# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044750
**Filing Date:** 2023-2
**Character Count:** 145935
**Document Hash:** 39aab5b1a67adbca8fdb1b172f5eac1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044750.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044750

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23679969

**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 Senior Floating Rate Fund (Series ID: S000020772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000058006 | Class A      | PSFRX           |
| C000058007 | Class C      | PFSRX           |
| C000058008 | Class I      | PSFIX           |
| C000176710 | Class R6     | VRSFX           |

## Nport-Ex

#### VIRTUS Newfleet Senior Floating Rate Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Security—0.5%** | **U.S. Government Security—0.5%** | **U.S. Government Security—0.5%** |
| U.S. Treasury Notes<br> 2.500%, 5/31/24 | $1000 | $970 |
| **Total U.S. Government Security<br> (Identified Cost $996)** | **Total U.S. Government Security<br> (Identified Cost $996)** | &nbsp;&nbsp;&nbsp;&nbsp; **970** |
| **Corporate Bonds and Notes—2.7%** | **Corporate Bonds and Notes—2.7%** | **Corporate Bonds and Notes—2.7%** |
| **Communication Services—0.6%** | **Communication Services—0.6%** |  |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 5/1/26 | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;8.375%, 5/1/27 | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 397 |
| Level 3 Financing, Inc. 144A<br> 4.250%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 44 |
| McGraw-Hill Education, Inc. 144A<br> 5.750%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp; 475 |
|  |  | &nbsp;&nbsp;&nbsp; 1153 |
| **Consumer Discretionary—0.2%** | **Consumer Discretionary—0.2%** |  |
| Caesars Entertainment, Inc. 144A<br> 6.250%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 92 |
| PetSmart, Inc. 144A<br> 4.750%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 272 |
|  |  | &nbsp;&nbsp;&nbsp; 364 |
| **Consumer Staples—0.0%** | **Consumer Staples—0.0%** |  |
| Kronos Acquisition Holdings, Inc. 144A<br> 5.000%, 12/31/26<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Acrisure LLC 144A<br> 4.250%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 198 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 189 |
|  |  | &nbsp;&nbsp;&nbsp; 387 |
| **Health Care—0.2%** | **Health Care—0.2%** |  |
| Community Health Systems, Inc. 144A<br> 6.125%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 42 |
| Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 220 |
| Medline Borrower LP 144A<br> 3.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp;&nbsp; 392 |
| **Industrials—0.6%** | **Industrials—0.6%** |  |
| Icahn Enterprises LP<br> 4.750%, 9/15/24 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 527 |
| TransDigm, Inc. 144A<br> 8.000%, 12/15/25<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 442 |
| Vertiv Group Corp. 144A<br> 4.125%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 251 |
|  |  | &nbsp;&nbsp;&nbsp; 1220 |
| **Information Technology—0.1%** | **Information Technology—0.1%** |  |
| ION Trading Technologies S.a.r.l. 144A<br> 5.750%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 179 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—0.3%** | **Materials—0.3%** |  |
| Ardagh Packaging Finance plc 144A<br> 4.125%, 8/15/26<sup>(1)</sup> | $590 | $511 |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 95 |
|  |  | &nbsp;&nbsp;&nbsp; 606 |
| **Real Estate—0.5%** | **Real Estate—0.5%** |  |
| iStar, Inc.<br> 4.250%, 8/1/25 | &nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp; 858 |
| VICI Properties LP 144A<br> 4.625%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 67 |
|  |  | &nbsp;&nbsp;&nbsp; 925 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $5,858)** | **Total Corporate Bonds and Notes<br> (Identified Cost $5,858)** | &nbsp;&nbsp;&nbsp;&nbsp; **5230** |
| **Leveraged Loans—84.2%** | **Leveraged Loans—84.2%** | **Leveraged Loans—84.2%** |
| **Aerospace—3.7%** | **Aerospace—3.7%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(2)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 263 |
| Amentum Government Services Holdings LLC Tranche B-3 (6 month Term SOFR + 4.000%)<br> 7.558% - 8.764%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 638 |
| American Airlines, Inc. (3 month LIBOR + 4.750%)<br> 8.993%, 4/20/28<sup>(2)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 388 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(2)</sup> | &nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp; 1272 |
| Kestrel Bidco, Inc. (1 month LIBOR + 3.000%)<br> 7.354%, 12/11/26<sup>(2)</sup> | &nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp; 561 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(2)</sup> | &nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp; 994 |
| TransDigm, Inc. Tranche F (3 month LIBOR + 2.250%)<br> 6.980%, 12/9/25<sup>(2)</sup> | &nbsp;&nbsp; 2188 | &nbsp;&nbsp;&nbsp; 2159 |
| United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%)<br> 8.108%, 4/21/28<sup>(2)</sup> | &nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp; 804 |
|  |  | &nbsp;&nbsp;&nbsp; 7079 |
| **Chemicals—4.7%** | **Chemicals—4.7%** |  |
| American Axle & Manufacturing, Inc. Tranche B, First Lien (1 month Term SOFR + 3.600%)<br> 7.898%, 12/13/29<sup>(2)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp; 864 |
| Aruba Investments Holdings LLC First Lien (1 month LIBOR + 3.750%)<br> 8.139%, 11/24/27<sup>(2)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; 519 |
| Avient Corp. Tranche B-6 (3 month Term SOFR + 3.250%)<br> 7.344%, 8/29/29<sup>(2)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 351 |
| Diamond BC B.V. Tranche B (3 month LIBOR + 2.750%)<br> 7.165%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 791 |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(2)</sup> | &nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp; 2494 |
| Innophos Holdings, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 2/5/27<sup>(2)</sup> | &nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp; 826 |
| Starfruit Finco B.V. (3 month LIBOR + 2.750%)<br> 7.165%, 10/1/25<sup>(2)</sup> | &nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp; 1684 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| Trinseo Materials Operating SCA 2018 (1 month LIBOR + 2.000%)<br> 6.384%, 9/6/24<sup>(2)</sup> | $1191 | $1154 |
| WR Grace Holdings LLC (3 month LIBOR + 3.750%)<br> 8.500%, 9/22/28<sup>(2)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 359 |
|  |  | &nbsp;&nbsp; 9042 |
| **Consumer Durables—0.6%** | **Consumer Durables—0.6%** |  |
| Zodiac Pool Solutions LLC (1 month Term SOFR + 2.100%)<br> 6.423%, 1/29/29<sup>(2)</sup> | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1154 |
| **Consumer Non-Durables—1.7%** | **Consumer Non-Durables—1.7%** |  |
| DS Parent, Inc. Tranche B (3 month LIBOR + 5.750%)<br> 9.920%, 12/8/28<sup>(2)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 668 |
| Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%)<br> 8.485%, 12/22/26<sup>(2)</sup> | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 1074 |
| Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)<br> 8.384%, 6/30/24<sup>(2)</sup> | &nbsp;&nbsp; 1006 | &nbsp;&nbsp; 929 |
| ZEP, Inc. First Lien (3 month LIBOR + 4.000%)<br> 8.580%, 8/12/24<sup>(2)</sup> | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 568 |
|  |  | &nbsp;&nbsp; 3239 |
| **Energy—2.7%** | **Energy—2.7%** |  |
| AL GCX Holdings LLC (3 month Term SOFR + 3.900%)<br> 7.565%, 5/17/29<sup>(2)</sup> | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 617 |
| Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%)<br> 7.743%, 12/21/28<sup>(2)</sup> | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1014 |
| Hamilton Projects Acquiror LLC (3 month LIBOR + 4.500%)<br> 9.230%, 6/17/27<sup>(2)</sup> | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 725 |
| M6 ETX Holdings II Midco LLC (3 month Term SOFR + 4.650%)<br> 9.158%, 9/19/29<sup>(2)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 498 |
| Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%)<br> 8.592%, 10/18/28<sup>(2)</sup> | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 833 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(2)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 706 |
| Paragon Offshore Finance Co. (1 month PRIME + 0.000%)<br> 3.250%, 7/16/21<sup>(3)(4)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — |
| Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%)<br> 8.800%, 9/27/24<sup>(2)</sup> | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 924 |
|  |  | &nbsp;&nbsp; 5317 |
| **Financials—3.3%** | **Financials—3.3%** |  |
| Acrisure LLC 2020, Tranche B (1 month LIBOR + 3.500%)<br> 7.884%, 2/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; 1155 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-8 (1 month LIBOR + 3.250%)<br> 7.634%, 12/23/26<sup>(2)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 822 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-9 (1 month LIBOR + 3.250%)<br> 7.634%, 7/31/27<sup>(2)</sup> | $543 | $474 |
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%)<br> 7.077%, 6/15/25<sup>(2)</sup> | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1114 |
| Citadel Securities LP |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month Term SOFR + 2.614%)<br> 6.938%, 2/2/28<sup>(2)</sup> | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 3.114%)<br> 7.438%, 2/2/28<sup>(2)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 173 |
| Deerfield Dakota Holding LLC First Lien (1 month Term SOFR + 3.750%)<br> 8.073%, 4/9/27<sup>(2)</sup> | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1096 |
|  |  | &nbsp;&nbsp; 6315 |
| **Food / Tobacco—4.2%** | **Food / Tobacco—4.2%** |  |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 1.750%)<br> 6.134%, 3/11/25<sup>(2)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;Tranche B-5 (1 month LIBOR + 2.500%)<br> 6.884%, 4/6/28<sup>(2)</sup> | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 945 |
| Froneri U.S., Inc. Tranche B-2 (1 month LIBOR + 2.250%)<br> 6.634%, 1/29/27<sup>(2)</sup> | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 1085 |
| H-Food Holdings LLC (1 month LIBOR + 3.688%)<br> 8.071%, 5/23/25<sup>(2)</sup> | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1380 |
| Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)<br> 8.515%, 7/12/29<sup>(2)</sup> | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1036 |
| Shearer's Foods LLC First Lien (1 month LIBOR + 3.500%)<br> 7.884%, 9/23/27<sup>(2)</sup> | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1290 |
| Sigma Bidco B.V. Tranche B-2 (6 month LIBOR + 3.000%)<br> 5.899%, 7/2/25<sup>(2)</sup> | &nbsp;&nbsp; 1336 | &nbsp;&nbsp; 1205 |
| Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)<br> 8.230%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 625 |
|  |  | &nbsp;&nbsp; 8037 |
| **Forest Prod / Containers—3.3%** | **Forest Prod / Containers—3.3%** |  |
| Anchor Glass Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2017 (1-3 month LIBOR + 2.750%)<br> 7.480% - 7.562%, 12/7/23<sup>(2)</sup> | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;2020 (3 month LIBOR + 5.000%)<br> 9.730%, 12/7/23<sup>(2)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 275 |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%)<br> 8.259%, 2/12/26<sup>(2)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 853 |
| Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%)<br> 7.370%, 4/3/24<sup>(2)</sup> | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1511 |
| Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 1/31/25<sup>(2)</sup> | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1029 |
| TricorBraun, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 784 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month LIBOR + 3.250%)<br> 7.980%, 10/17/24<sup>(2)</sup> | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 1012 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Forest Prod / Containers—continued** | **Forest Prod / Containers—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3, First Lien (3 month LIBOR + 4.000%)<br> 8.730%, 9/15/28<sup>(2)</sup> | $400 | $384 |
|  |  | &nbsp;&nbsp; 6362 |
| **Gaming / Leisure—5.5%** | **Gaming / Leisure—5.5%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 12/23/24<sup>(2)</sup> | &nbsp;&nbsp; 1502 | &nbsp;&nbsp; 1497 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2021, Tranche B (1 month LIBOR + 3.250%)<br> 6.127%, 10/18/28<sup>(2)</sup> | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 3.000%)<br> 7.384%, 6/30/25<sup>(2)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 579 |
| ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%)<br> 11.884%, 5/1/28<sup>(2)</sup> | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 642 |
| Fertitta Entertainment LLC Tranche B (1 month Term SOFR + 4.000%)<br> 8.323%, 1/26/29<sup>(2)</sup> | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 1052 |
| Flutter Entertainment plc 2028, Tranche B (3 month LIBOR + 4.000%)<br> 0.000%, 7/22/28<sup>(2)(5)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 542 |
| J&J Ventures Gaming LLC (3 month LIBOR + 4.000%)<br> 8.730%, 4/26/28<sup>(2)</sup> | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 839 |
| Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%)<br> 8.580%, 1/5/29<sup>(2)</sup> | &nbsp;&nbsp; 2159 | &nbsp;&nbsp; 2147 |
| Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 8.753%, 11/1/26<sup>(2)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 258 |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)<br> 7.417%, 4/13/29<sup>(2)</sup> | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 1303 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(2)</sup> | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 1374 |
|  |  | &nbsp;&nbsp; 10671 |
| **Health Care—10.6%** | **Health Care—10.6%** |  |
| Agiliti Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(2)</sup> | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(2)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 196 |
| CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 998 |
| Endo Luxembourg Finance Co. I S.a.r.l. 2021 (3 month PRIME + 6.000%)<br> 13.500%, 3/27/28<sup>(2)(6)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 422 |
| Envision Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 8.025%)<br> 12.605%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 3.750%)<br> 8.330%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.250%)<br> 8.830%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 108 |
| eResearchTechnology, Inc. First Lien (1 month LIBOR + 4.500%)<br> 8.884%, 2/4/27<sup>(2)</sup> | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 548 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 8.730%, 10/1/27<sup>(2)</sup> | $1069 | $1000 |
| Heartland Dental LLC (1 month LIBOR + 3.750%)<br> 8.134%, 4/30/25<sup>(2)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 696 |
| Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%)<br> 8.980%, 8/19/28<sup>(2)</sup> | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 501 |
| LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)<br> 8.165%, 11/16/25<sup>(2)</sup> | &nbsp;&nbsp; 947 | &nbsp;&nbsp; 891 |
| Medline Borrower LP (1 month LIBOR + 3.250%)<br> 7.634%, 10/23/28<sup>(2)</sup> | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 958 |
| One Call Corp. Tranche B, First Lien (3 month LIBOR + 5.500%)<br> 9.875%, 4/22/27<sup>(2)</sup> | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 555 |
| Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.500%)<br> 8.230%, 11/30/27<sup>(2)</sup> | &nbsp;&nbsp; 1113 | &nbsp;&nbsp; 1053 |
| Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)<br> 7.134%, 2/14/25<sup>(2)</sup> | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 1403 |
| Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%)<br> 6.923%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1032 |
| Phoenix Guarantor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month LIBOR + 3.250%)<br> 7.634%, 3/5/26<sup>(2)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 3.500%)<br> 7.884%, 3/5/26<sup>(2)</sup> | &nbsp;&nbsp; 809 | &nbsp;&nbsp; 759 |
| Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 678 |
| Pluto Acquisition I, Inc. 2021, First Lien (3 month LIBOR + 4.000%)<br> 8.735%, 6/22/26<sup>(2)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 429 |
| R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.323%, 6/21/29<sup>(2)</sup> | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1345 |
| Select Medical Corp. Tranche B (1 month LIBOR + 2.500%)<br> 6.890%, 3/6/25<sup>(2)</sup> | &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 1313 |
| Southern Veterinary Partners LLC First Lien (1 month LIBOR + 4.000%)<br> 8.384%, 10/5/27<sup>(2)</sup> | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1174 |
| Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%)<br> 8.480%, 10/1/26<sup>(2)</sup> | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 503 |
| Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%)<br> 8.050%, 8/31/26<sup>(2)</sup> | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 1136 |
| Team Health Holdings, Inc. (1 month Term SOFR + 5.250%)<br> 9.573%, 3/2/27<sup>(2)</sup> | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 297 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%)<br> 9.092%, 11/20/26<sup>(2)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 225 |
| Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 7/2/25<sup>(2)</sup> | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 1228 |
|  |  | &nbsp;&nbsp; 20447 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—2.7%** | **Housing—2.7%** |  |
| American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%)<br> 6.384%, 1/15/27<sup>(2)</sup> | $1072 | $1061 |
| Chariot Buyer LLC (1 month LIBOR + 3.250%)<br> 7.634%, 11/3/28<sup>(2)</sup> | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 670 |
| CPG International LLC (1 month Term SOFR + 2.600%)<br> 6.923%, 4/28/29<sup>(2)</sup> | &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 1209 |
| Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%)<br> 7.384%, 3/18/29<sup>(2)</sup> | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; 1215 |
| SRS Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.500%)<br> 7.884%, 6/2/28<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;2022 (1 month Term SOFR + 3.600%)<br> 7.923%, 6/2/28<sup>(2)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 5304 |
| **Information Technology—12.4%** | **Information Technology—12.4%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2026 (3 month Term SOFR + 4.500%)<br> 9.080%, 9/18/26<sup>(2)</sup> | &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp;2027, Second Lien (3 month Term SOFR + 6.750%)<br> 11.330%, 9/19/27<sup>(2)</sup> | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 739 |
| Barracuda Networks, Inc. First Lien (3 month Term SOFR + 4.500%)<br> 8.594%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 963 |
| BMC Software 2021 (1 month LIBOR + 3.750%)<br> 8.134%, 10/2/25<sup>(2)</sup> | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1370 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 9/21/28<sup>(2)</sup> | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; 1294 |
| CDK Global, Inc. (3 month Term SOFR + 4.500%)<br> 9.080%, 7/6/29<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 421 |
| ConnectWise LLC (3 month LIBOR + 3.500%)<br> 7.884%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 793 |
| Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%)<br> 7.634%, 7/30/27<sup>(2)</sup> | &nbsp;&nbsp; 968 | &nbsp;&nbsp; 927 |
| Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 3.250%)<br> 7.573%, 11/9/29<sup>(2)</sup> | &nbsp;&nbsp; 1589 | &nbsp;&nbsp; 1585 |
| Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%)<br> 8.384%, 12/1/27<sup>(2)</sup> | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 668 |
| Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%)<br> 7.884%, 7/1/24<sup>(2)</sup> | &nbsp;&nbsp; 2005 | &nbsp;&nbsp; 1975 |
| Infinite Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 3.250%)<br> 7.980%, 3/2/28<sup>(2)</sup> | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 791 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 7.000%)<br> 11.730%, 3/2/29<sup>(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 265 |
| Ion Trading Finance Ltd. (3 month LIBOR + 4.750%)<br> 9.480%, 4/1/28<sup>(2)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 200 |
| Open Text Corp. (3 month LIBOR + 3.750%)<br> 0.000%, 8/25/29<sup>(2)</sup> | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 932 |
| Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 3/10/28<sup>(2)</sup> | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 561 |
| Proofpoint, Inc. (3 month LIBOR + 3.250%)<br> 7.985%, 8/31/28<sup>(2)</sup> | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 1116 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| RealPage, Inc. First Lien (1 month LIBOR + 3.000%)<br> 7.384%, 4/24/28<sup>(2)</sup> | $1242 | $1178 |
| Sophia LP Tranche B (1 month LIBOR + 3.500%)<br> 8.230%, 10/7/27<sup>(2)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 930 |
| Tenable, Inc. (3 month LIBOR + 2.750%)<br> 7.165%, 7/7/28<sup>(2)</sup> | &nbsp;&nbsp; 1154 | &nbsp;&nbsp; 1120 |
| Uber Technologies, Inc. 2021 (3 month LIBOR + 3.500%)<br> 8.235%, 2/25/27<sup>(2)</sup> | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1526 |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021, Second Lien (3 month LIBOR + 5.250%)<br> 8.998%, 5/3/27<sup>(2)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(2)</sup> | &nbsp;&nbsp; 2276 | &nbsp;&nbsp; 2162 |
| Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%)<br> 6.892%, 3/2/27<sup>(2)</sup> | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 995 |
|  |  | &nbsp;&nbsp; 24044 |
| **Manufacturing—6.0%** | **Manufacturing—6.0%** |  |
| Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)<br> 7.409%, 10/8/27<sup>(2)</sup> | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 949 |
| Arcline FM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 4.750%)<br> 9.480%, 6/23/28<sup>(2)</sup> | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 899 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 8.250%)<br> 12.980%, 6/25/29<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 352 |
| Chart Industries, Inc. Tranche B (3 month LIBOR + 4.000%)<br> 0.000%, 12/7/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 702 |
| Circor International, Inc. (1 month LIBOR + 5.500%)<br> 9.884%, 12/20/28<sup>(2)</sup> | &nbsp;&nbsp; 989 | &nbsp;&nbsp; 955 |
| Filtration Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 3.000%)<br> 7.384%, 3/31/25<sup>(2)</sup> | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; 1449 |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.500%)<br> 7.884%, 10/21/28<sup>(2)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 348 |
| Gates Global LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 2.500%)<br> 6.884%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month Term SOFR + 3.500%)<br> 7.823%, 11/16/29<sup>(2)</sup> | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 371 |
| NCR Corp. (3 month LIBOR + 2.500%)<br> 6.920%, 8/28/26<sup>(2)</sup> | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1325 |
| Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)<br> 8.173%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 881 |
| Star U.S. Bidco LLC (3 month LIBOR + 4.250%)<br> 8.980%, 3/17/27<sup>(2)</sup> | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 887 |
| Titan Acquisition Ltd. (3 month LIBOR + 3.000%)<br> 8.151%, 3/28/25<sup>(2)</sup> | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 992 |
|  |  | &nbsp;&nbsp; 11616 |
| **Media / Telecom - Broadcasting—0.9%** | **Media / Telecom - Broadcasting—0.9%** |  |
| iHeartCommunications, Inc. (1 month LIBOR + 3.000%)<br> 7.384%, 5/1/26<sup>(2)</sup> | &nbsp;&nbsp; 1264 | &nbsp;&nbsp; 1156 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Broadcasting—continued** | **Media / Telecom - Broadcasting—continued** |  |
| Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)<br> 6.884%, 9/18/26<sup>(2)</sup> | $661 | $655 |
|  |  | &nbsp;&nbsp; 1811 |
| **Media / Telecom - Cable/Wireless Video—1.4%** | **Media / Telecom - Cable/Wireless Video—1.4%** |  |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.820%, 1/17/28<sup>(2)</sup> | &nbsp;&nbsp; 1564 | &nbsp;&nbsp; 1464 |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(2)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 670 |
| Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%)<br> 6.818%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 609 |
|  |  | &nbsp;&nbsp; 2743 |
| **Media / Telecom - Diversified Media—3.0%** | **Media / Telecom - Diversified Media—3.0%** |  |
| Cinemark USA, Inc. (1-3 month LIBOR + 1.750%)<br> 6.140% - 6.480%, 3/31/25<sup>(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1171 |
| Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%)<br> 7.915%, 8/21/26<sup>(2)</sup> | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 949 |
| Delta 2 Lux S.a.r.l. Tranche B (1 month Term SOFR + 3.250%)<br> 7.573%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
| Dotdash Meredith, Inc. Tranche B (1 month Term SOFR + 4.100%)<br> 8.224%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 642 |
| McGraw-Hill Education, Inc. (3 month LIBOR + 4.750%)<br> 8.316%, 7/28/28<sup>(2)</sup> | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1209 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.000%)<br> 8.822%, 4/11/29<sup>(2)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 405 |
| William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%)<br> 7.140%, 5/18/25<sup>(2)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 927 |
|  |  | &nbsp;&nbsp; 5803 |
| **Media / Telecom - Telecommunications—2.4%** | **Media / Telecom - Telecommunications—2.4%** |  |
| Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.875%, 10/2/27<sup>(2)</sup> | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 568 |
| Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)<br> 6.134%, 3/1/27<sup>(2)</sup> | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 1938 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (3 month LIBOR + 2.750%)<br> 7.165%, 7/31/25<sup>(2)</sup> | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month LIBOR + 3.688%)<br> 7.767%, 1/31/26<sup>(2)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 485 |
| West Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month LIBOR + 4.000%)<br> 8.415%, 10/10/24<sup>(2)</sup> | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month LIBOR + 3.500%)<br> 7.915%, 10/10/24<sup>(2)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 362 |
|  |  | &nbsp;&nbsp; 4661 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Metals / Minerals—0.2%** | **Metals / Minerals—0.2%** |  |
| Covia Holdings Corp. (3 month LIBOR + 4.000%)<br> 7.748%, 7/31/26<sup>(2)</sup> | $491 | $473 |
| **Retail—1.6%** | **Retail—1.6%** |  |
| CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%)<br> 7.239%, 11/8/27<sup>(2)</sup> | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 984 |
| Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%)<br> 8.134%, 3/6/28<sup>(2)</sup> | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 1228 |
| PetsMart LLC (1 month LIBOR + 3.750%)<br> 8.130%, 2/11/28<sup>(2)</sup> | &nbsp;&nbsp; 681 | &nbsp;&nbsp; 665 |
| Rising Tide Holdings, Inc. First Lien (3 month LIBOR + 4.750%)<br> 9.485%, 6/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 253 |
|  |  | &nbsp;&nbsp; 3130 |
| **Service—8.9%** | **Service—8.9%** |  |
| Allied Universal Holdco LLC (1 month Term SOFR + 3.850%)<br> 8.173%, 5/12/28<sup>(2)</sup> | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 534 |
| Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%)<br> 8.258%, 7/27/28<sup>(2)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 586 |
| BrightView Landscapes LLC Tranche B (1 month Term SOFR + 3.250%)<br> 7.573%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1293 | &nbsp;&nbsp; 1243 |
| Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%)<br> 6.566%, 3/20/25<sup>(2)</sup> | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 916 |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(2)</sup> | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1346 |
| DXP Enterprises, Inc. (3 month Term SOFR + 5.350%)<br> 9.955%, 12/23/27<sup>(2)</sup> | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 709 |
| Garda World Security Corp. Tranche B-2 (3 month LIBOR + 4.250%)<br> 8.930%, 10/30/26<sup>(2)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 718 |
| Grab Holdings, Inc. (1 month LIBOR + 4.500%)<br> 8.890%, 1/29/26<sup>(2)</sup> | &nbsp;&nbsp; 819 | &nbsp;&nbsp; 807 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(2)</sup> | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1484 |
| Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 2/1/28<sup>(2)</sup> | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1476 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2028 (1 month LIBOR + 3.000%)<br> 7.390%, 1/21/28<sup>(2)</sup> | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp;2028, Tranche B (1 month Term SOFR + 3.500%)<br> 7.823%, 1/21/28<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 143 |
| PODS LLC (1 month LIBOR + 3.000%)<br> 7.384%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 1252 | &nbsp;&nbsp; 1182 |
| Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 12/31/25<sup>(2)</sup> | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 1036 |
| St. George's University Scholastic Services LLC (1 month LIBOR + 3.250%)<br> 7.634%, 2/10/29<sup>(2)</sup> | &nbsp;&nbsp; 1502 | &nbsp;&nbsp; 1458 |
| Sweetwater Borrower LLC (1 month LIBOR + 4.250%)<br> 8.688%, 8/7/28<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 652 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Weld North Education LLC 2021 (1 month LIBOR + 3.750%)<br> 8.134%, 12/21/27<sup>(2)</sup> | $1022 | $1000 |
| WEX, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 785 |
|  |  | &nbsp;&nbsp;&nbsp; 17199 |
| **Transportation - Automotive—1.7%** | **Transportation - Automotive—1.7%** |  |
| Clarios Global LP First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 4/30/26<sup>(2)</sup> | &nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp; 794 |
| Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<br> 6.384%, 11/2/23<sup>(2)</sup> | &nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 915 |
| Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.000%)<br> 8.500%, 5/4/28<sup>(2)</sup> | &nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp; 932 |
| PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%)<br> 8.165%, 10/28/27<sup>(2)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp; 689 |
|  |  | &nbsp;&nbsp;&nbsp; 3330 |
| **Utilities—2.7%** | **Utilities—2.7%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 8/1/25<sup>(2)</sup> | &nbsp;&nbsp; 2330 | &nbsp;&nbsp;&nbsp; 2294 |
| Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%)<br> 6.384%, 1/15/25<sup>(2)</sup> | &nbsp;&nbsp; 1034 | &nbsp;&nbsp;&nbsp; 1031 |
| Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%)<br> 6.384%, 8/12/26<sup>(2)</sup> | &nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 431 |
| Generation Bridge II LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 5.000%)<br> 9.438%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.000%)<br> 9.438%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 40 |
| Lightstone HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 5.750%)<br> 10.073%, 1/29/27<sup>(2)</sup> | &nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.750%)<br> 10.073%, 1/29/27<sup>(2)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 62 |
|  |  | &nbsp;&nbsp;&nbsp; 5279 |
| **Total Leveraged Loans<br> (Identified Cost $169,975)** | **Total Leveraged Loans<br> (Identified Cost $169,975)** | &nbsp;&nbsp;&nbsp;&nbsp;**163056** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.8%** | **Common Stocks—0.8%** | **Common Stocks—0.8%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| iHeartMedia, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11099 | &nbsp;&nbsp; 68 |
| **Consumer Discretionary—0.4%** | **Consumer Discretionary—0.4%** |  |
| Libbey Glass, Inc.<sup>(3)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40573 | &nbsp;&nbsp; 365 |
| NMG Parent LLC<sup>(3)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp; 440 |
|  |  | &nbsp;&nbsp; 805 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Covia Holdings LLC<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48743 | $634 |
| **Total Common Stocks<br> (Identified Cost $666)** | **Total Common Stocks<br> (Identified Cost $666)** | &nbsp;&nbsp;&nbsp;&nbsp; **1507** |
| **Rights—0.1%** | **Rights—0.1%** | **Rights—0.1%** |
| **Utilities—0.1%** | **Utilities—0.1%** |  |
| Vistra Energy Corp.<sup>(3)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;152810 | &nbsp;&nbsp;&nbsp; 183 |
| **Total Rights<br> (Identified Cost $130)** | **Total Rights<br> (Identified Cost $130)** | &nbsp;&nbsp;&nbsp;&nbsp; **183** |
| **Total Long-Term Investments—88.3%<br> (Identified Cost $177,625)** | **Total Long-Term Investments—88.3%<br> (Identified Cost $177,625)** | &nbsp;&nbsp;&nbsp;&nbsp;**170946** |
| **Short-Term Investments—11.0%** | **Short-Term Investments—11.0%** | **Short-Term Investments—11.0%** |
| **Money Market Mutual Fund—9.5%** | **Money Market Mutual Fund—9.5%** | **Money Market Mutual Fund—9.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(8)</sup> | 18368059 | &nbsp;&nbsp;&nbsp; 18368 |
| **Total Money Market Mutual Fund<br> (Identified Cost $18,368)** | **Total Money Market Mutual Fund<br> (Identified Cost $18,368)** | &nbsp;&nbsp;&nbsp;&nbsp; **18368** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** |  |
| **U.S. Government Securities—1.5%** | **U.S. Government Securities—1.5%** | **U.S. Government Securities—1.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 2/9/23<sup>(9)</sup> | $950 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;0.000%, 4/6/23<sup>(9)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
| &nbsp;&nbsp;&nbsp;0.000%, 5/18/23<sup>(9)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
| **Total U.S. Government Securities<br> (Identified Cost $2,878)** | **Total U.S. Government Securities<br> (Identified Cost $2,878)** | &nbsp;&nbsp; **2869** |
| **Total Short-Term Investments<br> (Identified Cost $21,246)** | **Total Short-Term Investments<br> (Identified Cost $21,246)** | &nbsp;&nbsp; **21237** |
| **TOTAL INVESTMENTS—99.3%<br> (Identified Cost $198,871)** | **TOTAL INVESTMENTS—99.3%<br> (Identified Cost $198,871)** | **$192183** |
| Other assets and liabilities, net—0.7% | Other assets and liabilities, net—0.7% | &nbsp;&nbsp;&nbsp; 1337 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$193520** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $3,211 or 1.7% of net assets. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

<sup>(2)</sup> Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(3)</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>(4)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(5)</sup> This loan will settle after December 31, 2022, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

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

<sup>(7)</sup> Non-income producing.

<sup>(8)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. <br> <sup>(9)</sup> Issued with a zero coupon. Income is recognized through the accretion of discount.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

As of December 31, 2022, the Fund had the following unfunded loan commitments:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$192183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$172506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1241 |

---

Securities held by the Fund with an end of period value of $618 were transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

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.

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Senior Floating Rate Fund

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

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

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Leveraged<br> Loans | &nbsp;&nbsp;&nbsp;&nbsp;Common<br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Right |
| **Investments in Securities** |  |  |  |  |
| **Balance as of September 30, 2022:** | &nbsp;&nbsp;&nbsp;&nbsp;$714 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$531 | $183 |
| Net Change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |  |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |  |
| **Balance as of December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$1241 | &nbsp;&nbsp;&nbsp;&nbsp;$253 | &nbsp;&nbsp;&nbsp;&nbsp;$805 | $183 |

---

<sup>(a)</sup> The net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022, was $(91).

<sup>(b)</sup> "Transfers into and/or from" represent the ending value as of December 31, 2022, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

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

#### December 31, 2022

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet Senior Floating Rate Fund

- **b. EDGAR series identifier (if any):** S000020772

- **c. LEI of Series:** 549300LSL433PMNG0O35

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $194621425.83

**Total Liabilities:** $3756284.40

**Net Assets:** $190865141.43

**Cash Not Reported:** $2202964.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -561.00000000 | **10-Year:** -1093.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -147.00000000 | **5-Year:** -26630.00000000 | **10-Year:** -21894.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000058006 | -1.47%               | -1.66%               | -2.28%               |
| Class ID C000058008 | 1.46%                | 1.14%                | 0.51%                |
| Class ID C000176710 | 1.47%                | 1.15%                | 0.52%                |
| Class ID C000058007 | 0.38%                | 0.06%                | -0.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-675468.02              | $2343548.50                                |
| Month 2  | $-645306.14              | $1757657.81                                |
| Month 3  | $-329259.23              | $50935.82                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| One Call Corporation                            | One Call Corp                                                      | CUSIP: 000000000<br>LEI: 549300WUCCV86ZQHG041 | Long             | LON              | CORP              | US        |    680790 | PA      | $555981.14    | 0.29%             | 2027-04-22      | Floating      | 9.88%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                         | UKG Inc                                                            | CUSIP: 000000000<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     55000 | PA      | $50352.50     | 0.03%             | 2027-05-03      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| West Corporation                                | Intrado Corp                                                       | CUSIP: 68162RAD3<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |    394881 | PA      | $362453.75    | 0.19%             | 2024-10-10      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                        | iHeartCommunications Inc                                           | CUSIP: 45174UAF5<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |   1264114 | PA      | $1156272.11   | 0.61%             | 2026-05-01      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                | Garda World Security Corp                                          | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    740000 | PA      | $718170.00    | 0.38%             | 2026-10-30      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC       | Oryx Midstream Services Permian Basin LLC                          | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    715781 | PA      | $706275.65    | 0.37%             | 2028-10-05      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                           | WR Grace Holdings LLC                                              | CUSIP: 92943HAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    366300 | PA      | $358746.89    | 0.19%             | 2028-09-22      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Endo Luxembourg Finance Company I S.a r.l.      | Endo Luxembourg Finance Co I Sarl                                  | CUSIP: 000000000<br>LEI: 222100B15VY0VVCTG251 | Long             | LON              | CORP              | LU        |    529724 | PA      | $422455.07    | 0.22%             | 2028-03-27      | Floating      | 13.50%                | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                    | Alliance Laundry Systems LLC                                       | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |    969286 | PA      | $949173.06    | 0.50%             | 2027-10-08      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                   | United States Treasury Bill                                        | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $983071.09    | 0.52%             | 2023-05-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BrightView Landscapes LLC                       | Brightview Landscapes LLC                                          | CUSIP: 10801XAH0<br>LEI: 549300OSAEQC89PVOW06 | Long             | LON              | CORP              | US        |   1293500 | PA      | $1243376.88   | 0.65%             | 2029-04-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                    | Acrisure LLC                                                       | CUSIP: 00488PAL9<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   1233256 | PA      | $1154635.48   | 0.60%             | 2027-02-15      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                | CSC Holdings LLC                                                   | CUSIP: 64072UAE2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    847178 | PA      | $798465.32    | 0.42%             | 2025-07-17      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                           | Lightstone Holdco LLC                                              | CUSIP: 53226GAL5<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |     68403 | PA      | $62451.49     | 0.03%             | 2027-02-01      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| Surgery Center Holdings Inc                     | Surgery Center Holdings Inc                                        | CUSIP: 86880NAX1<br>LEI: 54930054EVI5HWPPW113 | Long             | LON              | CORP              | US        |   1152257 | PA      | $1136286.46   | 0.60%             | 2026-08-31      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| NMG PARENT LLC.                                 | NMG PARENT LLC.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3033 | NS      | $439785.00    | 0.23%             |  |  |  | No            |                  3 | On Loan: No      |
| Pluto Acquisition I Inc                         | Pluto Acquisition I Inc                                            | CUSIP: 72941DAF9<br>LEI: 254900MOXD90LKQ6AY47 | Long             | LON              | CORP              | US        |    640250 | PA      | $428967.50    | 0.22%             | 2026-06-22      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                | Cinemark USA Inc                                                   | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |   1220438 | PA      | $1170559.14   | 0.61%             | 2025-03-31      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                     | Epicor Software Corp                                               | CUSIP: 29426NAN4<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |    967725 | PA      | $927254.74    | 0.49%             | 2027-07-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corporation                        | Vertiv Group Corp                                                  | CUSIP: 92537EAC2<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |   1033639 | PA      | $995311.79    | 0.52%             | 2027-03-02      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| United AirLines Inc                             | United Airlines Inc                                                | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    817550 | PA      | $805744.58    | 0.42%             | 2028-04-21      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                             | Medline Borrower LP                                                | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   1009333 | PA      | $957836.45    | 0.50%             | 2028-10-23      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                | UFC Holdings LLC                                                   | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |   1397890 | PA      | $1377704.64   | 0.72%             | 2026-04-29      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| BMC Software (Boxer/ Bladelogic)                | Boxer Parent Co Inc                                                | CUSIP: 05988HAE7<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |   1433336 | PA      | $1369982.88   | 0.72%             | 2025-10-02      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                       | ISTAR INC                                                          | CUSIP: 45031UCG4<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |    875000 | PA      | $857433.98    | 0.45%             | 2025-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| M6 Etx Holdings Ii Midco LLC                    | M6 ETX Holdings II Midco LLC                                       | CUSIP: 55285DAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    498750 | PA      | $498281.18    | 0.26%             | 2029-09-19      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                   | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     85000 | PA      | $42090.14     | 0.02%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Connectwise, LLC                                | ConnectWise LLC                                                    | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    836550 | PA      | $792890.46    | 0.42%             | 2028-09-29      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| GENERATION BRIDGE II LLC                        | Generation Bridge II LLC                                           | CUSIP: 37147QAC2<br>LEI: 254900BU0I8CJYZ8GK47 | Long             | LON              | CORP              | US        |    304291 | PA      | $301248.32    | 0.16%             | 2029-02-24      | Floating      | 9.39%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                           | Phoenix Guarantor Inc                                              | CUSIP: 71913BAH5<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    809231 | PA      | $758993.64    | 0.40%             | 2026-03-05      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Shearer's Foods LLC                             | Shearer's Foods LLC                                                | CUSIP: 82087UAL1<br>LEI: 549300AQWIJSYS2CIH04 | Long             | LON              | CORP              | US        |   1355960 | PA      | $1289667.57   | 0.68%             | 2027-09-23      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                 | Envision Healthcare Corp                                           | CUSIP: 29373UAF8<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |    318888 | PA      | $108421.78    | 0.06%             | 2027-03-31      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Star US Bidco LLC                               | Star US Bidco LLC                                                  | CUSIP: 85519WAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    930877 | PA      | $884333.29    | 0.46%             | 2027-03-17      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Trinseo Materials Operating SCA                 | Trinseo Materials Operating SCA                                    | CUSIP: 000000000<br>LEI: 549300WNMXD3KV7LO256 | Long             | LON              | CORP              | LU        |   1190848 | PA      | $1153633.72   | 0.60%             | 2024-09-06      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                          | VICI Properties LP / VICI Note Co Inc                              | CUSIP: 92564RAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $67112.50     | 0.04%             | 2025-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Raptor Acquisition Corp                         | Great Canadian Gaming Corp                                         | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |    263673 | PA      | $258289.13    | 0.14%             | 2026-11-01      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                            | LifePoint Health Inc                                               | CUSIP: 75915TAD4<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    947418 | PA      | $891046.83    | 0.47%             | 2025-11-16      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                               | Chariot Buyer LLC                                                  | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    711805 | PA      | $669687.53    | 0.35%             | 2028-11-03      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Kestrel Bidco Inc                               | WestJet Airlines Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    618432 | PA      | $561035.38    | 0.29%             | 2026-12-11      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                           | Caesars Entertainment Inc                                          | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92309.17     | 0.05%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                           | ECL Entertainment LLC                                              | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    643786 | PA      | $641641.78    | 0.34%             | 2028-05-01      | Floating      | 11.88%                | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                        | iHeartCommunications Inc                                           | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    467186 | PA      | $397307.82    | 0.21%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                  | Proofpoint Inc                                                     | CUSIP: 74345HAB7<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   1166188 | PA      | $1118886.94   | 0.59%             | 2028-08-31      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                        | Arcline FM Holdings LLC                                            | CUSIP: 03960DAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    950400 | PA      | $901292.83    | 0.47%             | 2028-06-23      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| Parfums Holding Company Inc                     | Parfums Holding Co Inc                                             | CUSIP: 69946PAB2<br>LEI: 549300S46D4GK45PA591 | Long             | LON              | CORP              | US        |   1005673 | PA      | $929352.26    | 0.49%             | 2024-06-30      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| Brookfield WEC Holdings Inc                     | Brookfield WEC Holdings Inc                                        | CUSIP: 11284EAM5<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |   2329741 | PA      | $2293583.35   | 1.20%             | 2025-08-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                       | McGraw-Hill Education Inc                                          | CUSIP: 58063DAC7<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |   1287700 | PA      | $1209227.56   | 0.63%             | 2028-07-28      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ / KIK CUSTOM                         | Kronos Acquisition Holdings Inc / KIK Custom Products Inc          | CUSIP: 50106GAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4325.00      | 0.00%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Air Canada                                      | Air Canada                                                         | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    267565 | PA      | $263885.69    | 0.14%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.            | Scientific Games International Inc                                 | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |   1324298 | PA      | $1303016.19   | 0.68%             | 2029-04-13      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp                             | Select Medical Corp                                                | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |   1342705 | PA      | $1313165.24   | 0.69%             | 2025-03-06      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Libbey Glass Inc.                               | Libbey Glass Inc.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40573 | NS      | $365157.00    | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Pegasus Bidco Bv                                | Pegasus Bidco BV                                                   | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |   1075000 | PA      | $1036031.25   | 0.54%             | 2029-07-12      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Rising Tide Holdings Inc                        | Rising Tide Holdings Inc                                           | CUSIP: 76770EAB3<br>LEI: 254900T03WM6VU0KWL83 | Long             | LON              | CORP              | US        |    562600 | PA      | $253170.00    | 0.13%             | 2028-06-01      | Floating      | 9.48%                 | No            |                  3 | On Loan: No      |
| iHeartMedia Inc                                 | iHeartMedia Inc                                                    | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11099 | NS      | $68036.87     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corporation                              | Avient Corp                                                        | CUSIP: 000000000<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | LON              | CORP              | US        |    351895 | PA      | $351279.54    | 0.18%             | 2029-08-29      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                            | Aramark Services Inc                                               | CUSIP: 03852JAS0<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    960159 | PA      | $944796.55    | 0.50%             | 2028-04-06      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Klockner Pentaplast of America Inc              | Kloeckner Pentaplast of America Inc                                | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    964902 | PA      | $853031.30    | 0.45%             | 2026-02-12      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Tenable Inc                                     | Tenable Inc                                                        | CUSIP: 88025XAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1154417 | PA      | $1119784.42   | 0.59%             | 2028-07-07      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| H-Food Holdings LLC                             | H-Food Holdings LLC                                                | CUSIP: 40422KAB7<br>LEI: 549300JY2LK0EQ95YT44 | Long             | LON              | CORP              | US        |   1559461 | PA      | $1379343.04   | 0.72%             | 2025-05-23      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                            | Carnival Corp                                                      | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |    605241 | PA      | $578652.29    | 0.30%             | 2025-06-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                           | Neptune Bidco US Inc                                               | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    455000 | PA      | $405236.65    | 0.21%             | 2029-04-11      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Veterinary Partners, LLC               | Southern Veterinary Partners LLC                                   | CUSIP: 84410HAC4<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |   1228113 | PA      | $1173866.99   | 0.62%             | 2027-10-05      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co Inc   | American Builders & Contractors Supply Co Inc                      | CUSIP: 02474RAH6<br>LEI: 549300H5GQ4C1BEKG397 | Long             | LON              | CORP              | US        |   1071793 | PA      | $1061460.67   | 0.56%             | 2027-01-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                            | INEOS US Finance LLC                                               | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   2546443 | PA      | $2502796.77   | 1.31%             | 2027-11-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Pearl Intermediate Parent LLC                   | PetVet Care Centers LLC                                            | CUSIP: 70476XAC9<br>LEI: 549300V0HK8MSXZNOM91 | Long             | LON              | CORP              | US        |   1507096 | PA      | $1402548.79   | 0.73%             | 2025-02-14      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                         | Legacy LifePoint Health LLC                                        | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9410.90      | 0.00%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                           | Uber Technologies Inc                                              | CUSIP: 90351JAF1<br>LEI: 549300B2FTG34FILDR98 | Long             | LON              | CORP              | US        |   1533924 | PA      | $1529812.74   | 0.80%             | 2027-02-25      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| eResearch Technology Inc                        | eResearchTechnology Inc                                            | CUSIP: 29481PAH4<br>LEI: 2549003SUFVGC903CK03 | Long             | LON              | CORP              | US        |    623237 | PA      | $548186.95    | 0.29%             | 2027-02-04      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Circor international Inc                        | CIRCOR International Inc                                           | CUSIP: 000000000<br>LEI: 5493007701O01N3FQM69 | Long             | LON              | CORP              | US        |    988387 | PA      | $955029.19    | 0.50%             | 2028-12-20      | Floating      | 9.88%                 | No            |                  2 | On Loan: No      |
| Perrigo Investments, LLC                        | Perrigo Investments LLC                                            | CUSIP: 000000000<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | IE        |   1039775 | PA      | $1031976.69   | 0.54%             | 2029-04-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Barracuda Parent LLC                            | Barracuda Networks Inc                                             | CUSIP: 06832FAB3<br>LEI: 549300CXGRZWNMPU8080 | Long             | LON              | CORP              | US        |   1000000 | PA      | $962640.00    | 0.50%             | 2029-08-15      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                 | Envision Healthcare Corp                                           | CUSIP: 29373UAE1<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |     91419 | PA      | $81019.98     | 0.04%             | 2027-03-31      | Floating      | 12.61%                | No            |                  2 | On Loan: No      |
| WEX Inc                                         | WEX Inc                                                            | CUSIP: 96208UAT8<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |    790912 | PA      | $785091.38    | 0.41%             | 2028-03-31      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Apex Group Treasury Limited                     | Apex Group Treasury LLC                                            | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |    618046 | PA      | $587143.70    | 0.31%             | 2028-07-27      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                         | Brown Group Holding LLC                                            | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |   1297446 | PA      | $1271678.43   | 0.67%             | 2028-06-07      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                            | Aramark Services Inc                                               | CUSIP: 03852JAL5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    475000 | PA      | $471290.25    | 0.25%             | 2025-03-11      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Froneri US Inc                                  | Froneri US Inc                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1116958 | PA      | $1085158.05   | 0.57%             | 2027-01-29      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco Inc                               | Phoenix Newco Inc                                                  | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    707024 | PA      | $679725.38    | 0.36%             | 2028-11-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                           | Lightstone Holdco LLC                                              | CUSIP: 53226GAK7<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |   1209341 | PA      | $1104128.08   | 0.58%             | 2027-02-01      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| Sunshine Luxembourg VII SARL                    | Sunshine Luxembourg VII Sarl                                       | CUSIP: 000000000<br>LEI: 254900CHQOBZNYV4DY60 | Long             | LON              | CORP              | LU        |    525638 | PA      | $502567.27    | 0.26%             | 2026-10-01      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications Inc                 | Consolidated Communications Inc                                    | CUSIP: 20903EBB0<br>LEI: 549300WW675Y48HDVX34 | Long             | LON              | CORP              | US        |    646174 | PA      | $568497.86    | 0.30%             | 2027-10-02      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings Inc                        | Trident TPI Holdings Inc                                           | CUSIP: 00216EAE9<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |    351143 | PA      | $336594.72    | 0.18%             | 2028-09-15      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Spectrum Holdings III Corp                      | KPEX Holdings Inc                                                  | CUSIP: 84763NAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1129765 | PA      | $1031916.03   | 0.54%             | 2025-01-31      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Dotdash Meredith, Inc.                          | Dotdash Meredith Inc                                               | CUSIP: 000000000<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |    746405 | PA      | $641908.54    | 0.34%             | 2028-12-01      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Sweetwater Borrower LLC                         | Sweetwater Borrower LLC                                            | CUSIP: 87168EAB0<br>LEI: 254900JJU57789DC8283 | Long             | LON              | CORP              | US        |    704763 | PA      | $651905.36    | 0.34%             | 2028-08-07      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp          | Mavis Tire Express Services Topco Corp                             | CUSIP: 57777YAB2<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |    979269 | PA      | $932401.29    | 0.49%             | 2028-05-04      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                       | Gainwell Acquisition Corp                                          | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1068642 | PA      | $1000516.16   | 0.52%             | 2027-10-01      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                               | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95237.50     | 0.05%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                   | TransDigm Inc                                                      | CUSIP: 89364MBR4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   2193824 | PA      | $2164383.36   | 1.13%             | 2025-12-09      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                 | Blackhawk Network Holdings Inc                                     | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |   1147947 | PA      | $1117170.31   | 0.59%             | 2025-06-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC                            | Heartland Dental LLC                                               | CUSIP: 42236WAH0<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |    754816 | PA      | $695940.30    | 0.36%             | 2025-04-30      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                         | UKG Inc                                                            | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   2275968 | PA      | $2162169.56   | 1.13%             | 2026-05-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Ccc Intelligent Solutions Inc.                  | CCC Intelligent Solutions Inc                                      | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |   1307296 | PA      | $1294223.29   | 0.68%             | 2028-09-21      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp               | Project Ruby Ultimate Parent Corp                                  | CUSIP: 74339UAS9<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |    594412 | PA      | $560762.81    | 0.29%             | 2028-03-10      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing Inc               | American Axle & Manufacturing Inc                                  | CUSIP: 000000000<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |    885000 | PA      | $864352.95    | 0.45%             | 2029-12-13      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                                | Pike Corp                                                          | CUSIP: 72108PAT1<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |    145000 | PA      | $143610.90    | 0.08%             | 2028-01-21      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| St. George's University Scholastic Services LLC | University Support Services LLC                                    | CUSIP: 78957LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1502214 | PA      | $1458273.76   | 0.76%             | 2029-02-10      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                 | TricorBraun Holdings Inc                                           | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |    818649 | PA      | $779337.21    | 0.41%             | 2028-03-03      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Covia Holdings LLC                              | Covia Holdings LLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48743 | NS      | $633659.00    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Clarios Global LP                               | Clarios Global LP                                                  | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |    811955 | PA      | $794027.12    | 0.42%             | 2026-04-30      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC        | Amentum Government Services Holdings LLC                           | CUSIP: 57776DAE3<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |    658350 | PA      | $640041.29    | 0.34%             | 2029-02-15      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| DS Parent Inc                                   | DS Parent Inc                                                      | CUSIP: 23344YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    712250 | PA      | $676936.65    | 0.35%             | 2028-12-08      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| Diamond (BC) BV                                 | Diamond BC BV                                                      | CUSIP: 000000000<br>LEI: 549300SWLHWJF3D4N658 | Long             | LON              | CORP              | NL        |    820183 | PA      | $791476.27    | 0.41%             | 2028-09-29      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                        | PetSmart Inc / PetSmart Finance Corp                               | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $271652.10    | 0.14%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                                | Gates Global LLC                                                   | CUSIP: 36740UAX0<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |    375000 | PA      | $371718.75    | 0.19%             | 2029-11-16      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                             | Calpine Corp                                                       | CUSIP: 13134MBS1<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    437563 | PA      | $431384.43    | 0.23%             | 2026-08-12      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                    | Deerfield Dakota Holding LLC                                       | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |   1175437 | PA      | $1095730.65   | 0.57%             | 2027-04-09      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| DXP Enterprises Inc                             | DXP Enterprises Inc/TX                                             | CUSIP: 23338DAP1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    747144 | PA      | $708852.89    | 0.37%             | 2027-12-23      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                   | United States Treasury Bill                                        | CUSIP: 912796YN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $939692.50    | 0.49%             | 2023-04-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                             | CNT Holdings I Corp                                                | CUSIP: 12656AAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1018410 | PA      | $984038.18    | 0.52%             | 2027-11-08      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                              | Agiliti Health Inc                                                 | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    461334 | PA      | $449224.20    | 0.24%             | 2026-01-04      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                  | Open Text Corp                                                     | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |    955000 | PA      | $931841.25    | 0.49%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| VISTRA ENERGY CORP RIGHTS                       | VISTRA ENERGY CORP RIGHTS                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    152810 | NS      | $183372.00    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                           | Icahn Enterprises LP / Icahn Enterprises Finance Corp              | CUSIP: 451102BW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $527313.13    | 0.28%             | 2024-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CDK Global Inc                                  | Central Parent Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    425000 | PA      | $420652.25    | 0.22%             | 2029-07-06      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive Inc                  | Cooper-Standard Automotive Inc                                     | CUSIP: 21676TAC9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | LON              | CORP              | US        |    937167 | PA      | $914909.41    | 0.48%             | 2023-11-02      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                           | Level 3 Financing Inc                                              | CUSIP: 52729KAP1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   2026189 | PA      | $1937542.85   | 1.02%             | 2027-03-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                           | Level 3 Financing Inc                                              | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     55000 | PA      | $43323.50     | 0.02%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Calpine Construction Finance Company L P        | Calpine Construction Finance Co LP                                 | CUSIP: 13134NAG6<br>LEI: V0Q3DOB0FIB2XI1KWU77 | Long             | LON              | CORP              | US        |   1033588 | PA      | $1030569.86   | 0.54%             | 2025-01-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                      | Fertitta Entertainment LLC/NV                                      | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |   1108728 | PA      | $1052049.39   | 0.55%             | 2029-01-26      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Hunter Holdco 3 Limited                         | Hunter US Bidco Inc                                                | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |    511819 | PA      | $500942.60    | 0.26%             | 2028-08-19      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                | NAB Holdings LLC                                                   | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |   1529550 | PA      | $1484428.28   | 0.78%             | 2028-11-23      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| CPG International LLC                           | CPG International LLC                                              | CUSIP: 12594VAD0<br>LEI: 549300SVLALB4NVWP891 | Long             | LON              | CORP              | US        |   1250000 | PA      | $1212500.00   | 0.64%             | 2029-04-28      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| FLUTTER FINANCING BV                            | Flutter Financing BV                                               | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    545000 | PA      | $541898.95    | 0.28%             | 2028-07-04      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                            | Altice France SA/France                                            | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    960660 | PA      | $909024.76    | 0.48%             | 2025-07-31      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                           | AAdvantage Loyalty IP Ltd                                          | CUSIP: 02376CBJ3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    390000 | PA      | $387866.70    | 0.20%             | 2028-04-20      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| Zodiac Pool Solutions LLC                       | Fluidra Finco SL                                                   | CUSIP: 98975VAM8<br>LEI: 9598001EJ2RDDXG5CK22 | Long             | LON              | CORP              | ES        |   1217700 | PA      | $1154075.18   | 0.60%             | 2029-01-29      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| ZEP INC                                         | ZEP INC                                                            | CUSIP: 98944EAN2<br>LEI: NU75S1Y8UH3706J5CS61 | Long             | LON              | CORP              | US        |    659171 | PA      | $567545.86    | 0.30%             | 2024-08-12      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings, LLC                      | Mileage Plus Holdings LLC                                          | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    967500 | PA      | $993864.38    | 0.52%             | 2027-06-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                        | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $189006.58    | 0.10%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                            | SRS Distribution Inc                                               | CUSIP: 78466YAN8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |   1130081 | PA      | $1078222.05   | 0.56%             | 2028-06-02      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Playa Resorts Holding BV                        | Playa Resorts Holding BV                                           | CUSIP: 72812NAD8<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |   2159543 | PA      | $2150904.90   | 1.13%             | 2024-04-29      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                              | Infinite Bidco LLC                                                 | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    827400 | PA      | $790853.75    | 0.41%             | 2028-03-02      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                     | Asurion LLC                                                        | CUSIP: 04649VAX8<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    924830 | PA      | $822525.60    | 0.43%             | 2026-12-23      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                         | Legacy LifePoint Health LLC                                        | CUSIP: 53219LAS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $219913.20    | 0.12%             | 2027-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sophia LP                                       | Sophia LP                                                          | CUSIP: 83578BAN3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    965392 | PA      | $929798.33    | 0.49%             | 2027-10-07      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                           | Directv Financing LLC                                              | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    689884 | PA      | $670194.43    | 0.35%             | 2027-08-02      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                              | Infinite Bidco LLC                                                 | CUSIP: 45674KAF2<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    290000 | PA      | $265350.00    | 0.14%             | 2029-03-02      | Floating      | 11.73%                | No            |                  2 | On Loan: No      |
| Peraton Corp                                    | Peraton Corp                                                       | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |   1514636 | PA      | $1476452.22   | 0.77%             | 2028-02-01      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group LLC                        | Great Outdoors Group LLC                                           | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |   1281325 | PA      | $1228470.75   | 0.64%             | 2028-03-06      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                   | Freeport LNG Investments LLLP                                      | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |   1068500 | PA      | $1013739.27   | 0.53%             | 2028-12-21      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                           | McGraw-Hill Education Inc                                          | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    565000 | PA      | $474809.05    | 0.25%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company                | Paragon Offshore Finance Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     11329 | PA      | $0.00         | 0.00%             | 2021-07-16      | Floating      | 3.25%                 | No            |                  3 | On Loan: No      |
| Hyland Software Inc                             | Hyland Software Inc                                                | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2004968 | PA      | $1975394.46   | 1.03%             | 2024-07-01      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc         | Sedgwick Claims Management Services Inc                            | CUSIP: 81527CAL1<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |   1066164 | PA      | $1035682.07   | 0.54%             | 2025-12-31      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                 | Envision Healthcare Corp                                           | CUSIP: 29373UAG6<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |    759497 | PA      | $189874.23    | 0.10%             | 2027-03-31      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                             | Medline Borrower LP                                                | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    150000 | PA      | $120894.00    | 0.06%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Safe Fleet Holdings LLC                         | Safe Fleet Holdings LLC                                            | CUSIP: 000000000<br>LEI: 549300ZCMGQ2DH2RZB13 | Long             | LON              | CORP              | US        |    916350 | PA      | $883709.61    | 0.46%             | 2029-02-23      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| R1 RCM Inc.                                     | R1 RCM Inc                                                         | CUSIP: 74919EAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1361588 | PA      | $1344567.66   | 0.70%             | 2029-06-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                  | Hamilton Projects Acquiror LLC                                     | CUSIP: 14314VAB9<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    737699 | PA      | $725099.02    | 0.38%             | 2027-06-17      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                   | TransDigm Inc                                                      | CUSIP: 893647BK2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    435000 | PA      | $441433.65    | 0.23%             | 2025-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Team Health Holdings, Inc.                      | Team Health Holdings Inc                                           | CUSIP: 87817JAG3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |    398030 | PA      | $297527.38    | 0.16%             | 2027-03-02      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| Anchor Glass Container Corporation              | Anchor Glass Container Corp                                        | CUSIP: 37712UAF1<br>LEI: 5493004I6HQW11F10C18 | Long             | LON              | CORP              | US        |    381053 | PA      | $276263.28    | 0.14%             | 2023-12-07      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                              | Agiliti Health Inc                                                 | CUSIP: 00847YAD4<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    201429 | PA      | $195637.50    | 0.10%             | 2026-01-04      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Starfruit Finco BV                              | Nouryon USA LLC                                                    | CUSIP: 000000000<br>LEI: 549300K7VB5G6LULFT41 | Long             | LON              | CORP              | US        |   1709996 | PA      | $1683491.29   | 0.88%             | 2025-10-01      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                 | Traverse Midstream Partners LLC                                    | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    927229 | PA      | $924038.91    | 0.48%             | 2024-09-27      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| West Corporation                                | Intrado Corp                                                       | CUSIP: 68162RAC5<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |    434481 | PA      | $399179.55    | 0.21%             | 2024-10-10      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                            | Altice France SA/France                                            | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    524553 | PA      | $484775.94    | 0.25%             | 2026-01-31      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                             | Applied Systems Inc                                                | CUSIP: 03827FBA8<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    746846 | PA      | $738443.92    | 0.39%             | 2027-09-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                     | Allied Universal Holdco LLC                                        | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    562875 | PA      | $533678.67    | 0.28%             | 2028-05-12      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                           | Citadel Securities LP                                              | CUSIP: 17288YAD4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   1515957 | PA      | $1484500.66   | 0.78%             | 2028-02-02      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                               | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |    710000 | PA      | $701572.30    | 0.37%             | 2029-12-08      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                        | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc             | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    590000 | PA      | $511059.82    | 0.27%             | 2026-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Anchor Glass Container Corporation              | Anchor Glass Container Corp                                        | CUSIP: 37712UAE4<br>LEI: 5493004I6HQW11F10C18 | Long             | LON              | CORP              | US        |    710930 | PA      | $513647.19    | 0.27%             | 2023-12-07      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                   | United States Treasury Bill                                        | CUSIP: 912796XZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $946209.98    | 0.50%             | 2023-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alpha Topco Limited - Delta 2 (Lux) Sarl        | Delta 2 Lux Sarl                                                   | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    500000 | PA      | $499375.00    | 0.26%             | 2030-01-15      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                   | CUSIP: 91282CER8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $970195.31    | 0.51%             | 2024-05-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                           | Quikrete Holdings Inc                                              | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1228825 | PA      | $1217691.85   | 0.64%             | 2028-06-09      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Covia Holdings Corporation                      | Covia Holdings LLC                                                 | CUSIP: 22305CAB5<br>LEI: 213800IE4YGTGVTQ1806 | Long             | LON              | CORP              | US        |    491087 | PA      | $473285.10    | 0.25%             | 2026-07-31      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Packaging Coordinators Midco Inc.               | Packaging Coordinators Midco Inc                                   | CUSIP: 69515EAH5<br>LEI: 549300SL20D7D39KSB12 | Long             | LON              | CORP              | US        |   1112521 | PA      | $1052722.81   | 0.55%             | 2027-11-30      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                    | Filtration Group Corp                                              | CUSIP: 31732FAR7<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |    355500 | PA      | $348390.00    | 0.18%             | 2028-10-21      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                           | Phoenix Guarantor Inc                                              | CUSIP: 71913BAE2<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    299196 | PA      | $279811.55    | 0.15%             | 2026-03-05      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Viant Medical Holdings Inc                      | Viant Medical Holdings Inc                                         | CUSIP: 58506PAF8<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |   1397479 | PA      | $1227741.41   | 0.64%             | 2025-07-02      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                    | Filtration Group Corp                                              | CUSIP: 31732FAM8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |   1466231 | PA      | $1448519.38   | 0.76%             | 2025-03-31      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                    | RealPage Inc                                                       | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |   1241502 | PA      | $1178185.38   | 0.62%             | 2028-04-24      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings Inc                        | Trident TPI Holdings Inc                                           | CUSIP: 00216EAB5<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |   1026008 | PA      | $1012218.93   | 0.53%             | 2024-10-17      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                        | Arcline FM Holdings LLC                                            | CUSIP: 03960DAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    400000 | PA      | $352000.00    | 0.18%             | 2029-06-25      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting Inc                        | Nexstar Media Inc                                                  | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    660441 | PA      | $654331.46    | 0.34%             | 2026-09-18      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                            | Carnival Corp                                                      | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |    469456 | PA      | $438237.19    | 0.23%             | 2028-10-18      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings Inc                        | Trident TPI Holdings Inc                                           | CUSIP: 00216EAF6<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |     50024 | PA      | $47951.39     | 0.03%             | 2028-09-15      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| AL GCX Holdings LLC                             | AL GCX Holdings LLC                                                | CUSIP: 00162DAB1<br>LEI: 2549009G4C2J89LNWS21 | Long             | LON              | CORP              | US        |    623438 | PA      | $617203.13    | 0.32%             | 2029-05-17      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming LLC                         | J&J Ventures Gaming LLC                                            | CUSIP: 46604BAB4<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |    878875 | PA      | $839325.63    | 0.44%             | 2028-04-26      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Innophos Holdings Inc                           | Innophos Holdings Inc                                              | CUSIP: 45778EAG9<br>LEI: XQ0331QX53IRX25OY417 | Long             | LON              | CORP              | US        |    846075 | PA      | $825980.72    | 0.43%             | 2027-02-05      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Medallion Midland Acquisition LLC               | Medallion Midland Acquisition LP                                   | CUSIP: 58404BAD7<br>LEI: 549300QCYU94ZA2ELG48 | Long             | LON              | CORP              | US        |    841826 | PA      | $832616.32    | 0.44%             | 2028-10-18      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| GENERATION BRIDGE II LLC                        | Generation Bridge II LLC                                           | CUSIP: 37147QAD0<br>LEI: 254900BU0I8CJYZ8GK47 | Long             | LON              | CORP              | US        |     40783 | PA      | $40374.70     | 0.02%             | 2029-02-24      | Floating      | 9.39%                 | No            |                  2 | On Loan: No      |
| Weld North Education LLC                        | Weld North Education LLC                                           | CUSIP: 94935RAE3<br>LEI: 254900W855WLN58WNJ32 | Long             | LON              | CORP              | US        |   1021551 | PA      | $999843.05    | 0.52%             | 2027-12-21      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                  | PAI Holdco Inc                                                     | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |    787168 | PA      | $690251.94    | 0.36%             | 2027-10-28      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)              | Dun & Bradstreet Corp/The                                          | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |   1360372 | PA      | $1345557.70   | 0.70%             | 2026-02-06      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited(861)                  | Titan Acquisition Ltd/Canada                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1063818 | PA      | $991509.87    | 0.52%             | 2025-03-28      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company      | Mauser Packaging Solutions Holding Co                              | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |   1554079 | PA      | $1515444.14   | 0.79%             | 2024-04-03      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Ion Trading Finance Limited                     | ION Trading Finance Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    211775 | PA      | $200277.74    | 0.10%             | 2028-04-01      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| Carlisle Foodservice Products Incorporated      | Carlisle FoodService Products Inc                                  | CUSIP: 14235UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1032561 | PA      | $918122.60    | 0.48%             | 2025-03-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                              | Upstream Newco Inc                                                 | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    262256 | PA      | $225322.72    | 0.12%             | 2026-11-20      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| Sigma Bidco BV                                  | Upfield USA Corp                                                   | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | LON              | CORP              | US        |   1338969 | PA      | $1208258.83   | 0.63%             | 2025-07-02      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                                 | NCR Corp                                                           | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |   1370023 | PA      | $1325497.13   | 0.69%             | 2026-08-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                        | ION Trading Technologies Sarl                                      | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    215000 | PA      | $179256.25    | 0.09%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment LLC       | William Morris Endeavor Entertainment LLC                          | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |    952696 | PA      | $930307.66    | 0.49%             | 2025-05-18      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection LLC                   | Caesars Resort Collection LLC                                      | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |   1501552 | PA      | $1496792.14   | 0.78%             | 2024-12-23      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                                | Pike Corp                                                          | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |   1140930 | PA      | $1123633.55   | 0.59%             | 2028-01-21      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| Greeneden US Holdings II LLC                    | Genesys Cloud Services Holdings II LLC                             | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | LON              | CORP              | US        |    697575 | PA      | $668367.53    | 0.35%             | 2027-12-01      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                                | Gates Global LLC                                                   | CUSIP: 36740UAT9<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |   1545089 | PA      | $1509798.71   | 0.79%             | 2027-03-31      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| PODS LLC                                        | PODS LLC                                                           | CUSIP: 73044EAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1252216 | PA      | $1182304.60   | 0.62%             | 2028-03-31      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                           | Citadel Securities LP                                              | CUSIP: 17288YAE2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    176000 | PA      | $173854.56    | 0.09%             | 2028-02-02      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company, LLC                 | Go Daddy Operating Co LLC                                          | CUSIP: 38017BAT3<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |   1588751 | PA      | $1584556.88   | 0.83%             | 2029-11-09      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                        | Vertiv Group Corp                                                  | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    295000 | PA      | $250750.00    | 0.13%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                        | iHeartCommunications Inc                                           | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    257757 | PA      | $237136.44    | 0.12%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc                 | Kronos Acquisition Holdings Inc                                    | CUSIP: 49387TAW6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1128768 | PA      | $1070918.80   | 0.56%             | 2026-12-22      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                            | SRS Distribution Inc                                               | CUSIP: 78466YAQ1<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |     74438 | PA      | $70994.77     | 0.04%             | 2028-06-02      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Grab Holdings Inc                               | Grab Holdings Inc                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SG        |    823072 | PA      | $810725.88    | 0.42%             | 2026-01-29      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management              | Dreyfus Government Cash Management                                 | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  17799139 | NS      | $17799139.43  | 9.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton Water Holdings Inc                       | Triton Water Holdings Inc                                          | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |    672793 | PA      | $623343.15    | 0.33%             | 2028-03-31      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                        | Virgin Media Bristol LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    620000 | PA      | $608709.80    | 0.32%             | 2028-01-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                             | Applied Systems Inc                                                | CUSIP: 03827FAX9<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |   1491362 | PA      | $1484844.98   | 0.78%             | 2024-09-19      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc              | Clear Channel Outdoor Holdings Inc                                 | CUSIP: 18452RAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1044297 | PA      | $949192.51    | 0.50%             | 2026-08-21      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                     | CHG Healthcare Services Inc                                        | CUSIP: 000000000<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |   1022236 | PA      | $998387.41    | 0.52%             | 2028-09-29      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                  | Aruba Investments Holdings LLC                                     | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |    536852 | PA      | $520301.09    | 0.27%             | 2027-11-24      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                    | PetSmart LLC                                                       | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    681093 | PA      | $665127.84    | 0.35%             | 2028-02-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                     | Asurion LLC                                                        | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    543076 | PA      | $474176.24    | 0.25%             | 2027-07-31      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                          | Acrisure LLC / Acrisure Finance Inc                                | CUSIP: 00489LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $198099.35    | 0.10%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer