# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-203830
**Filing Date:** 2025-8
**Character Count:** 116715
**Document Hash:** 7b59cafe35bad14e1625cf21f02b50a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203830.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203830

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251253597

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

#### VIRTUS Newfleet High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—95.4%** | **Corporate Bonds and Notes—95.4%** | **Corporate Bonds and Notes—95.4%** |
| **Communication Services—10.7%** | **Communication Services—10.7%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(1)</sup> | $405 | $142 |
| Altice France S.A. 144A<br> 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 331 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1070 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 528 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 380 |
| DIRECTV Financing LLC 144A<br> 8.875%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 275 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 600 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 160 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 386 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 84 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 287 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 65 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 538 |
|  |  | &nbsp;&nbsp; 5379 |
| **Consumer Discretionary—7.9%** | **Consumer Discretionary—7.9%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 424 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 323 |
| Caesars Entertainment, Inc. 144A<br> 8.125%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 298 |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 257 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 93 |
| Light & Wonder International, Inc. 144A<br> 7.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 411 |
| New Home Co., Inc. (The) 144A<br> 8.500%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Newell Brands, Inc.<br> 6.625%, 9/15/29 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 480 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 306 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 413 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 376 |
| Under Armour, Inc. 144A<br> 7.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Wayfair LLC 144A<br> 7.250%, 10/31/29<sup>(1)</sup> | $5 | $5 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 470 |
|  |  | &nbsp;&nbsp; 3981 |
| **Consumer Staples—3.4%** | **Consumer Staples—3.4%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 338 |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 164 |
| Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;144A 10.750%, 6/30/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 145 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 232 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 312 |
|  |  | &nbsp;&nbsp; 1701 |
| **Energy—17.7%** | **Energy—17.7%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 287 |
| Antero Midstream Partners LP 144A<br> 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 145 |
| Civitas Resources, Inc. 144A<br> 8.750%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 283 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 201 |
| DT Midstream, Inc. 144A<br> 4.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 406 |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 607 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(3)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 497 |
| Expand Energy Corp. 144A<br> 5.875%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 414 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 298 |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 323 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 236 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(1)(4)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 506 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 212 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 152 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 468 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/25<sup>(1)</sup> | $115 | $1 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 523 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.500%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 403 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 378 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 98 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 463 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(1)(3)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 540 |
|  |  | &nbsp;&nbsp; 8911 |
| **Financials—24.7%** | **Financials—24.7%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 437 |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 523 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 444 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 393 |
| Azorra Finance Ltd. 144A<br> 7.250%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
| Block, Inc.<br> 6.500%, 5/15/32 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 212 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 428 |
| BNP Paribas S.A. 144A<br> 7.450% <sup>(1)(3)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 503 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 371 |
| Chobani Holdco II LLC PIK 144A<br> 8.750%, 10/1/29<sup>(1)(5)</sup> | &nbsp;&nbsp; —<sup>(6)</sup> | &nbsp;&nbsp; —<sup>(6)</sup> |
| Citigroup, Inc. Series X<br> 3.875% <sup>(3)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 547 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Ford Motor Credit Co. LLC<br> 6.500%, 2/7/35 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/15/54<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 130 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 327 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(1)</sup> | $140 | $143 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.750%, 7/15/35 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 479 |
| HUB International Ltd. 144A<br> 7.375%, 1/31/32<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 195 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 249 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 478 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 540 |
| Maxam Prill S.a.r.l. 144A<br> 7.750%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 380 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 466 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 670 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 581 |
| OneMain Finance Corp.<br> 7.125%, 11/15/31 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 421 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| Phoenix Aviation Capital Ltd. 144A<br> 9.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 179 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 146 |
| Trivium Packaging Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;144A 12.250%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 134 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(1)(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(1)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 87 |
| Wells Fargo & Co.<br> 6.850% <sup>(3)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 604 |
|  |  | &nbsp;&nbsp;12429 |
| **Health Care—5.1%** | **Health Care—5.1%** |  |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 440 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 137 |
| CVS Health Corp.<br> 6.750%, 12/10/54 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| DENTSPLY SIRONA, Inc.<br> 8.375%, 9/12/55 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 256 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(1)</sup> | $260 | $281 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 160 |
| Medline Borrower LP 144A<br> 5.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 561 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(7)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; — |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 2564 |
| **Industrials—10.1%** | **Industrials—10.1%** |  |
| Builders FirstSource, Inc. 144A<br> 6.750%, 5/15/35<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Chart Industries, Inc. 144A<br> 9.500%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 294 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 305 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 382 |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 282 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 438 |
| Herc Holdings, Inc. 144A<br> 7.250%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 139 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 386 |
| Quikrete Holdings, Inc. 144A<br> 6.750%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 550 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 428 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 212 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 562 |
|  |  | &nbsp;&nbsp; 5112 |
| **Information Technology—2.3%** | **Information Technology—2.3%** |  |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 338 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 175 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Intel Corp.<br> 3.100%, 2/15/60 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 252 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(1)</sup> | $230 | $237 |
|  |  | &nbsp;&nbsp;&nbsp; 1172 |
| **Materials—6.7%** | **Materials—6.7%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp; 214 |
| Capstone Copper Corp. 144A<br> 6.750%, 3/31/33<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 328 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 612 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 402 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 360 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 471 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 243 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 178 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 251 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp; 338 |
|  |  | &nbsp;&nbsp;&nbsp; 3397 |
| **Utilities—6.8%** | **Utilities—6.8%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 257 |
| Alexander Funding Trust II 144A<br> 7.467%, 7/31/28<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 305 |
| American Electric Power Co., Inc.<br> 6.950%, 12/15/54 | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 553 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55 | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 123 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 279 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 162 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 21 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 356 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 258 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(3)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 285 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 288 |
|  |  | &nbsp;&nbsp;&nbsp; 3402 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $48,451)** | **Total Corporate Bonds and Notes<br> (Identified Cost $48,451)** | &nbsp;&nbsp;&nbsp;&nbsp;**48048** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leveraged Loans—1.1%** | **Leveraged Loans—1.1%** | **Leveraged Loans—1.1%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| Arcline FM Holdings LLC 2025 (3 month Term SOFR + 3.500%)<br> 7.578%, 6/24/30<sup>(8)</sup> | $145 | $146 |
| **Forest Prod / Containers—0.5%** | **Forest Prod / Containers—0.5%** |  |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)<br> 9.227%, 2/12/26<sup>(8)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 274 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc. First Lien (3 month Term SOFR + 2.000%)<br> 2.000%, 6/16/30<sup>(7)(8)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 4 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| Infinite Bidco LLC Second Lien (3 month Term SOFR + 7.262%)<br> 11.541%, 3/2/29<sup>(8)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 151 |
| **Total Leveraged Loans<br> (Identified Cost $614)** | **Total Leveraged Loans<br> (Identified Cost $614)** | &nbsp;&nbsp;&nbsp;&nbsp; **575** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.5%** | **Preferred Stock—0.5%** | **Preferred Stock—0.5%** |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250<sup>(9)</sup> | &nbsp;&nbsp; 244 |
| **Total Preferred Stock<br> (Identified Cost $250)** | **Total Preferred Stock<br> (Identified Cost $250)** | **244** |
| **Common Stocks—0.2%** | **Common Stocks—0.2%** | **Common Stocks—0.2%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(7)(10)</sup> | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp; — |
| MYT Holding LLC Class B<sup>(7)(10)</sup> | &nbsp;&nbsp;&nbsp; 33144 | &nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp; 9 |
| **Energy—0.1%** | **Energy—0.1%** |  |
| Talos Energy, Inc.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp; 2973 | &nbsp;&nbsp; 25 |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Endo GUC Trust Class A<sup>(7)(10)</sup> | &nbsp;&nbsp;&nbsp; 3813 | &nbsp;&nbsp; — |
| Endo, Inc.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp; 53 |
| Envision Healthcare Corp.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 12 |
| Lannett Co., Inc.<sup>(7)(10)</sup> | &nbsp;&nbsp;&nbsp; 2911 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 65 |
| **Total Common Stocks<br> (Identified Cost $252)** | **Total Common Stocks<br> (Identified Cost $252)** | **99** |
| **Total Long-Term Investments—97.2%<br> (Identified Cost $49,567)** | **Total Long-Term Investments—97.2%<br> (Identified Cost $49,567)** | **48966** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—1.3%** | **Securities Lending Collateral—1.3%** | **Securities Lending Collateral—1.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(11)(12)</sup> | 666876 | $667 |
| **Total Securities Lending Collateral<br> (Identified Cost $667)** | **Total Securities Lending Collateral<br> (Identified Cost $667)** | &nbsp;&nbsp;&nbsp;&nbsp; **667** |
| **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $50,234)** | **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $50,234)** | &nbsp;&nbsp;**$49633** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$50392** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee Corp. |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $38,158 or 75.7% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(5)</sup> | 100% of the income received was in PIK. |
| <sup>(6)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(7)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(8)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(9)</sup> | Value shown as par value. |
| <sup>(10)</sup> | Non-income producing. |
| <sup>(11)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(12)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet High Yield Fund

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

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;79% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>(1)</sup> |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 |

---

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

Securities held by the Fund with an end of period value of $1 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended June 30, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET HIGH YIELD FUND

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

#### June 30, 2025

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

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

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

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

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

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

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

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

Listed derivatives, such as options, 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 Opportunities Trust

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $51599933.25

**Total Liabilities:** $1428146.90

**Net Assets:** $50171786.35

**Delayed Delivery Securities:** $76250.00

**Cash Not Reported:** $1048701.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -253.18485650 | **10-Year:** -1463.06728200 | **30-Year:** -3100.53179400

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

- **3-Month:** -2.01319896 | **1-Year:** -40.42175041 | **5-Year:** -4962.83673700 | **10-Year:** -3848.53785500 | **30-Year:** -1891.41277100

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000049912 | -0.80%               | 1.93%                | 1.83%                |
| Class ID C000176708 | -0.68%               | 2.00%                | 1.90%                |
| Class ID C000049913 | -0.71%               | 2.24%                | 1.61%                |
| Class ID C000119169 | -0.69%               | 2.26%                | 1.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-443650.44              | $-371371.34                                |
| Month 2  | $56876.75                | $650746.62                                 |
| Month 3  | $-42459.56               | $633109.40                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Infinite Bidco LLC                    | Infinite Bidco LLC                                                       | CUSIP: 45674KAF2<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    175000 | PA      | $150829.00    | 0.30%             | 2029-03-02      | Floating      | 11.54%                | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                  | Cornerstone Building Brands Inc                                          | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    415000 | PA      | $381518.26    | 0.76%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II               | Alexander Funding Trust II                                               | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $304775.21    | 0.61%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                | Millennium Escrow Corp                                                   | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $385958.26    | 0.77%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                    | Energy Transfer LP                                                       | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    495000 | PA      | $497211.63    | 0.99%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                           | BNP Paribas SA                                                           | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $503000.00    | 1.00%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                 | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $271300.71    | 0.54%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP              | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $236272.93    | 0.47%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                     | Herc Holdings Inc                                                        | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89063.11     | 0.18%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                            | Grifols SA                                                               | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    340000 | PA      | $326851.18    | 0.65%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                     | NatWest Group PLC                                                        | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    555000 | PA      | $581070.96    | 1.16%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                   | Buckeye Partners LP                                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145325.17    | 0.29%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC              | Ford Motor Credit Co LLC                                                 | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249654.16    | 0.50%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                   | Medline Borrower LP                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    565000 | PA      | $560595.71    | 1.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                 | CMG Media Corp                                                           | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | PA      | $527891.46    | 1.05%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER               | American Electric Power Co Inc                                           | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    530000 | PA      | $552597.58    | 1.10%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                  | Capstone Copper Corp                                                     | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $327666.88    | 0.65%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                 | Illuminate Buyer LLC / Illuminate Holdings IV Inc                        | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $401964.00    | 0.80%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Endo Inc                              | Endo Inc                                                                 | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2542 | NS      | $53348.95     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                | Global Atlantic Fin Co                                                   | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130134.75    | 0.26%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                | Venture Global LNG Inc                                                   | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $539981.50    | 1.08%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                  | LifePoint Health Inc                                                     | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    155000 | PA      | $159908.08    | 0.32%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                 | Nabors Industries Inc                                                    | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    530000 | PA      | $523373.83    | 1.04%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                     | Post Holdings Inc                                                        | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205536.84    | 0.41%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU              | Venture Global Calcasieu Pass LLC                                        | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28281.89     | 0.06%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                 | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $138603.37    | 0.28%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                          | Cimpress PLC                                                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    320000 | PA      | $305440.77    | 0.61%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                   | Dominion Energy Inc                                                      | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152230.95    | 0.30%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE              | Ashton Woods USA LLC / Ashton Woods Finance Co                           | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $323321.40    | 0.64%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                     | Newell Brands Inc                                                        | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    485000 | PA      | $480086.13    | 0.96%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Endo GUC Trust Units Cl A-1           | Endo GUC Trust Units Cl A-1                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3813 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TRANSOCEAN INC                        | Transocean Inc                                                           | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    110000 | PA      | $98191.30     | 0.20%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION              | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $338268.14    | 0.67%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                          | UBS Group AG                                                             | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     80000 | PA      | $87317.92     | 0.17%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                  | Garda World Security Corp                                                | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $282482.48    | 0.56%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                  | Flutter Treasury DAC                                                     | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     15000 | PA      | $15112.50     | 0.03%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENVISION HEALTHCARE CORP Common Stock | ENVISION HEALTHCARE CORP Common Stock                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       720 | NS      | $11430.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OPAL BIDCO                            | Opal Bidco SAS                                                           | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     30000 | PA      | $30618.39     | 0.06%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI              | Kronos Acquisition Holdings Inc                                          | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $304207.60    | 0.61%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                | Global Atlantic Fin Co                                                   | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    128000 | PA      | $144980.64    | 0.29%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                        | LSB Industries Inc                                                       | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    475000 | PA      | $471539.53    | 0.94%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP              | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp       | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $478163.88    | 0.95%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                    | Expand Energy Corp                                                       | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    165000 | PA      | $165663.47    | 0.33%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                  | Rackspace Technology Global Inc                                          | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    365000 | PA      | $83950.00     | 0.17%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                 | Caesars Entertainment Inc                                                | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59017.70     | 0.12%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP               | ASP Unifrax Holdings Inc                                                 | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    568000 | PA      | $213710.00    | 0.43%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                          | Entergy Corp                                                             | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    270000 | PA      | $279357.24    | 0.56%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI              | Antero Midstream Partners LP / Antero Midstream Finance Corp             | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $239594.62    | 0.48%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                      | Maxam Prill Sarl                                                         | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $200036.75    | 0.40%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL              | Cheplapharm Arzneimittel GmbH                                            | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    455000 | PA      | $439769.33    | 0.88%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE        | DREYFUS GOVERNMENT CASH MANAGE                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    666876 | NS      | $666876.41    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GRP OF AMER               | Reinsurance Group of America Inc                                         | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179406.58    | 0.36%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                      | Taseko Mines Ltd                                                         | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $177969.28    | 0.35%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                  | OneMain Finance Corp                                                     | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    405000 | PA      | $421392.30    | 0.84%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD              | Aptiv Swiss Holdings Ltd                                                 | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    420000 | PA      | $424174.83    | 0.85%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                | Acrisure LLC / Acrisure Finance Inc                                      | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $437485.12    | 0.87%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                        | Azorra Finance Ltd                                                       | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    125000 | PA      | $127615.30    | 0.25%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                 | Dick's Sporting Goods Inc                                                | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    360000 | PA      | $257243.89    | 0.51%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Talos Energy Inc                      | Talos Energy Inc                                                         | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |      2973 | NS      | $25211.76     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MYT Holding LLC                       | MYT Holding LLC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33144 | NS      | $9114.60      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR               | Great Canadian Gaming Corp/Raptor LLC                                    | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     95000 | PA      | $92987.83     | 0.19%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                | Acrisure LLC / Acrisure Finance Inc                                      | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $170749.82    | 0.34%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                  | LifePoint Health Inc                                                     | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $281243.82    | 0.56%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS              | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $302104.45    | 0.60%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                   | DENTSPLY SIRONA Inc                                                      | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    255000 | PA      | $256406.86    | 0.51%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                  | Chart Industries Inc                                                     | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    275000 | PA      | $293537.75    | 0.59%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS              | Hughes Satellite Systems Corp                                            | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $160214.18    | 0.32%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR              | Merlin Entertainments Group US Holdings Inc                              | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    425000 | PA      | $379786.04    | 0.76%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                   | Altice Financing SA                                                      | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    695000 | PA      | $522844.19    | 1.04%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                         | TransDigm Inc                                                            | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    205000 | PA      | $212255.67    | 0.42%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                      | Insight Enterprises Inc                                                  | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36054.76     | 0.07%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD              | South Bow Canadian Infrastructure Holdings Ltd                           | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $402381.33    | 0.80%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES               | Saks Global Enterprises LLC                                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $146250.00    | 0.29%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                   | Rocket Software Inc                                                      | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237085.17    | 0.47%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                   | Dominion Energy Inc                                                      | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    115000 | PA      | $123387.18    | 0.25%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                         | Citigroup Inc                                                            | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    555000 | PA      | $547359.17    | 1.09%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                        | Transocean Inc                                                           | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    196000 | PA      | $201555.42    | 0.40%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                | Venture Global LNG Inc                                                   | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    260000 | PA      | $252771.69    | 0.50%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                | FMG Resources August 2006 Pty Ltd                                        | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    605000 | PA      | $612570.97    | 1.22%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN              | Weekley Homes LLC / Weekley Finance Corp                                 | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $469761.74    | 0.94%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU              | Sinclair Television Group Inc                                            | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55561.90     | 0.11%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                | PAR PHARMACEUTICAL INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    256000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| MESQUITE ENERGY INC                   | MESQUITE ENERGY INC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $1150.00      | 0.00%             | 2023-02-15      | None          | 7.25%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                | HA Sustainable Infrastructure Capital Inc                                | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    470000 | PA      | $478522.61    | 0.95%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD              | Coronado Finance Pty Ltd                                                 | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    270000 | PA      | $201325.64    | 0.40%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| ASCENT RESOURCES/ARU FIN              | Ascent Resources Utica Holdings LLC / ARU Finance Corp                   | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81159.80     | 0.16%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                  | WR Grace Holdings LLC                                                    | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    373000 | PA      | $337634.42    | 0.67%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Klockner Pentaplast of America Inc    | Kloeckner Pentaplast of America Inc                                      | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    298741 | PA      | $273593.26    | 0.55%             | 2026-02-12      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| ESC NMG Parent LLC                    | ESC NMG Parent LLC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       116 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US              | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC     | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $337557.33    | 0.67%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                       | CVS Health Corp                                                          | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240522.62    | 0.48%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                 | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $274565.14    | 0.55%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                 | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $414094.59    | 0.83%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SNAP INC                              | Snap Inc                                                                 | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    280000 | PA      | $287315.27    | 0.57%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                | Helix Energy Solutions Group Inc                                         | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    305000 | PA      | $322655.48    | 0.64%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI              | PetSmart Inc / PetSmart Finance Corp                                     | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $412990.39    | 0.82%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD              | Apollo Debt Solutions BDC                                                | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    425000 | PA      | $443640.90    | 0.88%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA               | Capital Farm Credit ACA                                                  | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243750.00    | 0.49%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                    | Harbour Energy PLC                                                       | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $298237.59    | 0.59%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                          | AES Corp/The                                                             | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257399.97    | 0.51%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE              | Prime Healthcare Services Inc                                            | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $258050.00    | 0.51%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING               | Herbalife Nutrition Ltd / HLF Financing Inc                              | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    164000 | PA      | $164050.35    | 0.33%             | 2025-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Lannett Company Inc Common Stock      | Lannett Company Inc Common Stock                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2911 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TRIVIUM PACKAGING FIN                 | Trivium Packaging Finance BV                                             | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     30000 | PA      | $31724.61     | 0.06%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                            | Intel Corp                                                               | CUSIP: 458140BK5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    450000 | PA      | $251601.25    | 0.50%             | 2060-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC              | Builders FirstSource Inc                                                 | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10296.15     | 0.02%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                 | Trivium Packaging Finance BV                                             | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $133991.75    | 0.27%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT              | Science Applications International Corp                                  | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    435000 | PA      | $428255.85    | 0.85%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR              | Midcap Financial Issuer Trust                                            | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $465557.87    | 0.93%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                         | TransDigm Inc                                                            | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311276.33    | 0.62%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                   | Lightning Power LLC                                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21049.01     | 0.04%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP               | Gulfport Energy Operating Corp                                           | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143479.37    | 0.29%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2               | INEOS Quattro Finance 2 Plc                                              | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    355000 | PA      | $359896.25    | 0.72%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER              | Kraken Oil & Gas Partners LLC                                            | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    155000 | PA      | $152276.01    | 0.30%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO              | Global Infrastructure Solutions Inc                                      | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    430000 | PA      | $438262.02    | 0.87%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                   | New Home Co Inc/The                                                      | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15276.98     | 0.03%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                           | Wayfair LLC                                                              | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5002.24      | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN              | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp       | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $468288.02    | 0.93%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                | Blue Owl Credit Income Corp                                              | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    416000 | PA      | $427858.97    | 0.85%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $17340.62     | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                 | Wells Fargo & Co                                                         | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    575000 | PA      | $604215.74    | 1.20%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI              | Kronos Acquisition Holdings Inc                                          | CUSIP: 50106GAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $145309.72    | 0.29%             | 2032-06-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                 | NGL Energy Operating LLC / NGL Energy Finance Corp                       | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $356066.07    | 0.71%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM               | International Petroleum Corp                                             | CUSIP: 000000000<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $505450.85    | 1.01%             | 2027-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                     | Post Holdings Inc                                                        | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232096.91    | 0.46%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                        | Transocean Inc                                                           | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     70000 | PA      | $64717.95     | 0.13%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS              | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    260000 | PA      | $230554.35    | 0.46%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                      | CSC Holdings LLC                                                         | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    400000 | PA      | $380462.32    | 0.76%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                    | Energy Transfer LP                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162986.24    | 0.32%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                      | Teine Energy Ltd                                                         | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    380000 | PA      | $377907.49    | 0.75%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC               | Light & Wonder International Inc                                         | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    410000 | PA      | $411194.31    | 0.82%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                 | Endo Finance Holdings Inc                                                | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $264639.50    | 0.53%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS               | VistaJet Malta Finance PLC / Vista Management Holding Inc                | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    547000 | PA      | $562202.50    | 1.12%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| QUIKRETE HOLDINGS INC                 | Quikrete Holdings Inc                                                    | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61909.56     | 0.12%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC              | Windsor Holdings III LLC                                                 | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    234000 | PA      | $250760.80    | 0.50%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                | Nationstar Mortgage Holdings Inc                                         | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $670290.72    | 1.34%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD              | Primo Water Holdings Inc / Triton Water Holdings Inc                     | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $312160.87    | 0.62%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                | Cloud Software Group Inc                                                 | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124383.05    | 0.25%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST              | Fortress Transportation and Infrastructure Investors LLC                 | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51626.40     | 0.10%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                 | HUB International Ltd                                                    | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68011.35     | 0.14%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC              | Kimmeridge Texas Gas LLC                                                 | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    205000 | PA      | $212163.11    | 0.42%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA              | Altice France Holding SA                                                 | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    405000 | PA      | $141750.00    | 0.28%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                      | Altice France SA                                                         | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $330610.00    | 0.66%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST              | Fortress Transportation and Infrastructure Investors LLC                 | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    275000 | PA      | $284744.63    | 0.57%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC              | ARCLINE FM HOLDINGS LLC                                                  | CUSIP: 000000000<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    145146 | PA      | $145716.06    | 0.29%             | 2030-06-24      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU              | Venture Global Calcasieu Pass LLC                                        | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $462796.05    | 0.92%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC              | Liberty Mutual Group Inc                                                 | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    555000 | PA      | $540458.28    | 1.08%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                 | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54000 | PA      | $53616.24     | 0.11%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                | Global Atlantic Fin Co                                                   | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    235000 | PA      | $240748.75    | 0.48%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                 | NGL Energy Operating LLC / NGL Energy Finance Corp                       | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60618.06     | 0.12%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                   | Churchill Downs Inc                                                      | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    290000 | PA      | $298068.38    | 0.59%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                             | Block Inc                                                                | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    205000 | PA      | $211503.22    | 0.42%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL              | Aston Martin Capital Holdings Ltd                                        | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    415000 | PA      | $392958.73    | 0.78%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION              | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9950.00      | 0.02%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC              | Prime Security Services Borrower LLC / Prime Finance Inc                 | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $375587.25    | 0.75%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING              | JH North America Holdings Inc                                            | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    245000 | PA      | $249067.98    | 0.50%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE               | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $286977.06    | 0.57%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP              | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $276356.30    | 0.55%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L              | Telesat Canada / Telesat LLC                                             | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    175000 | PA      | $64770.11     | 0.13%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                 | Chobani Holdco II LLC                                                    | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       210 | PA      | $224.66       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                         | Tidewater Inc                                                            | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77164.46     | 0.15%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL              | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl      | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $174869.65    | 0.35%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                          | Enbridge Inc                                                             | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    545000 | PA      | $606785.56    | 1.21%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                          | UBS Group AG                                                             | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    395000 | PA      | $456782.35    | 0.91%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                      | DT Midstream Inc                                                         | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $405646.73    | 0.81%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                      | CSC Holdings LLC                                                         | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    620000 | PA      | $460220.11    | 0.92%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC              | Vistra Operations Co LLC                                                 | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    275000 | PA      | $287507.55    | 0.57%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1070526.60   | 2.13%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                 | Civitas Resources Inc                                                    | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    280000 | PA      | $283110.56    | 0.56%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES              | ION Trading Technologies Sarl                                            | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    190000 | PA      | $195130.19    | 0.39%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                        | Rocket Cos Inc                                                           | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97204.05     | 0.19%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS              | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    160000 | PA      | $136781.22    | 0.27%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                 | QXO Building Products Inc                                                | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10302.02     | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                        | Gray Media Inc                                                           | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599731.32    | 1.20%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC              | BroadStreet Partners Inc                                                 | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    375000 | PA      | $370597.31    | 0.74%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                | Mauser Packaging Solutions Holding Co                                    | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243282.18    | 0.48%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                   | LBM Acquisition LLC                                                      | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    445000 | PA      | $386037.50    | 0.77%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS              | Univision Communications Inc                                             | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    540000 | PA      | $538526.87    | 1.07%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc.                  | LANNETT CO INC                                                           | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |     15683 | PA      | $4544.84      | 0.01%             | 2030-06-16      | Floating      | 2.00%                 | No            |                  3 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS              | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $161904.66    | 0.32%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                    | Regal Rexnord Corp                                                       | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    521000 | PA      | $550074.04    | 1.10%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                 | Panther Escrow Issuer LLC                                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41550.04     | 0.08%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL              | Phoenix Aviation Capital Ltd                                             | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    125000 | PA      | $129467.18    | 0.26%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                      | Under Armour Inc                                                         | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50635.28     | 0.10%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS              | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                  | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    305000 | PA      | $306015.04    | 0.61%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                        | NRG Energy Inc                                                           | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    235000 | PA      | $257958.33    | 0.51%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                           | Vistra Corp                                                              | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    278000 | PA      | $284740.94    | 0.57%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer