# EDGAR Filing Document

**Accession Number:** 0000792359
**File Stem:** 0000940400-25-010871
**Filing Date:** 2025-11
**Character Count:** 228820
**Document Hash:** 685d859923f411fe515ad2376f143573
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010871.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010871

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000792359

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04642
- **FILM NUMBER:** 251527441

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103
- **BUSINESS PHONE:** 8002487971

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIG EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920304

## Series and Classes Contracts Data

### VIRTUS TACTICAL ALLOCATION SERIES (Series ID: S000001966)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005150 | Class A      |  |

## Nport-Ex

**VIRTUS Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—5.5%** | **U.S. Government Securities—5.5%** | **U.S. Government Securities—5.5%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.250%, 5/15/50 | $1885 | &nbsp;&nbsp; $925 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.375%, 8/15/50 | 595 | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.875%, 2/15/51 | 470 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.000%, 8/15/51 | 50 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.625%, 2/15/53 | 1640 | &nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 2/15/54 | 155 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%, 11/15/54 | 125 | &nbsp;&nbsp; 120 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 11/30/26 | 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.375%, 7/31/27 | 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 12/31/29 | 195 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 11/15/34 | 160 | &nbsp;&nbsp; 162 |
| **Total U.S. Government Securities** <br>**(Identified Cost $4,546)** | **Total U.S. Government Securities** <br>**(Identified Cost $4,546)** | &nbsp;&nbsp; **3742** |
| **Foreign Government Securities—1.5%** | **Foreign Government Securities—1.5%** | **Foreign Government Securities—1.5%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond 144A <br>3.125%, 9/30/49<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Series F <br>10.000%, 1/1/31<br>| 310<br> <sup>BRL</sup><br>| &nbsp;&nbsp; 51 |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.550%, 4/3/34<sup>(2)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Czech Republic Government Bond <br>1.750%, 6/23/32<br>| 1210<br> <sup>CZK</sup><br>| &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Dominican Republic 144A <br>4.875%, 9/23/32<sup>(2)</sup> <br>| 46 | &nbsp;&nbsp; 44 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 10/20/33 | 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 1/12/56 | 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Honduras Government 144A <br>8.625%, 11/27/34<sup>(2)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Kingdom of Jordan 144A <br>5.850%, 7/7/30<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Malaysia Government Bond <br>2.632%, 4/15/31<br>| 220<br> <sup>MYR</sup><br>| &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr <br>8.500%, 5/31/29<br>| 920<br> <sup>MXN</sup><br>| &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Republic of Angola 144A <br>8.000%, 11/26/29<sup>(2)</sup> <br>| 17 | &nbsp;&nbsp; 17 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 4/25/30 | 12 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 11/14/35 | 14 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 11/14/53 | 7 | &nbsp;&nbsp; 8 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/28/29<sup>(2)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.650%, 6/15/35<sup>(3)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(2)</sup> <br>| 8 | &nbsp;&nbsp; 8 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.600%, 1/15/35 | $7 | &nbsp;&nbsp; $7 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.100%, 2/10/54 | 28 | &nbsp;&nbsp; 27 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.625%, 1/30/33<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.250%, 1/30/37<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 17 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Republic of Panama <br>8.000%, 3/1/38<br>| 24 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Republic of Peru <br>5.375%, 2/8/35<br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines <br>4.750%, 3/5/35<br>| 32 | &nbsp;&nbsp; 32 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 10/4/33 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.125%, 9/18/34 | 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(2)</sup> <br>| 8 | &nbsp;&nbsp; 9 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.850%, 9/30/29 | 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/22/30 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.650%, 9/27/47 | 5 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 2/28/48 | 1000<br> <sup>ZAR</sup><br>| &nbsp;&nbsp; 50 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 5/29/32 | 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.625%, 5/15/34 | 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 2/17/45 | 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 32 | &nbsp;&nbsp; 30 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 7/18/33<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 8 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 13 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 3/22/33 | 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%, 2/12/34 | 9 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 5/7/36 | 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Uzbekistan International Bond 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| **Total Foreign Government Securities** <br>**(Identified Cost $993)** | **Total Foreign Government Securities** <br>**(Identified Cost $993)** | &nbsp;&nbsp; **1027** |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Mortgage-Backed Securities—5.3%** | **Mortgage-Backed Securities—5.3%** | **Mortgage-Backed Securities—5.3%** |
| **Agency—5.3%** | **Agency—5.3%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #SD5594 <br>5.500%, 7/1/53<br>| $112 | &nbsp;&nbsp; $113 |
| &nbsp;&nbsp;&nbsp; Pool #SD5856 <br>3.500%, 1/1/54<br>| 307 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Pool #SD8309 <br>6.000%, 3/1/53<br>| 77 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Pool #SD8383 <br>5.500%, 12/1/53<br>| 172 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Pool #SD8418 <br>4.500%, 4/1/54<br>| 252 | &nbsp;&nbsp; 244 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #254007 <br>6.500%, 10/1/31<br>| —<br> <sup>(4)</sup><br>| &nbsp;&nbsp; —<br> <sup>(4)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pool #835144 <br>5.000%, 10/1/35<br>| 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Pool #882224 <br>6.000%, 9/1/36<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #914724 <br>5.500%, 4/1/37<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #929637 <br>5.500%, 6/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #940524 <br>5.500%, 7/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #949301 <br>6.000%, 10/1/37<br>| 1 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #975097 <br>5.000%, 6/1/38<br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #986012 <br>5.500%, 6/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #991124 <br>5.000%, 1/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #994322 <br>6.000%, 1/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #994383 <br>5.500%, 11/1/38<br>| 3 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #AA4418 <br>4.500%, 3/1/39<br>| 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #AA4434 <br>5.000%, 3/1/39<br>| 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #AA4436 <br>6.000%, 3/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #CB6857 <br>4.500%, 8/1/53<br>| 100 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| 231 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Pool #FA1378 <br>4.000%, 3/1/55<br>| 279 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Pool #FA2472 <br>5.000%, 4/1/54<br>| 150 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Pool #FS6679 <br>6.000%, 12/1/53<br>| 103 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Pool #FS7751 <br>4.000%, 3/1/53<br>| 232 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Pool #MA4785 <br>5.000%, 10/1/52<br>| 628 | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 115 | &nbsp;&nbsp; 112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4980 <br>6.000%, 4/1/53<br>| $177 | &nbsp;&nbsp; $182 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 211 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Pool #MA5385 <br>4.000%, 6/1/54<br>| 238 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association Pool #563381 <br>6.500%, 11/15/31<br>| 2 | &nbsp;&nbsp; 2 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $3,578)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $3,578)** | &nbsp;&nbsp; **3593** |
| **Corporate Bonds and Notes—10.0%** | **Corporate Bonds and Notes—10.0%** | **Corporate Bonds and Notes—10.0%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC <br>4.800%, 3/1/50<br>| 35 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) <br>5.375%, 6/15/33<br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 40 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 102 |
| **Consumer Discretionary—0.4%** | **Consumer Discretionary—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. 144A <br>5.500%, 8/11/32<sup>(2)</sup> <br>| 49 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 55 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. <br>5.500%, 10/15/35<br>| 45 | &nbsp;&nbsp; 47 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.250%, 2/12/32 | 26 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 1/15/43 | 15 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Sodexo, Inc. 144A <br>5.800%, 8/15/35<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 283 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. 144A <br>5.077%, 9/29/35<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>7.750%, 10/19/32<br>| 27 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 144A <br>5.200%, 3/1/35<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>4.900%, 11/1/34<br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 47 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 233 |
| **Energy—1.4%** | **Energy—1.4%** |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(5)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.036%, 11/15/33<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.439%, 2/15/35<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 60 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 144A <br>4.375%, 6/15/31<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 39 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.500%, 1/15/84<br>| $45 | &nbsp;&nbsp; $51 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.350%, 1/15/36 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.650%, 12/1/54 | 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 80 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC 144A <br>5.750%, 4/19/47<sup>(2)</sup> <br>| 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%, 6/1/35<br>| 50 | &nbsp;&nbsp; 53 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.550%, 10/1/34 | 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.200%, 3/15/40 | 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 144A <br>6.450%, 5/30/44<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 43 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 3/13/27 | 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.690%, 1/23/50 | 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. 144A <br>2.875%, 1/12/32<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. 144A <br>5.250%, 7/17/34<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Sempra Infrastructure Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 93 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 45 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 55 | &nbsp;&nbsp; 56 |
|  |  | &nbsp;&nbsp; 946 |
| **Financials—4.4%** | **Financials—4.4%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.950%, 3/10/55 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 1/31/56 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) Series B (3 month Term SOFR + <br> 3.200%) <br>7.411%, 8/15/53<sup>(6)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>5.543%, 1/17/31<br>| 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.625%, 7/28/34<br>| 72 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC <br>6.900%, 4/13/29<br>| 45 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(2)</sup> <br>| 65 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. 144A <br>5.816%, 6/18/36<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. 144A <br>5.750%, 11/15/29<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.687%, 4/22/32 | 27 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.518%, 10/25/35 | 100 | &nbsp;&nbsp; 102 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| $53 | &nbsp;&nbsp; $52 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>6.000%, 11/22/34<br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>6.650%, 3/15/31<br>| 12 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 60 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; BNSF Funding Trust I <br>6.613%, 12/15/55<br>| 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. 144A <br>7.003%, 10/19/34<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>5.795%, 4/24/35<br>| 35 | &nbsp;&nbsp; 37 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.359%, 7/29/32 | 32 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.377%, 6/8/34 | 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.136%, 8/24/34 | 35 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Series H <br>4.000%<sup>(5)</sup> <br>| 18 | &nbsp;&nbsp; 17 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.980%, 3/20/30 | 56 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.270%, 11/17/33 | 56 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 61 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403%, 9/11/35<br>| 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; EMD Finance LLC 144A <br>5.000%, 10/15/35<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 45 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 65 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. 144A <br>6.750%, 3/15/54<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) <br>6.450%, 5/1/36<br>| 24 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. <br>6.375%, 7/1/34<br>| 49 | &nbsp;&nbsp; 50 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.709%, 2/2/35 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.141%, 11/18/39 | 40 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc 144A <br>5.875%, 7/1/34<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.956%, 5/13/31 | 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.717%, 9/14/33 | 47 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.953%, 2/4/32 | 73 | &nbsp;&nbsp; 65 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.789%, 6/1/33 | 39 | &nbsp;&nbsp; 39 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.401%, 3/6/35 | $25 | &nbsp;&nbsp; $27 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>5.400%, 7/30/35<br>| 47 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>5.948%, 1/19/38<br>| 65 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. (3 month <br> Term SOFR + 3.172%) <br>7.482%, 4/30/43<sup>(6)</sup> <br>| 41 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 55 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co. 144A <br>6.500%, 4/30/55<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. <br>3.375%, 5/8/32<br>| 63 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <br>5.575%, 1/29/36<br>| 50 | &nbsp;&nbsp; 52 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 3/1/53 | 46 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 3/15/54 | 25 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| 40 | &nbsp;&nbsp; 42 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.584%, 10/1/34 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.176%, 10/1/54 | 25 | &nbsp;&nbsp; 24 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.123%, 11/21/34 | 25 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Series I <br>6.700%<sup>(5)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty Ltd. 144A <br>4.924%, 3/24/36<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.967%, 7/22/33 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.424%, 2/12/36 | 50 | &nbsp;&nbsp; 52 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.897%, 7/25/33 | 87 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.491%, 10/23/34 | 15 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Series BB <br>3.900%<sup>(5)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 2995 |
| **Health Care—0.6%** | **Health Care—0.6%** |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.650%, 3/2/53<br>| 49 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>5.050%, 3/25/48<br>| 50 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| 89 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.250%, 6/15/49<br>| 65 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. <br>6.250%, 2/1/29<br>| 36 | &nbsp;&nbsp; 38 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.400%, 9/2/34 | 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.350%, 9/2/51 | 37 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>5.400%, 3/20/34<br>| 45 | &nbsp;&nbsp; 46 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.650%, 1/15/32 | $28 | &nbsp;&nbsp; $24 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.050%, 10/15/34 | 25 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 423 |
| **Industrials—1.0%** | **Industrials—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC 144A <br>6.750%, 10/25/28<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) <br>5.930%, 5/1/60<br>| 52 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 73 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 56 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust 2015-1, AA <br>3.625%, 1/30/29<br>| 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. <br>5.700%, 8/14/33<br>| 50 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp. 144A <br>5.850%, 8/15/33<sup>(2)</sup> <br>| 47 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 44 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| 32 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through-Trust 2024-1, AA <br>5.450%, 8/15/38<br>| 14 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. <br>5.450%, 9/18/33<br>| 48 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 660 |
| **Information Technology—0.5%** | **Information Technology—0.5%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 8/4/33 | 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.000%, 7/1/29<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 144A <br>3.137%, 11/15/35<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(2)</sup> <br>| 70 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| 50 | &nbsp;&nbsp; 51 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.550%, 2/6/53 | 27 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.850%, 4/1/60 | 30 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 50 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 346 |
| **Materials—0.4%** | **Materials—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 65 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>5.650%, 1/15/34<br>| 40 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile 144A <br>5.950%, 1/8/34<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC 144A <br>2.850%, 4/27/31<sup>(2)</sup> <br>| 56 | &nbsp;&nbsp; 51 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%, 9/1/34<br>| $40 | &nbsp;&nbsp; $40 |
|  |  | &nbsp;&nbsp; 249 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. <br>6.150%, 5/15/34<br>| 60 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. (The) 144A <br>4.866%, 8/5/32<sup>(2)</sup> <br>| 52 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>4.750%, 6/1/50<br>| 65 | &nbsp;&nbsp; 64 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.200%, 2/15/56 | 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Series B <br>7.000%, 6/1/54<br>| 25 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Enel Finance International N.V. 144A <br>5.500%, 6/26/34<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 65 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. 144A <br>5.994%, 3/6/33<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>4.224%, 3/15/32<br>| 42 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. <br>6.000%, 1/15/34<br>| 40 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 532 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,579)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,579)** | &nbsp;&nbsp; **6769** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Paragon Offshore Finance Co. Escrow <br>0.000%, 7/16/21<sup>(7)(8)</sup> <br>| —<br> <sup>(4)</sup><br>| &nbsp;&nbsp; — |
| **Total Leveraged Loans** <br>**(Identified Cost $—)** | **Total Leveraged Loans** <br>**(Identified Cost $—)** | &nbsp;&nbsp; **—** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—62.8%** | **Common Stocks—62.8%** | **Common Stocks—62.8%** |
| **Communication Services—10.4%** | **Communication Services—10.4%** |  |
| Alphabet, Inc. Class A | 3907 | &nbsp;&nbsp; 950 |
| Auto Trader Group plc | 35869 | &nbsp;&nbsp; 380 |
| Baltic Classifieds Group plc | 189839 | &nbsp;&nbsp; 791 |
| Dayamitra Telekomunikasi PT | 5264000 | &nbsp;&nbsp; 183 |
| Hemnet Group AB | 17317 | &nbsp;&nbsp; 436 |
| Infrastrutture Wireless Italiane SpA | 25282 | &nbsp;&nbsp; 297 |
| Meta Platforms, Inc. Class A | 2082 | &nbsp;&nbsp; 1529 |
| Netflix, Inc.<sup>(9)</sup> <br>| 733 | &nbsp;&nbsp; 879 |
| oOh!media Ltd. | 452913 | &nbsp;&nbsp; 447 |
| Rightmove plc | 58535 | &nbsp;&nbsp; 558 |
| Sarana Menara Nusantara Tbk PT | 4570000 | &nbsp;&nbsp; 160 |
| Trade Desk, Inc. (The) Class A<sup>(9)</sup> <br>| 8188 | &nbsp;&nbsp; 401 |
|  |  | &nbsp;&nbsp; 7011 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary—8.8%** | **Consumer Discretionary—8.8%** |  |
| Allegro.eu S.A.<sup>(9)</sup> <br>| 29294 | &nbsp;&nbsp; $287 |
| Amazon.com, Inc.<sup>(9)</sup> <br>| 6290 | &nbsp;&nbsp; 1381 |
| Bright Horizons Family Solutions, Inc.<sup>(9)</sup> <br>| 1419 | &nbsp;&nbsp; 154 |
| Choice Hotels International, Inc. | 1410 | &nbsp;&nbsp; 151 |
| Hermes International SCA Unsponsored ADR | 1740 | &nbsp;&nbsp; 426 |
| Home Depot, Inc. (The) | 928 | &nbsp;&nbsp; 376 |
| Marriott International, Inc. Class A | 2335 | &nbsp;&nbsp; 608 |
| MercadoLibre, Inc.<sup>(9)</sup> <br>| 205 | &nbsp;&nbsp; 479 |
| NIKE, Inc. Class B | 4002 | &nbsp;&nbsp; 279 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(9)</sup> <br>| 1393 | &nbsp;&nbsp; 179 |
| O'Reilly Automotive, Inc.<sup>(9)</sup> <br>| 7777 | &nbsp;&nbsp; 838 |
