PA      | $579107.10    | 0.39%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| People's Insurance Co Group of              | People's Insurance Co Group of China Ltd/The              | CUSIP: 000000000<br>LEI: 3003000P2JHYHQ524P66 | Long             | EC               | CORP              | CN        |     35000 | NS      | $42544.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                        | CUSIP: 3622AABR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1327808 | PA      | $1179468.56   | 0.80%             | 2048-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ADVANCED ENERGY IND                         | Advanced Energy Industries Inc                            | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |     82000 | PA      | $98227.80     | 0.07%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AFFIRM HOLDINGS INC                         | Affirm Holdings Inc                                       | CUSIP: 00827BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $37962.00     | 0.03%             | 2029-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| BOX INC                                     | Box Inc                                                   | CUSIP: 10316TAC8<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |     47000 | PA      | $48292.50     | 0.03%             | 2029-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                   | Zurich Insurance Group AG                                 | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |       181 | NS      | $126514.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A              | Turkcell Iletisim Hizmetleri AS                           | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |     18000 | NS      | $43465.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                      | Motorola Solutions Inc                                    | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       642 | NS      | $269935.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc                    | Hana Financial Group Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1500 | NS      | $95917.31     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN STATES PWR-MINN                    | Northern States Power Co/MN                               | CUSIP: 665772CV9<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    590000 | PA      | $500889.53    | 0.34%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HubSpot Inc                                 | HubSpot Inc                                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       200 | NS      | $111326.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                      | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |        22 | NS      | $26686.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | SPI 200                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |         3 | NC      | $73.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Holdings Inc                         | Nomura Holdings Inc                                       | CUSIP: 000000000<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |     26500 | NS      | $175188.36    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujitsu Ltd                                 | Fujitsu Ltd                                               | CUSIP: 000000000<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     10000 | NS      | $244088.75    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STOCK EXCHANGE OF INDIA LIMITED    | IFSC NIFTY 50                                             | CUSIP: 000000000<br>LEI: 335800NLY5HYW9I7YE03 | N/A              | DE               | CORP              | IN        |         7 | NC      | $1338.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Electronics Ltd                      | Bharat Electronics Ltd                                    | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |     61000 | NS      | $299807.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                               | RB Global Inc                                             | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |      1648 | NS      | $175080.71    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                  | Intuit Inc                                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       100 | NS      | $78763.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc               | Automatic Data Processing Inc                             | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       459 | NS      | $141555.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2019-IMC                     | CUSIP: 05608BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    282588 | PA      | $280468.26    | 0.19%             | 2034-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                 | Oracle Corp                                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1039 | NS      | $227156.57    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                          | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |        66 | NS      | $77492.58     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                                   | Endesa SA                                                 | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      9152 | NS      | $289890.29    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CONFLUENT INC                               | Confluent Inc                                             | CUSIP: 20717MAB9<br>LEI: 254900MRZ83YWUV7SN74 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36900.00     | 0.03%             | 2027-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CP AXTRA PCL                                | CP AXTRA PCL                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    136400 | NS      | $75104.70     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203590.72    | 0.14%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                            | Duke Energy Corp                                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       963 | NS      | $113634.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                 | Abu Dhabi Islamic Bank PJSC                               | CUSIP: 000000000<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |     45376 | NS      | $265638.51    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd                      | Singapore Exchange Ltd                                    | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     15200 | NS      | $177881.24    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                  | CUSIP: 38384QWV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    523716 | PA      | $523223.97    | 0.36%             | 2054-07-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| GREENBRIER COS INC                          | Greenbrier Cos Inc/The                                    | CUSIP: 393657AM3<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |     46000 | PA      | $48819.80     | 0.03%             | 2028-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                              | S&P Global Inc                                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       550 | NS      | $290009.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PLC                          | Vodafone Group PLC                                        | CUSIP: 92857WCB4<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    235000 | PA      | $225931.37    | 0.15%             | 2064-06-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                               | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    155000 | PA      | $158685.90    | 0.11%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Advanced Info Service PCL                   | Advanced Info Service PCL                                 | CUSIP: 000000000<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |     22600 | NS      | $193264.89    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                                  | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |       250 | NS      | $76625.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                         | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    130000 | PA      | $132804.31    | 0.09%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Virtus Silvant Focused Growth Fund          | Virtus Silvant Focused Growth Fund                        | CUSIP: 92837N782<br>LEI: 5493008I7LLKX4QYJW79 | Long             | EC               | RF                | US        |    132075 | NS      | $11040156.61  | 7.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | FTSE 100 INDEX                                            | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |         4 | NC      | $-3140.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY OP LLC                         | Kimco Realty OP LLC                                       | CUSIP: 49446RAW9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |    507000 | PA      | $465051.49    | 0.32%             | 2030-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                | QUALCOMM Inc                                              | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       600 | NS      | $95556.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | Open Text Corp                                            | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      3900 | NS      | $113957.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                  | Sanlam Ltd                                                | CUSIP: 000000000<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |     20500 | NS      | $102675.14    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                | CUSIP: 92343VGW8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $966419.99    | 0.66%             | 2054-02-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp                           | State Street Corp                                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      2600 | NS      | $276484.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP                         | Exact Sciences Corp                                       | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45575.00     | 0.03%             | 2028-03-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                           | CUSIP: 3136BHB73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $857036.10    | 0.58%             | 2031-03-25      | Variable      | 1.42%                 | No            |                  2 | On Loan: No      |
| FUYAO GLASS                                 | Fuyao Glass Industry Group Co Ltd                         | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |      6000 | NS      | $47737.07     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KOSMOS ENERGY LTD                           | Kosmos Energy Ltd                                         | CUSIP: 500688AH9<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     59000 | PA      | $39372.24     | 0.03%             | 2030-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                         | Intesa Sanpaolo SpA                                       | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |     36000 | NS      | $207429.93    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                    | Engie SA                                                  | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     29211 | NS      | $685601.27    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                | Veralto Corp                                              | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |      2378 | NS      | $240059.10    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL                     | BioMarin Pharmaceutical Inc                               | CUSIP: 09061GAK7<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32945.36     | 0.02%             | 2027-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp                        | Targa Resources Corp                                      | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1200 | NS      | $208896.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INC                    | Granite Construction Inc                                  | CUSIP: 387328AD9<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |     45000 | PA      | $93442.50     | 0.06%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                | Autodesk Inc                                              | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       375 | NS      | $116088.75    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE INC.                      | S&P/TSX 60 IX                                             | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DE               | CORP              | CA        |         2 | NC      | $4776.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | MSCI EM SCR NTR F                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |        32 | NC      | $-1903.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                                 | PepsiCo Inc                                               | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386597.54    | 0.26%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| HEICO Corp                                  | HEICO Corp                                                | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |       390 | NS      | $127920.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                          | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $2443281.24   | 1.66%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                     | Reinsurance Group of America Inc                          | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174423.06    | 0.12%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | JAPAN YEN CURR                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        22 | NC      | $171.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa              | Expeditors International of Washington Inc                | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      2140 | NS      | $244495.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | C$ CURRENCY                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         9 | NC      | $-431.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD               | Marriott International Inc/MD                             | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |        30 | NS      | $8196.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                         | NCL Corp Ltd                                              | CUSIP: 62886HBK6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     49000 | PA      | $48926.50     | 0.03%             | 2027-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                               | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |     17500 | NS      | $470385.16    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BORSA ITALIANA S.P.A.                       | FTSE/MIB INDEX                                            | CUSIP: 000000000<br>LEI: 8156005391EE905D3124 | N/A              | DE               | CORP              | IT        |         1 | NC      | $2099.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         8 | NC      | $28977.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration               | CUSIP: 83162CL92<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    203375 | PA      | $168471.79    | 0.11%             | 2046-09-01      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| Clorox Co/The                               | Clorox Co/The                                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       470 | NS      | $56432.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                | Moody's Corp                                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1089 | NS      | $546231.51    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                          | Meta Platforms Inc                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1072 | NS      | $791232.48    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer