# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044741
**Filing Date:** 2023-2
**Character Count:** 124882
**Document Hash:** 2513ec8f98c89bec02e855f091bed8d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044741.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044741

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23679962

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

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

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

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

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

## Series and Classes Contracts Data

### Virtus Newfleet High Yield Fund (Series ID: S000018005)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049912 | Class C      | PGHCX           |
| C000049913 | Class A      | PHCHX           |
| C000119169 | Class I      | PHCIX           |
| C000176708 | Class R6     | VRHYX           |

## Nport-Ex

#### VIRTUS Newfleet High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—86.7%** | **Corporate Bonds and Notes—86.7%** | **Corporate Bonds and Notes—86.7%** |
| **Communication Services—9.1%** | **Communication Services—9.1%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(1)</sup> | $200 | $118 |
| Altice France S.A. 144A<br> 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 150 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 5/1/27<sup>(1)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 280 |
| Consolidated Communications, Inc. 144A<br> 6.500%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 218 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 6/1/24 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 143 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 11/15/24 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;7.750%, 7/1/26 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 375 |
| Level 3 Financing, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 340 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 281 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 234 |
| Northwest Fiber LLC 144A<br> 10.750%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 246 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 159 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 51 |
| TripAdvisor, Inc. 144A<br> 7.000%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 277 |
| VZ Secured Financing B.V. 144A<br> 5.000%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 236 |
|  |  | &nbsp;&nbsp; 4096 |
| **Consumer Discretionary—15.1%** | **Consumer Discretionary—15.1%** |  |
| Ashtead Capital, Inc. 144A<br> 5.500%, 8/11/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 191 |
| At Home Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 183 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 172 |
| Carriage Services, Inc. 144A<br> 4.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 286 |
| Clarios Global LP 144A<br> 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 293 |
| Dornoch Debt Merger Sub, Inc. 144A<br> 6.625%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 217 |
| eG Global Finance plc 144A<br> 8.500%, 10/30/25<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 331 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 2/12/32 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;4.750%, 1/15/43 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 162 |
| Ford Motor Credit Co. LLC<br> 4.125%, 8/17/27 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 179 |
| Gates Global LLC 144A<br> 6.250%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 304 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Jacobs Entertainment, Inc. 144A<br> 6.750%, 2/15/29<sup>(1)</sup> | $280 | $253 |
| Legends Hospitality Holding Co. LLC 144A<br> 5.000%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 276 |
| M/I Homes, Inc.<br> 4.950%, 2/1/28 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 249 |
| Mclaren Finance plc 144A<br> 7.500%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 268 |
| Metis Merger Sub LLC 144A<br> 6.500%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 168 |
| NMG Holding Co., Inc. 144A<br> 7.125%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 380 |
| Nordstrom, Inc.<br> 4.250%, 8/1/31 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 282 |
| Premier Entertainment Sub LLC 144A<br> 5.625%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 269 |
| Raptor Acquisition Corp. 144A<br> 4.875%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 280 |
| Royal Caribbean Cruises Ltd. 144A<br> 9.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Scientific Games International, Inc. 144A<br> 7.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 300 |
| Station Casinos LLC 144A<br> 4.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 291 |
| Taylor Morrison Communities, Inc. 144A<br> 5.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 295 |
| Vista Outdoor, Inc. 144A<br> 4.500%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 268 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 387 |
|  |  | &nbsp;&nbsp; 6823 |
| **Consumer Staples—2.7%** | **Consumer Staples—2.7%** |  |
| Albertsons Cos., Inc. 144A<br> 4.625%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 423 |
| H-Food Holdings LLC 144A<br> 8.500%, 6/1/26<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 157 |
| HLF Financing S.a.r.l. LLC 144A<br> 4.875%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 275 |
| Turning Point Brands, Inc. 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 366 |
|  |  | &nbsp;&nbsp; 1221 |
| **Energy—18.5%** | **Energy—18.5%** |  |
| Alliance Resource Operating Partners LP 144A<br> 7.500%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 407 |
| Antero Midstream Partners LP 144A<br> 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 315 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 304 |
| BP Capital Markets plc<br> 4.875% <sup>(2)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 249 |
| Callon Petroleum Co. 144A<br> 7.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 229 |
| Cheniere Energy, Inc.<br> 4.625%, 10/15/28 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 158 |
| Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 109 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| CITGO Petroleum Corp. 144A<br> 7.000%, 6/15/25<sup>(1)</sup> | $440 | $429 |
| Coronado Finance Pty Ltd. 144A<br> 10.750%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 375 |
| CrownRock LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 207 |
| DT Midstream, Inc. 144A<br> 4.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 361 |
| Energy Transfer LP Series H<br> 6.500% <sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 426 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 140 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 168 |
| International Petroleum Corp. RegS, 144A<br> 7.250%, 2/1/27<sup>(1)(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 276 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.000%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 322 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 2/15/23<sup>(1)(4)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 1 |