| Pool Corp. | 696 | &nbsp;&nbsp; 216 |
| Rollins, Inc. | 4303 | &nbsp;&nbsp; 253 |
| SiteOne Landscape Supply, Inc.<sup>(9)</sup> <br>| 985 | &nbsp;&nbsp; 127 |
| Thor Industries, Inc. | 2007 | &nbsp;&nbsp; 208 |
|  |  | &nbsp;&nbsp; 5962 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B | 20600 | &nbsp;&nbsp; 286 |
| BJ's Wholesale Club Holdings, Inc.<sup>(9)</sup> <br>| 1761 | &nbsp;&nbsp; 164 |
| Heineken Malaysia Bhd | 50900 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 708 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Pason Systems, Inc. | 32872 | &nbsp;&nbsp; 285 |
| **Financials—9.3%** | **Financials—9.3%** |  |
| AJ Bell plc | 89895 | &nbsp;&nbsp; 655 |
| Block, Inc. Class A<sup>(9)</sup> <br>| 3431 | &nbsp;&nbsp; 248 |
| Caixa Seguridade Participacoes S.A. | 220835 | &nbsp;&nbsp; 625 |
| FinecoBank Banca Fineco SpA | 19935 | &nbsp;&nbsp; 431 |
| Hamilton Lane, Inc. Class A | 855 | &nbsp;&nbsp; 115 |
| Interactive Brokers Group, Inc. Class A | 5567 | &nbsp;&nbsp; 383 |
| Jack Henry & Associates, Inc. | 1126 | &nbsp;&nbsp; 168 |
| LPL Financial Holdings, Inc. | 896 | &nbsp;&nbsp; 298 |
| Moltiply Group SpA | 5461 | &nbsp;&nbsp; 266 |
| Mortgage Advice Bureau Holdings Ltd. | 18032 | &nbsp;&nbsp; 174 |
| Progressive Corp. (The) | 2612 | &nbsp;&nbsp; 645 |
| Qualitas Controladora SAB de C.V. | 8058 | &nbsp;&nbsp; 73 |
| S&P Global, Inc. | 1074 | &nbsp;&nbsp; 523 |
| Visa, Inc. Class A | 4091 | &nbsp;&nbsp; 1397 |
| W. R. Berkley Corp. | 4182 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 6321 |
| **Health Care—5.3%** | **Health Care—5.3%** |  |
| As One Corp. | 27200 | &nbsp;&nbsp; 452 |
| Chemed Corp. | 267 | &nbsp;&nbsp; 120 |
| Cooper Cos., Inc. (The)<sup>(9)</sup> <br>| 2729 | &nbsp;&nbsp; 187 |
| Danaher Corp. | 2085 | &nbsp;&nbsp; 413 |
| Eli Lilly & Co. | 707 | &nbsp;&nbsp; 539 |
| Haw Par Corp., Ltd. | 52600 | &nbsp;&nbsp; 579 |
| IDEXX Laboratories, Inc.<sup>(9)</sup> <br>| 706 | &nbsp;&nbsp; 451 |
| Intuitive Surgical, Inc.<sup>(9)</sup> <br>| 852 | &nbsp;&nbsp; 381 |
| Zoetis, Inc. Class A | 3127 | &nbsp;&nbsp; 458 |
|  |  | &nbsp;&nbsp; 3580 |
| **Industrials—10.7%** | **Industrials—10.7%** |  |
| Allegion plc | 1715 | &nbsp;&nbsp; 304 |
| Epiroc AB Class B | 19800 | &nbsp;&nbsp; 373 |
| Equifax, Inc. | 2151 | &nbsp;&nbsp; 552 |
| Exponent, Inc. | 1504 | &nbsp;&nbsp; 105 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Fair Isaac Corp.<sup>(9)</sup> <br>| 579 | &nbsp;&nbsp; $867 |
| Haitian International Holdings Ltd. | 138503 | &nbsp;&nbsp; 382 |
| Howden Joinery Group plc | 34592 | &nbsp;&nbsp; 392 |
| Knorr-Bremse AG | 2498 | &nbsp;&nbsp; 234 |
| Lennox International, Inc. | 373 | &nbsp;&nbsp; 197 |
| MEITEC Group Holdings, Inc. | 12600 | &nbsp;&nbsp; 272 |
| MISUMI Group, Inc. | 17200 | &nbsp;&nbsp; 268 |
| MTU Aero Engines AG | 1039 | &nbsp;&nbsp; 477 |
| NICE Information Service Co., Ltd. | 15225 | &nbsp;&nbsp; 151 |
| Nordson Corp. | 924 | &nbsp;&nbsp; 210 |
| Paycom Software, Inc. | 980 | &nbsp;&nbsp; 204 |
| S-1 Corp. | 5817 | &nbsp;&nbsp; 349 |
| Saia, Inc.<sup>(9)</sup> <br>| 539 | &nbsp;&nbsp; 161 |
| Uber Technologies, Inc.<sup>(9)</sup> <br>| 8432 | &nbsp;&nbsp; 826 |
| UL Solutions, Inc. Class A | 2917 | &nbsp;&nbsp; 207 |
| VAT Group AG | 596 | &nbsp;&nbsp; 235 |
| Watsco, Inc. | 513 | &nbsp;&nbsp; 207 |
| Zurn Elkay Water Solutions Corp. | 5907 | &nbsp;&nbsp; 278 |
|  |  | &nbsp;&nbsp; 7251 |
| **Information Technology—14.5%** | **Information Technology—14.5%** |  |
| Alten S.A. | 4315 | &nbsp;&nbsp; 354 |
| Amphenol Corp. Class A | 13183 | &nbsp;&nbsp; 1631 |
| Bentley Systems, Inc. Class B | 5769 | &nbsp;&nbsp; 297 |
| Bouvet ASA | 51954 | &nbsp;&nbsp; 343 |
| Cadence Design Systems, Inc.<sup>(9)</sup> <br>| 1753 | &nbsp;&nbsp; 616 |
| Kainos Group plc | 13125 | &nbsp;&nbsp; 167 |
| NVIDIA Corp. | 10399 | &nbsp;&nbsp; 1940 |
| Riken Keiki Co., Ltd. | 10500 | &nbsp;&nbsp; 222 |
| ServiceNow, Inc.<sup>(9)</sup> <br>| 694 | &nbsp;&nbsp; 638 |
| ServiceTitan, Inc. Class A<sup>(9)</sup> <br>| 1043 | &nbsp;&nbsp; 105 |
| SHIFT, Inc.<sup>(9)</sup> <br>| 17500 | &nbsp;&nbsp; 148 |
| Shopify, Inc. Class A<sup>(9)</sup> <br>| 5458 | &nbsp;&nbsp; 811 |
| Snowflake, Inc. Class A<sup>(9)</sup> <br>| 3329 | &nbsp;&nbsp; 751 |
| Sopra Steria Group | 2226 | &nbsp;&nbsp; 423 |
| Teledyne Technologies, Inc.<sup>(9)</sup> <br>| 440 | &nbsp;&nbsp; 258 |
| Trimble, Inc.<sup>(9)</sup> <br>| 2093 | &nbsp;&nbsp; 171 |
| Universal Display Corp. | 1641 | &nbsp;&nbsp; 236 |
| Workday, Inc. Class A<sup>(9)</sup> <br>| 2072 | &nbsp;&nbsp; 499 |
| Zebra Technologies Corp. Class A<sup>(9)</sup> <br>| 649 | &nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp; 9803 |
| **Materials—1.8%** | **Materials—1.8%** |  |
| Corp. Moctezuma SAB de C.V. | 100433 | &nbsp;&nbsp; 450 |
| Ecolab, Inc. | 1583 | &nbsp;&nbsp; 434 |
| Forterra plc | 68209 | &nbsp;&nbsp; 172 |
| Ibstock plc | 75582 | &nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp; 1197 |
| **Real Estate—0.6%** | **Real Estate—0.6%** |  |
| CoStar Group, Inc.<sup>(9)</sup> <br>| 4952 | &nbsp;&nbsp; 418 |
| **Total Common Stocks** <br>**(Identified Cost $26,381)** | **Total Common Stocks** <br>**(Identified Cost $26,381)** | &nbsp;&nbsp; **42536** |
| **Affiliated Mutual Funds—13.0%** | **Affiliated Mutual Funds—13.0%** | **Affiliated Mutual Funds—13.0%** |
| **Fixed Income Funds—13.0%** | **Fixed Income Funds—13.0%** |  |
| Virtus Newfleet ABS MACS<sup>(10)(11)</sup> <br>| 254793 | &nbsp;&nbsp; 2540 |
| Virtus Newfleet CMBS MACS<sup>(10)(11)</sup> <br>| 123780 | &nbsp;&nbsp; 1244 |
| Virtus Newfleet Floating Rate MACS<sup>(10)(11)</sup> <br>| 101940 | &nbsp;&nbsp; 997 |
| Virtus Newfleet High Yield MACS<sup>(10)(11)</sup> <br>| 103859 | &nbsp;&nbsp; 1031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Fixed Income Funds—continued** | **Fixed Income Funds—continued** |  |
| Virtus Newfleet RMBS MACS<sup>(10)(11)</sup> <br>| 295528 | &nbsp;&nbsp; $2991 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $8,797)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $8,797)** | &nbsp;&nbsp; **8803** |
| **Total Long-Term Investments—98.1%** <br>**(Identified Cost $50,874)** | **Total Long-Term Investments—98.1%** <br>**(Identified Cost $50,874)** | &nbsp;&nbsp; **66470** |
| **TOTAL INVESTMENTS—98.1%** <br>**(Identified Cost $50,874)** | **TOTAL INVESTMENTS—98.1%** <br>**(Identified Cost $50,874)** | &nbsp;&nbsp; **$66470** |
| Other assets and liabilities, net—1.9% | Other assets and liabilities, net—1.9% | &nbsp;&nbsp; 1267 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$67737** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| CMBS | Commercial Mortgage-Backed Securities |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MACS | Managed Account Completion Shares |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At September 30, 2025, these securities <br> amounted to a value of $2,585 or 3.8% of net assets.<br>|
| <sup>(3)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(4)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(5)</sup> <br>| No contractual maturity date. |
| <sup>(6)</sup> <br>| Variable rate security. Rate disclosed is as of September 30, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market <br> conditions, or, for mortgage-backed securities, are impacted by the individual <br> mortgages which are paying off over time. These securities do not indicate a <br> reference rate and spread in their descriptions.<br>|
| <sup>(7)</sup> <br>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(8)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(9)</sup> <br>| Non-income producing. |
| <sup>(10)</sup> <br>| Affiliated investment.  |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

($ reported in thousands)

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

<sup>(11)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 76<br> %<br>|
| United Kingdom | 4 |
| Japan | 2 |
| France | 2 |
| Brazil | 2 |
| Italy | 2 |
| Sweden | 1 |
| Other | 11 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&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 September 30, 2025.

Some of the Series' investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations <br>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 September 30, 2025.

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Series**

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

**September 30, 2025**

**Note 1. Security Valuation**

The Series' 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 Series utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Series' policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

A description of the valuation techniques applied to the Series' 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 Series 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 Series 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, 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 and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in 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 Series' net assets by each major security type is disclosed at the end of the Schedule of Investments for the

Series. 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 Series' 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 Variable Insurance Trust

- **b. Investment Company Act file number:** 811-04642

- **c. CIK number of Registrant:** 0000792359

- **d. LEI of Registrant:** 5493003VWTC7OD2WQT04

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

  - **Street Address 1:** One Financial Plaza

  - **City:** Hartford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06103

  - **Telephone number:** 800-248-4790

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

- **a. Name of Series:** Virtus Tactical Allocation Series

- **b. EDGAR series identifier (if any):** S000001966

- **c. LEI of Series:** 549300DQUY8629YQT565

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $67922795.55

**Total Liabilities:** $150627.49

**Net Assets:** $67772168.06

**Delayed Delivery Securities:** $9989.30

**Cash Not Reported:** $1104447.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005150 | -0.43%               | 0.00%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $184413.66               | $-540216.84                                |
| Month 2  | $74982.36                | $-192554.72                                |
| Month 3  | $519752.34               | $-375377.43                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NICE Information Service Co Lt     | NICE Information Service Co Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     15225 | NS      | $151159.44    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                 | Home Depot Inc/The                                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       928 | NS      | $376016.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORP                       | Veralto Corp                                                                    | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     48000 | PA      | $50194.49     | 0.07%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     35000 | PA      | $38125.12     | 0.06%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31415WAZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1438 | PA      | $1472.73      | 0.00%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC              | Auto Trader Group PLC                                                           | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     35869 | NS      | $380229.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201179.69    | 0.30%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $143072.27    | 0.21%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING           | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31469.23     | 0.05%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                         | Watsco Inc                                                                      | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |       513 | NS      | $207405.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                       | Exponent Inc                                                                    | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      1504 | NS      | $104497.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CODELCO INC                        | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     50000 | PA      | $52337.50     | 0.08%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR            | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     10000 | PA      | $10160.75     | 0.01%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                  | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     14000 | PA      | $14329.70     | 0.02%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $120356.45    | 0.18%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     59000 | PA      | $57436.00     | 0.08%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Trade Desk Inc/The                 | Trade Desk Inc/The                                                              | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      8188 | NS      | $401293.88    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualitas Controladora SAB de C     | Qualitas Controladora SAB de CV                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      8058 | NS      | $73471.75     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                       | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67918.44     | 0.10%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25548.06     | 0.04%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP           | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40814.93     | 0.06%             | 2043-04-30      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                     | S&P Global Inc                                                                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1074 | NS      | $522726.54    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                    | Knorr-Bremse AG                                                                 | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |      2498 | NS      | $234182.24    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                        | Trimble Inc                                                                     | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      2093 | NS      | $170893.45    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                           | Visa Inc                                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4091 | NS      | $1396585.58   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                       | Allegion plc                                                                    | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      1715 | NS      | $304155.25    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                        | Rollins Inc                                                                     | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      4303 | NS      | $252758.22    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWJ46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    171688 | PA      | $173538.18    | 0.26%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Universal Display Corp             | Universal Display Corp                                                          | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1641 | NS      | $235696.83    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF TURKIYE                | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     35000 | PA      | $37088.10     | 0.05%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Chemed Corp                        | Chemed Corp                                                                     | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       267 | NS      | $119546.58    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CAL EDISON                | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41882.37     | 0.06%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government International Bond                          | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     10000 | PA      | $9890.00      | 0.01%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet CMBS MACS          | Virtus Newfleet CMBS MACS                                                       | CUSIP: 92839Q205<br>LEI: 254900GVMTWAZZTHYO11 | Long             | EC               | RF                | US        |    123254 | NS      | $1238706.52   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FED REPUBLIC OF BRAZIL             | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     40000 | PA      | $40900.00     | 0.06%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE              | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |     15000 | PA      | $16151.06     | 0.02%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                         | Sodexo Inc                                                                      | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52409.46     | 0.08%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Pason Systems Inc                  | Pason Systems Inc                                                               | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |     32872 | NS      | $285330.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                   | MercadoLibre Inc                                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       205 | NS      | $479072.70    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY                            | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     29000 | PA      | $31059.00     | 0.05%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                            | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      9000 | PA      | $9598.50      | 0.01%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52170.09     | 0.08%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Baltic Classifieds Group PLC       | Baltic Classifieds Group PLC                                                    | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | LT        |    189839 | NS      | $791474.86    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $29292.97     | 0.04%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BJ's Wholesale Club Holdings I     | BJ's Wholesale Club Holdings Inc                                                | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1761 | NS      | $164213.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28136.21     | 0.04%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     15000 | PA      | $15360.00     | 0.02%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CoStar Group Inc                   | CoStar Group Inc                                                                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      4952 | NS      | $417800.24    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16890.53     | 0.02%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO            | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $23474.80     | 0.03%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                   | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36585.46     | 0.05%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LPL Financial Holdings Inc         | LPL Financial Holdings Inc                                                      | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       896 | NS      | $298090.24    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC             | Roper Technologies Inc                                                          | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50403.49     | 0.07%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS              | Interpublic Group of Cos Inc/The                                                | CUSIP: 460690BU3<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25513.99     | 0.04%             | 2033-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT            | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    920000 | PA      | $50894.76     | 0.08%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC            | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $36630.36     | 0.05%             | 2034-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT           | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49670.26     | 0.07%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    470000 | PA      | $268469.14    | 0.40%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS           | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24373.34     | 0.04%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W1Q89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    278991 | PA      | $263573.82    | 0.39%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP            | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AV8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |     35000 | PA      | $36311.98     | 0.05%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     56000 | PA      | $55321.14     | 0.08%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND           | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     15000 | PA      | $13012.50     | 0.02%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UL Solutions Inc                   | UL Solutions Inc                                                                | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |      2917 | NS      | $206698.62    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK HILLS CORP                   | Black Hills Corp                                                                | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64073.19     | 0.09%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Equifax Inc                        | Equifax Inc                                                                     | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      2151 | NS      | $551796.03    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                       | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51909.94     | 0.08%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Allegro.eu SA                      | Allegro.eu SA                                                                   | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |     29294 | NS      | $286883.17    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                     | ServiceNow Inc                                                                  | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       694 | NS      | $638674.32    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc          | Teledyne Technologies Inc                                                       | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       440 | NS      | $257857.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove PLC                      | Rightmove PLC                                                                   | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |     58535 | NS      | $557836.29    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                         | Ecolab Inc                                                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1583 | NS      | $433520.38    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                           | NIKE Inc                                                                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      4002 | NS      | $279059.46    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECH INC                  | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57328.62     | 0.08%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                        | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66103.71     | 0.10%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA              | Guatemala Government Bond                                                       | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      8000 | PA      | $8472.00      | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25790.98     | 0.04%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL             | Brazilian Government International Bond                                         | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     10000 | PA      | $10117.50     | 0.01%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                         | Zoetis Inc                                                                      | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      3127 | NS      | $457542.64    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BPCE SA                            | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     50000 | PA      | $55778.73     | 0.08%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Workday Inc                        | Workday Inc                                                                     | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      2072 | NS      | $498792.56    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc            | O'Reilly Automotive Inc                                                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      7777 | NS      | $838438.37    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF COLOMBIA               | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     14000 | PA      | $15039.50     | 0.02%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Dayamitra Telekomunikasi PT        | Dayamitra Telekomunikasi PT                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   5264000 | NS      | $183205.52    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION               | M&T Bank Corp                                                                   | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47357.34     | 0.07%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     40000 | PA      | $48731.35     | 0.07%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES              | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      9000 | PA      | $7818.75      | 0.01%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                 | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     44000 | PA      | $47236.04     | 0.07%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Pool Corp                          | Pool Corp                                                                       | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       696 | NS      | $215808.72    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Forterra PLC                       | Forterra PLC                                                                    | CUSIP: 000000000<br>LEI: 213800O5DD6ATBVJAD23 | Long             | EC               | CORP              | GB        |     68209 | NS      | $171726.58    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED MEXICAN STATES              | Mexico Government International Bond                                            | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     10000 | PA      | $9990.00      | 0.01%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DTQH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    307258 | PA      | $281079.38    | 0.41%             | 2054-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115230 | PA      | $112263.28    | 0.17%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                        | Ivory Coast Government International Bond                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     20000 | PA      | $20800.00     | 0.03%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                  | EOG Resources Inc                                                               | CUSIP: 26875PAZ4<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15401.34     | 0.02%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TRANSURBAN FINANCE CO              | Transurban Finance Co Pty Ltd                                                   | CUSIP: 89400PAL7<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |     50000 | PA      | $49667.79     | 0.07%             | 2036-03-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS              | Universal Health Services Inc                                                   | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24400.28     | 0.04%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR           | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35572.64     | 0.05%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP               | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     47000 | PA      | $50169.68     | 0.07%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bouvet ASA                         | Bouvet ASA                                                                      | CUSIP: 000000000<br>LEI: 5967007LIEEXZXFMBC26 | Long             | EC               | CORP              | NO        |     51954 | NS      | $343078.46    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20630.08     | 0.03%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The               | Progressive Corp/The                                                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      2612 | NS      | $645033.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI GOVT INT'L               | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     29000 | PA      | $20981.07     | 0.03%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO           | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73584.81     | 0.11%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                 | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $30636.57     | 0.05%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES              | Mexico Government International Bond                                            | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     30000 | PA      | $30765.00     | 0.05%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC               | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54591.92     | 0.08%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    220000 | PA      | $50402.14     | 0.07%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| AJ Bell PLC                        | AJ Bell PLC                                                                     | CUSIP: 000000000<br>LEI: 213800VNKA7DPWXWJJ36 | Long             | EC               | CORP              | GB        |     89895 | NS      | $654672.34    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                     | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     48000 | PA      | $53073.50     | 0.08%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY                            | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     10000 | PA      | $10072.00     | 0.01%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD           | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47311.95     | 0.07%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| MARS INC                           | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51106.83     | 0.08%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mortgage Advice Bureau Holding     | Mortgage Advice Bureau Holdings Ltd                                             | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |     18032 | NS      | $174123.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                   | ServiceTitan Inc                                                                | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1043 | NS      | $105165.69    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF POLAND                 | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      7000 | PA      | $7154.70      | 0.01%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO               | Saudi Arabian Oil Co                                                            | CUSIP: 80414L2N4<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     40000 | PA      | $41150.00     | 0.06%             | 2034-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Interactive Brokers Group Inc      | Interactive Brokers Group Inc                                                   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      5567 | NS      | $383065.27    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Newfleet ABS MACS           | Virtus Newfleet ABS MACS                                                        | CUSIP: 92839Q106<br>LEI: 2549002ITWIQU02JEJ86 | Long             | EC               | RF                | US        |    253773 | NS      | $2530118.66   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    195000 | PA      | $200042.58    | 0.30%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cooper Cos Inc/The                 | Cooper Cos Inc/The                                                              | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      2729 | NS      | $187100.24    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTEAD CAPITAL INC                | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50707.40     | 0.07%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     15000 | PA      | $15615.00     | 0.02%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     73000 | PA      | $64529.63     | 0.10%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                    | Fair Isaac Corp                                                                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       579 | NS      | $866490.87    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGDOM OF MOROCCO                 | Morocco Government International Bond                                           | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     10000 | PA      | $8852.25      | 0.01%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC              | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41002.70     | 0.06%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Thor Industries Inc                | Thor Industries Inc                                                             | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      2007 | NS      | $208105.83    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      1000 | PA      | $909.45       | 0.00%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     25000 | PA      | $26167.43     | 0.04%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                        | NVIDIA Corp                                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10399 | NS      | $1940245.42   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR           | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35511.66     | 0.05%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                 | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      8000 | PA      | $8666.40      | 0.01%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND           | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      8000 | PA      | $8530.00      | 0.01%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO             | Global Atlantic Fin Co                                                          | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26431.67     | 0.04%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc              | Uber Technologies Inc                                                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8432 | NS      | $826083.04    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON INVESTMENTS SIX DAC           | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |     50000 | PA      | $52485.11     | 0.08%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $161806.25    | 0.24%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC            | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53655.94     | 0.08%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP             | Aviation Capital Group LLC                                                      | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37225.30     | 0.05%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31416M4C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2356 | PA      | $2368.56      | 0.00%             | 2039-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC           | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $46917.33     | 0.07%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                   | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |     56000 | PA      | $51266.81     | 0.08%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     56000 | PA      | $61116.49     | 0.09%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME             | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12612.31     | 0.02%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                 | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     30000 | PA      | $30318.15     | 0.04%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC              | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26044.17     | 0.04%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                       | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $51467.18     | 0.08%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                     | Amazon.com Inc                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      6290 | NS      | $1381095.30   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31409YD53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       549 | PA      | $566.39       | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                   | MISUMI Group Inc                                                                | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     17200 | NS      | $268261.15    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                    | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63392.32     | 0.09%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                            | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     20000 | PA      | $20549.05     | 0.03%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Riken Keiki Co Ltd                 | Riken Keiki Co Ltd                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10500 | NS      | $221878.49    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO LIFE INSUR                | Sumitomo Life Insurance Co                                                      | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $50905.30     | 0.08%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                 | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     46000 | PA      | $44068.00     | 0.07%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC             | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55837.16     | 0.08%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     46000 | PA      | $49607.18     | 0.07%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31416ASK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       752 | PA      | $773.55       | 0.00%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER            | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41987.64     | 0.06%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31407MZH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5930 | PA      | $6071.06      | 0.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC             | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     55000 | PA      | $54611.26     | 0.08%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Jack Henry & Associates Inc        | Jack Henry & Associates Inc                                                     | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      1126 | NS      | $167695.18    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                 | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45842.01     | 0.07%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36402.94     | 0.05%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PARAGON OFFSHORE FINANCE CO        | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |       215 | PA      | $0.00         | 0.00%             | 2021-07-18      | Floating      | 3.75%                 | No            |                  3 | On Loan: No      |
| KEYCORP                            | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27130.03     | 0.04%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     32000 | PA      | $27621.00     | 0.04%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                   | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40222.54     | 0.06%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Ollie's Bargain Outlet Holding     | Ollie's Bargain Outlet Holdings Inc                                             | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      1393 | NS      | $178861.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31413MDE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1477 | PA      | $1555.03      | 0.00%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP              | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     34000 | PA      | $36004.60     | 0.05%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA           | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |     93000 | PA      | $82480.57     | 0.12%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA              | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     28000 | PA      | $26778.36     | 0.04%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $37710.94     | 0.06%             | 2027-07-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Epiroc AB                          | Epiroc AB                                                                       | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     19800 | NS      | $373100.78    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd     | Anhui Gujing Distillery Co Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20600 | NS      | $285892.35    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                            | KeyCorp                                                                         | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38868.03     | 0.06%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| W R Berkley Corp                   | W R Berkley Corp                                                                | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      4182 | NS      | $320424.84    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc             | Intuitive Surgical Inc                                                          | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       852 | NS      | $381039.96    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A     | Ginnie Mae I Pool                                                               | CUSIP: 36213S2N4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2214 | PA      | $2256.33      | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT           | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39163.75     | 0.06%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58259.63     | 0.09%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                | Honduras Government International Bond                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |      9000 | PA      | $9903.60      | 0.01%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC           | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     61000 | PA      | $62610.34     | 0.09%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SHIFT Inc                          | SHIFT Inc                                                                       | CUSIP: 000000000<br>LEI: 353800HJXMOPLJ7BO262 | Long             | EC               | CORP              | JP        |     17500 | NS      | $147918.99    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HARBOUR ENERGY PLC                 | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $51345.76     | 0.08%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV               | Enel Finance International NV                                                   | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     55000 | PA      | $56943.88     | 0.08%             | 2034-06-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                    | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |     65000 | PA      | $59126.66     | 0.09%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES            | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     32000 | PA      | $32288.00     | 0.05%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I               | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44953.74     | 0.07%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS           | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30161.24     | 0.04%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Bentley Systems Inc                | Bentley Systems Inc                                                             | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      5769 | NS      | $296988.12    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co                                                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       707 | NS      | $539441.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FinecoBank Banca Fineco SpA        | FinecoBank Banca Fineco SpA                                                     | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |     19935 | NS      | $430763.26    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IVORY COAST                        | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     15000 | PA      | $15612.45     | 0.02%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC            | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26253.79     | 0.04%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                     | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   1210000 | PA      | $49796.39     | 0.07%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176759 | PA      | $181573.71    | 0.27%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                       | Alphabet Inc                                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3907 | NS      | $949791.70    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                  | Hamilton Lane Inc                                                               | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |       855 | NS      | $115245.45    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES              | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26056.87     | 0.04%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W2XA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149720 | PA      | $148952.67    | 0.22%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      5000 | PA      | $4012.50      | 0.01%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                | Dominion Energy Inc                                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30196.31     | 0.04%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411UG96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1122 | PA      | $1164.32      | 0.00%             | 2037-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Corp Moctezuma SAB de CV           | Corp Moctezuma SAB de CV                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    100433 | NS      | $450189.48    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                  | EOG Resources Inc                                                               | CUSIP: 26875PAW1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45050.01     | 0.07%             | 2054-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM           | Brookfield Asset Management Ltd                                                 | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $36645.03     | 0.05%             | 2035-04-24      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     63000 | PA      | $61773.28     | 0.09%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                      | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25039.80     | 0.04%             | 2053-08-15      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                   | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     55000 | PA      | $56083.75     | 0.08%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                        | Netflix Inc                                                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       733 | NS      | $878808.36    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1000000 | PA      | $50039.66     | 0.07%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                          | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     36000 | PA      | $37894.86     | 0.06%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD               | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     18000 | PA      | $19043.91     | 0.03%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     10000 | PA      | $8961.28      | 0.01%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                  | Jordan Government International Bond                                            | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     10000 | PA      | $9949.64      | 0.01%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418E6X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    237605 | PA      | $224010.27    | 0.33%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27107.18     | 0.04%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     47000 | PA      | $49703.72     | 0.07%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING           | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51213.70     | 0.08%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                | MTU Aero Engines AG                                                             | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      1039 | NS      | $476834.65    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIRLINES 2020 TR            | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65670 | PA      | $65762.24     | 0.10%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Paycom Software Inc                | Paycom Software Inc                                                             | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       980 | NS      | $203977.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                      | Amphenol Corp                                                                   | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     13183 | NS      | $1631396.25   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc       | SiteOne Landscape Supply Inc                                                    | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |       985 | NS      | $126868.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITEC Group Holdings Inc          | MEITEC Group Holdings Inc                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12600 | NS      | $271962.67    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS              | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |     55000 | PA      | $40948.57     | 0.06%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                   | DT Midstream Inc                                                                | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38657.36     | 0.06%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND               | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      5000 | PA      | $5372.85      | 0.01%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO            | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     11000 | PA      | $10250.02     | 0.02%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc           | Lennox International Inc                                                        | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       373 | NS      | $197451.28    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE PRIVATE CRE             | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51202.35     | 0.08%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    211134 | PA      | $213213.46    | 0.31%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                  | Kinder Morgan Inc                                                               | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52659.55     | 0.08%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)             | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     40000 | PA      | $42920.00     | 0.06%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC             | Marvell Technology Inc                                                          | CUSIP: 573874AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51546.65     | 0.08%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                 | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11959.74     | 0.02%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ibstock PLC                        | Ibstock PLC                                                                     | CUSIP: 000000000<br>LEI: 2138003QHTNX34CN9V93 | Long             | EC               | CORP              | GB        |     75582 | NS      | $141497.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italia     | Infrastrutture Wireless Italiane SpA                                            | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |     25282 | NS      | $297120.14    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sopra Steria Group                 | Sopra Steria Group                                                              | CUSIP: 000000000<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      2226 | NS      | $422853.83    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27054.37     | 0.04%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                            | HCA Inc                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59539.30     | 0.09%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC               | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64136.98     | 0.09%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms Inc                                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2082 | NS      | $1528979.16   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES              | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41624.47     | 0.06%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Haw Par Corp Ltd                   | Haw Par Corp Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     52600 | NS      | $579030.19    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA           | Hermes International SCA                                                        | CUSIP: 42751Q105<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |      1740 | NS      | $426508.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP           | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $27721.08     | 0.04%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     89000 | PA      | $81893.53     | 0.12%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    595000 | PA      | $299173.44    | 0.44%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24596.46     | 0.04%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63349.73     | 0.09%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS            | New York State Electric & Gas Corp                                              | CUSIP: 649840CV5<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |     47000 | PA      | $50062.48     | 0.07%             | 2033-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FUNDING INC              | BlackRock Funding Inc                                                           | CUSIP: 09290DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $51686.32     | 0.08%             | 2054-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31414SX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4414 | PA      | $4525.76      | 0.01%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU           | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34162.78     | 0.05%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    235000 | PA      | $240584.10    | 0.35%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                         | US Bancorp                                                                      | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51772.18     | 0.08%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     72000 | PA      | $75196.48     | 0.11%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                          | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48874.67     | 0.07%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International In     | Choice Hotels International Inc                                                 | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      1410 | NS      | $150743.10    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF ANGOLA                 | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     17000 | PA      | $16518.90     | 0.02%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                 | Ford Motor Co                                                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     26000 | PA      | $22749.31     | 0.03%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10816.73     | 0.02%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Heineken Malaysia Bhd              | Heineken Malaysia Bhd                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     50900 | NS      | $257614.35    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp            | Zebra Technologies Corp                                                         | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       649 | NS      | $192856.84    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF COLOMBIA               | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     12000 | PA      | $12828.00     | 0.02%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                 | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $46460.24     | 0.07%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC               | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     40000 | PA      | $40600.80     | 0.06%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31416M4U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1876 | PA      | $1921.91      | 0.00%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD            | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |     35000 | PA      | $31763.90     | 0.05%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR            | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      9000 | PA      | $9598.50      | 0.01%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| oOh!media Ltd                      | oOh!media Ltd                                                                   | CUSIP: 000000000<br>LEI: 984500D581E7E7A88078 | Long             | EC               | CORP              | AU        |    452913 | NS      | $446541.87    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF NIGERIA                | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     17000 | PA      | $18921.00     | 0.03%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD           | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $36366.75     | 0.05%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA               | Colombia Government International Bond                                          | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      7000 | PA      | $7687.75      | 0.01%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                                | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16666.39     | 0.02%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     24000 | PA      | $26404.86     | 0.04%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                   | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     25000 | PA      | $25515.00     | 0.04%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1640000 | PA      | $1355882.81   | 2.00%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS              | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     28000 | PA      | $24356.94     | 0.04%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT              | Costa Rica Government International Bond                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      5000 | PA      | $5475.00      | 0.01%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Alten SA                           | Alten SA                                                                        | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      4315 | NS      | $354115.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                            | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     10000 | PA      | $10144.09     | 0.01%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet RMBS MACS          | Virtus Newfleet RMBS MACS                                                       | CUSIP: 92839Q502<br>LEI: 254900G2LHZGHTBHPK18 | Long             | EC               | RF                | US        |    294244 | NS      | $2977746.31   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                           | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     77000 | PA      | $73493.34     | 0.11%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL           | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    310000 | PA      | $50972.57     | 0.08%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Sarana Menara Nusantara Tbk PT     | Sarana Menara Nusantara Tbk PT                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   4570000 | NS      | $160423.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                    | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44486.88     | 0.07%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                 | Ingersoll Rand Inc                                                              | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53116.11     | 0.08%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Nordson Corp                       | Nordson Corp                                                                    | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |       924 | NS      | $209701.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB                    | Hemnet Group AB                                                                 | CUSIP: 000000000<br>LEI: 5493008VIU67J3HUAR07 | Long             | EC               | CORP              | SE        |     17317 | NS      | $435573.76    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF INDONESIA              | Indonesia Government International Bond                                         | CUSIP: 455780EA0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      7000 | PA      | $7414.75      | 0.01%             | 2035-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT           | United Airlines 2024-1 Class AA Pass Through Trust                              | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14483 | PA      | $14897.33     | 0.02%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD           | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49977.74     | 0.07%             | 2035-09-29      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26752.58     | 0.04%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Zurn Elkay Water Solutions Cor     | Zurn Elkay Water Solutions Corp                                                 | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      5907 | NS      | $277806.21    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BAT CAPITAL CORP                   | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     27000 | PA      | $31552.61     | 0.05%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC             | Diamondback Energy Inc                                                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57760.95     | 0.09%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    252034 | PA      | $244528.39    | 0.36%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EMD FINANCE LLC                    | EMD Finance LLC                                                                 | CUSIP: 26867LAR1<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50016.93     | 0.07%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moltiply Group SpA                 | Moltiply Group SpA                                                              | CUSIP: 000000000<br>LEI: 8156004E40D6A02C5046 | Long             | EC               | CORP              | IT        |      5461 | NS      | $266076.71    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SONOCO PRODUCTS CO                 | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39564.13     | 0.06%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caixa Seguridade Participacoes     | Caixa Seguridade Participacoes S/A                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    220835 | NS      | $625296.34    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                      | Snowflake Inc                                                                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      3329 | NS      | $750855.95    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    232151 | PA      | $218906.58    | 0.32%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2015-1AA           | Delta Air Lines 2015-1 Class AA Pass Through Trust                              | CUSIP: 24736XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70475 | PA      | $69471.40     | 0.10%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                       | Danaher Corp                                                                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2085 | NS      | $413372.10    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                 | Royalty Pharma PLC                                                              | CUSIP: 78081BAP8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     37000 | PA      | $24792.72     | 0.04%             | 2051-09-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD      | Marriott International Inc/MD                                                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      2335 | NS      | $608127.40    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                        | Shopify Inc                                                                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      5458 | NS      | $811113.38    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                          | Block Inc                                                                       | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      3431 | NS      | $247958.37    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    103148 | PA      | $105693.00    | 0.16%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO            | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25490.16     | 0.04%             | 2035-02-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $25293.75     | 0.04%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99721 | PA      | $97293.24     | 0.14%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet High Yield MACS    | Virtus Newfleet High Yield MACS                                                 | CUSIP: 92839Q403<br>LEI: 254900FGQQEMGNJ19E23 | Long             | EC               | RF                | US        |    103264 | NS      | $1025407.25   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIR 2023-1 A PTT            | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     31721 | PA      | $32804.97     | 0.05%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc         | Cadence Design Systems Inc                                                      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1753 | NS      | $615758.78    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31416M4W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1245 | PA      | $1271.38      | 0.00%             | 2039-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| S-1 Corp                           | S-1 Corp                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5817 | NS      | $348675.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF PANAMA                 | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     24000 | PA      | $27366.98     | 0.04%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HAITIAN INT'L                      | Haitian International Holdings Ltd                                              | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |    138503 | NS      | $381588.72    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| As One Corp                        | As One Corp                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27200 | NS      | $451540.05    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                       | VAT Group AG                                                                    | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |       596 | NS      | $235390.24    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                           | Saia Inc                                                                        | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |       539 | NS      | $161355.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKLYN UNION GAS CO              | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51353.70     | 0.08%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY           | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     32000 | PA      | $30320.00     | 0.04%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230559 | PA      | $235810.16    | 0.35%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31415QKZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1077 | PA      | $1117.64      | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31412MZA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       861 | PA      | $892.04       | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT              | Costa Rica Government International Bond                                        | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      5000 | PA      | $5380.00      | 0.01%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25747.50     | 0.04%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                                | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     87000 | PA      | $88385.78     | 0.13%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT             | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73352 | PA      | $66568.89     | 0.10%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bright Horizons Family Solutio     | Bright Horizons Family Solutions Inc                                            | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1419 | NS      | $154060.83    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Newfleet Floating Rate MACS | Virtus Newfleet Floating Rate MACS                                              | CUSIP: 92839Q304<br>LEI: 254900KZEW1HA1768U33 | Long             | EC               | RF                | US        |    101317 | NS      | $990876.08    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31413BLD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4024 | PA      | $4180.56      | 0.01%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                    | DR Horton Inc                                                                   | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46655.93     | 0.07%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31371KDL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       411 | PA      | $423.85       | 0.00%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1885000 | PA      | $924607.22    | 1.36%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC             | Philip Morris International Inc                                                 | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50393.27     | 0.07%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    627762 | PA      | $625603.97    | 0.92%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76907 | PA      | $78874.77     | 0.12%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31416AUG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3489 | PA      | $3611.94      | 0.01%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc             | IDEXX Laboratories Inc                                                          | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       706 | NS      | $451056.34    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE FUNDING LLC               | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     56000 | PA      | $51365.24     | 0.08%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                   | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     10000 | PA      | $11485.70     | 0.02%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Kainos Group PLC                   | Kainos Group PLC                                                                | CUSIP: 000000000<br>LEI: 213800H2PQMIF3OVZY47 | Long             | EC               | CORP              | GB        |     13125 | NS      | $166721.37    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO                          | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51947.74     | 0.08%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68151.20     | 0.10%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                   | Berry Global Inc                                                                | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41677.77     | 0.06%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    111506 | PA      | $112836.60    | 0.17%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102429.86    | 0.15%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND           | Saudi Government International Bond                                             | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     25000 | PA      | $25372.63     | 0.04%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP             | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49868.64     | 0.07%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP                         | US Bancorp                                                                      | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15058.67     | 0.02%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC           | Howden Joinery Group PLC                                                        | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |     34592 | NS      | $392419.66    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Virtus Variable Insurance Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer