# EDGAR Filing Document

**Accession Number:** 0000792359
**File Stem:** 0000940400-25-010895
**Filing Date:** 2025-11
**Character Count:** 199931
**Document Hash:** b87717c9d9ad7ee0ca137755b854444b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010895.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010895

**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:** 251527467

**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 Newfleet Multi-Sector Intermediate Bond Series (Series ID: S000001950)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005134 | Class A      |  |
| C000126194 | Class I      |  |

## Nport-Ex

**VIRTUS Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—4.1%** | **U.S. Government Securities—4.1%** | **U.S. Government Securities—4.1%** |
| 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>4.625%, 5/15/54 | $370 | &nbsp;&nbsp; $364 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.625%, 2/15/55 | 1850 | &nbsp;&nbsp; 1818 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 7/31/30 | 415 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.625%, 2/15/35 | 805 | &nbsp;&nbsp; 837 |
| **Total U.S. Government Securities** <br>**(Identified Cost $3,434)** | **Total U.S. Government Securities** <br>**(Identified Cost $3,434)** | &nbsp;&nbsp; **3436** |
| **Foreign Government Securities—12.8%** | **Foreign Government Securities—12.8%** | **Foreign Government Securities—12.8%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond 144A <br>5.000%, 4/30/34<sup>(2)</sup> <br>| 68 | &nbsp;&nbsp; 72 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.600%, 3/1/29<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/4/30<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 2/16/31<sup>(2)</sup> <br>| 32 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.500%, 1/31/47<sup>(2)</sup> <br>| 128 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.750%, 9/30/51<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 24 |
| Benin Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.960%, 2/13/38<sup>(2)</sup> <br>| 28 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.375%, 1/23/41<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Bolivarian Republic of Venezuela <br>9.375%, 1/13/34<sup>(3)</sup> <br>| 200 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Series F <br>10.000%, 1/1/31<br>| 1920<br> <sup>BRL</sup><br>| &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; Costa Rica Government 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 53 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Czech Republic Government Bond <br>1.750%, 6/23/32<br>| 7330<br> <sup>CZK</sup><br>| &nbsp;&nbsp; 302 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.600%, 6/1/36<sup>(2)</sup> <br>| 63 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 52 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; RegS <br>6.950%, 3/15/37<sup>(4)</sup> <br>| 111 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco S.a.r.l. 144A <br>5.500%, 8/17/30<sup>(2)</sup> <br>| 103 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Ethiopia 144A <br>6.625%, 12/11/25<sup>(2)(3)</sup> <br>| 137 | &nbsp;&nbsp; 131 |
| 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>5.500%, 11/6/30 | 77 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.250%, 3/18/31 | 50 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 57 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 3/15/35 | 67 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 129 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Honduras Government 144A <br>8.625%, 11/27/34<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 40 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 311 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.000%, 9/26/35<sup>(2)</sup> <br>| 76 | &nbsp;&nbsp; 80 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| $98 | &nbsp;&nbsp; $99 |
| &nbsp;&nbsp;&nbsp; Kingdom of Jordan 144A <br>5.850%, 7/7/30<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(2)</sup> <br>| 127 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Kyrgyz Republic International Bond 144A <br>7.750%, 6/3/30<sup>(2)</sup> <br>| 95 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; Lebanon Government International Bond RegS <br>7.000%, 3/23/32<sup>(3)(4)</sup> <br>| 102 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Malaysia Government Bond <br>2.632%, 4/15/31<br>| 1320<br> <sup>MYR</sup><br>| &nbsp;&nbsp; 302 |
| Mex Bonos Desarr |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>8.500%, 5/31/29 | 2080<br> <sup>MXN</sup><br>| &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>7.750%, 11/13/42 | 4300<br> <sup>MXN</sup><br>| &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Republic of Angola 144A <br>8.750%, 4/14/32<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp; 205 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>0.750%, 7/9/30<sup>(5)</sup> <br>| 469 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.125%, 7/9/35<sup>(5)</sup> <br>| 122 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.125%, 7/9/46<sup>(5)</sup> <br>| 23 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Republic of Armenia 144A <br>3.600%, 2/2/31<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Republic of Cameroon RegS <br>9.500%, 7/31/31<sup>(4)</sup> <br>| 200 | &nbsp;&nbsp; 192 |
| 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 | 29 | &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>8.500%, 4/25/35 | 34 | &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>8.000%, 11/14/35 | 267 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador RegS <br>6.900%, 7/31/30<sup>(4)(5)</sup> <br>| 182 | &nbsp;&nbsp; 161 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/28/29<sup>(2)</sup> <br>| 41 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.250%, 4/10/32<sup>(2)</sup> <br>| 44 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; RegS <br>9.250%, 4/17/30<sup>(4)</sup> <br>| 33 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.650%, 6/15/35<sup>(4)</sup> <br>| 44 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.625%, 2/1/41<sup>(4)</sup> <br>| 34 | &nbsp;&nbsp; 32 |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.625%, 2/6/31<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.000%, 11/24/31<sup>(2)</sup> <br>| 108 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Republic of Ghana RegS <br>5.000%, 7/3/35<sup>(4)(5)</sup> <br>| 137 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>6.875%, 8/15/55<sup>(2)</sup> <br>| 79 | &nbsp;&nbsp; 83 |
| 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>4.750%, 9/10/34 | 161 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 168 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.200%, 10/15/50 | 68 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 20 | &nbsp;&nbsp; 19 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.625%, 1/30/33<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.075%, 4/1/36<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.250%, 1/30/37<sup>(2)</sup> <br>| 89 | &nbsp;&nbsp; 93 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Multi-Sector Intermediate Bond Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| $111 | &nbsp;&nbsp; $114 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>7.375%, 9/28/33<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 147 | &nbsp;&nbsp; 164 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 3/17/28 | 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.870%, 7/23/60 | 201 | &nbsp;&nbsp; 130 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>2.783%, 1/23/31 | 38 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 2/8/35 | 70 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.600%, 1/15/72 | 36 | &nbsp;&nbsp; 23 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>5.500%, 2/4/35 | 70 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 3/5/35 | 178 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.700%, 3/1/41 | 77 | &nbsp;&nbsp; 65 |
| 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 | 43 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 244 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 2/12/35 | 214 | &nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 144A <br>6.250%, 5/23/33<sup>(2)</sup> <br>| 118 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(2)</sup> <br>| 84 | &nbsp;&nbsp; 91 |
| 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>5.875%, 6/22/30 | 74 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 174 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 6300<br> <sup>ZAR</sup><br>| &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; Republic of Sri Lanka 144A <br>3.600%, 6/15/35<sup>(2)(5)</sup> <br>| 162 | &nbsp;&nbsp; 118 |
| 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>9.125%, 7/13/30 | 271 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 43 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 65 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 9/16/35 | 63 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 123 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Republic of Zambia 144A <br>5.750%, 6/30/33<sup>(2)(5)</sup> <br>| 46 | &nbsp;&nbsp; 44 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 6/18/50 | 228 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.975%, 4/20/55 | 24 | &nbsp;&nbsp; 22 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 78 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.375%, 1/30/34<sup>(2)</sup> <br>| 62 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.750%, 3/24/35<sup>(2)</sup> <br>| 146 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 156 | &nbsp;&nbsp; 158 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.375%, 1/13/31<sup>(2)</sup> <br>| 82 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 148 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 201 | &nbsp;&nbsp; 174 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.950%, 1/14/31<sup>(2)</sup> <br>| $34 | &nbsp;&nbsp; $35 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.400%, 6/26/34<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; UAE International Government Bond 144A <br>4.050%, 7/7/32<sup>(2)</sup> <br>| 46 | &nbsp;&nbsp; 46 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 2/1/35<sup>(2)(5)</sup> <br>| 6 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.500%, 2/1/29<sup>(4)(5)</sup> <br>| 18 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; RegS <br>0.010%, 2/1/30<sup>(4)(5)</sup> <br>| 3 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; RegS <br>0.010%, 2/1/34<sup>(4)(5)</sup> <br>| 12 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; RegS <br>0.010%, 2/1/35<sup>(4)(5)</sup> <br>| 158 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.500%, 2/1/35<sup>(4)(5)</sup> <br>| 59 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; RegS <br>0.010%, 2/1/36<sup>(4)(5)</sup> <br>| 43 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; RegS <br>4.500%, 2/1/36<sup>(4)(5)</sup> <br>| 3 | &nbsp;&nbsp; 2 |
| 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 | 93 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 101 | &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>6.875%, 5/13/37 | 67 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.338%, 5/4/53 | 137 | &nbsp;&nbsp; 133 |
| Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>3.700%, 11/25/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 31 |
| **Total Foreign Government Securities** <br>**(Identified Cost $10,524)** | **Total Foreign Government Securities** <br>**(Identified Cost $10,524)** | &nbsp;&nbsp; **10857** |
| **Mortgage-Backed Securities—10.1%** | **Mortgage-Backed Securities—10.1%** | **Mortgage-Backed Securities—10.1%** |
| **Agency—10.1%** | **Agency—10.1%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #SD6322 <br>4.500%, 8/1/53<br>| 471 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Pool #SD8343 <br>6.000%, 7/1/53<br>| 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Pool #SD8382 <br>5.000%, 12/1/53<br>| 422 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Pool #SD8494 <br>5.500%, 1/1/55<br>| 886 | &nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp; Pool #SL0019 <br>5.500%, 1/1/55<br>| 880 | &nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp; Pool #SL0627 <br>6.000%, 10/1/54<br>| 815 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp; Pool #SL1127 <br>6.000%, 12/1/54<br>| 826 | &nbsp;&nbsp; 845 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| 420 | &nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 902 | &nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Pool #FS4438 <br>5.000%, 11/1/52<br>| 374 | &nbsp;&nbsp; 372 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Multi-Sector Intermediate Bond Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #FS7751 <br>4.000%, 3/1/53<br>| $701 | &nbsp;&nbsp; $661 |
| &nbsp;&nbsp;&nbsp; Pool #FS8791 <br>6.000%, 8/1/54<br>| 446 | &nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 399 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp; Pool #MA4980 <br>6.000%, 4/1/53<br>| 368 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 370 | &nbsp;&nbsp; 373 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $8,517)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $8,517)** | &nbsp;&nbsp; **8567** |
| **Corporate Bonds and Notes—22.3%** | **Corporate Bonds and Notes—22.3%** | **Corporate Bonds and Notes—22.3%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; IHS Holding Ltd. 144A <br>8.250%, 11/29/31<sup>(2)</sup> <br>| 43 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 120 | &nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp; 191 |
| **Consumer Discretionary—0.7%** | **Consumer Discretionary—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. 144A <br>5.500%, 8/11/32<sup>(2)</sup> <br>| 155 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 190 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>7.350%, 3/6/30<br>| 145 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 161 |
|  |  | &nbsp;&nbsp; 618 |
| **Consumer Staples—0.2%** | **Consumer Staples—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 174 | &nbsp;&nbsp; 186 |
| **Energy—3.4%** | **Energy—3.4%** |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(6)</sup> <br>| 175 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC 144A <br>6.036%, 11/15/33<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.500%, 1/15/84<br>| 155 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. 144A, RegS <br>5.875%, 3/30/31<sup>(2)(4)</sup> <br>| 28 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 160 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC 144A <br>6.375%, 10/24/48<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. 144A, RegS <br>6.750%, 6/30/30<sup>(2)(4)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>6.200%, 3/15/40<br>| 130 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 144A <br>6.450%, 5/30/44<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 64 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela S.A. RegS <br>6.000%, 5/16/24<sup>(3)(4)</sup> <br>| $480 | &nbsp;&nbsp; $77 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru S.A. RegS <br>4.750%, 6/19/32<sup>(4)</sup> <br>| 74 | &nbsp;&nbsp; 64 |
| 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 | 123 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 2/12/28 | 62 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.700%, 2/16/32 | 54 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 102 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 1/28/60 | 75 | &nbsp;&nbsp; 62 |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 3.500%, 4/21/30<sup>(2)</sup> <br>| 32 | &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>144A 5.848%, 4/3/55<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Sempra Infrastructure Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 297 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC 144A <br>8.750%, 5/7/30<sup>(2)</sup> <br>| 54 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 215 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 165 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 32 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 2857 |
| **Financials—11.6%** | **Financials—11.6%** |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC <br>6.950%, 3/10/55<br>| 90 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Allianz SE 144A <br>6.350%, 9/6/53<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>5.543%, 1/17/31<br>| 90 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.625%, 7/28/34<br>| 185 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC <br>6.900%, 4/13/29<br>| 150 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 175 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(2)</sup> <br>| 285 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance plc 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>5.518%, 10/25/35<br>| 305 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Barclays plc <br>7.437%, 11/2/33<br>| 200 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>6.000%, 11/22/34<br>| 180 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>6.650%, 3/15/31<br>| 50 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 195 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; BNSF Funding Trust I <br>6.613%, 12/15/55<br>| 185 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. 144A <br>7.003%, 10/19/34<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 279 |
| 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 | 125 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 80 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 136 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Multi-Sector Intermediate Bond 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; Charles Schwab Corp. (The) Series H <br>4.000% <sup>(6)</sup> <br>| $190 | &nbsp;&nbsp; $178 |
| 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 | 120 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.174%, 5/25/34 | 122 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; DAE Funding LLC 144A <br>3.375%, 3/20/28<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403%, 9/11/35<br>| 180 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 150 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 155 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg S.a.r.l. 144A <br>8.875%, 2/12/31<sup>(2)</sup> <br>| 68 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. 144A <br>7.950%, 6/15/33<sup>(2)</sup> <br>| 142 | &nbsp;&nbsp; 165 |
| Goldman Sachs Group, Inc. (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>5.330%, 7/23/35 | 75 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.450%, 5/1/36 | 85 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. <br>6.375%, 7/1/34<br>| 175 | &nbsp;&nbsp; 178 |
| 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 | 130 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 60 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 125 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc 144A <br>5.625%, 7/1/35<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 180 | &nbsp;&nbsp; 184 |
| 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 | 270 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 160 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; KeyCorp <br>6.401%, 3/6/35<br>| 185 | &nbsp;&nbsp; 201 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.342%, 10/18/33 | 90 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>5.948%, 1/19/38 | 152 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 191 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. (3 month <br> Term SOFR + 3.172%) <br>7.482%, 4/30/43<sup>(7)</sup> <br>| 139 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc <br>6.475%, 6/1/34<br>| 200 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 165 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co. 144A <br>6.250%, 9/13/53<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <br>5.575%, 1/29/36<br>| 180 | &nbsp;&nbsp; 188 |
| 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>5.125%, 3/1/52 | 73 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 145 | &nbsp;&nbsp; 156 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| $145 | &nbsp;&nbsp; $152 |
| &nbsp;&nbsp;&nbsp; Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br>5.584%, 10/1/34<br>| 80 | &nbsp;&nbsp; 80 |
| 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 | 85 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Series I <br>6.700%<sup>(6)</sup> <br>| 120 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp. <br>5.600%, 6/15/35<br>| 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br>8.125%, 10/31/82<br>| 190 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; UBS Group AG 144A <br>4.988%, 8/5/33<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 222 |
| 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>5.389%, 4/24/34 | 140 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; Series BB <br>3.900%<sup>(6)</sup> <br>| 130 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 9865 |
| **Health Care—0.9%** | **Health Care—0.9%** |  |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| 260 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.500%, 6/1/33<br>| 165 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. Escrow 144A <br>7.500%, 4/1/27<sup>(2)(8)</sup> <br>| 85 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>5.400%, 3/20/34<br>| 140 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>2.650%, 1/15/32<br>| 258 | &nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp; 780 |
| **Industrials—1.8%** | **Industrials—1.8%** |  |
| &nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd. 144A <br>4.375%, 7/3/29<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 167 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC 144A <br>3.500%, 11/1/27<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp; 201 |
| Boeing Co. (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>3.750%, 2/1/50 | 85 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>5.805%, 5/1/50 | 50 | &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>5.930%, 5/1/60 | 69 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 179 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 180 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust 2015-1, AA <br>3.625%, 1/30/29<br>| 161 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 160 | &nbsp;&nbsp; 172 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Multi-Sector Intermediate Bond Series**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| $172 | &nbsp;&nbsp; $178 |
|  |  | &nbsp;&nbsp; 1484 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| 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 | 85 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>| 140 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>5.500%, 8/3/35<br>| 130 | &nbsp;&nbsp; 134 |
|  |  | &nbsp;&nbsp; 359 |
| **Materials—0.9%** | **Materials—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Alpek SAB de C.V. RegS <br>3.250%, 2/25/31<sup>(4)</sup> <br>| 81 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile 144A <br>5.950%, 1/8/34<sup>(2)</sup> <br>| 164 | &nbsp;&nbsp; 172 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 3.750%, 6/23/31<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5.125%, 6/23/51<sup>(2)</sup> <br>| 70 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A. (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(9)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%, 9/1/34<br>| 140 | &nbsp;&nbsp; 138 |
|  |  | &nbsp;&nbsp; 788 |
| **Real Estate—0.1%** | **Real Estate—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Port of Spain Waterfront Development RegS <br>7.875%, 2/19/40<sup>(4)</sup> <br>| 34 | &nbsp;&nbsp; 34 |
| **Utilities—2.1%** | **Utilities—2.1%** |  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>4.750%, 6/1/50<br>| 225 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Comision Ejecutiva Hidroelectrica del Rio Lempa 144A <br>8.650%, 1/24/33<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 36 |
| 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 | 80 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Series B <br>7.000%, 6/1/54<br>| 95 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A. 144A <br>6.900%, 5/23/53<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Enel Finance International N.V. 144A <br>7.500%, 10/14/32<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 190 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Eskom Holdings 144A <br>8.450%, 8/10/28<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. 144A <br>5.994%, 3/6/33<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 151 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; PacifiCorp <br>5.800%, 1/15/55<br>| 150 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara 144A <br>4.125%, 5/15/27<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 38 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. <br>6.000%, 1/15/34<br>| $130 | &nbsp;&nbsp; $136 |
|  |  | &nbsp;&nbsp; 1754 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,320)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,320)** | &nbsp;&nbsp; **18916** |
| **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>(3)(8)</sup> <br>| 1 | &nbsp;&nbsp; — |
| **Total Leveraged Loans** <br>**(Identified Cost $1)** | **Total Leveraged Loans** <br>**(Identified Cost $1)** | &nbsp;&nbsp; **—** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| Escrow NMG Parent LLC<sup>(8)(10)</sup> <br>| 271 | &nbsp;&nbsp; — |
| West Marine<sup>(8)(10)</sup> <br>| 150 | &nbsp;&nbsp; — |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Endo GUC Trust Class A<sup>(8)(10)</sup> <br>| 7290 | &nbsp;&nbsp; — |
| Lannett Co., Inc.<sup>(8)(10)</sup> <br>| 1387 | &nbsp;&nbsp; — |
| **Total Common Stocks** <br>**(Identified Cost $50)** | **Total Common Stocks** <br>**(Identified Cost $50)** | &nbsp;&nbsp; **—** |
| **Affiliated Mutual Funds—49.8%** | **Affiliated Mutual Funds—49.8%** | **Affiliated Mutual Funds—49.8%** |
| **Fixed Income Funds—49.8%** | **Fixed Income Funds—49.8%** |  |
| Virtus Newfleet ABS MACS<sup>(11)(12)</sup> <br>| 1220500 | &nbsp;&nbsp; 12168 |
| Virtus Newfleet CMBS MACS<sup>(11)(12)</sup> <br>| 432313 | &nbsp;&nbsp; 4345 |
| Virtus Newfleet Floating Rate MACS<sup>(11)(12)</sup> <br>| 521952 | &nbsp;&nbsp; 5105 |
| Virtus Newfleet High Yield MACS<sup>(11)(12)</sup> <br>| 1131562 | &nbsp;&nbsp; 11236 |
| Virtus Newfleet RMBS MACS<sup>(11)(12)</sup> <br>| 924079 | &nbsp;&nbsp; 9352 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $42,241)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $42,241)** | &nbsp;&nbsp; **42206** |
| **Total Long-Term Investments—99.1%** <br>**(Identified Cost $83,087)** | **Total Long-Term Investments—99.1%** <br>**(Identified Cost $83,087)** | &nbsp;&nbsp; **83982** |
| **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $83,087)** | **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $83,087)** | &nbsp;&nbsp; **$83982** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp; 782 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$84764** |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Multi-Sector Intermediate Bond Series**

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

**September 30, 2025**

($ reported in thousands)

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| 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 |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S.a.r.l. | Société à responsabilité limitée |
| 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 $11,472 or 13.5% of net assets.<br>|
| <sup>(3)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(4)</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>(5)</sup> <br>| Represents step coupon bond. Rate shown reflects the rate in effect as of <br> September 30, 2025.<br>|

---

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

<sup>(6)</sup> No contractual maturity date.

<sup>(7)</sup> Variable rate security. Rate disclosed is as of September 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

<sup>(8)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. 

<sup>(9)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(10)</sup> Non-income producing.

<sup>(11)</sup> Affiliated investment. 

<sup>(12)</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 | 80<br> %<br>|
| Mexico | 2 |
| United Kingdom | 2 |
| Brazil | 1 |
| France | 1 |
| South Africa | 1 |
| Turkey | 1 |
| Other | 12 |
| 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 Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 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; $3436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41776 | &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 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 Newfleet Multi-Sector Intermediate Bond 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 value 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 Newfleet Multi-Sector Intermediate Bond Series

- **b. EDGAR series identifier (if any):** S000001950

- **c. LEI of Series:** 549300JZNZ5QA71A1O24

**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:** $84966928.90

**Total Liabilities:** $309158.76

**Net Assets:** $84657770.14

**Delayed Delivery Securities:** $19978.60

**Cash Not Reported:** $510558.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -788.24503250 | **10-Year:** -7762.05474000 | **30-Year:** -15467.31488000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2113.47063600 | **10-Year:** -1513.59164100 | **30-Year:** -5133.07885700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126194 | 0.23%                | 1.14%                | 0.79%                |
| Class ID C000005134 | 0.23%                | 1.13%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $63518.17                | $-201932.61                                |
| Month 2  | $-154794.73              | $696686.11                                 |
| Month 3  | $63812.94                | $243272.55                                 |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                     | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASHTEAD CAPITAL INC                      | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    155000 | PA      | $160400.96    | 0.19%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                  | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     98000 | PA      | $98705.60     | 0.12%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                    | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135429.68    | 0.16%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    146000 | PA      | $140579.75    | 0.17%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                             | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $229484.82    | 0.27%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    826364 | PA      | $844563.12    | 1.00%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    101000 | PA      | $87743.75     | 0.10%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     77000 | PA      | $79541.00     | 0.09%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                               | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $214482.20    | 0.25%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock         | Lannett Company Inc Common Stock                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1387 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                   | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    142000 | PA      | $164550.66    | 0.19%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                       | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    140000 | PA      | $144542.98    | 0.17%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                 | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157706.48    | 0.19%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                     | Kyrgyz Republic International Bond                                              | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |     95000 | PA      | $95593.75     | 0.11%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                        | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    137000 | PA      | $114737.50    | 0.14%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                    | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $200816.84    | 0.24%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                     | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    110000 | PA      | $116379.45    | 0.14%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                             | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    155000 | PA      | $177275.83    | 0.21%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                       | Panama Government International Bond                                            | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    201000 | PA      | $130248.00    | 0.15%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     34000 | PA      | $37587.00     | 0.04%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                       | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     36000 | PA      | $36112.50     | 0.04%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    373512 | PA      | $372189.52    | 0.44%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                    | Argentine Republic Government International Bond                                | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     22909 | PA      | $11992.91     | 0.01%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    805000 | PA      | $836571.09    | 0.99%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                         | Peruvian Government International Bond                                          | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     36000 | PA      | $22914.00     | 0.03%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                  | Philippine Government International Bond                                        | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     77000 | PA      | $65527.00     | 0.08%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                    | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    258000 | PA      | $224431.79    | 0.27%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                     | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $172929.51    | 0.20%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                          | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    285000 | PA      | $259247.67    | 0.31%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     57000 | PA      | $58282.50     | 0.07%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    102000 | PA      | $92763.90     | 0.11%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    399190 | PA      | $388912.06    | 0.46%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                   | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    165000 | PA      | $167511.49    | 0.20%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                 | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    480000 | PA      | $76920.00     | 0.09%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA                 | Comision Ejecutiva Hidroelectrica del Rio Lempa                                 | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     34000 | PA      | $35535.10     | 0.04%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                          | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    225000 | PA      | $219434.96    | 0.26%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    271000 | PA      | $306365.50    | 0.36%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet High Yield MACS          | Virtus Newfleet High Yield MACS                                                 | CUSIP: 92839Q403<br>LEI: 254900FGQQEMGNJ19E23 | Long             | EC               | RF                | US        |   1124999 | NS      | $11171243.26  | 13.20%            |  |  |  | No            |                  1 | On Loan: No      |
| DOMINICAN REPUBLIC                       | Dominican Republic International Bond                                           | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     63000 | PA      | $66024.00     | 0.08%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                    | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    468800 | PA      | $316674.40    | 0.37%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                  | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    175000 | PA      | $178487.03    | 0.21%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    244000 | PA      | $249392.40    | 0.29%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                     | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $184809.80    | 0.22%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                    | Guatemala Government Bond                                                       | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     79000 | PA      | $82772.25     | 0.10%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                    | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    190000 | PA      | $141458.70    | 0.17%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                  | Philippine Government International Bond                                        | CUSIP: 718286DG9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     70000 | PA      | $74462.50     | 0.09%             | 2035-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                 | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50593.75     | 0.06%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                   | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184328.46    | 0.22%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                   | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102444.90    | 0.12%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                       | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    111000 | PA      | $118686.75    | 0.14%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                      | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   1320000 | PA      | $302412.83    | 0.36%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                     | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    110000 | PA      | $111652.20    | 0.13%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                         | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    180000 | PA      | $183546.83    | 0.22%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                 | Saudi Government International Bond                                             | CUSIP: 80413TBK4<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     82000 | PA      | $86184.46     | 0.10%             | 2031-01-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    158366 | PA      | $76411.53     | 0.09%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DWJ38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    422449 | PA      | $420038.42    | 0.50%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                        | Gabon Government International Bond                                             | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    108000 | PA      | $86366.52     | 0.10%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                    | Argentine Republic Government International Bond                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    122000 | PA      | $63928.00     | 0.08%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     29000 | PA      | $31001.00     | 0.04%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    420430 | PA      | $430006.75    | 0.51%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                 | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    148000 | PA      | $157805.00    | 0.19%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780EA0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    168000 | PA      | $177954.00    | 0.21%             | 2035-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                | Boeing Co/The                                                                   | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     85000 | PA      | $62799.70     | 0.07%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                      | Honduras Government International Bond                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     36000 | PA      | $39614.40     | 0.05%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                  | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    185000 | PA      | $200762.22    | 0.24%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                  | Hungary Government International Bond                                           | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     76000 | PA      | $79562.88     | 0.09%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                      | Benin Government International Bond                                             | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     38000 | PA      | $39710.00     | 0.05%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    160000 | PA      | $141434.82    | 0.17%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| KSA IJARAH SUKUK LTD                     | KSA Ijarah Sukuk Ltd                                                            | CUSIP: 50116FAB8<br>LEI: 558600OCHJOSSXHWLV71 | Long             | DBT              | NUSS              | KY        |    127000 | PA      | $128116.43    | 0.15%             | 2035-09-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                 | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     60000 | PA      | $56325.00     | 0.07%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    151000 | PA      | $166960.40    | 0.20%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Endo GUC Trust Units Cl A-1              | Endo GUC Trust Units Cl A-1                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7290 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UAE INT'L GOVT BOND                      | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     46000 | PA      | $46171.58     | 0.05%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                  | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   4300000 | PA      | $203685.60    | 0.24%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                 | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    145000 | PA      | $156370.47    | 0.18%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                     | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    267000 | PA      | $286824.75    | 0.34%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                        | Jordan Government International Bond                                            | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    100000 | PA      | $99496.42     | 0.12%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                     | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $256547.90    | 0.30%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                      | Nigeria Government International Bond                                           | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     85000 | PA      | $80399.80     | 0.09%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     18028 | PA      | $12258.77     | 0.01%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                         | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     70000 | PA      | $71442.00     | 0.08%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                 | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    228000 | PA      | $216030.00    | 0.26%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                        | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    111000 | PA      | $113614.05    | 0.13%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    156000 | PA      | $158247.84    | 0.19%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                      | Dominion Energy Inc                                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80523.50     | 0.10%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                 | OCP SA                                                                          | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     70000 | PA      | $58249.10     | 0.07%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| West Marine / Rising Tide - Common Stock | West Marine / Rising Tide - Common Stock                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       150 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                  | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     28000 | PA      | $26783.68     | 0.03%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                              | Oracle Corp                                                                     | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133731.78    | 0.16%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                              | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    164000 | PA      | $171667.00    | 0.20%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                         | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $210131.80    | 0.25%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                        | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210375.41    | 0.25%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     62000 | PA      | $62810.29     | 0.07%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                 | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    215000 | PA      | $187115.67    | 0.22%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     67000 | PA      | $69629.75     | 0.08%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                    | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    160000 | PA      | $169433.40    | 0.20%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                       | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138474.46    | 0.16%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INSUR                      | Sumitomo Life Insurance Co                                                      | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    170000 | PA      | $173078.02    | 0.20%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $1818492.19   | 2.15%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                        | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    102000 | PA      | $22542.00     | 0.03%             | 2032-03-23      | Fixed         | 7.00%                 | 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        |    160682 | PA      | $158394.80    | 0.19%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                   | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    180000 | PA      | $187812.32    | 0.22%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                       | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     52000 | PA      | $55601.00     | 0.07%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                  | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     42000 | PA      | $41680.38     | 0.05%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                   | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    175000 | PA      | $173763.10    | 0.21%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALPEK SA DE CV                           | Alpek SAB de CV                                                                 | CUSIP: 000000000<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |     81000 | PA      | $71037.00     | 0.08%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     35000 | PA      | $37132.90     | 0.04%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    123000 | PA      | $110223.78    | 0.13%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                       | Zambia Government International Bond                                            | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     45959 | PA      | $43864.09     | 0.05%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     43000 | PA      | $43456.02     | 0.05%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     12266 | PA      | $5059.84      | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     50000 | PA      | $52700.00     | 0.06%             | 2031-03-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    235199 | PA      | $240929.90    | 0.28%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                  | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     77000 | PA      | $75171.25     | 0.09%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                            | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118545.31    | 0.14%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                 | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132126.93    | 0.16%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    701005 | PA      | $661012.03    | 0.78%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company         | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |      1238 | PA      | $0.00         | 0.00%             | 2021-07-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| DENTSPLY SIRONA INC                      | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    260000 | PA      | $239239.52    | 0.28%             | 2030-06-01      | 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        |     80000 | PA      | $86533.87     | 0.10%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                     | YPF SA                                                                          | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     32000 | PA      | $32768.00     | 0.04%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                      | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    155000 | PA      | $151064.74    | 0.18%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                 | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184369.32    | 0.22%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                         | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    180000 | PA      | $164786.16    | 0.19%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                    | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145468.50    | 0.17%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                      | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178288.93    | 0.21%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780DX1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    161000 | PA      | $160678.00    | 0.19%             | 2034-09-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     41000 | PA      | $43726.50     | 0.05%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                          | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     43000 | PA      | $45311.25     | 0.05%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                      | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136117.71    | 0.16%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     20000 | PA      | $19127.40     | 0.02%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                       | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    160000 | PA      | $171767.41    | 0.20%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                 | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     24000 | PA      | $21912.00     | 0.03%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                   | PAR PHARMACEUTICAL INC                                                          | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $0.00         | 0.00%             | 2027-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     67000 | PA      | $72326.50     | 0.09%             | 2037-05-13      | Fixed         | 6.88%                 | 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        |    174000 | PA      | $139635.00    | 0.16%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                           | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    152000 | PA      | $159368.96    | 0.19%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet Floating Rate MACS       | Virtus Newfleet Floating Rate MACS                                              | CUSIP: 92839Q304<br>LEI: 254900KZEW1HA1768U33 | Long             | EC               | RF                | US        |    518266 | NS      | $5068645.49   | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CZECH REPUBLIC                           | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   7330000 | PA      | $301659.09    | 0.36%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                 | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $223133.21    | 0.26%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                     | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     29000 | PA      | $31162.53     | 0.04%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     85000 | PA      | $93517.21     | 0.11%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                  | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    311000 | PA      | $333081.00    | 0.39%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                      | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    165000 | PA      | $160626.10    | 0.19%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                         | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    160000 | PA      | $167247.84    | 0.20%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                    | Petroleos del Peru SA                                                           | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     74000 | PA      | $64232.00     | 0.08%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    369484 | PA      | $373123.55    | 0.44%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                 | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    139000 | PA      | $138372.58    | 0.16%             | 2043-04-30      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                    | Indonesia Government International Bond                                         | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     68000 | PA      | $56168.00     | 0.07%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                   | Republic of Uzbekistan International Bond                                       | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     50000 | PA      | $46116.00     | 0.05%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                        | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124810.08    | 0.15%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     44000 | PA      | $46653.64     | 0.06%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                     | Republic of Cameroon International Bond                                         | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    200000 | PA      | $192250.00    | 0.23%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    123000 | PA      | $124445.25    | 0.15%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                 | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   6300000 | PA      | $315249.85    | 0.37%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     33000 | PA      | $35937.00     | 0.04%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                    | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $212180.75    | 0.25%             | 2053-09-13      | Fixed         | 6.25%                 | 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        |     74000 | PA      | $75776.00     | 0.09%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     93000 | PA      | $92907.00     | 0.11%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                     | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    195000 | PA      | $177423.74    | 0.21%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                 | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    201000 | PA      | $174367.50    | 0.21%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                      | Republic of Armenia International Bond                                          | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |     50000 | PA      | $44975.00     | 0.05%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                           | Eskom Holdings                                                                  | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     59000 | PA      | $63148.29     | 0.07%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                            | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    122000 | PA      | $129809.65    | 0.15%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                             | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $222413.01    | 0.26%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                       | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     84000 | PA      | $90997.20     | 0.11%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS MACS                 | Virtus Newfleet ABS MACS                                                        | CUSIP: 92839Q106<br>LEI: 2549002ITWIQU02JEJ86 | Long             | EC               | RF                | US        |   1215614 | NS      | $12119668.54  | 14.32%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                    | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128737.51    | 0.15%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CM0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     77000 | PA      | $78617.00     | 0.09%             | 2030-11-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $61833.75     | 0.07%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     43000 | PA      | $44763.00     | 0.05%             | 2032-05-29      | Fixed         | 7.25%                 | 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        |    130000 | PA      | $126890.31    | 0.15%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                  | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    145000 | PA      | $152205.20    | 0.18%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                   | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178102.27    | 0.21%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                   | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     60000 | PA      | $64380.00     | 0.08%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     65000 | PA      | $68877.90     | 0.08%             | 2034-05-15      | Fixed         | 7.62%                 | 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        |    150000 | PA      | $156391.11    | 0.18%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                    | Mexico Government International Bond                                            | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    137000 | PA      | $133247.57    | 0.16%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                  | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136578.75    | 0.16%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                              | Ivory Coast Government International Bond                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     40000 | PA      | $41600.00     | 0.05%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                              | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     89000 | PA      | $92633.87     | 0.11%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                            | Uzbekneftegaz JSC                                                               | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |     54000 | PA      | $57711.27     | 0.07%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                       | Panama Government International Bond                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $49200.00     | 0.06%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                 | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     73000 | PA      | $73264.41     | 0.09%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                 | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    235000 | PA      | $241203.77    | 0.28%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                     | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    174000 | PA      | $185734.56    | 0.22%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                 | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173845.91    | 0.21%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                  | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $181396.17    | 0.21%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                      | Turkiye Government International Bond                                           | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     63000 | PA      | $63417.24     | 0.07%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                   | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    165000 | PA      | $174778.89    | 0.21%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    902402 | PA      | $923842.94    | 1.09%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     62000 | PA      | $61628.00     | 0.07%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAC3<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |     38000 | PA      | $37848.00     | 0.04%             | 2027-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    445694 | PA      | $457817.85    | 0.54%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet RMBS MACS                | Virtus Newfleet RMBS MACS                                                       | CUSIP: 92839Q502<br>LEI: 254900G2LHZGHTBHPK18 | Long             | EC               | RF                | US        |    920161 | NS      | $9312025.50   | 11.00%            |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                        | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $91984.87     | 0.11%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     44000 | PA      | $44707.30     | 0.05%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| ESC NMG Parent LLC                       | ESC NMG Parent LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       271 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | 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        |    179305 | PA      | $162723.96    | 0.19%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                     | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    305000 | PA      | $312411.08    | 0.37%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    471126 | PA      | $460726.49    | 0.54%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                        | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     19000 | PA      | $19346.75     | 0.02%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                     | Samarco Mineracao SA                                                            | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     35788 | PA      | $35966.44     | 0.04%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                       | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     68000 | PA      | $71223.20     | 0.08%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    814950 | PA      | $834992.54    | 0.99%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                    | Venezuela Government International Bond                                         | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    200000 | PA      | $53500.00     | 0.06%             | 2034-01-13      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                 | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $136366.65    | 0.16%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    270000 | PA      | $253225.91    | 0.30%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                       | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91684.02     | 0.11%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                  | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2080000 | PA      | $115066.42    | 0.14%             | 2029-05-31      | Fixed         | 8.50%                 | 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        |   1920000 | PA      | $315701.07    | 0.37%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     42638 | PA      | $20530.30     | 0.02%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                    | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    162000 | PA      | $118179.00    | 0.14%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                 | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     33833 | PA      | $34206.34     | 0.04%             | 2040-02-19      | Fixed         | 7.88%                 | 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        |     80000 | PA      | $80429.97     | 0.10%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                 | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    103000 | PA      | $104596.50    | 0.12%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    128000 | PA      | $112480.00    | 0.13%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                 | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    310000 | PA      | $285141.13    | 0.34%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 31427MAV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    879855 | PA      | $887435.59    | 1.05%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                 | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    125000 | PA      | $107894.52    | 0.13%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                       | Angolan Government International Bond                                           | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    215000 | PA      | $205191.70    | 0.24%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                      | Benin Government International Bond                                             | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     28000 | PA      | $28599.48     | 0.03%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                                                 | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    367659 | PA      | $377673.30    | 0.45%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                  | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171425.00    | 0.20%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                         | Peruvian Government International Bond                                          | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     38000 | PA      | $35045.50     | 0.04%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                          | DAE Funding LLC                                                                 | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120518.75    | 0.14%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                    | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128133.44    | 0.15%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                   | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    205000 | PA      | $201329.27    | 0.24%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                    | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62436.71     | 0.07%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                       | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    175000 | PA      | $179710.17    | 0.21%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                  | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $278893.66    | 0.33%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      6000 | PA      | $3291.00      | 0.00%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                             | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    190000 | PA      | $198530.81    | 0.23%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                  | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    137000 | PA      | $131177.50    | 0.15%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                     | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     32000 | PA      | $31123.52     | 0.04%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                                                | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    885917 | PA      | $893549.99    | 1.06%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                      | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    185000 | PA      | $193213.17    | 0.23%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    415000 | PA      | $417496.48    | 0.49%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                      | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    120000 | PA      | $146194.06    | 0.17%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                   | Brazilian Government International Bond                                         | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    129000 | PA      | $130515.75    | 0.15%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     78000 | PA      | $83187.00     | 0.10%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                      | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     54000 | PA      | $53527.50     | 0.06%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $363525.00    | 0.43%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      3005 | PA      | $1625.49      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                 | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    297000 | PA      | $263405.68    | 0.31%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet CMBS MACS                | Virtus Newfleet CMBS MACS                                                       | CUSIP: 92839Q205<br>LEI: 254900GVMTWAZZTHYO11 | Long             | EC               | RF                | US        |    430429 | NS      | $4325814.21   | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      3283 | PA      | $1718.40      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                  | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     34000 | PA      | $32491.42     | 0.04%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                      | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    147000 | PA      | $163611.00    | 0.19%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                       | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     59032 | PA      | $32379.16     | 0.04%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     32000 | PA      | $29740.16     | 0.04%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                       | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    214000 | PA      | $221748.23    | 0.26%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                        | Gabon Government International Bond                                             | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     75000 | PA      | $60480.00     | 0.07%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                   | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52551.30     | 0.06%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                 | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    191000 | PA      | $182301.66    | 0.22%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                  | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    167216 | PA      | $167450.15    | 0.20%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                           | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     90000 | PA      | $98913.73     | 0.12%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                  | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     34000 | PA      | $34933.39     | 0.04%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                     | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAT7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     68000 | PA      | $72088.50     | 0.09%             | 2034-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                   | Egypt Government International Bond                                             | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     27000 | PA      | $24089.13     | 0.03%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49953.19     | 0.06%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                        | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     34000 | PA      | $34680.00     | 0.04%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | 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        |    171667 | PA      | $177532.76    | 0.21%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                    | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135495.73    | 0.16%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                  | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    178000 | PA      | $179602.00    | 0.21%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                              | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     55000 | PA      | $56870.00     | 0.07%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                      | Senegal Government International Bond                                           | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    118000 | PA      | $85181.84     | 0.10%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                      | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    181769 | PA      | $161145.56    | 0.19%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77208.31     | 0.09%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                 | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    125000 | PA      | $131212.78    | 0.15%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     69000 | PA      | $68930.66     | 0.08%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                    | Costa Rica Government International Bond                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     53000 | PA      | $58035.00     | 0.07%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                               | PacifiCorp                                                                      | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147018.14    | 0.17%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                      | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     95000 | PA      | $103007.27    | 0.12%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                  | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89262.89     | 0.11%             | 2033-08-04      | Fixed         | 5.95%                 | 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        |     90000 | PA      | $94202.74     | 0.11%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    145000 | PA      | $155207.91    | 0.18%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                         | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     20000 | PA      | $22971.40     | 0.03%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | 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