| Nabors Industries Ltd. 144A<br> 7.250%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 188 |
| Nabors Industries, Inc. 144A<br> 9.000%, 2/1/25<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 137 |
| Northriver Midstream Finance LP 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 199 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 9/1/30 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;6.125%, 1/1/31 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 348 |
| Parsley Energy LLC 144A<br> 4.125%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 161 |
| Southwestern Energy Co.<br> 5.375%, 2/1/29 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 278 |
| Targa Resources Partners LP<br> 4.875%, 2/1/31 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 244 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 341 |
| Transocean, Inc. 144A<br> 11.500%, 1/30/27<sup>(1)</sup> | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 143 |
| USA Compression Partners LP<br> 6.875%, 4/1/26 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 240 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 307 |
|  |  | &nbsp;&nbsp; 8347 |
| **Financials—7.1%** | **Financials—7.1%** |  |
| Acrisure LLC 144A<br> 7.000%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 418 |
| Ally Financial, Inc. Series B<br> 4.700% <sup>(2)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 171 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 319 |
| Burford Capital Global Finance LLC 144A<br> 6.250%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 262 |
| Cobra Acquisition Co. LLC 144A<br> 6.375%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 165 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Credit Suisse Group AG 144A<br> 9.016%, 11/15/33<sup>(1)</sup> | $325 | $333 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 407 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 516 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 10/25/24 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;4.875%, 3/15/28 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 115 |
| OneMain Finance Corp.<br> 6.875%, 3/15/25 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 317 |
|  |  | &nbsp;&nbsp; 3202 |
| **Health Care—8.6%** | **Health Care—8.6%** |  |
| 1375209 BC Ltd. 144A<br> 9.000%, 1/30/28<sup>(1)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28 |
| Akumin, Inc. 144A<br> 7.000%, 11/1/25<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 229 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;144A 14.000%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 489 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 116 |
| DaVita, Inc. 144A<br> 3.750%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 284 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 245 |
| Endo Dac 144A<br> 9.500%, 7/31/27<sup>(1)(5)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 7 |
| Lannett Co., Inc. 144A<br> 7.750%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 27 |
| Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 241 |
| Medline Borrower LP 144A<br> 5.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 353 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(6)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 195 |
| Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 77 |
| Team Health Holdings, Inc. 144A<br> 6.375%, 2/1/25<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 179 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 1/1/26<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 186 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, 10/1/26 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/9/29<sup>(7)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 177 |
|  |  | &nbsp;&nbsp; 3856 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—8.7%** | **Industrials—8.7%** |  |
| Allied Universal Holdco LLC 144A<br> 6.625%, 7/15/26<sup>(1)</sup> | $380 | $348 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 150 |
| Boeing Co. (The)<br> 5.930%, 5/1/60 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 347 |
| Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 282 |
| Deluxe Corp. 144A<br> 8.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 123 |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;144A 9.750%, 8/1/27<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 337 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 256 |
| OT Merger Corp. 144A<br> 7.875%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 74 |
| Pentair Finance S.a.r.l.<br> 5.900%, 7/15/32 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 284 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 402 |
| SRS Distribution, Inc. 144A<br> 6.125%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 158 |
| Titan Acquisition Ltd. 144A<br> 7.750%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 311 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;5.500%, 11/15/27 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 291 |
|  |  | &nbsp;&nbsp; 3913 |
| **Information Technology—3.6%** | **Information Technology—3.6%** |  |
| Block, Inc.<br> 3.500%, 6/1/31 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 267 |
| CDW LLC<br> 3.569%, 12/1/31 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 239 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 211 |
| Entegris Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;144A 5.950%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 212 |
| ION Trading Technologies S.a.r.l. 144A<br> 5.750%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 167 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp; 1617 |
| **Materials—8.7%** | **Materials—8.7%** |  |
| ArcelorMittal S.A.<br> 6.800%, 11/29/32 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 338 |
| ARD Finance S.A. PIK 144A<br> 6.500%, 6/30/27<sup>(1)(8)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 275 |
| Avient Corp. 144A<br> 7.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 274 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Celanese U.S. Holdings LLC<br> 6.165%, 7/15/27 | $160 | $158 |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 3/15/27 | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 115 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 382 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 293 |
| Mauser Packaging Solutions Holding Co. 144A<br> 7.250%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 421 |
| New Enterprise Stone & Lime Co., Inc. 144A<br> 9.750%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 360 |
| Taseko Mines Ltd. 144A<br> 7.000%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 404 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 8/1/24<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 11/1/25<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 230 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 290 |
|  |  | &nbsp;&nbsp;&nbsp; 3932 |
| **Real Estate—2.5%** | **Real Estate—2.5%** |  |
| Iron Mountain, Inc. 144A<br> 4.500%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 284 |
| iStar, Inc.<br> 4.250%, 8/1/25 | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 284 |
| MPT Operating Partnership LP<br> 3.500%, 3/15/31 | &nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp; 319 |
| Service Properties Trust<br> 4.375%, 2/15/30 | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 221 |
|  |  | &nbsp;&nbsp;&nbsp; 1108 |
| **Utilities—2.1%** | **Utilities—2.1%** |  |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 74 |
| TerraForm Power Operating LLC 144A<br> 5.000%, 1/31/28<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 216 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(2)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp;&nbsp; 935 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $44,527)** | **Total Corporate Bonds and Notes<br> (Identified Cost $44,527)** | &nbsp;&nbsp;&nbsp;&nbsp;**39050** |
| **Leveraged Loans—4.6%** | **Leveraged Loans—4.6%** | **Leveraged Loans—4.6%** |
| **Consumer Non-Durables—0.3%** | **Consumer Non-Durables—0.3%** |  |
| Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)<br> 8.384%, 6/30/24<sup>(9)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 148 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%)<br> 8.800%, 9/27/24<sup>(9)</sup> | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 196 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Forest Prod / Containers—0.3%** | **Forest Prod / Containers—0.3%** |  |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%)<br> 8.259%, 2/12/26<sup>(9)</sup> | $151 | $134 |
| **Gaming / Leisure—0.8%** | **Gaming / Leisure—0.8%** |  |
| ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%)<br> 11.884%, 5/1/28<sup>(9)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 113 |
| Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%)<br> 8.576%, 1/5/29<sup>(9)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 230 |
|  |  | &nbsp;&nbsp; 343 |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Envision Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 8.025%)<br> 12.605%, 3/31/27<sup>(9)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 3.750%)<br> 8.330%, 3/31/27<sup>(9)</sup> | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.250%)<br> 8.830%, 3/31/27<sup>(9)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 12 |
|  |  | &nbsp;&nbsp; 42 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| Infinite Bidco LLC Second Lien (3 month LIBOR + 7.000%)<br> 11.730%, 3/2/29<sup>(9)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 160 |
| **Manufacturing—0.7%** | **Manufacturing—0.7%** |  |
| Arcline FM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 4.750%)<br> 9.480%, 6/23/28<sup>(9)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 8.250%)<br> 12.980%, 6/25/29<sup>(9)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp; 308 |
| **Service—0.5%** | **Service—0.5%** |  |
| Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%)<br> 6.566%, 3/20/25<sup>(9)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 68 |
| Sweetwater Borrower LLC (1 month LIBOR + 4.250%)<br> 8.688%, 8/7/28<sup>(9)</sup> | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp; 246 |
| **Transportation - Automotive—0.5%** | **Transportation - Automotive—0.5%** |  |
| Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<br> 6.384%, 11/2/23<sup>(9)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| **Utilities—0.6%** | **Utilities—0.6%** |  |
| Lightstone HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 5.750%)<br> 10.073%, 1/29/27<sup>(9)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 250 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.750%)<br> 10.073%, 1/29/27<sup>(9)</sup> | $16 | $14 |
|  |  | &nbsp;&nbsp;&nbsp; 264 |
| **Total Leveraged Loans<br> (Identified Cost $2,227)** | **Total Leveraged Loans<br> (Identified Cost $2,227)** | &nbsp;&nbsp;&nbsp;&nbsp; **2085** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stocks—1.5%** | **Preferred Stocks—1.5%** | **Preferred Stocks—1.5%** |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250<sup>(10)</sup> | &nbsp;&nbsp; 218 |
| Citigroup, Inc. Series T, 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190<sup>(10)</sup> | &nbsp;&nbsp; 184 |
|  |  | &nbsp;&nbsp; 402 |
| **Industrials—0.6%** | **Industrials—0.6%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.099%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290<sup>(10)</sup> | &nbsp;&nbsp; 285 |
| **Total Preferred Stocks<br> (Identified Cost $723)** | **Total Preferred Stocks<br> (Identified Cost $723)** | **687** |
| **Common Stocks—0.4%** | **Common Stocks—0.4%** | **Common Stocks—0.4%** |
| **Consumer Discretionary—0.1%** | **Consumer Discretionary—0.1%** |  |
| MYT Holding LLC Class B<sup>(4)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33144 | &nbsp;&nbsp; 19 |
| NMG Parent LLC<sup>(4)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp; 36 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Frontera Energy Corp.<sup>(7)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp; 2 |
| QuarterNorth Energy Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1072 | &nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp; 148 |
| **Total Common Stocks<br> (Identified Cost $331)** | **Total Common Stocks<br> (Identified Cost $331)** | **184** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Vistra Energy Corp.<sup>(4)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8563 | &nbsp;&nbsp; 10 |
| **Total Rights<br> (Identified Cost $7)** | **Total Rights<br> (Identified Cost $7)** | **10** |
| **Total Long-Term Investments—93.2%<br> (Identified Cost $47,815)** | **Total Long-Term Investments—93.2%<br> (Identified Cost $47,815)** | **42016** |
| **Short-Term Investment—4.9%** | **Short-Term Investment—4.9%** | **Short-Term Investment—4.9%** |
| **Money Market Mutual Fund—4.9%** | **Money Market Mutual Fund—4.9%** | **Money Market Mutual Fund—4.9%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2202598 | &nbsp;&nbsp; 2203 |
| **Total Short-Term Investment<br> (Identified Cost $2,203)** | **Total Short-Term Investment<br> (Identified Cost $2,203)** | **2203** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26060 | $26 |
| **Total Securities Lending Collateral<br> (Identified Cost $26)** | **Total Securities Lending Collateral<br> (Identified Cost $26)** | &nbsp;&nbsp;&nbsp;&nbsp; **26** |
| **TOTAL INVESTMENTS—98.2%<br> (Identified Cost $50,044)** | **TOTAL INVESTMENTS—98.2%<br> (Identified Cost $50,044)** | &nbsp;&nbsp;**$44245** |
| Other assets and liabilities, net—1.8% | Other assets and liabilities, net—1.8% | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$45065** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee Corp. |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $30,330 or 67.3% of net assets. |
| <sup>(2)</sup> | No contractual maturity date. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</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>(5)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(6)</sup> Security in default, interest payments are being received during the bankruptcy proceedings.

<sup>(7)</sup> All or a portion of security is on loan.

<sup>(8)</sup> 100% of the income received was in cash.

<sup>(9)</sup> Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(10)</sup> Value shown as par value.

<sup>(11)</sup> Non-income producing.

<sup>(12)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(13)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;85% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47 |

---

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

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

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET HIGH YIELD FUND

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

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

  - **Telephone number:** 800-243-1574

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

- **a. Name of Series:** Virtus Newfleet High Yield Fund

- **b. EDGAR series identifier (if any):** S000018005

- **c. LEI of Series:** 549300XGFYCIOT3R2842

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $45197213.37

**Total Liabilities:** $376092.23

**Net Assets:** $44821121.14

**Cash Not Reported:** $273285.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -61.00000000 | **10-Year:** -1430.00000000 | **30-Year:** -1180.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -20.00000000 | **5-Year:** -4462.00000000 | **10-Year:** -9816.00000000 | **30-Year:** -1278.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000049912 | 1.15%                | 1.14%                | -1.62%               |
| Class ID C000176708 | 2.22%                | 2.21%                | -0.51%               |
| Class ID C000049913 | -1.65%               | -1.66%               | -4.28%               |
| Class ID C000119169 | 2.21%                | 2.47%                | -0.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32986.19               | $805521.07                                 |
| Month 2  | $-233610.52              | $998781.97                                 |
| Month 3  | $-33360.61               | $-489138.92                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DT MIDSTREAM INC                           | DT Midstream Inc                                                         | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $360826.20    | 0.81%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                    | VZ Secured Financing BV                                                  | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    290000 | PA      | $235660.21    | 0.53%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN                   | Parsley Energy LLC / Parsley Finance Corp                                | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $160711.03    | 0.36%             | 2028-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                      | Tenet Healthcare Corp                                                    | CUSIP: 88033GCX6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    130000 | PA      | $124866.30    | 0.28%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Playa Resorts Holding BV                   | Playa Resorts Holding BV                                                 | CUSIP: 72812NAD8<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |    231382 | PA      | $230456.85    | 0.51%             | 2024-04-29      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                   | Venture Global Calcasieu Pass LLC                                        | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    360000 | PA      | $306718.20    | 0.68%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                            | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    190000 | PA      | $184300.00    | 0.41%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                        | Ashtead Capital Inc                                                      | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191293.84    | 0.43%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                   | Venture Global Calcasieu Pass LLC                                        | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26250.00     | 0.06%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                          | At Home Group Inc                                                        | CUSIP: 04650YAA8<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $52875.00     | 0.12%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                      | eG Global Finance PLC                                                    | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    355000 | PA      | $330726.26    | 0.74%             | 2025-10-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation            | Envision Healthcare Corp                                                 | CUSIP: 29373UAF8<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |     35822 | PA      | $12179.34     | 0.03%             | 2027-03-31      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                       | Chart Industries Inc                                                     | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282042.75    | 0.63%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                      | Tenet Healthcare Corp                                                    | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    180000 | PA      | $170215.69    | 0.38%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                      | McGraw-Hill Education Inc                                                | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    310000 | PA      | $260514.70    | 0.58%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                        | Cheniere Energy Inc                                                      | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    175000 | PA      | $158176.79    | 0.35%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                              | DISH DBS Corp                                                            | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $125446.58    | 0.28%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                           | Taseko Mines Ltd                                                         | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $404496.06    | 0.90%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                   | Clarios Global LP / Clarios US Finance Co                                | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    300000 | PA      | $292948.95    | 0.65%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                   | Trident TPI Holdings Inc                                                 | CUSIP: 89616RAA7<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    265000 | PA      | $229657.28    | 0.51%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                   | ION Trading Technologies Sarl                                            | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $166750.00    | 0.37%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive Inc             | Cooper-Standard Automotive Inc                                           | CUSIP: 21676TAC9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | LON              | CORP              | US        |    250348 | PA      | $244402.33    | 0.55%             | 2023-11-02      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                   | Turning Point Brands Inc                                                 | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    425000 | PA      | $366566.72    | 0.82%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NORTHWEST FIBER LLC/NORT                   | Northwest Fiber LLC / Northwest Fiber Finance Sub Inc                    | CUSIP: 667449AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $246417.07    | 0.55%             | 2028-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| M/I HOMES INC                              | M/I Homes Inc                                                            | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    280000 | PA      | $248768.80    | 0.56%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                   | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    160000 | PA      | $116163.20    | 0.26%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                     | Mauser Packaging Solutions Holding Co                                    | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    455000 | PA      | $420746.10    | 0.94%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NMG PARENT LLC.                            | NMG PARENT LLC.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       116 | NS      | $16820.00     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| TENET HEALTHCARE CORP                      | Tenet Healthcare Corp                                                    | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    195000 | PA      | $185796.00    | 0.41%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                     | Southwestern Energy Co                                                   | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    300000 | PA      | $278118.00    | 0.62%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                   | Fortress Transportation and Infrastructure Investors LLC                 | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    181000 | PA      | $170176.90    | 0.38%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                | Vistra Corp                                                              | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    385000 | PA      | $367700.71    | 0.82%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                        | Medline Borrower LP                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    445000 | PA      | $353450.15    | 0.79%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                   | BroadStreet Partners Inc                                                 | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    375000 | PA      | $319155.51    | 0.71%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                   | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $277442.34    | 0.62%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                                 | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $179000.00    | 0.40%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                            | TripAdvisor Inc                                                          | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    280000 | PA      | $276649.77    | 0.62%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                   | EQM Midstream Partners LP                                                | CUSIP: 26885BAN0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    145000 | PA      | $139710.40    | 0.31%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                      | Lightstone Holdco LLC                                                    | CUSIP: 53226GAL5<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |     15464 | PA      | $14118.92     | 0.03%             | 2027-02-01      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| GATES GLOBAL/GATES CORP                    | Gates Global LLC / Gates Corp                                            | CUSIP: 36740LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $303975.00    | 0.68%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA                    | Capital Farm Credit ACA                                                  | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    250000 | PA      | $217500.00    | 0.49%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parfums Holding Company Inc                | Parfums Holding Co Inc                                                   | CUSIP: 69946PAB2<br>LEI: 549300S46D4GK45PA591 | Long             | LON              | CORP              | US        |    159639 | PA      | $147524.24    | 0.33%             | 2024-06-30      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                      | Nabors Industries Inc                                                    | CUSIP: 62957HAH8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136685.95    | 0.30%             | 2025-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                       | WR Grace Holdings LLC                                                    | CUSIP: 92943GAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $290617.20    | 0.65%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                   | Burford Capital Global Finance LLC                                       | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    295000 | PA      | $262139.75    | 0.58%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                     | Chesapeake Energy Corp                                                   | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    320000 | PA      | $308792.00    | 0.69%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                       | Entegris Escrow Corp                                                     | CUSIP: 29365BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $212106.00    | 0.47%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Klockner Pentaplast of America Inc         | Kloeckner Pentaplast of America Inc                                      | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    151541 | PA      | $133971.60    | 0.30%             | 2026-02-12      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                             | Transocean Inc                                                           | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    143000 | PA      | $143357.50    | 0.32%             | 2027-01-30      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                           | CSC Holdings LLC                                                         | CUSIP: 126307AH0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    280000 | PA      | $260684.20    | 0.58%             | 2024-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                   | EQM Midstream Partners LP                                                | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     81000 | PA      | $78164.74     | 0.17%             | 2025-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                      | Caesars Entertainment Inc                                                | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    280000 | PA      | $272069.14    | 0.61%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                              | Nordstrom Inc                                                            | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    395000 | PA      | $282464.50    | 0.63%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                   | New Enterprise Stone & Lime Co Inc                                       | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    390000 | PA      | $360336.46    | 0.80%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                             | ARD Finance SA                                                           | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    395000 | PA      | $274735.32    | 0.61%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                    | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $406925.00    | 0.91%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                   | Team Health Holdings Inc                                                 | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |    310000 | PA      | $178634.40    | 0.40%             | 2025-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                     | Credit Suisse Group AG                                                   | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    325000 | PA      | $332756.83    | 0.74%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                   | Scientific Games International Inc                                       | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    315000 | PA      | $300481.65    | 0.67%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                 | Akumin Inc                                                               | CUSIP: 01021FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $229170.39    | 0.51%             | 2025-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VISTRA ENERGY CORP RIGHTS                  | VISTRA ENERGY CORP RIGHTS                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8563 | NS      | $10275.60     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| NAVIENT CORP                               | Navient Corp                                                             | CUSIP: 63938CAB4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    185000 | PA      | $178996.79    | 0.40%             | 2024-10-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                      | Lightstone Holdco LLC                                                    | CUSIP: 53226GAK7<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |    273417 | PA      | $249629.74    | 0.56%             | 2027-02-01      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                   | CrownRock LP / CrownRock Finance Inc                                     | CUSIP: 228701AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $250900.00    | 0.56%             | 2025-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD                      | Nabors Industries Ltd                                                    | CUSIP: 629571AA8<br>LEI: 5493008TXYN3II3PU369 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $188479.79    | 0.42%             | 2026-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                   | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp       | CUSIP: 559665AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $321600.00    | 0.72%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                  | Boeing Co/The                                                            | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    381000 | PA      | $347069.75    | 0.77%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                  | ISTAR INC                                                                | CUSIP: 45031UCG4<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |    290000 | PA      | $284178.12    | 0.63%             | 2025-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                          | Iron Mountain Inc                                                        | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    345000 | PA      | $283569.30    | 0.63%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COBRA ACQUISITIONCO LLC                    | Cobra AcquisitionCo LLC                                                  | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $165200.00    | 0.37%             | 2029-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                   | Telesat Canada / Telesat LLC                                             | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    175000 | PA      | $50618.97     | 0.11%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                      | Carriage Services Inc                                                    | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $285875.33    | 0.64%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                   | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $121581.29    | 0.27%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                   | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp       | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $407414.18    | 0.91%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                           | ArcelorMittal SA                                                         | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    340000 | PA      | $338077.27    | 0.75%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC                       | SRS Distribution Inc                                                     | CUSIP: 78471RAC0<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |    195000 | PA      | $157661.40    | 0.35%             | 2029-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                           | CSC Holdings LLC                                                         | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    210000 | PA      | $142800.00    | 0.32%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                   | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    285000 | PA      | $214900.59    | 0.48%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                       | Neptune Bidco US Inc                                                     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4712.50      | 0.01%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                     | FMG Resources August 2006 Pty Ltd                                        | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    410000 | PA      | $381926.28    | 0.85%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                         | Ally Financial Inc                                                       | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    255000 | PA      | $170531.25    | 0.38%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                         | Ford Motor Co                                                            | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    225000 | PA      | $161503.40    | 0.36%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MCLAREN FINANCE PLC                        | Mclaren Finance PLC                                                      | CUSIP: 58175LAA8<br>LEI: 213800BKPDWMWX3GSG36 | Long             | DBT              | CORP              | GB        |    365000 | PA      | $268275.00    | 0.60%             | 2026-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                       | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    495000 | PA      | $425700.00    | 0.95%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                       | Taylor Morrison Communities Inc                                          | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    340000 | PA      | $294519.67    | 0.66%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                      | Caesars Entertainment Inc                                                | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171946.25    | 0.38%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                     | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC    | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $422635.85    | 0.94%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management         | Dreyfus Government Cash Management                                       | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   2084730 | NS      | $2084729.96   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUELINX HOLDING                           | BlueLinx Holdings Inc                                                    | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    180000 | PA      | $149400.00    | 0.33%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                      | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $211397.13    | 0.47%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                   | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $74017.80     | 0.17%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                        | Station Casinos LLC                                                      | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    335000 | PA      | $291242.89    | 0.65%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                   | HLF Financing Sarl LLC / Herbalife International Inc                     | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $275508.00    | 0.61%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $280284.88    | 0.63%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                   | Ascent Resources Utica Holdings LLC / ARU Finance Corp                   | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $303861.86    | 0.68%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                         | Infinite Bidco LLC                                                       | CUSIP: 45674KAF2<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    175000 | PA      | $160125.00    | 0.36%             | 2029-03-02      | Floating      | 11.73%                | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC                   | Jacobs Entertainment Inc                                                 | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    280000 | PA      | $252736.68    | 0.56%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                            | MYT Holding LLC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33144 | NS      | $19057.80     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| BAUSCH HEALTH COS INC                      | Bausch Health Cos Inc                                                    | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     52000 | PA      | $40551.92     | 0.09%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                     | Acrisure LLC / Acrisure Finance Inc                                      | CUSIP: 00489LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $418059.79    | 0.93%             | 2025-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENDO DAC/FIN LLC/FINCO                     | Endo Dac / Endo Finance LLC / Endo Finco Inc                             | CUSIP: 29273DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     50000 | PA      | $7000.00      | 0.02%             | 2027-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                        | General Electric Co                                                      | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    290000 | PA      | $284908.33    | 0.64%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                       | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AM3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    170000 | PA      | $159375.00    | 0.36%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                           | Allied Universal Holdco LLC / Allied Universal Finance Corp              | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $347700.00    | 0.78%             | 2026-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                   | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp       | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $269151.00    | 0.60%             | 2029-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                      | Bausch Health Cos Inc                                                    | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $31033.35     | 0.07%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                   | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $249218.65    | 0.56%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                   | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     25000 | PA      | $12849.07     | 0.03%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                    | Dornoch Debt Merger Sub Inc                                              | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $217482.40    | 0.49%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                   | Antero Midstream Partners LP / Antero Midstream Finance Corp             | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $315387.40    | 0.70%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| METIS MERGER SUB LLC                       | Metis Merger Sub LLC                                                     | CUSIP: 59155LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $167896.57    | 0.37%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                   | Trident TPI Holdings Inc                                                 | CUSIP: 89616RAB5<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    245000 | PA      | $232844.67    | 0.52%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| H-FOOD HOLDNG/HEARTHSIDE                   | H-Food Holdings LLC / Hearthside Finance Co Inc                          | CUSIP: 577088AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $156600.00    | 0.35%             | 2026-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                    | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $176600.00    | 0.39%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| BP CAPITAL MARKETS PLC                     | BP Capital Markets PLC                                                   | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    285000 | PA      | $249375.00    | 0.56%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                    | Surgery Center Holdings Inc                                              | CUSIP: 84611WAB0<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88718.29     | 0.20%             | 2025-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                   | Cheplapharm Arzneimittel GmbH                                            | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    585000 | PA      | $489177.00    | 1.09%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                       | Chart Industries Inc                                                     | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15079.35     | 0.03%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                   | Celanese US Holdings LLC                                                 | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157812.19    | 0.35%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| VISTA OUTDOOR INC                          | Vista Outdoor Inc                                                        | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |    365000 | PA      | $267997.60    | 0.60%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                     | Chesapeake Energy Corp                                                   | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    115000 | PA      | $108960.79    | 0.24%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                        | MESQUITE ENERGY INC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $1581.25      | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                   | Global Infrastructure Solutions Inc                                      | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    425000 | PA      | $336416.91    | 0.75%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                              | TransDigm Inc                                                            | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    310000 | PA      | $291105.50    | 0.65%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                    | MPT Operating Partnership LP / MPT Finance Corp                          | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $318749.87    | 0.71%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                   | Occidental Petroleum Corp                                                | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    345000 | PA      | $348170.42    | 0.78%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                        | Callon Petroleum Co                                                      | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228750.00    | 0.51%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                       | Rackspace Technology Global Inc                                          | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    365000 | PA      | $159089.47    | 0.35%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                           | Altice France SA/France                                                  | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $149948.64    | 0.33%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                           | Teine Energy Ltd                                                         | CUSIP: 879068AB0<br>LEI: 5493002EE80G6ER7SM91 | Long             | DBT              | CORP              | CA        |    380000 | PA      | $341050.00    | 0.76%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                          | At Home Group Inc                                                        | CUSIP: 04650YAB6<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |    315000 | PA      | $182731.50    | 0.41%             | 2029-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                        | DENTSPLY SIRONA Inc                                                      | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    295000 | PA      | $244897.76    | 0.55%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                   | CrownRock LP / CrownRock Finance Inc                                     | CUSIP: 228701AG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $206658.63    | 0.46%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                   | Coronado Finance Pty Ltd                                                 | CUSIP: 21979LAA4<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    367000 | PA      | $375257.50    | 0.84%             | 2026-05-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DAVITA INC                                 | DaVita Inc                                                               | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    380000 | PA      | $283613.00    | 0.63%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                 | Viasat Inc                                                               | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102056.64    | 0.23%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                   | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $211546.76    | 0.47%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Quarternorth Energy Holding In             | Quarternorth Energy Holding Inc                                          | CUSIP: 000000000<br>LEI: 549300BC3OH5VUTNXB92 | Long             | EC               | CORP              | US        |      1072 | NS      | $146148.98    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| OT MERGER CORP                             | OT Merger Corp                                                           | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $74200.00     | 0.17%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                   | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    235000 | PA      | $116366.86    | 0.26%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                         | Ford Motor Co                                                            | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    266000 | PA      | $199484.49    | 0.45%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                   | Arcline FM Holdings LLC                                                  | CUSIP: 03960DAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    148500 | PA      | $140827.01    | 0.31%             | 2028-06-23      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                             | LSB Industries Inc                                                       | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    320000 | PA      | $292784.00    | 0.65%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                   | Weekley Homes LLC / Weekley Finance Corp                                 | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $386510.71    | 0.86%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sweetwater Borrower LLC                    | Sweetwater Borrower LLC                                                  | CUSIP: 87168EAB0<br>LEI: 254900JJU57789DC8283 | Long             | LON              | CORP              | US        |    192208 | PA      | $177792.37    | 0.40%             | 2028-08-07      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                    | Legacy LifePoint Health LLC                                              | CUSIP: 53219LAS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $241058.70    | 0.54%             | 2027-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Carlisle Foodservice Products Incorporated | Carlisle FoodService Products Inc                                        | CUSIP: 14235UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     77447 | PA      | $68863.77     | 0.15%             | 2025-03-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation            | Envision Healthcare Corp                                                 | CUSIP: 29373UAG6<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |     82448 | PA      | $20611.99     | 0.05%             | 2027-03-31      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation            | Envision Healthcare Corp                                                 | CUSIP: 29373UAE1<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |     10269 | PA      | $9101.21      | 0.02%             | 2027-03-31      | Floating      | 12.61%                | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                   | USA Compression Partners LP / USA Compression Finance Corp               | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $239822.50    | 0.54%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                              | DISH DBS Corp                                                            | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $374971.35    | 0.84%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                      | Bausch Health Cos Inc                                                    | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $5936.47      | 0.01%             | 2030-10-15      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $326224.50    | 0.73%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                       | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115287.50    | 0.26%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                | Deluxe Corp                                                              | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    150000 | PA      | $123375.00    | 0.28%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                   | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $168198.94    | 0.38%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                       | OneMain Finance Corp                                                     | CUSIP: 85172FAM1<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    330000 | PA      | $317022.76    | 0.71%             | 2025-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                     | Par Pharmaceutical Inc                                                   | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |    256000 | PA      | $194553.51    | 0.43%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                | Avient Corp                                                              | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    280000 | PA      | $273708.94    | 0.61%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                   | Arcline FM Holdings LLC                                                  | CUSIP: 03960DAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    190000 | PA      | $167200.00    | 0.37%             | 2029-06-25      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM                    | International Petroleum Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    300000 | PA      | $276000.00    | 0.62%             | 2027-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                       | CITGO Petroleum Corp                                                     | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    440000 | PA      | $429158.40    | 0.96%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                    | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    245000 | PA      | $212568.13    | 0.47%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                      | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $256368.00    | 0.57%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                   | TerraForm Power Operating LLC                                            | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    240000 | PA      | $215997.60    | 0.48%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEGENDS HOSPITALITY HOLD                   | Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer Inc   | CUSIP: 52473NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $275900.00    | 0.62%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                   | Science Applications International Corp                                  | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    435000 | PA      | $402374.13    | 0.90%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                   | Midcap Financial Issuer Trust                                            | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $516000.00    | 1.15%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                      | ECL Entertainment LLC                                                    | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    113275 | PA      | $112897.79    | 0.25%             | 2028-05-01      | Floating      | 11.88%                | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                   | Occidental Petroleum Corp                                                | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    360000 | PA      | $372016.80    | 0.83%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS                    | NMG Holding Co Inc / Neiman Marcus Group LLC                             | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $379593.34    | 0.85%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| RAPTOR ACQ/RAPTOR CO-ISS                   | Raptor Acquisition Corp / Raptor Co-Issuer LLC                           | CUSIP: 75383KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $279846.09    | 0.62%             | 2026-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                    | Legacy LifePoint Health LLC                                              | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4705.45      | 0.01%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                    | Surgery Center Holdings Inc                                              | CUSIP: 86881WAD4<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     76000 | PA      | $77330.00     | 0.17%             | 2027-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                       | Pentair Finance Sarl                                                     | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    290000 | PA      | $284220.81    | 0.63%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LANNETT CO INC                             | Lannett Co Inc                                                           | CUSIP: 51602UAD0<br>LEI: 5299001DJ6C90XX17G45 | Long             | DBT              | CORP              | US        |    105000 | PA      | $27300.00     | 0.06%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                   | Altice France Holding SA                                                 | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $118058.34    | 0.26%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Frontera Energy Corp                       | Frontera Energy Corp                                                     | CUSIP: 35905B107<br>LEI: A25574TZFLBNK7NWQT47 | Long             | EC               | CORP              | CA        |       182 | NS      | $1659.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| BLOCK INC                                  | Block Inc                                                                | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    335000 | PA      | $267304.88    | 0.60%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                               | Navient Corp                                                             | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    140000 | PA      | $115138.43    | 0.26%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TITAN ACQ/CO-BORROWER                      | Titan Acquisition Ltd / Titan Co-Borrower LLC                            | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    345000 | PA      | $310702.89    | 0.69%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                              | TransDigm Inc                                                            | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113411.85    | 0.25%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                      | Level 3 Financing Inc                                                    | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    465000 | PA      | $340492.07    | 0.76%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                   | Consolidated Communications Inc                                          | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    280000 | PA      | $217577.01    | 0.49%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                   | Fortress Transportation and Infrastructure Investors LLC                 | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40100.00     | 0.09%             | 2027-08-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                       | Entegris Escrow Corp                                                     | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $291819.94    | 0.65%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                   | Northriver Midstream Finance LP                                          | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    210000 | PA      | $198886.45    | 0.44%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                    | Royal Caribbean Cruises Ltd                                              | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     15000 | PA      | $15414.00     | 0.03%             | 2029-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| 1375209 BC LTD                             | 1375209 BC Ltd                                                           | CUSIP: 68251PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     29000 | PA      | $28238.75     | 0.06%             | 2028-01-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                      | McGraw-Hill Education Inc                                                | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    340000 | PA      | $281168.95    | 0.63%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                   | Service Properties Trust                                                 | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    335000 | PA      | $221334.20    | 0.49%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC            | Traverse Midstream Partners LLC                                          | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    196864 | PA      | $196186.76    | 0.44%             | 2024-09-27      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $15975.58     | 0.04%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                   | Targa Resources Partners LP / Targa Resources Partners Finance Corp      | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $243796.50    | 0.54%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                     | Millennium Escrow Corp                                                   | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $233618.67    | 0.52%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                        | CDW LLC / CDW Finance Corp                                               | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $238970.50    | 0.53%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer