# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0000940400-26-008445
**Filing Date:** 2026-2
**Character Count:** 229747
**Document Hash:** 2811a16cfe1805623c66812b5b0dafd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008445.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008445

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS EQUITY TRUST
- **CENTRAL INDEX KEY:** 0000034273

**ORGANIZATION NAME:**
- **EIN:** 036066130
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00945
- **FILM NUMBER:** 26684514

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EQUITY TRUST
- **DATE OF NAME CHANGE:** 20040628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ABERDEEN WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19981215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19940505

## Series and Classes Contracts Data

### VIRTUS TACTICAL ALLOCATION FUND (Series ID: S000021179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060291 | Class A      | NAINX           |
| C000060293 | Class C      | POICX           |
| C000211088 | Class I      | VTAIX           |
| C000224195 | Class R6     | VTARX           |

## Nport-Ex

**VIRTUS Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.1%** | **U.S. Government Securities—5.1%** | **U.S. Government Securities—5.1%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 | $4330 | &nbsp;&nbsp; $3206 |
| &nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 | 2045 | &nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 12795 | &nbsp;&nbsp; 6291 |
| &nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 5255 | &nbsp;&nbsp; 2937 |
| &nbsp;&nbsp;&nbsp; 2.250%, 2/15/52 | 35 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 2335 | &nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp; 3.625%, 2/15/53 | 425 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 | 3840 | &nbsp;&nbsp; 3106 |
| &nbsp;&nbsp;&nbsp; 4.125%, 8/15/53 | 940 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 | 4255 | &nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp; 4.625%, 5/15/54 | 3870 | &nbsp;&nbsp; 3727 |
| &nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 1885 | &nbsp;&nbsp; 1778 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 1070 | &nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 495 | &nbsp;&nbsp; 500 |
| **Total U.S. Government Securities** <br>**(Identified Cost $40,735)** | **Total U.S. Government Securities** <br>**(Identified Cost $40,735)** | &nbsp;&nbsp; **30518** |
| **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond 144A <br>3.125%, 9/30/49<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 118 |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.550%, 4/3/34<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.300%, 11/13/54<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Dominican Republic 144A <br>4.875%, 9/23/32<sup>(1)</sup> <br>| 417 | &nbsp;&nbsp; 401 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 10/20/33 | 395 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 1/12/56 | 66 | &nbsp;&nbsp; 65 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 9/22/32<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 3/26/36<sup>(1)</sup> <br>| 98 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 97 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.000%, 11/26/29<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; 144A <br>9.244%, 1/15/31<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 73 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 4/25/30 | 125 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 11/14/35 | 142 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 11/14/53 | 57 | &nbsp;&nbsp; 63 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/28/29<sup>(1)</sup> <br>| 82 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.650%, 6/15/35<sup>(2)</sup> <br>| 72 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia <br>5.100%, 2/10/54<br>| 252 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; Republic of Ivory Coast 144A <br>8.250%, 1/30/37<sup>(1)</sup> <br>| 162 | &nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; Republic of Kazakhstan 144A <br>5.500%, 7/1/37<sup>(1)</sup> <br>| 176 | &nbsp;&nbsp; 181 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>9.750%, 2/16/31<sup>(1)</sup> <br>| $55 | &nbsp;&nbsp; $60 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.875%, 10/9/33<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(1)</sup> <br>| 163 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Republic of Panama <br>8.000%, 3/1/38<br>| 219 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Republic of Peru <br>5.375%, 2/8/35<br>| 240 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines <br>4.750%, 3/5/35<br>| 314 | &nbsp;&nbsp; 315 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 10/4/33 | 275 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.125%, 9/18/34 | 67 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(1)</sup> <br>| 76 | &nbsp;&nbsp; 81 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.850%, 9/30/29 | 121 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/22/30 | 135 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.650%, 9/27/47 | 35 | &nbsp;&nbsp; 30 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.625%, 5/15/34 | 340 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 2/17/45 | 80 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 302 | &nbsp;&nbsp; 285 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 194 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.625%, 5/16/36<sup>(1)</sup> <br>| 94 | &nbsp;&nbsp; 98 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 7/18/33<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.625%, 1/13/35<sup>(1)</sup> <br>| 134 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 10/26/46<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 94 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 5/7/36 | 245 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 1/29/38 | 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Uzbekistan International Bond 144A <br>6.900%, 2/28/32<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 48 |
| **Total Foreign Government Securities** <br>**(Identified Cost $6,553)** | **Total Foreign Government Securities** <br>**(Identified Cost $6,553)** | &nbsp;&nbsp; **6816** |
| **Mortgage-Backed Securities—5.9%** | **Mortgage-Backed Securities—5.9%** | **Mortgage-Backed Securities—5.9%** |
| **Agency—5.9%** | **Agency—5.9%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #A46224 <br>5.000%, 7/1/35<br>| 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Pool #A62213 <br>6.000%, 6/1/37<br>| 52 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Pool #SD5594 <br>5.500%, 7/1/53<br>| 994 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Pool #SD5856 <br>3.500%, 1/1/54<br>| 2843 | &nbsp;&nbsp; 2635 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #SD8309 <br>6.000%, 3/1/53<br>| $2873 | &nbsp;&nbsp; $2959 |
| &nbsp;&nbsp;&nbsp; Pool #SD8350 <br>6.000%, 8/1/53<br>| 795 | &nbsp;&nbsp; 818 |
| &nbsp;&nbsp;&nbsp; Pool #SD8383 <br>5.500%, 12/1/53<br>| 1071 | &nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp; Pool #SD8418 <br>4.500%, 4/1/54<br>| 2248 | &nbsp;&nbsp; 2196 |
| &nbsp;&nbsp;&nbsp; Pool #SD8492 <br>5.000%, 1/1/55<br>| 2635 | &nbsp;&nbsp; 2629 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #254549 <br>6.000%, 12/1/32<br>| 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Pool #310041 <br>6.500%, 5/1/37<br>| 65 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; Pool #735061 <br>6.000%, 11/1/34<br>| 63 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Pool #880117 <br>5.500%, 4/1/36<br>| 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #909092 <br>6.000%, 9/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Pool #909175 <br>5.500%, 4/1/38<br>| 44 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Pool #909220 <br>6.000%, 8/1/38<br>| 27 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Pool #929625 <br>5.500%, 6/1/38<br>| 52 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Pool #938574 <br>5.500%, 9/1/36<br>| 33 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Pool #972569 <br>5.000%, 3/1/38<br>| 44 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Pool #CB6857 <br>4.500%, 8/1/53<br>| 891 | &nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| 2209 | &nbsp;&nbsp; 2269 |
| &nbsp;&nbsp;&nbsp; Pool #FA1378 <br>4.000%, 3/1/55<br>| 2592 | &nbsp;&nbsp; 2468 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 2264 | &nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp; Pool #FA2472 <br>5.000%, 4/1/54<br>| 1262 | &nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp; Pool #FS4438 <br>5.000%, 11/1/52<br>| 1514 | &nbsp;&nbsp; 1516 |
| &nbsp;&nbsp;&nbsp; Pool #FS6679 <br>6.000%, 12/1/53<br>| 1439 | &nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp; Pool #FS7751 <br>4.000%, 3/1/53<br>| 2105 | &nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp; Pool #FS8791 <br>6.000%, 8/1/54<br>| 580 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Pool #MA4785 <br>5.000%, 10/1/52<br>| 1301 | &nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 895 | &nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp; Pool #MA4980 <br>6.000%, 4/1/53<br>| 1343 | &nbsp;&nbsp; 1386 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 809 | &nbsp;&nbsp; 823 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #MA5385 <br>4.000%, 6/1/54<br>| $2170 | &nbsp;&nbsp; $2059 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $34,605)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $34,605)** | &nbsp;&nbsp; **35022** |
| **Corporate Bonds and Notes—10.9%** | **Corporate Bonds and Notes—10.9%** | **Corporate Bonds and Notes—10.9%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC <br>4.800%, 3/1/50<br>| 325 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 560 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 6/15/33<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 340 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 1417 |
| **Consumer Discretionary—0.4%** | **Consumer Discretionary—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 10/15/33<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 755 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. <br>5.500%, 10/15/35<br>| 365 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. <br>3.250%, 2/12/32<br>| 286 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 191 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; Sodexo, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.800%, 8/15/35<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 486 |
|  |  | &nbsp;&nbsp; 2255 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.077%, 9/29/35<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>7.750%, 10/19/32<br>| 330 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.200%, 3/1/35<sup>(1)</sup> <br>| 265 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>4.900%, 11/1/34<br>| 460 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 463 | &nbsp;&nbsp; 495 |
|  |  | &nbsp;&nbsp; 2084 |
| **Energy—1.3%** | **Energy—1.3%** |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(3)</sup> <br>| 375 | &nbsp;&nbsp; 373 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.036%, 11/15/33<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.439%, 2/15/35<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 385 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 6/15/31<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.500%, 1/15/84<br>| 510 | &nbsp;&nbsp; 585 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.350%, 1/15/36 | $100 | &nbsp;&nbsp; $103 |
| &nbsp;&nbsp;&nbsp; 5.650%, 12/1/54 | 385 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.363%, 6/30/31<sup>(1)</sup> <br>| 785 | &nbsp;&nbsp; 722 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 380 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP <br>7.500%, 11/15/40<br>| 220 | &nbsp;&nbsp; 256 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.550%, 10/1/34 | 235 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; 6.200%, 3/15/40 | 340 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 5/30/44<sup>(1)</sup> <br>| 370 | &nbsp;&nbsp; 395 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 1/28/31 | 291 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; 7.690%, 1/23/50 | 12 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; 6.950%, 1/28/60 | 11 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.848%, 4/3/55<sup>(1)</sup> <br>| 163 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.875%, 1/12/32<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 7/17/34<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; Sempra Infrastructure Partners LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.250%, 1/15/32<sup>(1)</sup> <br>| 729 | &nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 345 | &nbsp;&nbsp; 295 |
|  |  | &nbsp;&nbsp; 7524 |
| **Financials—5.0%** | **Financials—5.0%** |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC <br>6.950%, 3/10/55<br>| 229 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; Allianz SE 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.350%, 9/6/53<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>5.543%, 1/17/31<br>| 385 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.625%, 7/28/34<br>| 670 | &nbsp;&nbsp; 700 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC <br>6.900%, 4/13/29<br>| 360 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 475 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 12/15/30<sup>(1)</sup> <br>| 745 | &nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.816%, 6/18/36<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 11/15/29<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 487 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.687%, 4/22/32 | 245 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; 2.972%, 2/4/33 | 408 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; 5.518%, 10/25/35 | 540 | &nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp; Barclays plc <br>7.437%, 11/2/33<br>| 355 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| 350 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>6.000%, 1/29/32<br>| 370 | &nbsp;&nbsp; 376 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| $610 | &nbsp;&nbsp; $553 |
| &nbsp;&nbsp;&nbsp; BNSF Funding Trust I <br>6.613%, 12/15/55<br>| 380 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.003%, 10/19/34<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>5.795%, 4/24/35<br>| 325 | &nbsp;&nbsp; 340 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.359%, 7/29/32 | 388 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; 6.377%, 6/8/34 | 105 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.189%, 6/1/35<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 287 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.136%, 8/24/34 | 195 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Series H 4.000%<sup>(3)</sup> <br>| 260 | &nbsp;&nbsp; 243 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.270%, 11/17/33 | 690 | &nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; 6.174%, 5/25/34 | 379 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 565 | &nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403%, 9/11/35<br>| 475 | &nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; EMD Finance LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 10/15/35<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 385 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 355 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 1/25/34<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.950%, 6/15/33<sup>(1)</sup> <br>| 197 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>5.550%, 11/15/35<br>| 460 | &nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) <br>5.330%, 7/23/35<br>| 665 | &nbsp;&nbsp; 683 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.375%, 7/1/34 | 210 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; 6.750%, 7/15/35 | 240 | &nbsp;&nbsp; 251 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.709%, 2/2/35 | 340 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; 6.141%, 11/18/39 | 235 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 400 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 7/1/34<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.125%, 7/31/32<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 488 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.956%, 5/13/31 | 230 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; 5.717%, 9/14/33 | 495 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp; 1.953%, 2/4/32 | 635 | &nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; KeyCorp <br>6.401%, 3/6/35<br>| 600 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc <br>6.625% <sup>(3)</sup> <br>| 25 | &nbsp;&nbsp; 25 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>5.400%, 7/30/35<br>| $375 | &nbsp;&nbsp; $379 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. <br>2.564%, 9/13/31<br>| 385 | &nbsp;&nbsp; 345 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 6.342%, 10/18/33 | 120 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; 5.250%, 4/21/34 | 165 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; 5.424%, 7/21/34 | 285 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; 5.948%, 1/19/38 | 249 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 792 | &nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc <br>6.475%, 6/1/34<br>| 390 | &nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 445 | &nbsp;&nbsp; 469 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 9/13/53<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.500%, 4/30/55<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. <br>3.375%, 5/8/32<br>| 590 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <br>5.575%, 1/29/36<br>| 455 | &nbsp;&nbsp; 474 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 3/1/52 | 179 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/1/53 | 285 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| 390 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp; Societe Generale S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.066%, 1/19/35<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 438 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.584%, 10/1/34 | 240 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; 6.176%, 10/1/54 | 95 | &nbsp;&nbsp; 91 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.123%, 11/21/34 | 110 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Series I 6.700%<sup>(3)</sup> <br>| 240 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 3/18/35<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 9/10/55<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br>8.125%, 10/31/82<br>| 440 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.924%, 3/24/36<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp <br>5.424%, 2/12/36<br>| 475 | &nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp; UBS Group AG 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.988%, 8/5/33<sup>(1)</sup> <br>| 550 | &nbsp;&nbsp; 558 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.491%, 10/23/34 | 445 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp; Series BB 3.900%<sup>(3)</sup> <br>| 490 | &nbsp;&nbsp; 488 |
|  |  | &nbsp;&nbsp; 29995 |
| **Health Care—0.8%** | **Health Care—0.8%** |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.300%, 10/8/35<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.650%, 3/2/53<br>| 432 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. <br>5.650%, 12/15/35<br>| 455 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>5.050%, 3/25/48<br>| 600 | &nbsp;&nbsp; 529 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| $610 | &nbsp;&nbsp; $564 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.450%, 9/15/34 | 235 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; 5.250%, 6/15/49 | 415 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. <br>6.250%, 2/1/29<br>| 440 | &nbsp;&nbsp; 464 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.400%, 9/2/34 | 325 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp; 3.350%, 9/2/51 | 330 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>5.400%, 3/20/34<br>| 450 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>2.650%, 1/15/32<br>| 510 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.300%, 6/22/27<sup>(1)</sup> <br>| 1 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
|  |  | &nbsp;&nbsp; 5097 |
| **Industrials—0.9%** | **Industrials—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 578 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.500%, 11/1/27<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 210 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) <br>5.930%, 5/1/60<br>| 525 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust 2021-1, A 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 487 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 505 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.850%, 7/2/37<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. <br>3.500%, 10/1/30<br>| 480 | &nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. <br>5.700%, 8/14/33<br>| 460 | &nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 480 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.850%, 8/15/33<sup>(1)</sup> <br>| 320 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 334 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| 258 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through-Trust 2024-1, AA <br>5.450%, 8/15/38<br>| 24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. <br>5.450%, 9/18/33<br>| 310 | &nbsp;&nbsp; 324 |
|  |  | &nbsp;&nbsp; 5229 |
| **Information Technology—0.6%** | **Information Technology—0.6%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 8/4/33 | 445 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.000%, 7/1/29<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.137%, 11/15/35<sup>(1)</sup> <br>| 570 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp; Flex Ltd. <br>5.375%, 11/13/35<br>| 460 | &nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 595 | &nbsp;&nbsp; 564 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| $465 | &nbsp;&nbsp; $479 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.900%, 11/9/52 | 215 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; 5.550%, 2/6/53 | 122 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; 3.850%, 4/1/60 | 140 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 465 | &nbsp;&nbsp; 469 |
|  |  | &nbsp;&nbsp; 3535 |
| **Materials—0.5%** | **Materials—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.140%, 4/14/32<sup>(1)</sup> <br>| 580 | &nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>5.650%, 1/15/34<br>| 440 | &nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 1/8/34<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.850%, 4/27/31<sup>(1)</sup> <br>| 505 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC <br>5.777%, 4/3/54<br>| 570 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%, 9/1/34<br>| 360 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 2793 |
| **Utilities—0.9%** | **Utilities—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. <br>6.150%, 5/15/34<br>| 570 | &nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. (The) 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.866%, 8/5/32<sup>(1)</sup> <br>| 595 | &nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>4.750%, 6/1/50<br>| 615 | &nbsp;&nbsp; 605 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.200%, 2/15/56 | 270 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; Series B 7.000%, 6/1/54 | 280 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.900%, 5/23/53<sup>(1)</sup> <br>| 425 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; Enel Finance International N.V. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.500%, 10/14/32<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 590 | &nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 433 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>4.224%, 3/15/32<br>| 640 | &nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. <br>6.000%, 1/15/34<br>| 355 | &nbsp;&nbsp; 373 |
|  |  | &nbsp;&nbsp; 5392 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $63,854)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $63,854)** | &nbsp;&nbsp; **65321** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—61.7%** | **Common Stocks—61.7%** | **Common Stocks—61.7%** |
| **Communication Services—6.3%** | **Communication Services—6.3%** |  |
| Alphabet, Inc. Class A | 36027 | &nbsp;&nbsp; 11277 |
| Dayamitra Telekomunikasi PT | 48932000 | &nbsp;&nbsp; 2054 |
| Infrastrutture Wireless Italiane SpA | 237527 | &nbsp;&nbsp; 2201 |
| Meta Platforms, Inc. Class A | 12577 | &nbsp;&nbsp; 8302 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Netflix, Inc.<sup>(5)</sup> <br>| 66110 | &nbsp;&nbsp; $6199 |
| oOh!media Ltd. | 4254860 | &nbsp;&nbsp; 3691 |
| Sarana Menara Nusantara Tbk PT | 42934000 | &nbsp;&nbsp; 1506 |
| Trade Desk, Inc. (The) Class A<sup>(5)</sup> <br>| 74903 | &nbsp;&nbsp; 2843 |
|  |  | &nbsp;&nbsp; 38073 |
| **Consumer Discretionary—8.6%** | **Consumer Discretionary—8.6%** |  |
| Allegro.eu S.A.<sup>(5)</sup> <br>| 275225 | &nbsp;&nbsp; 2378 |
| Amazon.com, Inc.<sup>(5)</sup> <br>| 56769 | &nbsp;&nbsp; 13103 |
| Bright Horizons Family Solutions, Inc.<sup>(5)</sup> <br>| 12851 | &nbsp;&nbsp; 1303 |
| Choice Hotels International, Inc. | 12724 | &nbsp;&nbsp; 1212 |
| Hermes International SCA Unsponsored ADR | 15801 | &nbsp;&nbsp; 3919 |
| Home Depot, Inc. (The) | 8396 | &nbsp;&nbsp; 2889 |
| Marriott International, Inc. Class A | 21070 | &nbsp;&nbsp; 6537 |
| MercadoLibre, Inc.<sup>(5)</sup> <br>| 1845 | &nbsp;&nbsp; 3716 |
| NIKE, Inc. Class B | 36206 | &nbsp;&nbsp; 2307 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(5)</sup> <br>| 12548 | &nbsp;&nbsp; 1375 |
| O'Reilly Automotive, Inc.<sup>(5)</sup> <br>| 70185 | &nbsp;&nbsp; 6402 |
| Pool Corp. | 6263 | &nbsp;&nbsp; 1433 |
| Rollins, Inc. | 38792 | &nbsp;&nbsp; 2328 |
| SiteOne Landscape Supply, Inc.<sup>(5)</sup> <br>| 9116 | &nbsp;&nbsp; 1135 |
| Thor Industries, Inc. | 17736 | &nbsp;&nbsp; 1821 |
|  |  | &nbsp;&nbsp; 51858 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B | 190600 | &nbsp;&nbsp; 2139 |
| BJ's Wholesale Club Holdings, Inc.<sup>(5)</sup> <br>| 15856 | &nbsp;&nbsp; 1428 |
| Heineken Malaysia Bhd | 478300 | &nbsp;&nbsp; 2706 |
|  |  | &nbsp;&nbsp; 6273 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Pason Systems, Inc. | 308809 | &nbsp;&nbsp; 2698 |
| **Financials—9.6%** | **Financials—9.6%** |  |
| AJ Bell plc | 844538 | &nbsp;&nbsp; 5023 |
| Caixa Seguridade Participacoes S.A. | 2074636 | &nbsp;&nbsp; 6292 |
| FinecoBank Banca Fineco SpA | 232550 | &nbsp;&nbsp; 6067 |
| Hamilton Lane, Inc. Class A | 7632 | &nbsp;&nbsp; 1025 |
| Interactive Brokers Group, Inc. Class A | 50021 | &nbsp;&nbsp; 3217 |
| Jack Henry & Associates, Inc. | 10143 | &nbsp;&nbsp; 1851 |
| LPL Financial Holdings, Inc. | 8066 | &nbsp;&nbsp; 2881 |
| Moltiply Group SpA | 29775 | &nbsp;&nbsp; 1214 |
| Mortgage Advice Bureau Holdings Ltd. | 200106 | &nbsp;&nbsp; 1856 |
| Progressive Corp. (The) | 23571 | &nbsp;&nbsp; 5368 |
| Qualitas Controladora SAB de C.V. | 140753 | &nbsp;&nbsp; 1455 |
| S&P Global, Inc. | 9712 | &nbsp;&nbsp; 5075 |
| Steadfast Group Ltd. | 265776 | &nbsp;&nbsp; 936 |
| Visa, Inc. Class A | 36920 | &nbsp;&nbsp; 12948 |
| W. R. Berkley Corp. | 37696 | &nbsp;&nbsp; 2643 |
|  |  | &nbsp;&nbsp; 57851 |
| **Health Care—6.3%** | **Health Care—6.3%** |  |
| As One Corp. | 256300 | &nbsp;&nbsp; 3934 |
| Chemed Corp. | 2402 | &nbsp;&nbsp; 1028 |
| Cooper Cos., Inc. (The)<sup>(5)</sup> <br>| 24326 | &nbsp;&nbsp; 1994 |
| Danaher Corp. | 19248 | &nbsp;&nbsp; 4406 |
| Eli Lilly & Co. | 6380 | &nbsp;&nbsp; 6856 |
| Haw Par Corp., Ltd. | 494700 | &nbsp;&nbsp; 6035 |
| IDEXX Laboratories, Inc.<sup>(5)</sup> <br>| 6371 | &nbsp;&nbsp; 4310 |

---

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Intuitive Surgical, Inc.<sup>(5)</sup> <br>| 7786 | &nbsp;&nbsp; $4410 |
| Medline, Inc. Class A<sup>(5)</sup> <br>| 48512 | &nbsp;&nbsp; 2037 |
| Riverstone Holdings Ltd. | 998500 | &nbsp;&nbsp; 676 |
| Sartorius Stedim Biotech | 7639 | &nbsp;&nbsp; 1885 |
|  |  | &nbsp;&nbsp; 37571 |
| **Industrials—12.1%** | **Industrials—12.1%** |  |
| Allegion plc | 15246 | &nbsp;&nbsp; 2427 |
| Epiroc AB Class B | 240268 | &nbsp;&nbsp; 4872 |
| Equifax, Inc. | 19393 | &nbsp;&nbsp; 4208 |
| Exponent, Inc. | 13538 | &nbsp;&nbsp; 940 |
| Fair Isaac Corp.<sup>(5)</sup> <br>| 4688 | &nbsp;&nbsp; 7926 |
| Haitian International Holdings Ltd. | 1300006 | &nbsp;&nbsp; 3702 |
| Howden Joinery Group plc | 327002 | &nbsp;&nbsp; 3670 |
| Knorr-Bremse AG | 23479 | &nbsp;&nbsp; 2625 |
| Lennox International, Inc. | 3317 | &nbsp;&nbsp; 1611 |
| MEITEC Group Holdings, Inc. | 117500 | &nbsp;&nbsp; 2660 |
| MISUMI Group, Inc. | 160400 | &nbsp;&nbsp; 2506 |
| MonotaRO Co., Ltd. | 229700 | &nbsp;&nbsp; 3667 |
| MTU Aero Engines AG | 9752 | &nbsp;&nbsp; 4072 |
| NICE Information Service Co., Ltd. | 143029 | &nbsp;&nbsp; 1688 |
| Nordson Corp. | 8257 | &nbsp;&nbsp; 1985 |
| S-1 Corp. | 54645 | &nbsp;&nbsp; 2735 |
| Saia, Inc.<sup>(5)</sup> <br>| 4794 | &nbsp;&nbsp; 1565 |
| Spirax Group plc | 39304 | &nbsp;&nbsp; 3613 |
| Uber Technologies, Inc.<sup>(5)</sup> <br>| 76056 | &nbsp;&nbsp; 6215 |
| UL Solutions, Inc. Class A | 26039 | &nbsp;&nbsp; 2053 |
| VAT Group AG | 7528 | &nbsp;&nbsp; 3668 |
| Watsco, Inc. | 4532 | &nbsp;&nbsp; 1527 |
| Zurn Elkay Water Solutions Corp. | 53177 | &nbsp;&nbsp; 2472 |
|  |  | &nbsp;&nbsp; 72407 |
| **Information Technology—14.9%** | **Information Technology—14.9%** |  |
| Alten S.A. | 40547 | &nbsp;&nbsp; 3452 |
| Amphenol Corp. Class A | 120859 | &nbsp;&nbsp; 16333 |
| Bentley Systems, Inc. Class B | 51943 | &nbsp;&nbsp; 1982 |
| Bouvet ASA | 449284 | &nbsp;&nbsp; 2746 |
| Cadence Design Systems, Inc.<sup>(5)</sup> <br>| 15836 | &nbsp;&nbsp; 4950 |
| Kainos Group plc | 121419 | &nbsp;&nbsp; 1643 |
| Monolithic Power Systems, Inc. | 4311 | &nbsp;&nbsp; 3907 |
| NVIDIA Corp. | 93801 | &nbsp;&nbsp; 17494 |
| Riken Keiki Co., Ltd. | 130200 | &nbsp;&nbsp; 2660 |
| ServiceNow, Inc.<sup>(5)</sup> <br>| 31625 | &nbsp;&nbsp; 4845 |
| ServiceTitan, Inc. Class A<sup>(5)</sup> <br>| 15303 | &nbsp;&nbsp; 1630 |
| Shopify, Inc. Class A<sup>(5)</sup> <br>| 49268 | &nbsp;&nbsp; 7931 |
| Snowflake, Inc. Class A<sup>(5)</sup> <br>| 31015 | &nbsp;&nbsp; 6803 |
| Sopra Steria Group | 13226 | &nbsp;&nbsp; 2403 |
| Teledyne Technologies, Inc.<sup>(5)</sup> <br>| 3919 | &nbsp;&nbsp; 2002 |
| Trimble, Inc.<sup>(5)</sup> <br>| 18820 | &nbsp;&nbsp; 1474 |
| Universal Display Corp. | 14734 | &nbsp;&nbsp; 1721 |
| Workday, Inc. Class A<sup>(5)</sup> <br>| 18688 | &nbsp;&nbsp; 4014 |
| Zebra Technologies Corp. Class A<sup>(5)</sup> <br>| 5837 | &nbsp;&nbsp; 1417 |
|  |  | &nbsp;&nbsp; 89407 |
| **Materials—1.9%** | **Materials—1.9%** |  |
| Corp. Moctezuma SAB de C.V. | 943523 | &nbsp;&nbsp; 4244 |
| Ecolab, Inc. | 14346 | &nbsp;&nbsp; 3766 |
| Forterra plc | 659129 | &nbsp;&nbsp; 1647 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Ibstock plc | 886281 | &nbsp;&nbsp; $1668 |
|  |  | &nbsp;&nbsp; 11325 |
| **Real Estate—0.5%** | **Real Estate—0.5%** |  |
| CoStar Group, Inc.<sup>(5)</sup> <br>| 44668 | &nbsp;&nbsp; 3003 |
| **Total Common Stocks** <br>**(Identified Cost $239,666)** | **Total Common Stocks** <br>**(Identified Cost $239,666)** | &nbsp;&nbsp; **370466** |
| **Affiliated Mutual Funds—12.7%** | **Affiliated Mutual Funds—12.7%** | **Affiliated Mutual Funds—12.7%** |
| **Fixed Income Funds—12.7%** | **Fixed Income Funds—12.7%** |  |
| Virtus Newfleet ABS MACS<sup>(6)(7)</sup> <br>| 2060081 | &nbsp;&nbsp; 20457 |
| Virtus Newfleet CMBS MACS<sup>(6)(7)</sup> <br>| 1169858 | &nbsp;&nbsp; 11745 |
| Virtus Newfleet Floating Rate MACS<sup>(6)(7)</sup> <br>| 968426 | &nbsp;&nbsp; 9365 |
| Virtus Newfleet High Yield MACS<sup>(6)(7)</sup> <br>| 976412 | &nbsp;&nbsp; 9579 |
| Virtus Newfleet RMBS MACS<sup>(6)(7)</sup> <br>| 2487729 | &nbsp;&nbsp; 25250 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $76,597)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $76,597)** | &nbsp;&nbsp; **76396** |
| **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Virtus Newfleet Securitized Income ETF<sup>(6)(7)</sup> <br>| 95902 | &nbsp;&nbsp; 2326 |
| **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $2,343)** | **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $2,343)** | &nbsp;&nbsp; **2326** |
| **Total Long-Term Investments—97.8%** <br>**(Identified Cost $464,353)** | **Total Long-Term Investments—97.8%** <br>**(Identified Cost $464,353)** | &nbsp;&nbsp; **586865** |
| **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $464,353)** | **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $464,353)** | &nbsp;&nbsp; **$586865** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp; 13234 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$600099** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| CMBS | Commercial Mortgage-Backed Securities |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MACS | Managed Account Completion Shares |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| ULC | Unlimited Liability Company |

---

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

See Notes to Schedule of Investments

------

**VIRTUS Tactical Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At December 31, 2025, these securities amounted <br> to a value of $25,260 or 4.2% of net assets.<br>|
| <sup>(2)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(3)</sup> <br>| No contractual maturity date. |
| <sup>(4)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(5)</sup> <br>| Non-income producing. |
| <sup>(6)</sup> <br>| Affiliated investment.  |
| <sup>(7)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 75<br> %<br>|
| United Kingdom | 4 |
| Japan | 3 |
| France | 2 |
| Brazil | 2 |
| Italy | 2 |
| Germany | 1 |
| Other | 11 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30518 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6816 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35022 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65321 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $586865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $449188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $137677 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

See Notes to Schedule of Investments

------

**VIRTUS TACTICAL ALLOCATION FUND**

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

**December 31, 2025**

**Note 1. Security Valuation**

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

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

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

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

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

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

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

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

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-00945

- **c. CIK number of Registrant:** 0000034273

- **d. LEI of Registrant:** 549300BN8LS7IJSSNN03

- **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 Tactical Allocation Fund

- **b. EDGAR series identifier (if any):** S000021179

- **c. LEI of Series:** 5493000BQ75WRC0WLH98

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $601161989.85

**Total Liabilities:** $801364.30

**Net Assets:** $600360625.55

**Cash Not Reported:** $11858783.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000060291 | 0.18%                | -0.53%               | -0.68%               |
| Class ID C000060293 | 0.09%                | -0.60%               | -0.70%               |
| Class ID C000211088 | 0.27%                | -0.53%               | -0.63%               |
| Class ID C000224195 | 0.27%                | -0.54%               | -0.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2592964.86              | $-1928021.11                               |
| Month 2  | $3738765.17              | $-7927553.29                               |
| Month 3  | $5661321.82              | $-10914646.44                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARVELL TECHNOLOGY INC             | Marvell Technology Inc                                                          | CUSIP: 573874AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $479096.13    | 0.08%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Interactive Brokers Group Inc      | Interactive Brokers Group Inc                                                   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     50021 | NS      | $3216850.51   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                            | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     94000 | PA      | $97995.00     | 0.02%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO            | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $246205.23    | 0.04%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                          | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    432000 | PA      | $423013.40    | 0.07%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Corp Moctezuma SAB de CV           | Corp Moctezuma SAB de CV                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    943523 | NS      | $4244085.13   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF POLAND                 | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     67000 | PA      | $68525.59     | 0.01%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    285000 | PA      | $296490.15    | 0.05%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    230000 | PA      | $216973.73    | 0.04%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC               | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    460000 | PA      | $466394.00    | 0.08%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF        | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |     95902 | NS      | $2326103.01   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                       | Nordson Corp                                                                    | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      8257 | NS      | $1985230.51   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                                           | CUSIP: 3128KSN65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51644 | PA      | $54521.93     | 0.01%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I               | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $380182.78    | 0.06%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    610000 | PA      | $563516.31    | 0.09%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP             | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    210000 | PA      | $213950.98    | 0.04%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                    | DR Horton Inc                                                                   | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    365000 | PA      | $380090.59    | 0.06%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exponent Inc                       | Exponent Inc                                                                    | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |     13538 | NS      | $940349.48    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT           | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    345000 | PA      | $295337.30    | 0.05%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     12000 | PA      | $10756.08     | 0.00%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES            | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    314000 | PA      | $314785.00    | 0.05%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3870000 | PA      | $3727142.59   | 0.62%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bright Horizons Family Solutio     | Bright Horizons Family Solutions Inc                                            | CUSIP: 109194100<br>LEI: 2549009BKSVTM7UEYT38 | Long             | EC               | CORP              | US        |     12851 | NS      | $1303091.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRICITE DE FRANCE SA           | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    425000 | PA      | $468183.10    | 0.08%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    105000 | PA      | $113497.73    | 0.02%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VAT Group AG                       | VAT Group AG                                                                    | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |      7528 | NS      | $3667535.92   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                      | Amphenol Corp                                                                   | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    120859 | NS      | $16332885.26  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding     | Ollie's Bargain Outlet Holdings Inc                                             | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     12548 | NS      | $1375386.28   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    140000 | PA      | $85546.77     | 0.01%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                 | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    334000 | PA      | $359262.07    | 0.06%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                 | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    219000 | PA      | $255983.63    | 0.04%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC            | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $360738.40    | 0.06%             | 2034-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1439456 | PA      | $1481159.13   | 0.25%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                    | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    745000 | PA      | $692314.04    | 0.12%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet Floating Rate MACS | Virtus Newfleet Floating Rate MACS                                              | CUSIP: 92839Q304<br>LEI: 254900KZEW1HA1768U33 | Long             | EC               | RF                | US        |    968426 | NS      | $9364678.50   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarana Menara Nusantara Tbk PT     | Sarana Menara Nusantara Tbk PT                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  42934000 | NS      | $1506230.28   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp            | Zebra Technologies Corp                                                         | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      5837 | NS      | $1417340.34   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                       | Danaher Corp                                                                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     19248 | NS      | $4406252.16   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    794840 | PA      | $817585.99    | 0.14%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC               | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $574404.72    | 0.10%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                 | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $332905.98    | 0.06%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Sopra Steria Group                 | Sopra Steria Group                                                              | CUSIP: 000000000<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |     13226 | NS      | $2402977.98   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                        | Workday Inc                                                                     | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     18688 | NS      | $4013808.64   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LTD            | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    310000 | PA      | $282893.60    | 0.05%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| LPL Financial Holdings Inc         | LPL Financial Holdings Inc                                                      | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      8066 | NS      | $2880933.22   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    355000 | PA      | $347032.13    | 0.06%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                    | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    600000 | PA      | $528929.92    | 0.09%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    340000 | PA      | $411181.10    | 0.07%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC            | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    215000 | PA      | $210060.86    | 0.03%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169877.61    | 0.03%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                         | Watsco Inc                                                                      | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      4532 | NS      | $1527057.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF INDONESIA              | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    252000 | PA      | $244117.44    | 0.04%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Snowflake Inc                      | Snowflake Inc                                                                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     31015 | NS      | $6803450.40   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    240000 | PA      | $250398.48    | 0.04%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                   | MISUMI Group Inc                                                                | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |    160400 | NS      | $2505738.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                   | W R Berkley Corp                                                                | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     37696 | NS      | $2643243.52   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                            | HCA Inc                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    415000 | PA      | $375065.56    | 0.06%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2873128 | PA      | $2959276.19   | 0.49%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    355000 | PA      | $372526.43    | 0.06%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hamilton Lane Inc                  | Hamilton Lane Inc                                                               | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      7632 | NS      | $1025053.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                    | Knorr-Bremse AG                                                                 | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     23479 | NS      | $2625428.35   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTA RICA GOVERNMENT              | Costa Rica Government International Bond                                        | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     65000 | PA      | $70755.75     | 0.01%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    110000 | PA      | $118839.49    | 0.02%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    195000 | PA      | $212544.50    | 0.04%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE             | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    370000 | PA      | $375584.03    | 0.06%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC            | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    445000 | PA      | $463570.57    | 0.08%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Medline Inc                        | Medline Inc                                                                     | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |     48512 | NS      | $2037504.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kainos Group PLC                   | Kainos Group PLC                                                                | CUSIP: 000000000<br>LEI: 213800H2PQMIF3OVZY47 | Long             | EC               | CORP              | GB        |    121419 | NS      | $1643214.08   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31402QTS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62893 | PA      | $65660.94     | 0.01%             | 2034-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC             | Philip Morris International Inc                                                 | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    460000 | PA      | $463681.28    | 0.08%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3840000 | PA      | $3106349.99   | 0.52%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12795000 | PA      | $6291041.63   | 1.05%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    690000 | PA      | $751252.76    | 0.13%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP               | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    463000 | PA      | $494951.87    | 0.08%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC             | Diamondback Energy Inc                                                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    385000 | PA      | $363428.39    | 0.06%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     80000 | PA      | $74480.00     | 0.01%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Mortgage Advice Bureau Holding     | Mortgage Advice Bureau Holdings Ltd                                             | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |    200106 | NS      | $1855762.23   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    379000 | PA      | $402492.47    | 0.07%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    894849 | PA      | $876865.81    | 0.15%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                           | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    792000 | PA      | $756495.09    | 0.13%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS              | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    510000 | PA      | $450318.76    | 0.08%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                       | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    570000 | PA      | $490875.97    | 0.08%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Chemed Corp                        | Chemed Corp                                                                     | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      2402 | NS      | $1027719.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2248483 | PA      | $2195619.87   | 0.37%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Riverstone Holdings Ltd            | Riverstone Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    998500 | NS      | $675816.87    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    249000 | PA      | $262027.28    | 0.04%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING           | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    475000 | PA      | $487614.57    | 0.08%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31371KWJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6794 | PA      | $7027.81      | 0.00%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                   | Black Hills Corp                                                                | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    570000 | PA      | $611298.15    | 0.10%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES              | Mexico Government International Bond                                            | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    245000 | PA      | $248613.75    | 0.04%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc              | Uber Technologies Inc                                                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     76056 | NS      | $6214535.76   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF PERU                   | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    240000 | PA      | $244920.00    | 0.04%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT           | United Airlines 2024-1 Class AA Pass Through Trust                              | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24138 | PA      | $24815.25     | 0.00%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HAITIAN INT'L                      | Haitian International Holdings Ltd                                              | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |   1300006 | NS      | $3701560.25   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Malaysia Bhd              | Heineken Malaysia Bhd                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    478300 | NS      | $2706202.07   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                            | HCA Inc                                                                         | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    235000 | PA      | $241825.58    | 0.04%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                       | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    550000 | PA      | $557910.64    | 0.09%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    455000 | PA      | $474392.42    | 0.08%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                    | 180 Medical Inc                                                                 | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    575000 | PA      | $572997.68    | 0.10%             | 2035-10-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                   | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    105000 | PA      | $118748.70    | 0.02%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                 | Morocco Government International Bond                                           | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    110000 | PA      | $96551.40     | 0.02%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC              | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    235000 | PA      | $241332.24    | 0.04%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31412MYW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51549 | PA      | $53725.06     | 0.01%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NIKE Inc                           | NIKE Inc                                                                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     36206 | NS      | $2306684.26   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                        | Netflix Inc                                                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     66110 | NS      | $6198473.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UZBEKISTAN INTL BOND               | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     45000 | PA      | $48283.20     | 0.01%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Riken Keiki Co Ltd                 | Riken Keiki Co Ltd                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    130200 | NS      | $2659857.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    540000 | PA      | $553079.72    | 0.09%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC           | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $401085.44    | 0.07%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    579500 | PA      | $596446.37    | 0.10%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    490000 | PA      | $488475.63    | 0.08%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     35000 | PA      | $21235.16     | 0.00%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS            | New York State Electric & Gas Corp                                              | CUSIP: 649840CV5<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    320000 | PA      | $339408.89    | 0.06%             | 2033-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                        | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    595000 | PA      | $564240.15    | 0.09%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                          | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    440000 | PA      | $463812.05    | 0.08%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND           | Saudi Government International Bond                                             | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    160000 | PA      | $162575.20    | 0.03%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International In     | Choice Hotels International Inc                                                 | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |     12724 | NS      | $1212088.24   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK              | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    440000 | PA      | $463999.28    | 0.08%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L               | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    165000 | PA      | $117810.00    | 0.02%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BOEING CO                          | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    525000 | PA      | $514791.98    | 0.09%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY             | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAF8<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    570000 | PA      | $572647.12    | 0.10%             | 2054-04-03      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                | Dominion Energy Inc                                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270183.91    | 0.05%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Cooper Cos Inc/The                 | Cooper Cos Inc/The                                                              | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     24326 | NS      | $1993758.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                 | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    385000 | PA      | $393926.22    | 0.07%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                   | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    380000 | PA      | $396230.55    | 0.07%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA               | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    125000 | PA      | $132000.00    | 0.02%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc         | Cadence Design Systems Inc                                                      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     15836 | NS      | $4950016.88   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                           | Visa Inc                                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     36920 | NS      | $12948213.20  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES              | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    235000 | PA      | $244885.09    | 0.04%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    340000 | PA      | $368597.40    | 0.06%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                 | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     70000 | PA      | $68373.81     | 0.01%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $344083.99    | 0.06%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                     | Amazon.com Inc                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     56769 | NS      | $13103420.58  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    135000 | PA      | $139792.50    | 0.02%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                  | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    480000 | PA      | $499941.56    | 0.08%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NICE Information Service Co Lt     | NICE Information Service Co Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    143029 | NS      | $1687892.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC             | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $373062.81    | 0.06%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL             | Brazilian Government International Bond                                         | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     66000 | PA      | $65406.00     | 0.01%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER            | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    390000 | PA      | $402985.83    | 0.07%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA           | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    729000 | PA      | $644625.50    | 0.11%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Allegro.eu SA                      | Allegro.eu SA                                                                   | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |    275225 | NS      | $2378127.99   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The               | Progressive Corp/The                                                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     23571 | NS      | $5367588.12   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SAUDI INTERNATIONAL BOND           | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    110000 | PA      | $94050.00     | 0.02%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1301012 | PA      | $1305026.19   | 0.22%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR            | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    574615 | PA      | $577931.83    | 0.10%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                   | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    640000 | PA      | $613647.82    | 0.10%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| MEITEC Group Holdings Inc          | MEITEC Group Holdings Inc                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    117500 | NS      | $2659952.76   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK FUNDING INC              | BlackRock Funding Inc                                                           | CUSIP: 09290DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $335442.56    | 0.06%             | 2054-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD      | Marriott International Inc/MD                                                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     21070 | NS      | $6536756.80   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC           | Lloyds Banking Group PLC                                                        | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $24958.60     | 0.00%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION              | Flowserve Corp                                                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    480000 | PA      | $457657.12    | 0.08%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Moltiply Group SpA                 | Moltiply Group SpA                                                              | CUSIP: 000000000<br>LEI: 8156004E40D6A02C5046 | Long             | EC               | CORP              | IT        |     29775 | NS      | $1214207.83   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31412YFP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33426 | PA      | $34877.34     | 0.01%             | 2036-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Zurn Elkay Water Solutions Cor     | Zurn Elkay Water Solutions Corp                                                 | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     53177 | NS      | $2472198.73   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| S-1 Corp                           | S-1 Corp                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     54645 | NS      | $2735000.17   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                        | NVIDIA Corp                                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     93801 | NS      | $17493886.50  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON LIFE INSURANCE              | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |     75000 | PA      | $80759.18     | 0.01%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31374CLW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65118 | PA      | $69262.29     | 0.01%             | 2037-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411JCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43654 | PA      | $45484.40     | 0.01%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO            | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $229659.14    | 0.04%             | 2035-02-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                   | MercadoLibre Inc                                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1845 | NS      | $3716309.70   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     35000 | PA      | $29584.98     | 0.00%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms Inc                                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     12577 | NS      | $8301951.93   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    665000 | PA      | $683259.49    | 0.11%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWJ46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1071064 | PA      | $1088206.48   | 0.18%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                    | Fair Isaac Corp                                                                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      4688 | NS      | $7925626.56   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                        | Equifax Inc                                                                     | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     19393 | NS      | $4207893.14   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1514268 | PA      | $1516364.19   | 0.25%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC           | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    565000 | PA      | $569317.73    | 0.09%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT              | Costa Rica Government International Bond                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     40000 | PA      | $44820.00     | 0.01%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                           | Flex Ltd                                                                        | CUSIP: 33938XAG0<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    460000 | PA      | $459291.60    | 0.08%             | 2035-11-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                | Global Payments Inc                                                             | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    460000 | PA      | $457208.80    | 0.08%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                       | Veralto Corp                                                                    | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    310000 | PA      | $323537.41    | 0.05%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                     | S&P Global Inc                                                                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      9712 | NS      | $5075394.08   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                        | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       524 | PA      | $508.99       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                   | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    415000 | PA      | $438011.47    | 0.07%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP             | Mizuho Financial Group Inc                                                      | CUSIP: 60687YBU2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    385000 | PA      | $344831.03    | 0.06%             | 2031-09-13      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT             | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    487181 | PA      | $445260.94    | 0.07%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP            | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AV8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    350000 | PA      | $361987.33    | 0.06%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2045000 | PA      | $1198721.49   | 0.20%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                 | Ingersoll Rand Inc                                                              | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    460000 | PA      | $487368.70    | 0.08%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                 | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    360000 | PA      | $356615.24    | 0.06%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA        | FinecoBank Banca Fineco SpA                                                     | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |    232550 | NS      | $6067099.27   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON LIFE INSURANCE              | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $211680.21    | 0.04%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA               | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    142000 | PA      | $151265.50    | 0.03%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DTQH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2842914 | PA      | $2634719.39   | 0.44%             | 2054-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bentley Systems Inc                | Bentley Systems Inc                                                             | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     51943 | NS      | $1982404.60   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CODELCO INC                        | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    350000 | PA      | $365393.00    | 0.06%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2263674 | PA      | $2325786.23   | 0.39%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                     | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    433000 | PA      | $478633.44    | 0.08%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ServiceTitan Inc                   | ServiceTitan Inc                                                                | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15303 | NS      | $1629769.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES              | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    340000 | PA      | $355161.51    | 0.06%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU           | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $333843.86    | 0.06%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS MACS           | Virtus Newfleet ABS MACS                                                        | CUSIP: 92839Q106<br>LEI: 2549002ITWIQU02JEJ86 | Long             | EC               | RF                | US        |   2060081 | NS      | $20456605.93  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY                            | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     98000 | PA      | $97919.60     | 0.02%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CoStar Group Inc                   | CoStar Group Inc                                                                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     44668 | NS      | $3003476.32   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL FINANCE INTL NV               | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $460819.01    | 0.08%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                  | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    390000 | PA      | $409467.83    | 0.07%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    670000 | PA      | $699735.76    | 0.12%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Allegion plc                       | Allegion plc                                                                    | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     15246 | NS      | $2427468.12   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411H7D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4015 | PA      | $4267.80      | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Universal Display Corp             | Universal Display Corp                                                          | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14734 | NS      | $1720636.52   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                  | EOG Resources Inc                                                               | CUSIP: 26875PAW1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    385000 | PA      | $376551.30    | 0.06%             | 2054-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    635000 | PA      | $566228.39    | 0.09%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Alten SA                           | Alten SA                                                                        | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |     40547 | NS      | $3452302.95   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL POWER US HOLDING           | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $287093.14    | 0.05%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA              | Guatemala Government Bond                                                       | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     72000 | PA      | $77311.44     | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech           | Sartorius Stedim Biotech                                                        | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      7639 | NS      | $1885244.09   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                 | Trade Desk Inc/The                                                              | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     74903 | NS      | $2843317.88   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualitas Controladora SAB de C     | Qualitas Controladora SAB de CV                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    140753 | NS      | $1454545.37   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Forterra PLC                       | Forterra PLC                                                                    | CUSIP: 000000000<br>LEI: 213800O5DD6ATBVJAD23 | Long             | EC               | CORP              | GB        |    659129 | NS      | $1647228.82   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS           | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91262.23     | 0.02%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA               | Colombia Government International Bond                                          | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     57000 | PA      | $62714.25     | 0.01%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2335000 | PA      | $1631581.25   | 0.27%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN             | Kazakhstan Government International Bond                                        | CUSIP: 486661BP5<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    176000 | PA      | $180769.60    | 0.03%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD           | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    360000 | PA      | $377470.32    | 0.06%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Dayamitra Telekomunikasi PT        | Dayamitra Telekomunikasi PT                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  48932000 | NS      | $2054116.94   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC             | Roper Technologies Inc                                                          | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    465000 | PA      | $468535.63    | 0.08%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Ibstock PLC                        | Ibstock PLC                                                                     | CUSIP: 000000000<br>LEI: 2138003QHTNX34CN9V93 | Long             | EC               | CORP              | GB        |    886281 | NS      | $1667748.81   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                   | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    505000 | PA      | $462874.23    | 0.08%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                 | Ford Motor Co                                                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    286000 | PA      | $252014.01    | 0.04%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                     | ServiceNow Inc                                                                  | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     31625 | NS      | $4844633.75   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    120000 | PA      | $131516.63    | 0.02%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                   | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    475000 | PA      | $484511.33    | 0.08%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                 | Meta Platforms Inc                                                              | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    560000 | PA      | $533962.08    | 0.09%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31414P6E4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43877 | PA      | $45050.33     | 0.01%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    229000 | PA      | $239954.42    | 0.04%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES              | Mexico Government International Bond                                            | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $208900.00    | 0.03%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4255000 | PA      | $3846785.94   | 0.64%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                  | Republic of Kenya Government International Bond                                 | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     55000 | PA      | $60087.50     | 0.01%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    590000 | PA      | $581764.72    | 0.10%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    388000 | PA      | $339639.93    | 0.06%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| HUNGARY                            | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    275000 | PA      | $292732.00    | 0.05%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W1Q89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2592253 | PA      | $2467516.42   | 0.41%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC               | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    505000 | PA      | $465823.10    | 0.08%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    445000 | PA      | $468829.62    | 0.08%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    890884 | PA      | $874546.10    | 0.15%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                   | DT Midstream Inc                                                                | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $352454.94    | 0.06%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418E6X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2169981 | PA      | $2058994.24   | 0.34%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                | MTU Aero Engines AG                                                             | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      9752 | NS      | $4071933.56   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSURBAN FINANCE CO              | Transurban Finance Co Pty Ltd                                                   | CUSIP: 89400PAL7<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |    465000 | PA      | $460819.71    | 0.08%             | 2036-03-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR            | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     82000 | PA      | $87230.78     | 0.01%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    495000 | PA      | $500201.37    | 0.08%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                 | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    475000 | PA      | $480988.90    | 0.08%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                 | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $464734.60    | 0.08%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1885000 | PA      | $1777937.88   | 0.30%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                            | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    535000 | PA      | $595686.09    | 0.10%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART            | Kinder Morgan Energy Partners LP                                                | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    220000 | PA      | $256425.10    | 0.04%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd     | Anhui Gujing Distillery Co Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    190600 | NS      | $2139220.32   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                                | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    445000 | PA      | $492590.09    | 0.08%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| oOh!media Ltd                      | oOh!media Ltd                                                                   | CUSIP: 000000000<br>LEI: 984500D581E7E7A88078 | Long             | EC               | CORP              | AU        |   4254860 | NS      | $3691325.07   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                       | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    355000 | PA      | $405926.57    | 0.07%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| KEYCORP                            | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    600000 | PA      | $651717.16    | 0.11%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    122000 | PA      | $101245.30    | 0.02%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SiteOne Landscape Supply Inc       | SiteOne Landscape Supply Inc                                                    | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      9116 | NS      | $1135488.96   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR           | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    340000 | PA      | $345254.70    | 0.06%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Jack Henry & Associates Inc        | Jack Henry & Associates Inc                                                     | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     10143 | NS      | $1850894.64   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTEAD CAPITAL INC                | Ashtead Capital Inc                                                             | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    375000 | PA      | $396761.99    | 0.07%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc             | Intuitive Surgical Inc                                                          | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      7786 | NS      | $4409678.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR           | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    235000 | PA      | $239702.98    | 0.04%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet CMBS MACS          | Virtus Newfleet CMBS MACS                                                       | CUSIP: 92839Q205<br>LEI: 254900GVMTWAZZTHYO11 | Long             | EC               | RF                | US        |   1169858 | NS      | $11745373.26  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                   | Spirax Group PLC                                                                | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     39304 | NS      | $3613224.19   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc                  | Pason Systems Inc                                                               | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    308809 | NS      | $2697621.15   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF KENYA                  | Republic of Kenya Government International Bond                                 | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     90000 | PA      | $90001.80     | 0.01%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                 | Angolan Government International Bond                                           | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     72000 | PA      | $72562.17     | 0.01%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    993662 | PA      | $1010673.67   | 0.17%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION               | M&T Bank Corp                                                                   | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    375000 | PA      | $378698.97    | 0.06%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                                           | CUSIP: 3128K64H0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26486 | PA      | $27222.78     | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saia Inc                           | Saia Inc                                                                        | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      4794 | NS      | $1565336.88   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF NIGERIA                | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    163000 | PA      | $193145.76    | 0.03%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| US BANCORP                         | US Bancorp                                                                      | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    475000 | PA      | $493681.81    | 0.08%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS           | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    240000 | PA      | $242376.55    | 0.04%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY           | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    302000 | PA      | $285239.00    | 0.05%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)             | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    370000 | PA      | $394745.60    | 0.07%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    495000 | PA      | $523311.06    | 0.09%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD               | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    163000 | PA      | $170343.15    | 0.03%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| UL Solutions Inc                   | UL Solutions Inc                                                                | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |     26039 | NS      | $2053435.54   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIATION CAPITAL GROUP             | Aviation Capital Group LLC                                                      | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    210000 | PA      | $224343.34    | 0.04%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| As One Corp                        | As One Corp                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    256300 | NS      | $3933511.24   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLANTIS FIN US INC              | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    340000 | PA      | $353433.36    | 0.06%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    191000 | PA      | $187597.52    | 0.03%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AJ Bell PLC                        | AJ Bell PLC                                                                     | CUSIP: 000000000<br>LEI: 213800VNKA7DPWXWJJ36 | Long             | EC               | CORP              | GB        |    844538 | NS      | $5022598.73   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                          | Epiroc AB                                                                       | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    240268 | NS      | $4872430.96   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc          | Teledyne Technologies Inc                                                       | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      3919 | NS      | $2001550.87   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                        | Rollins Inc                                                                     | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     38792 | NS      | $2328295.84   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKLYN UNION GAS CO              | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    595000 | PA      | $588709.02    | 0.10%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO             | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    197000 | PA      | $224991.10    | 0.04%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    408000 | PA      | $373117.79    | 0.06%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO               | Saudi Arabian Oil Co                                                            | CUSIP: 80414L2N4<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    355000 | PA      | $364496.25    | 0.06%             | 2034-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc             | IDEXX Laboratories Inc                                                          | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      6371 | NS      | $4310172.63   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixa Seguridade Participacoes     | Caixa Seguridade Participacoes S/A                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2074636 | NS      | $6292340.04   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                                                | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2635194 | PA      | $2629467.08   | 0.44%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hermes International SCA           | Hermes International SCA                                                        | CUSIP: 42751Q105<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     15801 | NS      | $3918648.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP           | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $244139.88    | 0.04%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W2XA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1262275 | PA      | $1263022.46   | 0.21%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                         | Sodexo Inc                                                                      | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |    465000 | PA      | $486568.33    | 0.08%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411JDZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26704 | PA      | $28387.67     | 0.00%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31409VYN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1886 | PA      | $1952.62      | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Steadfast Group Ltd                | Steadfast Group Ltd                                                             | CUSIP: 000000000<br>LEI: 9845003B6BEAA12DBD91 | Long             | EC               | CORP              | AU        |    265776 | NS      | $936490.44    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF POLAND                 | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    275000 | PA      | $278833.50    | 0.05%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                  | EOG Resources Inc                                                               | CUSIP: 26875PAZ4<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102756.31    | 0.02%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                   | Berry Global Inc                                                                | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    440000 | PA      | $458413.24    | 0.08%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                       | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    510000 | PA      | $584800.86    | 0.10%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND           | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    134000 | PA      | $142308.00    | 0.02%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Shopify Inc                        | Shopify Inc                                                                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     49268 | NS      | $7930669.96   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD           | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    470000 | PA      | $486920.00    | 0.08%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    940000 | PA      | $832120.32    | 0.14%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    809475 | PA      | $823364.95    | 0.14%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO           | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    785000 | PA      | $722315.48    | 0.12%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                 | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    417000 | PA      | $401316.63    | 0.07%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4330000 | PA      | $3206060.56   | 0.53%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INSUR                | Sumitomo Life Insurance Co                                                      | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    460000 | PA      | $464607.82    | 0.08%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    245000 | PA      | $224825.26    | 0.04%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                       | Alphabet Inc                                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     36027 | NS      | $11276451.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Howden Joinery Group PLC           | Howden Joinery Group PLC                                                        | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |    327002 | NS      | $3669513.03   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FED REPUBLIC OF BRAZIL             | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    395000 | PA      | $399246.25    | 0.07%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2104698 | PA      | $2005047.36   | 0.33%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT           | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    475000 | PA      | $469066.35    | 0.08%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                            | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     85000 | PA      | $92446.43     | 0.02%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Thor Industries Inc                | Thor Industries Inc                                                             | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     17736 | NS      | $1820955.12   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARS INC                           | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    265000 | PA      | $272374.85    | 0.05%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet High Yield MACS    | Virtus Newfleet High Yield MACS                                                 | CUSIP: 92839Q403<br>LEI: 254900FGQQEMGNJ19E23 | Long             | EC               | RF                | US        |    976412 | NS      | $9578603.18   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                         | Ecolab Inc                                                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     14346 | NS      | $3766111.92   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5255000 | PA      | $2936641.77   | 0.49%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BJ's Wholesale Club Holdings I     | BJ's Wholesale Club Holdings Inc                                                | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     15856 | NS      | $1427515.68   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON INVESTMENTS SIX DAC           | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $422995.92    | 0.07%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1070000 | PA      | $1098589.06   | 0.18%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bouvet ASA                         | Bouvet ASA                                                                      | CUSIP: 000000000<br>LEI: 5967007LIEEXZXFMBC26 | Long             | EC               | CORP              | NO        |    449284 | NS      | $2745624.44   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    179000 | PA      | $177363.61    | 0.03%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                 | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     76000 | PA      | $81510.00     | 0.01%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                 | Home Depot Inc/The                                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      8396 | NS      | $2889063.60   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIR 2023-1 A PTT            | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258433 | PA      | $269958.15    | 0.04%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA           | Republic of South Africa Government International Bond                          | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    121000 | PA      | $120978.83    | 0.02%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                   | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    330000 | PA      | $385452.72    | 0.06%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC           | Baxter International Inc                                                        | CUSIP: 071813DE6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    455000 | PA      | $460468.34    | 0.08%             | 2035-12-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ROMANIA                            | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    194000 | PA      | $200596.00    | 0.03%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC               | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    610000 | PA      | $552807.10    | 0.09%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italia     | Infrastrutture Wireless Italiane SpA                                            | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |    237527 | NS      | $2201032.54   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS              | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    755000 | PA      | $551646.89    | 0.09%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc           | Lennox International Inc                                                        | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      3317 | NS      | $1610668.86   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF EL SALVADOR            | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     72000 | PA      | $74645.28     | 0.01%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP             | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    240000 | PA      | $250735.98    | 0.04%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                       | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    590000 | PA      | $619472.50    | 0.10%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1343498 | PA      | $1385828.74   | 0.23%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                | Petroleos Mexicanos                                                             | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     11000 | PA      | $8927.60      | 0.00%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    280000 | PA      | $303170.28    | 0.05%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co                                                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      6380 | NS      | $6856458.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIATION CAPITAL GROUP             | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123086.84    | 0.02%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    291000 | PA      | $281658.90    | 0.05%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc       | Monolithic Power Systems Inc                                                    | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      4311 | NS      | $3907317.96   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                    | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    615000 | PA      | $604930.14    | 0.10%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc            | O'Reilly Automotive Inc                                                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     70185 | NS      | $6401573.85   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                          | Pool Corp                                                                       | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      6263 | NS      | $1432661.25   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| IVORY COAST                        | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    162000 | PA      | $175946.58    | 0.03%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    260000 | PA      | $242732.15    | 0.04%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212446.84    | 0.04%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                         | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $429473.60    | 0.07%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC                  | Omnicom Group Inc                                                               | CUSIP: 681919BL9<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228199.65    | 0.04%             | 2033-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MonotaRO Co Ltd                    | MonotaRO Co Ltd                                                                 | CUSIP: 000000000<br>LEI: 5299005JUER5ANXWTC33 | Long             | EC               | CORP              | JP        |    229700 | NS      | $3666782.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    285000 | PA      | $304533.90    | 0.05%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EMD FINANCE LLC                    | EMD Finance LLC                                                                 | CUSIP: 26867LAR1<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |    460000 | PA      | $462341.09    | 0.08%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2208598 | PA      | $2268868.63   | 0.38%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Haw Par Corp Ltd                   | Haw Par Corp Ltd                                                                | CUSIP: 000000000<br>LEI: 254900579AKHEY30PA63 | Long             | EC               | CORP              | SG        |    494700 | NS      | $6034616.46   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM           | Brookfield Asset Management Ltd                                                 | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $340096.72    | 0.06%             | 2035-04-24      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD           | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    465000 | PA      | $467926.99    | 0.08%             | 2035-09-29      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Trimble Inc                        | Trimble Inc                                                                     | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     18820 | NS      | $1474547.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                 | Royalty Pharma PLC                                                              | CUSIP: 78081BAP8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    330000 | PA      | $218588.28    | 0.04%             | 2051-09-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet RMBS MACS          | Virtus Newfleet RMBS MACS                                                       | CUSIP: 92839Q502<br>LEI: 254900G2LHZGHTBHPK18 | Long             | EC               | RF                | US        |   2487729 | NS      | $25250444.64  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Virtus Equity Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer