# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044781
**Filing Date:** 2023-2
**Character Count:** 461084
**Document Hash:** 9be99f545824f40c828f46fc3c222841
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044781.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044781

**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:** 23679985

**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 Multi-Sector Short Term Bond Fund (Series ID: S000018008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049918 | Class A      | NARAX           |
| C000049920 | Class C      | PSTCX           |
| C000049921 | Class C1     | PMSTX           |
| C000066828 | Class I      | PIMSX           |
| C000176709 | Class R6     | VMSSX           |

## Nport-Ex

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—9.0%** | **U.S. Government Securities—9.0%** | **U.S. Government Securities—9.0%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 4/30/23 | $135435 | $133573 |
| &nbsp;&nbsp;&nbsp;0.125%, 8/31/23 | &nbsp;&nbsp; 69335 | &nbsp;&nbsp;&nbsp; 67241 |
| &nbsp;&nbsp;&nbsp;2.500%, 4/30/24 | &nbsp;&nbsp; 157235 | &nbsp;&nbsp;&nbsp; 152764 |
| &nbsp;&nbsp;&nbsp;1.000%, 12/15/24 | &nbsp;&nbsp; 61195 | &nbsp;&nbsp;&nbsp; 57275 |
| &nbsp;&nbsp;&nbsp;0.375%, 7/31/27 | &nbsp;&nbsp; 16550 | &nbsp;&nbsp;&nbsp; 14040 |
| &nbsp;&nbsp;&nbsp;0.625%, 12/31/27 | &nbsp;&nbsp; 15150 | &nbsp;&nbsp;&nbsp; 12834 |
| **Total U.S. Government Securities<br> (Identified Cost $449,213)** | **Total U.S. Government Securities<br> (Identified Cost $449,213)** | &nbsp;&nbsp;&nbsp;&nbsp; **437727** |
| **Municipal Bond—0.1%** | **Municipal Bond—0.1%** | **Municipal Bond—0.1%** |
| **Virginia—0.1%** | **Virginia—0.1%** |  |
| Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable<br> 6.706%, 6/1/46 | &nbsp;&nbsp; 4215 | &nbsp;&nbsp;&nbsp; 3797 |
| **Total Municipal Bond<br> (Identified Cost $3,957)** | **Total Municipal Bond<br> (Identified Cost $3,957)** | &nbsp;&nbsp;&nbsp;&nbsp; **3797** |
| **Foreign Government Securities—2.1%** | **Foreign Government Securities—2.1%** | **Foreign Government Securities—2.1%** |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.800%, 9/30/27<sup>(1)</sup> | &nbsp;&nbsp; 11210 | &nbsp;&nbsp;&nbsp; 9248 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.600%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 4075 | &nbsp;&nbsp;&nbsp; 3321 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.000%, 12/1/18<sup>(2)(3)</sup> | &nbsp;&nbsp; 20999 | &nbsp;&nbsp;&nbsp; 1470 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.750%, 10/13/19<sup>(2)(3)(4)</sup> | &nbsp;&nbsp; 9851 | &nbsp;&nbsp;&nbsp; 690 |
| Dominican Republic 144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 8710 | &nbsp;&nbsp;&nbsp; 7977 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 1/28/26 | &nbsp;&nbsp; 8605 | &nbsp;&nbsp;&nbsp; 8077 |
| &nbsp;&nbsp;&nbsp;4.500%, 3/15/29 | &nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp; 3569 |
| Republic of Cote d'Ivoire 144A<br> 6.375%, 3/3/28<sup>(1)</sup> | &nbsp;&nbsp; 13575 | &nbsp;&nbsp;&nbsp; 13134 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.375%, 4/15/23<sup>(1)</sup> | &nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp; 2826 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.125%, 1/15/25<sup>(1)</sup> | &nbsp;&nbsp; 11290 | &nbsp;&nbsp;&nbsp; 11150 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.750%, 1/8/26<sup>(1)</sup> | &nbsp;&nbsp; 13053 | &nbsp;&nbsp;&nbsp; 13038 |
| Republic of Panama<br> 3.875%, 3/17/28 | &nbsp;&nbsp; 13590 | &nbsp;&nbsp;&nbsp; 12824 |
| Republic of Qatar 144A<br> 3.250%, 6/2/26<sup>(1)</sup> | &nbsp;&nbsp; 7475 | &nbsp;&nbsp;&nbsp; 7166 |
| Republic of Turkey<br> 9.875%, 1/15/28 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp;&nbsp; 2577 |
| United Mexican States<br> 4.150%, 3/28/27 | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp; 8007 |
| **Total Foreign Government Securities<br> (Identified Cost $133,865)** | **Total Foreign Government Securities<br> (Identified Cost $133,865)** | &nbsp;&nbsp;&nbsp;&nbsp; **105074** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—26.2%** | **Mortgage-Backed Securities—26.2%** | **Mortgage-Backed Securities—26.2%** |
| **Agency—0.2%** | **Agency—0.2%** |  |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #254549<br> 6.000%, 12/1/32 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;Pool #695237<br> 5.500%, 2/1/33 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;Pool #725762<br> 6.000%, 8/1/34 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;Pool #773385<br> 5.500%, 5/1/34 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;Pool #800267<br> 5.500%, 12/1/34 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;Pool #806318<br> 5.500%, 11/1/34 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Pool #806328<br> 5.500%, 11/1/34 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Pool #808018<br> 5.500%, 1/1/35 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;Pool #889578<br> 6.000%, 4/1/38 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;Pool #890710<br> 3.000%, 2/1/31 | &nbsp;&nbsp; 2852 | &nbsp;&nbsp; 2728 |
| &nbsp;&nbsp;&nbsp;Pool #941322<br> 6.000%, 7/1/37 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #AC6992<br> 5.000%, 12/1/39 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;Pool #AD3841<br> 4.500%, 4/1/40 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp;Pool #AD4224<br> 5.000%, 8/1/40 | &nbsp;&nbsp; 1168 | &nbsp;&nbsp; 1189 |
| &nbsp;&nbsp;&nbsp;Pool #AD6058<br> 4.000%, 8/1/25 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;Pool #AE4799<br> 4.000%, 10/1/40 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;Pool #AH4009<br> 4.000%, 3/1/41 | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp;Pool #AI2472<br> 4.500%, 5/1/41 | &nbsp;&nbsp; 904 | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp;Pool #AO5149<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;Pool #AS6515<br> 4.000%, 1/1/46 | &nbsp;&nbsp; 1919 | &nbsp;&nbsp; 1838 |
| Government National Mortgage Association Pool #563381<br> 6.500%, 11/15/31 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
|  |  | &nbsp;&nbsp; 11372 |
| **Non-Agency—26.0%** | **Non-Agency—26.0%** |  |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 3499 | &nbsp;&nbsp; 3250 |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.065%, 9/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 8737 | &nbsp;&nbsp; 7616 |
| American Homes 4 Rent Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-SFR3, A 144A<br> 3.678%, 12/17/36<sup>(1)</sup> | &nbsp;&nbsp; 19242 | &nbsp;&nbsp; 18524 |
| &nbsp;&nbsp;&nbsp;2015-SFR1, A 144A<br> 3.467%, 4/17/52<sup>(1)</sup> | &nbsp;&nbsp; 10455 | &nbsp;&nbsp; 9956 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, A 144A<br> 1.819%, 4/17/37<sup>(1)</sup> | &nbsp;&nbsp; 8627 | &nbsp;&nbsp; 7884 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 2.120%, 4/17/37<sup>(1)</sup> | $6739 | $6146 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp;2020-SFR3, B 144A<br> 1.806%, 9/17/37<sup>(1)</sup> | &nbsp;&nbsp; 4362 | &nbsp;&nbsp; 3905 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 4535 | &nbsp;&nbsp; 3832 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(1)</sup> | &nbsp;&nbsp; 6675 | &nbsp;&nbsp; 5588 |
| &nbsp;&nbsp;&nbsp;2021-SFR4, B 144A<br> 2.417%, 12/17/38<sup>(1)</sup> | &nbsp;&nbsp; 4106 | &nbsp;&nbsp; 3515 |
| &nbsp;&nbsp;&nbsp;2022-SFR1, C 144A<br> 3.740%, 3/17/39<sup>(1)</sup> | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1753 |
| &nbsp;&nbsp;&nbsp;2022-SFR3, C 144A<br> 4.000%, 10/17/39<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1762 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 4263 | &nbsp;&nbsp; 3805 |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 1.261%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 2403 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 0.985%, 4/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 1322 |
| &nbsp;&nbsp;&nbsp;2021-3, A2 144A<br> 1.305%, 5/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 1710 |
| &nbsp;&nbsp;&nbsp;2021-5, A1 144A<br> 0.951%, 7/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 7731 | &nbsp;&nbsp; 6306 |
| &nbsp;&nbsp;&nbsp;2021-7, A1 144A<br> 1.978%, 10/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 9433 | &nbsp;&nbsp; 7668 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 11187 | &nbsp;&nbsp; 9239 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 2715 | &nbsp;&nbsp; 2587 |
| Angel Oak Mortgage Trust I LLC 2018-3, A1 144A<br> 3.649%, 9/25/48<sup>(1)(5)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(5)</sup> | &nbsp;&nbsp; 3628 | &nbsp;&nbsp; 3333 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(5)</sup> | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; 3025 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.175%, 10/25/48<sup>(1)(5)</sup> | &nbsp;&nbsp; 12247 | &nbsp;&nbsp; 9614 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 3756 |
| Banc of America Funding Trust 2004-D, 5A1<br> 3.485%, 1/25/35<sup>(5)</sup> | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 911 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%, Cap N/A, Floor 0.722%) 144A<br> 5.040%, 3/15/37<sup>(1)(5)</sup> | &nbsp;&nbsp; 5490 | &nbsp;&nbsp; 5071 |
| BPR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A<br> 5.568%, 2/15/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1921 |
| &nbsp;&nbsp;&nbsp;2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A<br> 6.234%, 4/15/37<sup>(1)(5)</sup> | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 7222 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.991%, 10/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 4968 | &nbsp;&nbsp; 4715 |
| &nbsp;&nbsp;&nbsp;2021-NQM3, A1 144A<br> 1.699%, 4/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 1593 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(1)(5)</sup> | $1952 | $1795 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A<br> 5.700%, 10/15/36<sup>(1)(5)</sup> | &nbsp;&nbsp; 6626 | &nbsp;&nbsp; 6459 |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.296%, 2/15/39<sup>(1)(5)</sup> | &nbsp;&nbsp; 10593 | &nbsp;&nbsp; 9864 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-GW, B (1 month LIBOR + 1.020%, Cap N/A, Floor 1.020%) 144A<br> 5.338%, 5/15/35<sup>(1)(5)</sup> | &nbsp;&nbsp; 19910 | &nbsp;&nbsp; 19209 |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4099 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(1)(5)</sup> | &nbsp;&nbsp; 7699 | &nbsp;&nbsp; 6135 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 15725 | &nbsp;&nbsp; 15392 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 4602 | &nbsp;&nbsp; 3855 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 6674 | &nbsp;&nbsp; 5811 |
| CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%, Cap N/A, Floor 1.120%) 144A<br> 5.438%, 6/15/34<sup>(1)(5)</sup> | &nbsp;&nbsp; 17508 | &nbsp;&nbsp; 17085 |
| CHL Mortgage Pass-Through Trust 2004-6, 1A2<br> 3.065%, 5/25/34<sup>(5)</sup> | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 278 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NR4, A1 144A<br> 2.816%, 10/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 9424 | &nbsp;&nbsp; 8711 |
| &nbsp;&nbsp;&nbsp;2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 5380 | &nbsp;&nbsp; 5059 |
| Citigroup Commercial Mortgage Trust 2015-GC27, A4<br> 2.878%, 2/10/48 | &nbsp;&nbsp; 6828 | &nbsp;&nbsp; 6509 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-A, A 144A<br> 3.000%, 5/25/42<sup>(1)(5)</sup> | &nbsp;&nbsp; 2697 | &nbsp;&nbsp; 2568 |
| &nbsp;&nbsp;&nbsp;2020-EXP1, A1B 144A<br> 1.804%, 5/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1492 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2014-A, A 144A<br> 4.000%, 1/25/35<sup>(1)(5)</sup> | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 1511 |
| &nbsp;&nbsp;&nbsp;2015-PS1, A1 144A<br> 3.750%, 9/25/42<sup>(1)(5)</sup> | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(1)(5)</sup> | &nbsp;&nbsp; 4390 | &nbsp;&nbsp; 4187 |
| &nbsp;&nbsp;&nbsp;2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 4732 | &nbsp;&nbsp; 4466 |
| COLT Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-3R, A1 144A<br> 1.051%, 12/25/64<sup>(1)(5)</sup> | &nbsp;&nbsp; 3313 | &nbsp;&nbsp; 2834 |
| &nbsp;&nbsp;&nbsp;2021-3R, A2 144A<br> 1.257%, 12/25/64<sup>(1)(5)</sup> | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 655 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, A2 144A<br> 1.130%, 8/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 5395 | &nbsp;&nbsp; 4216 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.284%, 12/27/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 10523 | &nbsp;&nbsp; 9162 |
| &nbsp;&nbsp;&nbsp;2022-3, A1 144A<br> 3.901%, 2/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 15890 | &nbsp;&nbsp; 14688 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(1)(5)</sup> | $6834 | $6529 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 13642 | &nbsp;&nbsp; 13165 |
| &nbsp;&nbsp;&nbsp;2021-2R, A1 144A<br> 0.798%, 7/27/54<sup>(1)</sup> | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 1833 |
| COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A<br> 0.857%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 5893 | &nbsp;&nbsp; 4943 |
| CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A<br> 2.239%, 3/28/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 9555 | &nbsp;&nbsp; 8689 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 1.832%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 9645 | &nbsp;&nbsp; 8977 |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 4692 | &nbsp;&nbsp; 4138 |
| &nbsp;&nbsp;&nbsp;2020-4, A 144A<br> 1.174%, 12/15/52<sup>(1)</sup> | &nbsp;&nbsp; 14301 | &nbsp;&nbsp; 12624 |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 4.744%, 6/17/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 4939 | &nbsp;&nbsp; 4816 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A<br> 5.298%, 5/15/36<sup>(1)(5)</sup> | &nbsp;&nbsp; 22785 | &nbsp;&nbsp; 22534 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 8188 | &nbsp;&nbsp; 7806 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 1.208%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 3051 | &nbsp;&nbsp; 2766 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 12370 | &nbsp;&nbsp; 10968 |
| &nbsp;&nbsp;&nbsp;2021-NQM1, A1 144A<br> 0.809%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 7651 | &nbsp;&nbsp; 6401 |
| &nbsp;&nbsp;&nbsp;2021-NQM2, A1 144A<br> 1.179%, 2/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 5275 | &nbsp;&nbsp; 4368 |
| &nbsp;&nbsp;&nbsp;2021-AFC1, A1 144A<br> 0.830%, 3/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2086 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 5496 | &nbsp;&nbsp; 4743 |
| Dominion Mortgage Trust 2021-RTL1, A1 144A<br> 2.487%, 7/25/27<sup>(1)(5)</sup> | &nbsp;&nbsp; 10050 | &nbsp;&nbsp; 9038 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 1511 | &nbsp;&nbsp; 1415 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.006%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 1552 | &nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp;2020-2, A1 144A<br> 1.178%, 10/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 6001 | &nbsp;&nbsp; 5365 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 1.003%, 2/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 6207 | &nbsp;&nbsp; 5192 |
| Extended Stay America Trust 2021-ESH, C (1 month LIBOR + 1.700%, Cap N/A, Floor 1.700%) 144A<br> 6.018%, 7/15/38<sup>(1)(5)</sup> | &nbsp;&nbsp; 5408 | &nbsp;&nbsp; 5191 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 1.740%, 8/17/37<sup>(1)</sup> | &nbsp;&nbsp; 7020 | &nbsp;&nbsp; 6271 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, A 144A<br> 1.266%, 10/19/37<sup>(1)</sup> | &nbsp;&nbsp; 6621 | &nbsp;&nbsp; 5866 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, B 144A<br> 1.567%, 10/19/37<sup>(1)</sup> | $21440 | $19028 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 18405 | &nbsp;&nbsp; 15450 |
| &nbsp;&nbsp;&nbsp;2022-SFR1, A 144A<br> 4.145%, 5/17/39<sup>(1)</sup> | &nbsp;&nbsp; 6463 | &nbsp;&nbsp; 6062 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, A21 144A<br> 3.500%, 7/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 957 | &nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp;2019-2, A52 144A<br> 3.500%, 6/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 4209 | &nbsp;&nbsp; 3929 |
| GCAT Trust 2020-NQM1, A1 144A<br> 2.247%, 1/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 1153 | &nbsp;&nbsp; 1086 |
| GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 2/15/38<sup>(1)(5)</sup> | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 5289 |
| GS Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(5)</sup> | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2184 |
| Hilton USA Trust 2016-SFP, B 144A<br> 3.323%, 11/5/35<sup>(1)</sup> | &nbsp;&nbsp; 16760 | &nbsp;&nbsp; 15868 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NQM4, A1 144A<br> 2.091%, 1/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 12632 | &nbsp;&nbsp; 10405 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 9427 | &nbsp;&nbsp; 8894 |
| INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A<br> 6.825%, 8/15/39<sup>(1)(5)</sup> | &nbsp;&nbsp; 7340 | &nbsp;&nbsp; 7292 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-A6, 3A3L<br> 3.590%, 10/25/36<sup>(5)</sup> | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;2014-5, B1 144A<br> 2.787%, 10/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 1563 |
| JPMBB Commercial Mortgage Securities Trust 2015-C32, AS<br> 3.984%, 11/15/48 | &nbsp;&nbsp; 2495 | &nbsp;&nbsp; 2337 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(1)(5)</sup> | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;2014-2, 2A2 144A<br> 3.500%, 6/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 1558 | &nbsp;&nbsp; 1456 |
| &nbsp;&nbsp;&nbsp;2014-2, AM 144A<br> 3.351%, 6/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 937 | &nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.787%, 10/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;2015-1, AM1 144A<br> 4.691%, 12/25/44<sup>(1)(5)</sup> | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp;2015-5, A2 144A<br> 4.863%, 5/25/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1304 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(5)</sup> | &nbsp;&nbsp; 2097 | &nbsp;&nbsp; 1823 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 3.211%, 10/26/48<sup>(1)(5)</sup> | &nbsp;&nbsp; 3684 | &nbsp;&nbsp; 3502 |
| KKR Industrial Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A<br> 5.318%, 12/15/37<sup>(1)(5)</sup> | &nbsp;&nbsp; 1676 | &nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp;2021-KDIP, D (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A<br> 5.568%, 12/15/37<sup>(1)(5)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3532 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 5/15/36<sup>(1)(5)</sup> | $5740 | $5673 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RTL1, A1 144A<br> 2.090%, 2/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 11065 | &nbsp;&nbsp; 10475 |
| &nbsp;&nbsp;&nbsp;2021-RTL2, A1 144A<br> 2.090%, 6/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 8940 | &nbsp;&nbsp; 8406 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.441%, 4/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 7930 | &nbsp;&nbsp; 6898 |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 19268 | &nbsp;&nbsp; 18092 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 6183 | &nbsp;&nbsp; 5989 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV1, A1 144A<br> 3.907%, 4/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 11618 | &nbsp;&nbsp; 10921 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 9174 | &nbsp;&nbsp; 8749 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 2147 | &nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 1528 | &nbsp;&nbsp; 1337 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 1983 | &nbsp;&nbsp; 1845 |
| &nbsp;&nbsp;&nbsp;2017-3, M2 144A<br> 3.250%, 1/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 9026 | &nbsp;&nbsp; 8103 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(5)</sup> | &nbsp;&nbsp; 12131 | &nbsp;&nbsp; 10301 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; 4386 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-C10, A4<br> 4.070%, 7/15/46<sup>(5)</sup> | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp;2013-C13, AS<br> 4.266%, 11/15/46 | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 1694 |
| Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A<br> 4.338%, 2/25/34<sup>(5)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 349 |
| Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A<br> 5.025%, 6/25/44<sup>(1)(5)</sup> | &nbsp;&nbsp; 3098 | &nbsp;&nbsp; 2965 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 3532 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp;2016-1A, A1 144A<br> 3.750%, 3/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 1933 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 2758 | &nbsp;&nbsp; 2518 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 10873 | &nbsp;&nbsp; 10188 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 6276 | &nbsp;&nbsp; 6026 |
| &nbsp;&nbsp;&nbsp;2019-RPL2, M2 144A<br> 3.750%, 2/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;2020-1A, A1B 144A<br> 3.500%, 10/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 5284 | &nbsp;&nbsp; 4867 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(5)</sup> | $4307 | $3723 |
| &nbsp;&nbsp;&nbsp;2022-RTL1, A1F 144A<br> 4.336%, 12/25/26<sup>(1)</sup> | &nbsp;&nbsp; 8710 | &nbsp;&nbsp; 8264 |
| &nbsp;&nbsp;&nbsp;2014-3A, AFX3 144A<br> 3.750%, 11/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp; 3179 | &nbsp;&nbsp; 2926 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(1)(5)</sup> | &nbsp;&nbsp; 4106 | &nbsp;&nbsp; 3801 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 7708 | &nbsp;&nbsp; 7228 |
| NewRez Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.050%, Cap N/A, Floor 1.050%) 144A<br> 5.439%, 5/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 13845 | &nbsp;&nbsp; 13481 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 11140 | &nbsp;&nbsp; 8759 |
| NMLT Trust 2021-INV1, A1 144A<br> 1.185%, 5/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 6369 | &nbsp;&nbsp; 5079 |
| NYMT Loan Trust 2022-CP1, A1 144A<br> 2.042%, 7/25/61<sup>(1)</sup> | &nbsp;&nbsp; 4819 | &nbsp;&nbsp; 4302 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-INV1, A3 144A<br> 4.500%, 11/25/48<sup>(1)(5)</sup> | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 823 |
| &nbsp;&nbsp;&nbsp;2021-NQM3, A2 144A<br> 1.260%, 7/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; 1856 |
| &nbsp;&nbsp;&nbsp;2018-1, A2 (1 month LIBOR + 0.650%) 144A<br> 5.039%, 6/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 2369 | &nbsp;&nbsp; 2228 |
| Onslow Bay Mortgage Loan Trust 2021-NQM4, A1 144A<br> 1.957%, 10/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 5256 | &nbsp;&nbsp; 4181 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 2.857%, 6/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 7890 | &nbsp;&nbsp; 7337 |
| Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 2.363%, 11/25/25<sup>(1)(5)</sup> | &nbsp;&nbsp; 10919 | &nbsp;&nbsp; 10075 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 2.115%, 3/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 2484 | &nbsp;&nbsp; 2287 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.867%, 4/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 6408 | &nbsp;&nbsp; 5713 |
| &nbsp;&nbsp;&nbsp;2021-7, A1 144A<br> 1.867%, 8/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 7082 | &nbsp;&nbsp; 6420 |
| &nbsp;&nbsp;&nbsp;2021-9, A1 144A<br> 2.363%, 10/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 7477 | &nbsp;&nbsp; 6731 |
| &nbsp;&nbsp;&nbsp;2021-RPL1, A1 144A<br> 1.319%, 7/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 4487 | &nbsp;&nbsp; 3992 |
| &nbsp;&nbsp;&nbsp;2021-RPL2, A1 144A<br> 1.455%, 10/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 21954 | &nbsp;&nbsp; 19545 |
| PRET LLC 2021-RN3, A1 144A<br> 1.843%, 9/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 10698 | &nbsp;&nbsp; 9534 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A<br> 2.240%, 9/27/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 14411 | &nbsp;&nbsp; 13125 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR3, B 144A<br> 2.571%, 9/17/36<sup>(1)</sup> | &nbsp;&nbsp; 10340 | &nbsp;&nbsp; 9801 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, E 144A<br> 5.115%, 6/17/37<sup>(1)</sup> | &nbsp;&nbsp; 6890 | &nbsp;&nbsp; 6510 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, D 144A<br> 2.197%, 4/19/38<sup>(1)</sup> | &nbsp;&nbsp; 16205 | &nbsp;&nbsp; 13871 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 11130 | &nbsp;&nbsp; 9444 |
| &nbsp;&nbsp;&nbsp;2021-SFR5, D 144A<br> 2.109%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2115 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-SFR6, C 144A<br> 1.855%, 7/17/38<sup>(1)</sup> | $3770 | $3205 |
| &nbsp;&nbsp;&nbsp;2020-SFR3, A 144A<br> 1.294%, 10/17/27<sup>(1)</sup> | &nbsp;&nbsp; 3645 | &nbsp;&nbsp; 3228 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, C 144A<br> 1.555%, 4/17/38<sup>(1)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1220 |
| Provident Funding Mortgage Trust 2019-1, A2 144A<br> 3.000%, 12/25/49<sup>(1)(5)</sup> | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 1756 |
| RCKT Mortgage Trust 2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(5)</sup> | &nbsp;&nbsp; 3930 | &nbsp;&nbsp; 3271 |
| RCO VI Mortgage LLC 2022-1, A1 144A<br> 3.000%, 1/25/27<sup>(1)(5)</sup> | &nbsp;&nbsp; 9008 | &nbsp;&nbsp; 8452 |
| RCO VII Mortgage LLC 2021-2, A1 144A<br> 2.116%, 9/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 6028 | &nbsp;&nbsp; 5510 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.913%, 5/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 809 | &nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1775 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.488%, 6/25/43<sup>(5)</sup> | &nbsp;&nbsp; 1537 | &nbsp;&nbsp; 1447 |
| SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, A1 144A<br> 2.703%, 9/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;2021-1, A1 144A<br> 1.160%, 7/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 7336 | &nbsp;&nbsp; 5899 |
| &nbsp;&nbsp;&nbsp;2021-1, A3 144A<br> 1.560%, 7/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 4257 | &nbsp;&nbsp; 3399 |
| STAR Trust 2021-1, A1 144A<br> 1.219%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 5924 | &nbsp;&nbsp; 5351 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.275%, 2/25/50<sup>(1)(5)</sup> | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;2020-3, A1 144A<br> 1.486%, 4/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 2424 | &nbsp;&nbsp; 2219 |
| &nbsp;&nbsp;&nbsp;2021-3, A2 144A<br> 1.395%, 6/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 2671 | &nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp;2021-3, A3 144A<br> 1.518%, 6/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 1765 |
| Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A<br> 3.778%, 10/25/34<sup>(5)</sup> | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 1743 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-6, M1 144A<br> 3.750%, 4/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 5255 | &nbsp;&nbsp; 5094 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.890%, 7/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 8095 | &nbsp;&nbsp; 7399 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 4374 | &nbsp;&nbsp; 4077 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 8622 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 3834 | &nbsp;&nbsp; 3721 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp;2020-1, M1 144A<br> 3.500%, 1/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 3762 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 14281 | &nbsp;&nbsp; 12102 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(5)</sup> | $12970 | $10148 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 3.750%, 7/25/62<sup>(1)(5)</sup> | &nbsp;&nbsp; 2276 | &nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 11390 | &nbsp;&nbsp; 10212 |
| Towd Point Trust 2021-HE1, M1 144A<br> 1.500%, 2/25/63<sup>(1)(5)</sup> | &nbsp;&nbsp; 1917 | &nbsp;&nbsp; 1795 |
| Tricon American Homes Trust 2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 5243 | &nbsp;&nbsp; 4319 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 6490 | &nbsp;&nbsp; 5596 |
| TVC Mortgage Trust 2020-RTL1, A1 144A<br> 3.474%, 9/25/24<sup>(1)</sup> | &nbsp;&nbsp; 2331 | &nbsp;&nbsp; 2323 |
| UBS Commercial Mortgage Trust 2012-C1, D 144A<br> 6.446%, 5/10/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 917 |
| UBS-Barclays Commercial Mortgage Trust 2013-C6, B 144A<br> 3.875%, 4/10/46<sup>(1)(5)</sup> | &nbsp;&nbsp; 8691 | &nbsp;&nbsp; 8532 |
| VCAT Asset Securitization LLC 2021-NPL6, A1 144A<br> 1.917%, 9/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 9452 | &nbsp;&nbsp; 8228 |
| VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-NPL2, A1 144A<br> 2.115%, 3/27/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 7188 | &nbsp;&nbsp; 6495 |
| &nbsp;&nbsp;&nbsp;2021-NPL3, A1 144A<br> 1.743%, 5/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 11098 | &nbsp;&nbsp; 9610 |
| &nbsp;&nbsp;&nbsp;2021-NPL4, A1 144A<br> 1.868%, 8/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 15878 | &nbsp;&nbsp; 14376 |
| &nbsp;&nbsp;&nbsp;2021-NPL5, A1 144A<br> 1.868%, 8/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 8896 | &nbsp;&nbsp; 7838 |
| Velocity Commercial Capital Loan Trust 2020-1, AFX 144A<br> 2.610%, 2/25/50<sup>(1)(5)</sup> | &nbsp;&nbsp; 6849 | &nbsp;&nbsp; 6033 |
| Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A<br> 1.992%, 5/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; 3145 |
| Vericrest Opportunity Loan Trust CVI LLC 2021-NP12, A1 144A<br> 2.734%, 12/26/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 10529 | &nbsp;&nbsp; 9728 |
| Vericrest Opportunity Loan Trust XCIV LLC 2021-NPL3, A1 144A<br> 2.240%, 2/27/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 4629 |
| Vericrest Opportunity Loan Trust XCV LLC 2021-NPL4, A1 144A<br> 2.240%, 3/27/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 5385 | &nbsp;&nbsp; 4921 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4, M1 144A<br> 3.207%, 11/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 6070 | &nbsp;&nbsp; 5121 |
| &nbsp;&nbsp;&nbsp;2019-INV2, A1 144A<br> 2.913%, 7/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 2938 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 1.031%, 2/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 8166 | &nbsp;&nbsp; 6781 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.046%, 6/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 10728 | &nbsp;&nbsp; 8567 |
| &nbsp;&nbsp;&nbsp;2021-R3, A1 144A<br> 1.020%, 4/25/64<sup>(1)(5)</sup> | &nbsp;&nbsp; 5098 | &nbsp;&nbsp; 4394 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 12172 | &nbsp;&nbsp; 11694 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 21702 | &nbsp;&nbsp; 19865 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 8282 | &nbsp;&nbsp; 8053 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.417%, 1/25/60<sup>(1)(5)</sup> | $1724 | $1623 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.502%, 5/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp; 5962 | &nbsp;&nbsp;&nbsp; 5314 |
| &nbsp;&nbsp;&nbsp;2021-R1, A1 144A<br> 0.820%, 10/25/63<sup>(1)(5)</sup> | &nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp; 4004 |
| &nbsp;&nbsp;&nbsp;2021-R2, A1 144A<br> 0.918%, 2/25/64<sup>(1)(5)</sup> | &nbsp;&nbsp; 3805 | &nbsp;&nbsp;&nbsp; 3449 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp; 3482 | &nbsp;&nbsp;&nbsp; 3229 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 2.924%, 11/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp; 1916 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 8255 | &nbsp;&nbsp;&nbsp; 7560 |
| VM Master Issuer LLC 2022-1, A1 144A<br> 5.163%, 5/24/25<sup>(1)(5)</sup> | &nbsp;&nbsp; 11785 | &nbsp;&nbsp;&nbsp; 11162 |
| WaMu Mortgage Pass-Through Certificates Series Trust 2004-CB1, 2A<br> 5.000%, 6/25/34 | &nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 250 |
| Wells Fargo Commercial Mortgage Trust 2014-C24, AS<br> 3.931%, 11/15/47 | &nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp; 6374 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2004-U, A1<br> 4.017%, 10/25/34<sup>(5)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(1)(5)</sup> | &nbsp;&nbsp; 2494 | &nbsp;&nbsp;&nbsp; 2088 |
|  |  | &nbsp;&nbsp;&nbsp;1268816 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $1,416,096)** | **Total Mortgage-Backed Securities<br> (Identified Cost $1,416,096)** | &nbsp;&nbsp;&nbsp;&nbsp;**1280188** |
| **Asset-Backed Securities—26.1%** | **Asset-Backed Securities—26.1%** | **Asset-Backed Securities—26.1%** |
| **Automobiles—12.2%** | **Automobiles—12.2%** |  |
| ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, B 144A<br> 1.790%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7835 | &nbsp;&nbsp;&nbsp; 7531 |
| &nbsp;&nbsp;&nbsp;2021-A, C 144A<br> 3.790%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6948 | &nbsp;&nbsp;&nbsp; 6534 |
| ACC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, C 144A<br> 2.080%, 12/20/24<sup>(1)</sup> | &nbsp;&nbsp; 3025 | &nbsp;&nbsp;&nbsp; 2965 |
| &nbsp;&nbsp;&nbsp;2022-1, C 144A<br> 3.240%, 10/20/25<sup>(1)</sup> | &nbsp;&nbsp; 6580 | &nbsp;&nbsp;&nbsp; 6276 |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 3.230%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1628 | &nbsp;&nbsp;&nbsp; 1624 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 4.470%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 6780 | &nbsp;&nbsp;&nbsp; 6737 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, C 144A<br> 0.830%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8164 | &nbsp;&nbsp;&nbsp; 8032 |
| &nbsp;&nbsp;&nbsp;2021-2, C 144A<br> 0.970%, 7/13/27<sup>(1)</sup> | &nbsp;&nbsp; 8852 | &nbsp;&nbsp;&nbsp; 8690 |
| &nbsp;&nbsp;&nbsp;2021-3, C 144A<br> 0.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp; 2322 |
| &nbsp;&nbsp;&nbsp;2022-1, E 144A<br> 3.640%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 11425 | &nbsp;&nbsp;&nbsp; 9380 |
| AmeriCredit Automobile Receivables Trust 2019-1, C<br> 3.360%, 2/18/25 | &nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp; 4687 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.190%, 1/15/27<sup>(1)</sup> | $4394 | $4246 |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 8590 | &nbsp;&nbsp; 8576 |
| Avid Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, C 144A<br> 3.140%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2778 | &nbsp;&nbsp; 2764 |
| &nbsp;&nbsp;&nbsp;2019-1, D 144A<br> 4.030%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1603 |
| &nbsp;&nbsp;&nbsp;2021-1, D 144A<br> 1.990%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp;2021-1, E 144A<br> 3.390%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1409 |
| Avis Budget Rental Car Funding AESOP LLC (AESOP) 2022-5A, A 144A<br> 6.120%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 3393 | &nbsp;&nbsp; 3451 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2019-2A, D 144A<br> 3.040%, 9/22/25<sup>(1)</sup> | &nbsp;&nbsp; 11905 | &nbsp;&nbsp; 10853 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-1A, A 144A<br> 2.330%, 8/20/26<sup>(1)</sup> | &nbsp;&nbsp; 8025 | &nbsp;&nbsp; 7426 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 9205 | &nbsp;&nbsp; 8342 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, A 144A<br> 1.380%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 1628 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 3.710%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 9432 |
| CarNow Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 2.160%, 2/17/26<sup>(1)</sup> | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3018 |
| &nbsp;&nbsp;&nbsp;2021-2A, B 144A<br> 1.300%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2474 | &nbsp;&nbsp; 2430 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 4.890%, 3/16/26<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4951 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3A, D 144A<br> 3.040%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 3606 | &nbsp;&nbsp; 3558 |
| &nbsp;&nbsp;&nbsp;2019-3A, E 144A<br> 4.600%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4399 | &nbsp;&nbsp; 4223 |
| &nbsp;&nbsp;&nbsp;2020-N1A, D 144A<br> 3.430%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 11730 | &nbsp;&nbsp; 11454 |
| &nbsp;&nbsp;&nbsp;2020-P1, C<br> 1.320%, 11/9/26 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 1939 |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 2925 | &nbsp;&nbsp; 2688 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 12685 | &nbsp;&nbsp; 11445 |
| &nbsp;&nbsp;&nbsp;2021-P3, B<br> 1.420%, 8/10/27 | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; 3856 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 4435 | &nbsp;&nbsp; 4282 |
| &nbsp;&nbsp;&nbsp;2022-N1, D 144A<br> 4.130%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 6815 | &nbsp;&nbsp; 6417 |
| CIG Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, D 144A<br> 2.350%, 1/12/26<sup>(1)</sup> | &nbsp;&nbsp; 7910 | &nbsp;&nbsp; 7738 |
| &nbsp;&nbsp;&nbsp;2020-1A, E 144A<br> 4.430%, 2/12/27<sup>(1)</sup> | &nbsp;&nbsp; 9485 | &nbsp;&nbsp; 9276 |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 2.110%, 4/12/27<sup>(1)</sup> | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 3733 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-C, C 144A<br> 1.710%, 8/17/26<sup>(1)</sup> | $1093 | $1086 |
| &nbsp;&nbsp;&nbsp;2021-A, C 144A<br> 0.830%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4812 | &nbsp;&nbsp; 4751 |
| &nbsp;&nbsp;&nbsp;2022-D, D 144A<br> 8.730%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 7170 | &nbsp;&nbsp; 7270 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3A, B 144A<br> 2.860%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 2833 | &nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp;2020-1A, B 144A<br> 2.390%, 4/16/29<sup>(1)</sup> | &nbsp;&nbsp; 2973 | &nbsp;&nbsp; 2962 |
| &nbsp;&nbsp;&nbsp;2020-3A, B 144A<br> 1.770%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 11195 | &nbsp;&nbsp; 10625 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.600%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 7275 | &nbsp;&nbsp; 7084 |
| Credito Real USA Auto Receivables Trust 2021-1A, A 144A<br> 1.350%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 1516 | &nbsp;&nbsp; 1482 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4A, C 144A<br> 2.730%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 1.160%, 11/16/26<sup>(1)</sup> | &nbsp;&nbsp; 3930 | &nbsp;&nbsp; 3619 |
| &nbsp;&nbsp;&nbsp;2021-1A, E 144A<br> 2.380%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.100%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 5985 | &nbsp;&nbsp; 5686 |
| &nbsp;&nbsp;&nbsp;2021-2A, D 144A<br> 1.500%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 4350 | &nbsp;&nbsp; 3993 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 5.460%, 3/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7059 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, D 144A<br> 2.730%, 12/15/25<sup>(1)</sup> | &nbsp;&nbsp; 8704 | &nbsp;&nbsp; 8533 |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 3.440%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 2881 |
| &nbsp;&nbsp;&nbsp;2021-1A, C<br> 0.740%, 1/15/26 | &nbsp;&nbsp; 4025 | &nbsp;&nbsp; 3937 |
| &nbsp;&nbsp;&nbsp;2022-3A, C<br> 5.300%, 9/15/27 | &nbsp;&nbsp; 8423 | &nbsp;&nbsp; 8260 |
| &nbsp;&nbsp;&nbsp;2018-4A, D 144A<br> 4.350%, 9/16/24<sup>(1)</sup> | &nbsp;&nbsp; 3553 | &nbsp;&nbsp; 3540 |
| &nbsp;&nbsp;&nbsp;2019-1A, D 144A<br> 4.130%, 12/16/24<sup>(1)</sup> | &nbsp;&nbsp; 4333 | &nbsp;&nbsp; 4327 |
| FHF Trust 2022-2A, B 144A<br> 6.570%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 8847 | &nbsp;&nbsp; 8726 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2915 | &nbsp;&nbsp; 2760 |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.470%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6395 | &nbsp;&nbsp; 5814 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5745 | &nbsp;&nbsp; 5363 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, C 144A<br> 3.090%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp;2020-1, C 144A<br> 2.240%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10275 | &nbsp;&nbsp; 10122 |
| &nbsp;&nbsp;&nbsp;2020-3, C 144A<br> 1.730%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3490 | &nbsp;&nbsp; 3327 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-4, C 144A<br> 1.280%, 2/16/27<sup>(1)</sup> | $5284 | $5056 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, C 144A<br> 1.570%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 1959 |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 2.150%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 1988 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3A, D 144A<br> 3.840%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2914 |
| &nbsp;&nbsp;&nbsp;2019-4A, C 144A<br> 3.060%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 15097 | &nbsp;&nbsp; 14885 |
| &nbsp;&nbsp;&nbsp;2019-4A, D 144A<br> 4.090%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3358 |
| &nbsp;&nbsp;&nbsp;2020-3A, D 144A<br> 2.270%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 11735 | &nbsp;&nbsp; 11355 |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 4.310%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 18060 | &nbsp;&nbsp; 17227 |
| &nbsp;&nbsp;&nbsp;2020-4A, C 144A<br> 1.140%, 11/17/25<sup>(1)</sup> | &nbsp;&nbsp; 6046 | &nbsp;&nbsp; 5943 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.300%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 3075 | &nbsp;&nbsp; 2969 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 4565 | &nbsp;&nbsp; 4376 |
| GLS Auto Receivables Trust 2022-1A, C 144A<br> 3.190%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5708 |
| Hertz Vehicle Financing III LLC 2022-1A, C 144A<br> 2.630%, 6/25/26<sup>(1)</sup> | &nbsp;&nbsp; 3790 | &nbsp;&nbsp; 3363 |
| Hertz Vehicle Financing III LP 2021-2A, A 144A<br> 1.680%, 12/27/27<sup>(1)</sup> | &nbsp;&nbsp; 14055 | &nbsp;&nbsp; 12233 |
| Hertz Vehicle Financing LLC 2022-4A, D 144A<br> 6.560%, 9/25/26<sup>(1)</sup> | &nbsp;&nbsp; 5995 | &nbsp;&nbsp; 5538 |
| LAD Auto Receivables Trust 2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 2437 |
| Lendbuzz Securitization Trust 2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 10192 | &nbsp;&nbsp; 9754 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.260%, 7/14/28<sup>(1)</sup> | &nbsp;&nbsp; 17610 | &nbsp;&nbsp; 15326 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(1)</sup> | &nbsp;&nbsp; 7485 | &nbsp;&nbsp; 7097 |
| Oscar U.S. Funding XIII LLC 2021-2A, A4 144A<br> 1.270%, 9/11/28<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5387 |
| Prestige Auto Receivables Trust 2018-1A, D 144A<br> 4.140%, 10/15/24<sup>(1)</sup> | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2497 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, C<br> 1.010%, 1/15/26 | &nbsp;&nbsp; 4293 | &nbsp;&nbsp; 4249 |
| &nbsp;&nbsp;&nbsp;2021-3, C<br> 0.950%, 9/15/27 | &nbsp;&nbsp; 13700 | &nbsp;&nbsp; 13177 |
| &nbsp;&nbsp;&nbsp;2022-7, A2<br> 5.810%, 1/15/26 | &nbsp;&nbsp; 4108 | &nbsp;&nbsp; 4116 |
| Tesla Auto Lease Trust 2020-A, C 144A<br> 1.680%, 2/20/24<sup>(1)</sup> | &nbsp;&nbsp; 3045 | &nbsp;&nbsp; 3023 |
| Tidewater Auto Receivables Trust 2020-AA, C 144A<br> 1.910%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 7289 | &nbsp;&nbsp; 7225 |
| Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 4.710%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 2969 |
| &nbsp;&nbsp;&nbsp;2022-1A, D 144A<br> 5.380%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 4455 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| U.S. Auto Funding 2021-1A, B 144A<br> 1.490%, 3/17/25<sup>(1)</sup> | $5725 | $5662 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, C 144A<br> 0.840%, 6/10/26<sup>(1)</sup> | &nbsp;&nbsp; 3863 | &nbsp;&nbsp; 3835 |
| &nbsp;&nbsp;&nbsp;2021-1, D 144A<br> 1.140%, 6/10/26<sup>(1)</sup> | &nbsp;&nbsp; 10160 | &nbsp;&nbsp; 9817 |
| &nbsp;&nbsp;&nbsp;2022-1, C 144A<br> 2.610%, 6/10/27<sup>(1)</sup> | &nbsp;&nbsp; 2785 | &nbsp;&nbsp; 2700 |
| USASF Receivables LLC 2020-1A, C 144A<br> 5.940%, 8/15/24<sup>(1)</sup> | &nbsp;&nbsp; 7338 | &nbsp;&nbsp; 7301 |
| Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, B 144A<br> 1.490%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 3996 |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 4.390%, 8/16/27<sup>(1)</sup> | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 16275 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-2A, C 144A<br> 2.010%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 7967 | &nbsp;&nbsp; 7889 |
| &nbsp;&nbsp;&nbsp;2020-3A, C 144A<br> 1.240%, 11/17/25<sup>(1)</sup> | &nbsp;&nbsp; 11365 | &nbsp;&nbsp; 11080 |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4273 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 2.750%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6090 | &nbsp;&nbsp; 5867 |
|  |  | &nbsp;&nbsp; 596445 |
| **Collateralized Loan Obligations—0.4%** | **Collateralized Loan Obligations—0.4%** |  |
| GoldentTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%, Cap N/A, Floor 1.070%) 144A<br> 5.313%, 1/20/33<sup>(1)(5)</sup> | &nbsp;&nbsp; 18315 | &nbsp;&nbsp; 17921 |
| Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A<br> 5.143%, 4/20/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 1884 |
|  |  | &nbsp;&nbsp; 19805 |
| **Consumer Loans—1.8%** | **Consumer Loans—1.8%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 1A 144A<br> 4.300%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 4930 | &nbsp;&nbsp; 4685 |
| &nbsp;&nbsp;&nbsp;2022-A, A 144A<br> 4.300%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 4765 | &nbsp;&nbsp; 4528 |
| CFMT Issuer Trust 2021-GRN1, A 144A<br> 1.100%, 3/20/41<sup>(1)</sup> | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 1282 |
| Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 2.410%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7745 | &nbsp;&nbsp; 7478 |
| &nbsp;&nbsp;&nbsp;2022-B, A 144A<br> 4.770%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; 4460 |
| Lendmark Funding Trust 2019-2A, A 144A<br> 2.780%, 4/20/28<sup>(1)</sup> | &nbsp;&nbsp; 6099 | &nbsp;&nbsp; 5919 |
| OneMain Financial Issuance Trust 2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 7261 | &nbsp;&nbsp; 7229 |
| Oportun Funding XIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, A 144A<br> 1.210%, 3/8/28<sup>(1)</sup> | &nbsp;&nbsp; 9015 | &nbsp;&nbsp; 8394 |
| &nbsp;&nbsp;&nbsp;2021-A, B 144A<br> 1.760%, 3/8/28<sup>(1)</sup> | &nbsp;&nbsp; 7620 | &nbsp;&nbsp; 7057 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Loans—continued** | **Consumer Loans—continued** |  |
| Oportun Issuance Trust 2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | $6210 | $5433 |
| Regional Management Issuance Trust 2021-1, A 144A<br> 1.680%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 2351 |
| Republic Finance Issuance Trust 2020-A, A 144A<br> 2.470%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 7335 | &nbsp;&nbsp; 6926 |
| SoFi Consumer Loan Program Trust 2022-1S, A 144A<br> 6.210%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 8322 | &nbsp;&nbsp; 8322 |
| Upstart Pass-Through Trust Series 2021-ST8, A 144A<br> 1.750%, 10/20/29<sup>(1)</sup> | &nbsp;&nbsp; 3635 | &nbsp;&nbsp; 3374 |
| Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, A 144A<br> 0.870%, 3/20/31<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;2021-2, B 144A<br> 1.750%, 6/20/31<sup>(1)</sup> | &nbsp;&nbsp; 7140 | &nbsp;&nbsp; 6779 |
| &nbsp;&nbsp;&nbsp;2022-2, A 144A<br> 4.370%, 5/20/32<sup>(1)</sup> | &nbsp;&nbsp; 3012 | &nbsp;&nbsp; 2945 |
|  |  | &nbsp;&nbsp; 87206 |
| **Credit Card—0.7%** | **Credit Card—0.7%** |  |
| Avant Credit Card Master Trust 2021-1A, A 144A<br> 1.370%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; 3907 |
| Genesis Sales Finance Master Trust 2021-AA, A 144A<br> 1.200%, 12/21/26<sup>(1)</sup> | &nbsp;&nbsp; 9020 | &nbsp;&nbsp; 8447 |
| Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.540%, 3/20/26<sup>(1)</sup> | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 10084 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 2.500%, 9/21/26<sup>(1)</sup> | &nbsp;&nbsp; 14120 | &nbsp;&nbsp; 13424 |
|  |  | &nbsp;&nbsp; 35862 |
| **Equipment—0.7%** | **Equipment—0.7%** |  |
| Amur Equipment Finance Receivables VIII LLC 2020-1A, C 144A<br> 3.060%, 4/20/26<sup>(1)</sup> | &nbsp;&nbsp; 2122 | &nbsp;&nbsp; 2080 |
| CCG Receivables Trust 2022-1, C 144A<br> 4.670%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3639 |
| CLI Funding VI LLC 2020-1A, A 144A<br> 2.080%, 9/18/45<sup>(1)</sup> | &nbsp;&nbsp; 14989 | &nbsp;&nbsp; 12976 |
| Encina Equipment Finance LLC 2022-1A, B 144A<br> 5.150%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 9548 | &nbsp;&nbsp; 9253 |
| Pawnee Equipment Receivables Series LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, B 144A<br> 2.520%, 10/15/24<sup>(1)</sup> | &nbsp;&nbsp; 1862 | &nbsp;&nbsp; 1856 |
| &nbsp;&nbsp;&nbsp;2020-1, A 144A<br> 1.370%, 11/17/25<sup>(1)</sup> | &nbsp;&nbsp; 1886 | &nbsp;&nbsp; 1861 |
|  |  | &nbsp;&nbsp; 31665 |
| **Other—10.1%** | **Other—10.1%** |  |
| Accelerated LLC 2021-1H, A 144A<br> 1.350%, 10/20/40<sup>(1)</sup> | &nbsp;&nbsp; 2377 | &nbsp;&nbsp; 2152 |
| Aligned Data Centers Issuer LLC 2021-1A, A2 144A<br> 1.937%, 8/15/46<sup>(1)</sup> | &nbsp;&nbsp; 16110 | &nbsp;&nbsp; 13760 |
| Amur Equipment Finance Receivables IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.380%, 2/22/27<sup>(1)</sup> | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1701 |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.750%, 6/21/27<sup>(1)</sup> | &nbsp;&nbsp; 5388 | &nbsp;&nbsp; 4982 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 3.720%, 11/15/35<sup>(1)</sup> | $1550 | $1527 |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 2274 | &nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 20680 | &nbsp;&nbsp; 19011 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; 1900 |
| &nbsp;&nbsp;&nbsp;2020-AA, D 144A<br> 7.150%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 7435 | &nbsp;&nbsp; 6393 |
| &nbsp;&nbsp;&nbsp;2021-A, A 144A<br> 1.540%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 14352 | &nbsp;&nbsp; 13122 |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(1)</sup> | &nbsp;&nbsp; 14843 | &nbsp;&nbsp; 12545 |
| Bankers Healthcare Group Securitization Trust 2020-A, A 144A<br> 2.560%, 9/17/31<sup>(1)</sup> | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 1336 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, A 144A<br> 1.420%, 11/17/33<sup>(1)</sup> | &nbsp;&nbsp; 6389 | &nbsp;&nbsp; 5934 |
| &nbsp;&nbsp;&nbsp;2021-B, B 144A<br> 1.670%, 10/17/34<sup>(1)</sup> | &nbsp;&nbsp; 8195 | &nbsp;&nbsp; 6896 |
| BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A<br> 2.940%, 5/25/29<sup>(1)</sup> | &nbsp;&nbsp; 1983 | &nbsp;&nbsp; 1913 |
| Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 2.981%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 2348 | &nbsp;&nbsp; 2138 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 2.162%, 4/15/36<sup>(1)</sup> | &nbsp;&nbsp; 3492 | &nbsp;&nbsp; 3067 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-A, A 144A<br> 2.880%, 5/2/30<sup>(1)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 2.950%, 10/4/32<sup>(1)</sup> | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 3239 |
| &nbsp;&nbsp;&nbsp;2020-A, B 144A<br> 2.490%, 2/28/36<sup>(1)</sup> | &nbsp;&nbsp; 3730 | &nbsp;&nbsp; 3387 |
| &nbsp;&nbsp;&nbsp;2022-A, A 144A<br> 4.120%, 9/28/37<sup>(1)</sup> | &nbsp;&nbsp; 7938 | &nbsp;&nbsp; 7558 |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 4.610%, 9/28/37<sup>(1)</sup> | &nbsp;&nbsp; 2727 | &nbsp;&nbsp; 2581 |
| Cajun Global LLC 2021-1, A2 144A<br> 3.931%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp; 13366 | &nbsp;&nbsp; 11320 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, B 144A<br> 2.550%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8620 | &nbsp;&nbsp; 8532 |
| &nbsp;&nbsp;&nbsp;2021-1, C 144A<br> 0.840%, 6/14/27<sup>(1)</sup> | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1309 |
| CF Hippolyta Issuer LLC 2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(1)</sup> | &nbsp;&nbsp; 9524 | &nbsp;&nbsp; 8501 |
| Commercial Equipment Finance LLC 2021-A, A 144A<br> 2.050%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 1928 |
| Conn's Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, B 144A<br> 2.870%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 5680 | &nbsp;&nbsp; 5579 |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 9.520%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 11380 | &nbsp;&nbsp; 11285 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A 144A<br> 1.460%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 2346 | &nbsp;&nbsp; 2314 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-1, D 144A<br> 7.210%, 2/15/28<sup>(1)</sup> | $6258 | $5853 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, B 144A<br> 3.530%, 2/20/32<sup>(1)</sup> | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 1728 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 2.050%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 620 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 4.750%, 4/25/51<sup>(1)</sup> | &nbsp;&nbsp; 11870 | &nbsp;&nbsp; 11512 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A 144A<br> 3.860%, 11/15/34<sup>(1)</sup> | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 1216 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 10592 | &nbsp;&nbsp; 9473 |
| FREED ABS Trust 2022-1FP, C 144A<br> 2.510%, 3/19/29<sup>(1)</sup> | &nbsp;&nbsp; 4650 | &nbsp;&nbsp; 4347 |
| GCI Funding I LLC 2021-1, A 144A<br> 2.380%, 6/18/46<sup>(1)</sup> | &nbsp;&nbsp; 4580 | &nbsp;&nbsp; 3891 |
| Global SC Finance VII Srl 2020-1A, A 144A<br> 2.170%, 10/17/40<sup>(1)</sup> | &nbsp;&nbsp; 11019 | &nbsp;&nbsp; 9763 |
| Gold Key Resorts LLC 2014-A, A 144A<br> 3.220%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 218 |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(1)</sup> | &nbsp;&nbsp; 19429 | &nbsp;&nbsp; 16638 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-AA, A 144A<br> 2.660%, 12/26/28<sup>(1)</sup> | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;2018-AA, A 144A<br> 3.540%, 2/25/32<sup>(1)</sup> | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 1890 |
| &nbsp;&nbsp;&nbsp;2022-1D, B 144A<br> 4.100%, 6/20/34<sup>(1)</sup> | &nbsp;&nbsp; 3907 | &nbsp;&nbsp; 3711 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.570%, 1/25/37<sup>(1)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 975 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 1819 | &nbsp;&nbsp; 1668 |
| Hotwire Funding LLC 2021-1, C 144A<br> 4.459%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp; 6405 | &nbsp;&nbsp; 5222 |
| Jack in the Box Funding LLC 2022-1A, A2I 144A<br> 3.445%, 2/26/52<sup>(1)</sup> | &nbsp;&nbsp; 7924 | &nbsp;&nbsp; 6870 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 19017 | &nbsp;&nbsp; 17078 |
| Lendmark Funding Trust 2021-1A, A 144A<br> 1.900%, 11/20/31<sup>(1)</sup> | &nbsp;&nbsp; 12315 | &nbsp;&nbsp; 10448 |
| Libra Solutions LLC 2022-1A, A 144A<br> 4.750%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 2685 | &nbsp;&nbsp; 2634 |
| MAPS Trust 2021-1A, A 144A<br> 2.521%, 6/15/46<sup>(1)</sup> | &nbsp;&nbsp; 13476 | &nbsp;&nbsp; 11182 |
| Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-AA, A 144A<br> 2.960%, 7/20/32<sup>(1)</sup> | &nbsp;&nbsp; 3939 | &nbsp;&nbsp; 3886 |
| &nbsp;&nbsp;&nbsp;2020-AA, A 144A<br> 2.190%, 8/21/34<sup>(1)</sup> | &nbsp;&nbsp; 1954 | &nbsp;&nbsp; 1860 |
| MVW LLC 2021-1WA, B 144A<br> 1.440%, 1/22/41<sup>(1)</sup> | &nbsp;&nbsp; 2167 | &nbsp;&nbsp; 1962 |
| MVW Owner Trust 2019-1A, A 144A<br> 2.890%, 11/20/36<sup>(1)</sup> | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 1958 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | &nbsp;&nbsp; 4520 | &nbsp;&nbsp; 3786 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | $9320 | $7837 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 3.300%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 7596 | &nbsp;&nbsp; 7545 |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 5495 | &nbsp;&nbsp; 4986 |
| Oasis Securitization Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 2.579%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;2021-2A, A 144A<br> 2.143%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 2909 | &nbsp;&nbsp; 2837 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, B 144A<br> 3.770%, 7/22/24<sup>(1)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp;2019-1A, C 144A<br> 4.740%, 6/20/25<sup>(1)</sup> | &nbsp;&nbsp; 17822 | &nbsp;&nbsp; 17581 |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 1.710%, 2/20/25<sup>(1)</sup> | &nbsp;&nbsp; 2543 | &nbsp;&nbsp; 2516 |
| &nbsp;&nbsp;&nbsp;2020-1A, B 144A<br> 1.980%, 6/20/25<sup>(1)</sup> | &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 0.930%, 3/22/27<sup>(1)</sup> | &nbsp;&nbsp; 4067 | &nbsp;&nbsp; 3930 |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.530%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3438 |
| Oportun Funding LLC 2022-1, A 144A<br> 3.250%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4224 | &nbsp;&nbsp; 4132 |
| Orange Lake Timeshare Trust 2019-A, B 144A<br> 3.360%, 4/9/38<sup>(1)</sup> | &nbsp;&nbsp; 5044 | &nbsp;&nbsp; 4746 |
| Pawneee Equipment Receivables Series LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 10219 |
| Planet Fitness Master Issuer LLC 2018-1A, A2II 144A<br> 4.666%, 9/5/48<sup>(1)</sup> | &nbsp;&nbsp; 13242 | &nbsp;&nbsp; 12400 |
| Purchasing Power Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-A, A 144A<br> 1.570%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 12425 | &nbsp;&nbsp; 12076 |
| &nbsp;&nbsp;&nbsp;2021-A, B 144A<br> 1.920%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5465 | &nbsp;&nbsp; 5202 |
| Regional Management Issuance Trust 2022-1, A 144A<br> 3.070%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 5929 |
| SBA Tower Trust 144A<br> 1.631%, 11/15/26<sup>(1)</sup> | &nbsp;&nbsp; 9540 | &nbsp;&nbsp; 8102 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, A 144A<br> 3.500%, 6/20/35<sup>(1)</sup> | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;2019-1A, B 144A<br> 3.420%, 1/20/36<sup>(1)</sup> | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp;2019-2A, B 144A<br> 2.820%, 5/20/36<sup>(1)</sup> | &nbsp;&nbsp; 3089 | &nbsp;&nbsp; 2902 |
| &nbsp;&nbsp;&nbsp;2020-2A, B 144A<br> 2.320%, 7/20/37<sup>(1)</sup> | &nbsp;&nbsp; 2326 | &nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 6.360%, 6/20/40<sup>(1)</sup> | &nbsp;&nbsp; 2998 | &nbsp;&nbsp; 2919 |
| Trinity Rail Leasing LLC 2019-1A, A 144A<br> 3.820%, 4/17/49<sup>(1)</sup> | &nbsp;&nbsp; 14193 | &nbsp;&nbsp; 13065 |
| TRP LLC 2021-1, A 144A<br> 2.070%, 6/19/51<sup>(1)</sup> | &nbsp;&nbsp; 9097 | &nbsp;&nbsp; 7622 |
| VFI ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 2.230%, 3/24/28<sup>(1)</sup> | &nbsp;&nbsp; 6981 | &nbsp;&nbsp; 6779 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2022-1A, D 144A<br> 6.680%, 11/26/29<sup>(1)</sup> | $2794 | $2632 |
| Welk Resorts LLC 2019-AA, B 144A<br> 2.990%, 6/15/38<sup>(1)</sup> | &nbsp;&nbsp; 3951 | &nbsp;&nbsp;&nbsp; 3801 |
| Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 2.713%, 3/20/34<sup>(1)</sup> | &nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 2.288%, 8/20/36<sup>(1)</sup> | &nbsp;&nbsp; 3895 | &nbsp;&nbsp;&nbsp; 3663 |
| ZAXBY'S Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 20298 | &nbsp;&nbsp;&nbsp; 16337 |
|  |  | &nbsp;&nbsp;&nbsp; 492792 |
| **Student Loan—0.2%** | **Student Loan—0.2%** |  |
| Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-AGS, A1 144A<br> 2.540%, 1/25/47<sup>(1)</sup> | &nbsp;&nbsp; 3925 | &nbsp;&nbsp;&nbsp; 3528 |
| &nbsp;&nbsp;&nbsp;2020-1, A 144A<br> 1.690%, 10/25/51<sup>(1)</sup> | &nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp; 2057 |
| Navient Private Education Loan Trust 2017-A, A2A 144A<br> 2.880%, 12/16/58<sup>(1)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; 504 |
| Navient Private Education Refi Loan Trust 2021-A, A 144A<br> 0.840%, 5/15/69<sup>(1)</sup> | &nbsp;&nbsp; 2647 | &nbsp;&nbsp;&nbsp; 2288 |
|  |  | &nbsp;&nbsp;&nbsp; 8377 |
| **Total Asset-Backed Securities<br> (Identified Cost $1,361,907)** | **Total Asset-Backed Securities<br> (Identified Cost $1,361,907)** | &nbsp;&nbsp;&nbsp;&nbsp;**1272152** |
| **Corporate Bonds and Notes—26.9%** | **Corporate Bonds and Notes—26.9%** | **Corporate Bonds and Notes—26.9%** |
| **Communication Services—1.3%** | **Communication Services—1.3%** |  |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4885 | &nbsp;&nbsp;&nbsp; 3663 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3970 | &nbsp;&nbsp;&nbsp; 3027 |
| AT&T, Inc. (3 month LIBOR + 0.890%)<br> 5.540%, 2/15/23<sup>(5)</sup> | &nbsp;&nbsp; 8918 | &nbsp;&nbsp;&nbsp; 8920 |
| CCO Holdings LLC 144A<br> 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 1489 |
| Consolidated Communications, Inc. 144A<br> 6.500%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp; 3221 |
| Level 3 Financing, Inc. 144A<br> 4.625%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp; 4196 |
| Northwest Fiber LLC 144A<br> 4.750%, 4/30/27<sup>(1)</sup> | &nbsp;&nbsp; 5470 | &nbsp;&nbsp;&nbsp; 4813 |
| Sprint Spectrum Co. LLC 144A<br> 4.738%, 3/20/25<sup>(1)</sup> | &nbsp;&nbsp; 3718 | &nbsp;&nbsp;&nbsp; 3674 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp; 719 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 4/15/27 | &nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp; 5901 |
| &nbsp;&nbsp;&nbsp;2.050%, 2/15/28 | &nbsp;&nbsp; 5892 | &nbsp;&nbsp;&nbsp; 5060 |
| TripAdvisor, Inc. 144A<br> 7.000%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 4755 | &nbsp;&nbsp;&nbsp; 4698 |
| Verizon Communications, Inc. (3 month LIBOR + 1.100%)<br> 5.706%, 5/15/25<sup>(5)</sup> | &nbsp;&nbsp; 10541 | &nbsp;&nbsp;&nbsp; 10625 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| VTR Comunicaciones SpA 144A<br> 5.125%, 1/15/28<sup>(1)</sup> | $2463 | $1517 |
|  |  | &nbsp;&nbsp; 61523 |
| **Consumer Discretionary—0.8%** | **Consumer Discretionary—0.8%** |  |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 6200 |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 7171 |
| Caesars Entertainment, Inc. 144A<br> 6.250%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2905 |
| Carriage Services, Inc. 144A<br> 4.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 2287 |
| eG Global Finance plc 144A<br> 8.500%, 10/30/25<sup>(1)</sup> | &nbsp;&nbsp; 5330 | &nbsp;&nbsp; 4965 |
| Ford Motor Credit Co. LLC<br> 7.350%, 11/4/27 | &nbsp;&nbsp; 5165 | &nbsp;&nbsp; 5293 |
| Legends Hospitality Holding Co. LLC 144A<br> 5.000%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5345 | &nbsp;&nbsp; 4757 |
| M/I Homes, Inc.<br> 4.950%, 2/1/28 | &nbsp;&nbsp; 5085 | &nbsp;&nbsp; 4518 |
| Royal Caribbean Cruises Ltd. 144A<br> 9.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 188 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2895 | &nbsp;&nbsp; 2432 |
|  |  | &nbsp;&nbsp; 40716 |
| **Consumer Staples—0.7%** | **Consumer Staples—0.7%** |  |
| Albertsons Cos., Inc. 144A<br> 3.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4615 | &nbsp;&nbsp; 4209 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, 4/2/27 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10545 |
| &nbsp;&nbsp;&nbsp;2.259%, 3/25/28 | &nbsp;&nbsp; 5870 | &nbsp;&nbsp; 4872 |
| Central American Bottling Corp. 144A<br> 5.250%, 4/27/29<sup>(1)</sup> | &nbsp;&nbsp; 6625 | &nbsp;&nbsp; 6189 |
| HLF Financing S.a.r.l. LLC 144A<br> 4.875%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2059 |
| Turning Point Brands, Inc. 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 5485 | &nbsp;&nbsp; 4731 |
|  |  | &nbsp;&nbsp; 32605 |
| **Energy—4.1%** | **Energy—4.1%** |  |
| Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.875%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 9060 | &nbsp;&nbsp; 8370 |
| &nbsp;&nbsp;&nbsp;144A 2.000%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 9925 | &nbsp;&nbsp; 8767 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 5740 | &nbsp;&nbsp; 5626 |
| Boardwalk Pipelines LP<br> 4.950%, 12/15/24 | &nbsp;&nbsp; 12645 | &nbsp;&nbsp; 12492 |
| BP Capital Markets plc<br> 4.875% <sup>(6)</sup> | &nbsp;&nbsp; 8705 | &nbsp;&nbsp; 7617 |
| Callon Petroleum Co. 144A<br> 7.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1647 |
| Chesapeake Energy Corp. 144A<br> 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; 4960 |
| CITGO Petroleum Corp. 144A<br> 7.000%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 9020 | &nbsp;&nbsp; 8798 |
| CrownRock LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5045 | &nbsp;&nbsp; 4868 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5695 | &nbsp;&nbsp; 5117 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Enbridge, Inc.<br> 7.375%, 1/15/83 | $14050 | $13616 |
| Energy Transfer LP<br> 4.200%, 4/15/27 | &nbsp;&nbsp; 16025 | &nbsp;&nbsp; 15123 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1640 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 88 |
| Hilcorp Energy I LP 144A<br> 6.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4315 | &nbsp;&nbsp; 3837 |
| KazMunayGas National Co. JSC 144A<br> 4.750%, 4/19/27<sup>(1)</sup> | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 4221 |
| Kinder Morgan, Inc. 144A<br> 5.625%, 11/15/23<sup>(1)</sup> | &nbsp;&nbsp; 9880 | &nbsp;&nbsp; 9886 |
| NGPL PipeCo LLC 144A<br> 4.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7945 | &nbsp;&nbsp; 7546 |
| Pertamina Persero PT 144A<br> 4.300%, 5/20/23<sup>(1)</sup> | &nbsp;&nbsp; 9430 | &nbsp;&nbsp; 9337 |
| Petroleos de Venezuela S.A. 144A<br> 6.000%, 5/16/24<sup>(1)(7)</sup> | &nbsp;&nbsp; 9545 | &nbsp;&nbsp; 453 |
| Petroleos Mexicanos<br> 6.500%, 3/13/27 | &nbsp;&nbsp; 33165 | &nbsp;&nbsp; 30139 |
| Saudi Arabian Oil Co. 90349GAN5 144A<br> 2.875%, 4/16/24<sup>(1)</sup> | &nbsp;&nbsp; 17260 | &nbsp;&nbsp; 16713 |
| Southwestern Energy Co.<br> 5.375%, 2/1/29 | &nbsp;&nbsp; 4090 | &nbsp;&nbsp; 3792 |
| Transocean Guardian Ltd. 144A<br> 5.875%, 1/15/24<sup>(1)</sup> | &nbsp;&nbsp; 1821 | &nbsp;&nbsp; 1778 |
| Transocean, Inc. 144A<br> 11.500%, 1/30/27<sup>(1)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 777 |
| USA Compression Partners LP<br> 6.875%, 4/1/26 | &nbsp;&nbsp; 5955 | &nbsp;&nbsp; 5713 |
| Var Energi ASA 144A<br> 7.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3720 | &nbsp;&nbsp; 3789 |
| Venture Global Calcasieu Pass LLC 144A<br> 3.875%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6175 | &nbsp;&nbsp; 5403 |
|  |  | &nbsp;&nbsp; 202113 |
| **Financials—9.6%** | **Financials—9.6%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 8/14/24 | &nbsp;&nbsp; 4930 | &nbsp;&nbsp; 4668 |
| &nbsp;&nbsp;&nbsp;2.450%, 10/29/26 | &nbsp;&nbsp; 6290 | &nbsp;&nbsp; 5500 |
| &nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp;Series 3NC1<br> 1.750%, 10/29/24 | &nbsp;&nbsp; 4930 | &nbsp;&nbsp; 4533 |
| Allstate Corp. (The) Series B<br> 5.750%, 8/15/53 | &nbsp;&nbsp; 11965 | &nbsp;&nbsp; 11247 |
| American Express Co.<br> 5.850%, 11/5/27 | &nbsp;&nbsp; 13231 | &nbsp;&nbsp; 13774 |
| Australia & New Zealand Banking Group Ltd. 144A<br> 4.400%, 5/19/26<sup>(1)</sup> | &nbsp;&nbsp; 14195 | &nbsp;&nbsp; 13628 |
| Banco do Brasil S.A. 144A<br> 3.250%, 9/30/26<sup>(1)</sup> | &nbsp;&nbsp; 4495 | &nbsp;&nbsp; 4121 |
| Banco Mercantil del Norte S.A. 144A<br> 5.875% <sup>(1)(6)</sup> | &nbsp;&nbsp; 15795 | &nbsp;&nbsp; 14065 |
| Banco Santander Chile 144A<br> 2.700%, 1/10/25<sup>(1)</sup> | &nbsp;&nbsp; 7545 | &nbsp;&nbsp; 7139 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.841%, 4/25/25 | &nbsp;&nbsp; 4915 | &nbsp;&nbsp; 4799 |
| &nbsp;&nbsp;&nbsp;1.734%, 7/22/27 | &nbsp;&nbsp; 19345 | &nbsp;&nbsp; 16948 |
| &nbsp;&nbsp;&nbsp;2.551%, 2/4/28 | &nbsp;&nbsp; 6080 | &nbsp;&nbsp; 5400 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;(3 month LIBOR + 0.770%)<br> 5.302%, 2/5/26<sup>(5)</sup> | $11312 | $11143 |
| Bank of New York Mellon Corp. (The)<br> 5.802%, 10/25/28 | &nbsp;&nbsp; 8236 | &nbsp;&nbsp; 8516 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 6615 | &nbsp;&nbsp; 6852 |
| &nbsp;&nbsp;&nbsp;7.385%, 11/2/28 | &nbsp;&nbsp; 6330 | &nbsp;&nbsp; 6598 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 12/15/26 | &nbsp;&nbsp; 6735 | &nbsp;&nbsp; 5575 |
| &nbsp;&nbsp;&nbsp;4.000%, 1/15/29 | &nbsp;&nbsp; 3345 | &nbsp;&nbsp; 2760 |
| Brookfield Finance, Inc.<br> 3.900%, 1/25/28 | &nbsp;&nbsp; 9490 | &nbsp;&nbsp; 8701 |
| Burford Capital Global Finance LLC 144A<br> 6.250%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 720 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 5.375%<sup>(6)</sup> | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 4237 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(6)</sup> | &nbsp;&nbsp; 8541 | &nbsp;&nbsp; 6811 |
| Citadel Finance LLC 144A<br> 3.375%, 3/9/26<sup>(1)</sup> | &nbsp;&nbsp; 5660 | &nbsp;&nbsp; 5045 |
| Citadel LP 144A<br> 4.875%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 981 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.610%, 9/29/26 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 9038 |
| &nbsp;&nbsp;&nbsp;3.200%, 10/21/26 | &nbsp;&nbsp; 24642 | &nbsp;&nbsp; 22798 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.280%)<br> 5.494%, 2/24/28<sup>(5)</sup> | &nbsp;&nbsp; 8147 | &nbsp;&nbsp; 7868 |
| Corebridge Financial, Inc. 144A<br> 6.875%, 12/15/52<sup>(1)</sup> | &nbsp;&nbsp; 8938 | &nbsp;&nbsp; 8259 |
| Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.773%, 3/28/25<sup>(1)</sup> | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 5886 |
| &nbsp;&nbsp;&nbsp;144A 1.621%, 9/11/26<sup>(1)</sup> | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 1704 |
| Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A<br> 5.250%, 5/30/23<sup>(1)</sup> | &nbsp;&nbsp; 5965 | &nbsp;&nbsp; 5920 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 15930 | &nbsp;&nbsp; 14358 |
| F&G Global Funding 144A<br> 1.750%, 6/30/26<sup>(1)</sup> | &nbsp;&nbsp; 13125 | &nbsp;&nbsp; 11686 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 10/21/25 | &nbsp;&nbsp; 24315 | &nbsp;&nbsp; 23730 |
| &nbsp;&nbsp;&nbsp;3.850%, 1/26/27 | &nbsp;&nbsp; 21430 | &nbsp;&nbsp; 20404 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 19090 | &nbsp;&nbsp; 16774 |
| &nbsp;&nbsp;&nbsp;4.323%, 4/26/28 | &nbsp;&nbsp; 5930 | &nbsp;&nbsp; 5663 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.378%, 2/24/28<sup>(5)</sup> | &nbsp;&nbsp; 13015 | &nbsp;&nbsp; 12618 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 11215 | &nbsp;&nbsp; 9421 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 8415 | &nbsp;&nbsp; 6855 |
| Lincoln National Corp. (3 month LIBOR + 2.040%)<br> 6.283%, 4/20/67<sup>(5)</sup> | &nbsp;&nbsp; 12860 | &nbsp;&nbsp; 9259 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;2.188%, 4/28/26 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5576 |
| &nbsp;&nbsp;&nbsp;2.475%, 1/21/28 | &nbsp;&nbsp; 10911 | &nbsp;&nbsp; 9695 |
| &nbsp;&nbsp;&nbsp;3.591%, 7/22/28 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5504 |
| &nbsp;&nbsp;&nbsp;6.296%, 10/18/28 | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 1656 |
| Navient Corp.<br> 5.875%, 10/25/24 | &nbsp;&nbsp; 7452 | &nbsp;&nbsp; 7210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| OneMain Finance Corp.<br> 6.875%, 3/15/25 | $7400 | $7109 |
| OWL Rock Core Income Corp.<br> 5.500%, 3/21/25 | &nbsp;&nbsp; 4304 | &nbsp;&nbsp; 4172 |
| Prudential Financial, Inc.<br> 5.625%, 6/15/43 | &nbsp;&nbsp; 13774 | &nbsp;&nbsp; 13533 |
| Spirit Realty LP<br> 4.450%, 9/15/26 | &nbsp;&nbsp; 6686 | &nbsp;&nbsp; 6384 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.751%, 11/4/26 | &nbsp;&nbsp; 6169 | &nbsp;&nbsp; 6315 |
| &nbsp;&nbsp;&nbsp;5.820%, 11/4/28 | &nbsp;&nbsp; 6988 | &nbsp;&nbsp; 7216 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 5470 | &nbsp;&nbsp; 4854 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 13180 | &nbsp;&nbsp; 13707 |
| Wells Fargo & Co.<br> 3.526%, 3/24/28 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8334 |
|  |  | &nbsp;&nbsp; 467849 |
| **Health Care—2.0%** | **Health Care—2.0%** |  |
| Bio-Rad Laboratories, Inc.<br> 3.300%, 3/15/27 | &nbsp;&nbsp; 8928 | &nbsp;&nbsp; 8251 |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7120 | &nbsp;&nbsp; 5954 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 5430 | &nbsp;&nbsp; 2689 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3065 | &nbsp;&nbsp; 2311 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 6640 | &nbsp;&nbsp; 5512 |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.600%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 4159 | &nbsp;&nbsp; 4185 |
| &nbsp;&nbsp;&nbsp;144A 5.650%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6350 | &nbsp;&nbsp; 6424 |
| Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, 12/12/25 | &nbsp;&nbsp; 4445 | &nbsp;&nbsp; 4475 |
| &nbsp;&nbsp;&nbsp;5.750%, 12/13/27 | &nbsp;&nbsp; 5005 | &nbsp;&nbsp; 5067 |
| Legacy LifePoint Health LLC 144A<br> 6.750%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 4540 | &nbsp;&nbsp; 4273 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, 9/2/25 | &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 2460 |
| &nbsp;&nbsp;&nbsp;1.750%, 9/2/27 | &nbsp;&nbsp; 11909 | &nbsp;&nbsp; 10080 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 1/1/26<sup>(1)</sup> | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 3575 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 2755 | &nbsp;&nbsp; 2563 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 4/15/24 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 833 |
| &nbsp;&nbsp;&nbsp;3.150%, 10/1/26 | &nbsp;&nbsp; 5430 | &nbsp;&nbsp; 4711 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1153 |
| Universal Health Services, Inc. 144A<br> 1.650%, 9/1/26<sup>(1)</sup> | &nbsp;&nbsp; 16145 | &nbsp;&nbsp; 13836 |
| Utah Acquisition Sub, Inc.<br> 3.950%, 6/15/26 | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 1687 |
| Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 6/22/27 | &nbsp;&nbsp; 9355 | &nbsp;&nbsp; 7993 |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; —<sup>(8)</sup> | &nbsp;&nbsp; —<sup>(8)</sup> |
|  |  | &nbsp;&nbsp; 98032 |
| **Industrials—1.3%** | **Industrials—1.3%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 11737 | &nbsp;&nbsp; 11171 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Allied Universal Holdco LLC 144A<br> 6.625%, 7/15/26<sup>(1)</sup> | $6885 | $6300 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6086 | &nbsp;&nbsp; 5052 |
| Boeing Co. (The)<br> 4.875%, 5/1/25 | &nbsp;&nbsp; 4191 | &nbsp;&nbsp; 4159 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 3/15/35<sup>(1)</sup> | &nbsp;&nbsp; 3936 | &nbsp;&nbsp; 3204 |
| Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2964 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 16510 | &nbsp;&nbsp; 13608 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 9/15/24 | &nbsp;&nbsp; 10690 | &nbsp;&nbsp; 10249 |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 4569 |
|  |  | &nbsp;&nbsp; 61482 |
| **Information Technology—2.1%** | **Information Technology—2.1%** |  |
| Block, Inc.<br> 2.750%, 6/1/26 | &nbsp;&nbsp; 7535 | &nbsp;&nbsp; 6732 |
| CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.670%, 12/1/26 | &nbsp;&nbsp; 6466 | &nbsp;&nbsp; 5741 |
| &nbsp;&nbsp;&nbsp;3.276%, 12/1/28 | &nbsp;&nbsp; 6466 | &nbsp;&nbsp; 5536 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1347 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 1991 |
| Dell International LLC<br> 4.900%, 10/1/26 | &nbsp;&nbsp; 6420 | &nbsp;&nbsp; 6319 |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 18282 | &nbsp;&nbsp; 16672 |
| ION Trading Technologies S.a.r.l. 144A<br> 5.750%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 767 |
| Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.050%, 10/15/26 | &nbsp;&nbsp; 6681 | &nbsp;&nbsp; 5451 |
| &nbsp;&nbsp;&nbsp;2.700%, 10/15/28 | &nbsp;&nbsp; 6580 | &nbsp;&nbsp; 4938 |
| Leidos, Inc.<br> 3.625%, 5/15/25 | &nbsp;&nbsp; 10350 | &nbsp;&nbsp; 9939 |
| Micron Technology, Inc.<br> 6.750%, 11/1/29 | &nbsp;&nbsp; 5519 | &nbsp;&nbsp; 5606 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 773 |
| Open Text Corp. 144A<br> 3.875%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 4393 |
| Oracle Corp.<br> 5.800%, 11/10/25 | &nbsp;&nbsp; 10245 | &nbsp;&nbsp; 10474 |
| SK Hynix, Inc. 144A<br> 1.500%, 1/19/26<sup>(1)</sup> | &nbsp;&nbsp; 12305 | &nbsp;&nbsp; 10592 |
| TD SYNNEX Corp.<br> 2.375%, 8/9/28 | &nbsp;&nbsp; 6510 | &nbsp;&nbsp; 5252 |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 2403 |
|  |  | &nbsp;&nbsp; 104926 |
| **Materials—2.3%** | **Materials—2.3%** |  |
| ArcelorMittal S.A.<br> 6.550%, 11/29/27 | &nbsp;&nbsp; 12415 | &nbsp;&nbsp; 12473 |
| Avient Corp. 144A<br> 5.750%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5878 | &nbsp;&nbsp; 5731 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Bayport Polymers LLC 144A<br> 4.743%, 4/14/27<sup>(1)</sup> | $15200 | $14083 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 5/8/24 | &nbsp;&nbsp; 9870 | &nbsp;&nbsp; 9535 |
| &nbsp;&nbsp;&nbsp;6.050%, 3/15/25 | &nbsp;&nbsp; 2795 | &nbsp;&nbsp; 2784 |
| &nbsp;&nbsp;&nbsp;6.165%, 7/15/27 | &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2707 |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2236 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 8105 | &nbsp;&nbsp; 7550 |
| Glencore Funding LLC 144A<br> 1.625%, 9/1/25<sup>(1)</sup> | &nbsp;&nbsp; 14745 | &nbsp;&nbsp; 13346 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 1.230%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp; 7666 | &nbsp;&nbsp; 6772 |
| &nbsp;&nbsp;&nbsp;144A 1.832%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8106 | &nbsp;&nbsp; 6803 |
| Mauser Packaging Solutions Holding Co. 144A<br> 7.250%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 2885 |
| NOVA Chemicals Corp. 144A<br> 5.000%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 6740 | &nbsp;&nbsp; 6346 |
| Silgan Holdings, Inc. 144A<br> 1.400%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 11513 | &nbsp;&nbsp; 10157 |
| Suzano Austria GmbH<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 8725 | &nbsp;&nbsp; 7318 |
|  |  | &nbsp;&nbsp; 110726 |
| **Real Estate—1.1%** | **Real Estate—1.1%** |  |
| EPR Properties<br> 4.950%, 4/15/28 | &nbsp;&nbsp; 9545 | &nbsp;&nbsp; 8144 |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 6/1/25 | &nbsp;&nbsp; 13175 | &nbsp;&nbsp; 12951 |
| &nbsp;&nbsp;&nbsp;5.750%, 6/1/28 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp; 1827 |
| &nbsp;&nbsp;&nbsp;5.300%, 1/15/29 | &nbsp;&nbsp; 2731 | &nbsp;&nbsp; 2584 |
| Office Properties Income Trust<br> 2.650%, 6/15/26 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 3942 |
| Retail Opportunity Investments Partnership LP<br> 5.000%, 12/15/23 | &nbsp;&nbsp; 10874 | &nbsp;&nbsp; 10752 |
| Service Properties Trust<br> 4.350%, 10/1/24 | &nbsp;&nbsp; 8270 | &nbsp;&nbsp; 7518 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 6370 | &nbsp;&nbsp; 6209 |
|  |  | &nbsp;&nbsp; 55178 |
| **Utilities—1.6%** | **Utilities—1.6%** |  |
| Dominion Energy, Inc. Series A<br> 1.450%, 4/15/26 | &nbsp;&nbsp; 15850 | &nbsp;&nbsp; 14111 |
| DPL, Inc.<br> 4.125%, 7/1/25 | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 1500 |
| Enel Finance America LLC 144A<br> 7.100%, 10/14/27<sup>(1)</sup> | &nbsp;&nbsp; 5430 | &nbsp;&nbsp; 5615 |
| Enel Finance International N.V. 144A<br> 6.800%, 10/14/25<sup>(1)</sup> | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2670 |
| Eskom Holdings SOC Ltd. 144A<br> 7.125%, 2/11/25<sup>(1)</sup> | &nbsp;&nbsp; 14270 | &nbsp;&nbsp; 12948 |
| Ferrellgas LP 144A<br> 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5670 | &nbsp;&nbsp; 5158 |
| NRG Energy, Inc. 144A<br> 3.750%, 6/15/24<sup>(1)</sup> | &nbsp;&nbsp; 14667 | &nbsp;&nbsp; 14126 |
| Puget Energy, Inc.<br> 2.379%, 6/15/28 | &nbsp;&nbsp; 9794 | &nbsp;&nbsp; 8333 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern California Edison Co.<br> 5.850%, 11/1/27 | $2652 | $2730 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 13578 | &nbsp;&nbsp;&nbsp; 10964 |
|  |  | &nbsp;&nbsp;&nbsp; 78155 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $1,427,900)** | **Total Corporate Bonds and Notes<br> (Identified Cost $1,427,900)** | &nbsp;&nbsp;&nbsp;&nbsp;**1313305** |
| **Leveraged Loans—8.9%** | **Leveraged Loans—8.9%** | **Leveraged Loans—8.9%** |
| **Aerospace—0.7%** | **Aerospace—0.7%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(5)</sup> | &nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp; 1689 |
| Amentum Government Services Holdings LLC Tranche B-3 (6 month Term SOFR + 4.000%)<br> 7.558% - 8.764%, 2/15/29<sup>(5)</sup> | &nbsp;&nbsp; 2647 | &nbsp;&nbsp;&nbsp; 2573 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(5)</sup> | &nbsp;&nbsp; 7037 | &nbsp;&nbsp;&nbsp; 6898 |
| Delta Air Lines, Inc. (3 month LIBOR + 3.750%)<br> 7.993%, 10/20/27<sup>(5)</sup> | &nbsp;&nbsp; 5410 | &nbsp;&nbsp;&nbsp; 5507 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(5)</sup> | &nbsp;&nbsp; 4702 | &nbsp;&nbsp;&nbsp; 4831 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche E (3 month LIBOR + 2.250%)<br> 6.980%, 5/30/25<sup>(5)</sup> | &nbsp;&nbsp; 5283 | &nbsp;&nbsp;&nbsp; 5220 |
| &nbsp;&nbsp;&nbsp;Tranche F (3 month LIBOR + 2.250%)<br> 6.980%, 12/9/25<sup>(5)</sup> | &nbsp;&nbsp; 6414 | &nbsp;&nbsp;&nbsp; 6328 |
|  |  | &nbsp;&nbsp;&nbsp; 33046 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(5)</sup> | &nbsp;&nbsp; 13263 | &nbsp;&nbsp;&nbsp; 13036 |
| WR Grace Holdings LLC (3 month LIBOR + 3.750%)<br> 8.500%, 9/22/28<sup>(5)</sup> | &nbsp;&nbsp; 2252 | &nbsp;&nbsp;&nbsp; 2206 |
|  |  | &nbsp;&nbsp;&nbsp; 15242 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.880%, 2/11/28<sup>(5)</sup> | &nbsp;&nbsp; 7117 | &nbsp;&nbsp;&nbsp; 7042 |
| **Consumer Non-Durables—0.1%** | **Consumer Non-Durables—0.1%** |  |
| Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%)<br> 8.485%, 12/22/26<sup>(5)</sup> | &nbsp;&nbsp; 6396 | &nbsp;&nbsp;&nbsp; 6069 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| AL GCX Holdings LLC (3 month Term SOFR + 3.900%)<br> 7.565%, 5/17/29<sup>(5)</sup> | &nbsp;&nbsp; 1761 | &nbsp;&nbsp;&nbsp; 1743 |
| Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%)<br> 7.743%, 12/21/28<sup>(5)</sup> | &nbsp;&nbsp; 6025 | &nbsp;&nbsp;&nbsp; 5717 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(5)</sup> | &nbsp;&nbsp; 5951 | &nbsp;&nbsp;&nbsp; 5871 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Paragon Offshore Finance Co. (1 month PRIME + 0.000%)<br> 3.250%, 7/16/21<sup>(4)(7)</sup> | $66 | $— |
|  |  | &nbsp;&nbsp; 13331 |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month LIBOR + 2.250%)<br> 6.603%, 12/1/27<sup>(5)</sup> | &nbsp;&nbsp; 6019 | &nbsp;&nbsp; 5999 |
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%)<br> 7.077%, 6/15/25<sup>(5)</sup> | &nbsp;&nbsp; 6051 | &nbsp;&nbsp; 5889 |
| Citadel Securities LP 2021 (1 month Term SOFR + 2.614%)<br> 6.938%, 2/2/28<sup>(5)</sup> | &nbsp;&nbsp; 8689 | &nbsp;&nbsp; 8508 |
|  |  | &nbsp;&nbsp; 20396 |
| **Food / Tobacco—0.6%** | **Food / Tobacco—0.6%** |  |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 1.750%)<br> 6.134%, 3/11/25<sup>(5)</sup> | &nbsp;&nbsp; 1909 | &nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp;Tranche B-5 (1 month LIBOR + 2.500%)<br> 6.884%, 4/6/28<sup>(5)</sup> | &nbsp;&nbsp; 4656 | &nbsp;&nbsp; 4582 |
| Froneri U.S., Inc. Tranche B-2 (1 month LIBOR + 2.250%)<br> 6.634%, 1/29/27<sup>(5)</sup> | &nbsp;&nbsp; 6069 | &nbsp;&nbsp; 5897 |
| Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%)<br> 6.634% - 6.665%, 8/3/25<sup>(5)</sup> | &nbsp;&nbsp; 7686 | &nbsp;&nbsp; 7654 |
| Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)<br> 8.515%, 7/12/29<sup>(5)</sup> | &nbsp;&nbsp; 2290 | &nbsp;&nbsp; 2207 |
| Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)<br> 8.230%, 3/31/28<sup>(5)</sup> | &nbsp;&nbsp; 6390 | &nbsp;&nbsp; 5920 |
|  |  | &nbsp;&nbsp; 28154 |
| **Forest Prod / Containers—0.4%** | **Forest Prod / Containers—0.4%** |  |
| Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%)<br> 6.024%, 7/1/26<sup>(5)</sup> | &nbsp;&nbsp; 5929 | &nbsp;&nbsp; 5875 |
| Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%)<br> 7.370%, 4/3/24<sup>(5)</sup> | &nbsp;&nbsp; 8182 | &nbsp;&nbsp; 7979 |
| Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 1/31/25<sup>(5)</sup> | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 2351 |
| TricorBraun, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 3/3/28<sup>(5)</sup> | &nbsp;&nbsp; 5032 | &nbsp;&nbsp; 4790 |
|  |  | &nbsp;&nbsp; 20995 |
| **Gaming / Leisure—1.1%** | **Gaming / Leisure—1.1%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 12/23/24<sup>(5)</sup> | &nbsp;&nbsp; 12804 | &nbsp;&nbsp; 12764 |
| Carnival Corp. Tranche B (1 month LIBOR + 3.000%)<br> 7.384%, 6/30/25<sup>(5)</sup> | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1491 |
| Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.173%, 6/22/26<sup>(5)</sup> | &nbsp;&nbsp; 5826 | &nbsp;&nbsp; 5803 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%)<br> 8.576%, 1/5/29<sup>(5)</sup> | $9151 | $9098 |
| Playtika Holding Corp. Tranche B-1 (1 month LIBOR + 2.750%)<br> 7.134%, 3/13/28<sup>(5)</sup> | &nbsp;&nbsp; 6035 | &nbsp;&nbsp; 5749 |
| Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 8.753%, 11/1/26<sup>(5)</sup> | &nbsp;&nbsp; 2537 | &nbsp;&nbsp; 2485 |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)<br> 7.417%, 4/13/29<sup>(5)</sup> | &nbsp;&nbsp; 3224 | &nbsp;&nbsp; 3172 |
| Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%)<br> 6.980%, 7/21/26<sup>(5)</sup> | &nbsp;&nbsp; 5814 | &nbsp;&nbsp; 5725 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(5)</sup> | &nbsp;&nbsp; 6284 | &nbsp;&nbsp; 6193 |
|  |  | &nbsp;&nbsp; 52480 |
| **Health Care—0.9%** | **Health Care—0.9%** |  |
| Agiliti Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(5)</sup> | &nbsp;&nbsp; 4960 | &nbsp;&nbsp; 4830 |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(5)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1107 |
| Elanco Animal Health, Inc. (1 month LIBOR + 1.750%)<br> 5.870%, 8/1/27<sup>(5)</sup> | &nbsp;&nbsp; 5891 | &nbsp;&nbsp; 5647 |
| Horizon Therapeutics USA, Inc. Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.188%, 3/15/28<sup>(5)</sup> | &nbsp;&nbsp; 6521 | &nbsp;&nbsp; 6512 |
| Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%)<br> 6.923%, 4/20/29<sup>(5)</sup> | &nbsp;&nbsp; 2567 | &nbsp;&nbsp; 2548 |
| Phoenix Guarantor, Inc. Tranche B-3 (1 month LIBOR + 3.500%)<br> 7.884%, 3/5/26<sup>(5)</sup> | &nbsp;&nbsp; 6004 | &nbsp;&nbsp; 5631 |
| Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 11/15/28<sup>(5)</sup> | &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 2052 |
| R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.323%, 6/21/29<sup>(5)</sup> | &nbsp;&nbsp; 7436 | &nbsp;&nbsp; 7343 |
| Select Medical Corp. Tranche B (1 month LIBOR + 2.500%)<br> 6.890%, 3/6/25<sup>(5)</sup> | &nbsp;&nbsp; 6265 | &nbsp;&nbsp; 6127 |
|  |  | &nbsp;&nbsp; 41797 |
| **Housing—0.5%** | **Housing—0.5%** |  |
| CPG International LLC (1 month Term SOFR + 2.600%)<br> 6.923%, 4/28/29<sup>(5)</sup> | &nbsp;&nbsp; 5870 | &nbsp;&nbsp; 5694 |
| Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%)<br> 7.384%, 3/18/29<sup>(5)</sup> | &nbsp;&nbsp; 7925 | &nbsp;&nbsp; 7853 |
| SRS Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.500%)<br> 7.884%, 6/2/28<sup>(5)</sup> | &nbsp;&nbsp; 3348 | &nbsp;&nbsp; 3194 |
| &nbsp;&nbsp;&nbsp;2022 (1 month Term SOFR + 3.600%)<br> 7.923%, 6/2/28<sup>(5)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 710 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| Standard Industries, Inc. (3 month LIBOR + 2.250%)<br> 6.425%, 9/22/28<sup>(5)</sup> | $5927 | $5849 |
|  |  | &nbsp;&nbsp; 23300 |
| **Information Technology—0.7%** | **Information Technology—0.7%** |  |
| Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%)<br> 9.080%, 9/18/26<sup>(5)</sup> | &nbsp;&nbsp; 14318 | &nbsp;&nbsp; 14236 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 9/21/28<sup>(5)</sup> | &nbsp;&nbsp; 4097 | &nbsp;&nbsp; 4056 |
| Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 3.250%)<br> 7.573%, 11/9/29<sup>(5)</sup> | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1431 |
| Open Text Corp. (3 month LIBOR + 3.750%)<br> 0.000%, 8/25/29<sup>(5)</sup> | &nbsp;&nbsp; 6945 | &nbsp;&nbsp; 6777 |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021, Second Lien (3 month LIBOR + 5.250%)<br> 8.998%, 5/3/27<sup>(5)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(5)</sup> | &nbsp;&nbsp; 8867 | &nbsp;&nbsp; 8423 |
|  |  | &nbsp;&nbsp; 35248 |
| **Manufacturing—0.7%** | **Manufacturing—0.7%** |  |
| Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)<br> 7.409%, 10/8/27<sup>(5)</sup> | &nbsp;&nbsp; 6034 | &nbsp;&nbsp; 5909 |
| Chart Industries, Inc. Tranche B (3 month LIBOR + 4.000%)<br> 0.000%, 12/7/29<sup>(5)(9)</sup> | &nbsp;&nbsp; 4715 | &nbsp;&nbsp; 4659 |
| Filtration Group Corp. 2021 (1 month LIBOR + 3.500%)<br> 7.884%, 10/21/28<sup>(5)</sup> | &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 5973 |
| Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%)<br> 6.884%, 3/31/27<sup>(5)</sup> | &nbsp;&nbsp; 4872 | &nbsp;&nbsp; 4760 |
| NCR Corp. (3 month LIBOR + 2.500%)<br> 6.920%, 8/28/26<sup>(5)</sup> | &nbsp;&nbsp; 5407 | &nbsp;&nbsp; 5231 |
| Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)<br> 8.173%, 2/23/29<sup>(5)</sup> | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 1355 |
| Titan AcquisitionCo New Zealand Ltd. (3 month LIBOR + 3.000%)<br> 8.151%, 3/28/25<sup>(5)</sup> | &nbsp;&nbsp; 4871 | &nbsp;&nbsp; 4540 |
|  |  | &nbsp;&nbsp; 32427 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)<br> 6.884%, 9/18/26<sup>(5)</sup> | &nbsp;&nbsp; 4264 | &nbsp;&nbsp; 4224 |
| **Media / Telecom - Cable/Wireless Video—0.3%** | **Media / Telecom - Cable/Wireless Video—0.3%** |  |
| Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.140%, 2/1/27<sup>(5)</sup> | &nbsp;&nbsp; 5410 | &nbsp;&nbsp; 5275 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.822%, 1/17/28<sup>(5)</sup> | &nbsp;&nbsp; 8147 | &nbsp;&nbsp; 7628 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless Video—continued** | **Media / Telecom - Cable/Wireless Video—continued** |  |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(5)</sup> | $3972 | $3859 |
|  |  | &nbsp;&nbsp; 16762 |
| **Media / Telecom - Diversified Media—0.1%** | **Media / Telecom - Diversified Media—0.1%** |  |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.000%)<br> 8.822%, 4/11/29<sup>(5)</sup> | &nbsp;&nbsp; 6280 | &nbsp;&nbsp; 5593 |
| **Media / Telecom - Telecommunications—0.2%** | **Media / Telecom - Telecommunications—0.2%** |  |
| Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.875%, 10/2/27<sup>(5)</sup> | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; 3329 |
| Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)<br> 6.134%, 3/1/27<sup>(5)</sup> | &nbsp;&nbsp; 4327 | &nbsp;&nbsp; 4138 |
|  |  | &nbsp;&nbsp; 7467 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| PetsMart LLC (1 month LIBOR + 3.750%)<br> 8.130%, 2/11/28<sup>(5)</sup> | &nbsp;&nbsp; 4803 | &nbsp;&nbsp; 4691 |
| **Service—0.8%** | **Service—0.8%** |  |
| Asplundh Tree Expert, LLC 2021 (1 month LIBOR + 1.750%)<br> 6.134%, 9/7/27<sup>(5)</sup> | &nbsp;&nbsp; 5951 | &nbsp;&nbsp; 5941 |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(5)</sup> | &nbsp;&nbsp; 5699 | &nbsp;&nbsp; 5637 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(5)</sup> | &nbsp;&nbsp; 5928 | &nbsp;&nbsp; 5753 |
| Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 2/1/28<sup>(5)</sup> | &nbsp;&nbsp; 3940 | &nbsp;&nbsp; 3840 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2028 (1 month LIBOR + 3.000%)<br> 7.390%, 1/21/28<sup>(5)</sup> | &nbsp;&nbsp; 8227 | &nbsp;&nbsp; 8102 |
| &nbsp;&nbsp;&nbsp;2028, Tranche B (1 month Term SOFR + 3.500%)<br> 7.823%, 1/21/28<sup>(5)</sup> | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 1067 |
| PODS LLC (1 month LIBOR + 3.000%)<br> 7.384%, 3/31/28<sup>(5)</sup> | &nbsp;&nbsp; 7105 | &nbsp;&nbsp; 6708 |
| St. George's University Scholastic Services LLC (1 month LIBOR + 3.250%)<br> 7.634%, 2/10/29<sup>(5)</sup> | &nbsp;&nbsp; 3508 | &nbsp;&nbsp; 3406 |
|  |  | &nbsp;&nbsp; 40454 |
| **Transportation - Automotive—0.1%** | **Transportation - Automotive—0.1%** |  |
| Clarios Global LP First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 4/30/26<sup>(5)</sup> | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 4757 |
| PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%)<br> 8.165%, 10/28/27<sup>(5)</sup> | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 1565 |
|  |  | &nbsp;&nbsp; 6322 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 8/1/25<sup>(5)</sup> | &nbsp;&nbsp; 8809 | &nbsp;&nbsp; 8672 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%)<br> 6.134% - 6.204%, 12/31/25<sup>(5)</sup> | $8717 | $8632 |
|  |  | &nbsp;&nbsp;&nbsp; 17304 |
| **Total Leveraged Loans<br> (Identified Cost $439,982)** | **Total Leveraged Loans<br> (Identified Cost $439,982)** | &nbsp;&nbsp;&nbsp;&nbsp; **432344** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| JPMorgan Chase & Co. Series HH, 4.600%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4159<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3665 |
| **Industrials—0.2%** | **Industrials—0.2%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.099%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9580<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9412 |
| **Total Preferred Stocks<br> (Identified Cost $13,394)** | **Total Preferred Stocks<br> (Identified Cost $13,394)** | &nbsp;&nbsp; **13077** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Frontera Energy Corp.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24722 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| **Total Common Stocks<br> (Identified Cost $433)** | **Total Common Stocks<br> (Identified Cost $433)** | &nbsp;&nbsp; **225** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Vistra Energy Corp.<sup>(4)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 98789 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| **Total Rights<br> (Identified Cost $84)** | **Total Rights<br> (Identified Cost $84)** | &nbsp;&nbsp; **119** |
| **Total Long-Term Investments—99.6%<br> (Identified Cost $5,246,831)** | **Total Long-Term Investments—99.6%<br> (Identified Cost $5,246,831)** | &nbsp;&nbsp;**4858008** |
| **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $5,246,831)** | **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $5,246,831)** | **$4858008** |
| Other assets and liabilities, net—0.4% | Other assets and liabilities, net—0.4% | &nbsp;&nbsp;&nbsp; 19300 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$4877308** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| GS | Goldman Sachs & Co. |
| JSC | Joint Stock Company |
| 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 |
| WaMu | Washington Mutual |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | |
|:---|:---|
| **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 $3,064,040 or 62.8% of net assets. |
| <sup>(2)</sup> | Security in default; no interest payments are being received. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(5)</sup> | 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>(6)</sup> | No contractual maturity date. |
| <sup>(7)</sup> | Security in default; no interest payments are being received during the bankruptcy proceedings. |

---

<sup>(8)</sup> Amount is less than $500.

<sup>(9)</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>(10)</sup> Value shown as par value.

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1272152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1272152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Municipal Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4858008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4856974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$809 |

---

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

Securities held by the Fund with an end of period value of $12,102 were transferred from Level 3 to Level 2 due to a increase in trading activities at period end.

Securities held by the Fund with an end of period value of $690 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

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

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND 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 Multi-Sector Short Term Bond Fund

- **b. EDGAR series identifier (if any):** S000018008

- **c. LEI of Series:** 54930019MXE721TIBN19

**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:** $4911673397.85

**Total Liabilities:** $36484512.42

**Net Assets:** $4875188885.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -120.00000000 | **1-Year:** -2152.00000000 | **5-Year:** -286038.00000000 | **10-Year:** -142645.00000000 | **30-Year:** -507838.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -238.00000000 | **5-Year:** -144408.00000000 | **10-Year:** -138488.00000000 | **30-Year:** -87961.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000049921 | -1.31%               | 0.10%                | -0.57%               |
| Class ID C000176709 | -0.23%               | 1.43%                | 0.30%                |
| Class ID C000066828 | -0.23%               | 1.43%                | 0.30%                |
| Class ID C000049918 | -2.50%               | -0.87%               | -1.98%               |
| Class ID C000049920 | -0.27%               | 1.14%                | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19328330.36            | $-6502152.60                               |
| Month 2  | $-13131122.92            | $65321300.60                               |
| Month 3  | $-6370969.94             | $12981387.01                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   5430000 | PA      | $2688817.30   | 0.06%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DPL INC                                         | DPL Inc                                                                         | CUSIP: 233293AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1596000 | PA      | $1500239.49   | 0.03%             | 2025-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                | Allied Universal Holdco LLC / Allied Universal Finance Corp                     | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6885000 | PA      | $6299775.00   | 0.13%             | 2026-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Credito Real USA Auto Receivab                  | Credito Real USA Auto Receivables Trust 2021-1                                  | CUSIP: 22551EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1516319 | PA      | $1482032.75   | 0.03%             | 2027-02-16      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2019-3                                        | CUSIP: 36258AAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2914387.50   | 0.06%             | 2026-05-15      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGEMENT              | DREYFUS GOVERNMENT CASH MANAGEMENT                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    661165 | NS      | $661165.07    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                      | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3930086 | PA      | $3271317.07   | 0.07%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications Inc                 | Consolidated Communications Inc                                                 | CUSIP: 20903EBB0<br>LEI: 549300WW675Y48HDVX34 | Long             | LON              | CORP              | US        |   3784225 | PA      | $3329323.31   | 0.07%             | 2027-10-02      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                  | Qatar Government International Bond                                             | CUSIP: 74727PAU5<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |   7475000 | PA      | $7165721.88   | 0.15%             | 2026-06-02      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                   | CarNow Auto Receivables Trust 2022-1                                            | CUSIP: 14367LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4951390.10   | 0.10%             | 2026-03-16      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                         | Brown Group Holding LLC                                                         | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |   7037286 | PA      | $6897525.38   | 0.14%             | 2028-06-07      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings, LLC                      | Mileage Plus Holdings LLC                                                       | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4702500 | PA      | $4830643.13   | 0.10%             | 2027-06-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4565000 | PA      | $4375911.77   | 0.09%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                         | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13175000 | PA      | $12951216.56  | 0.27%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra                  | VOLT XCV LLC                                                                    | CUSIP: 92873BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5385049 | PA      | $4920672.28   | 0.10%             | 2051-03-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                  | Credit Acceptance Auto Loan Trust 2020-3                                        | CUSIP: 22536BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11195000 | PA      | $10625213.68  | 0.22%             | 2029-12-17      | Fixed         | 1.77%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2014-2                                                 | CUSIP: 46641YAN3<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |    936557 | PA      | $867200.65    | 0.02%             | 2029-06-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                  | First Investors Auto Owner Trust 2022-1                                         | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5745000 | PA      | $5363294.16   | 0.11%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                  | Amur Equipment Finance Receivables IX LLC                                       | CUSIP: 03237KAC8<br>LEI: 549300INEWFFGID70G60 | Long             | ABS-O            | CORP              | US        |   1830000 | PA      | $1700951.69   | 0.03%             | 2027-02-22      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                          | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3936085 | PA      | $3204079.09   | 0.07%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2699652 | PA      | $2086126.07   | 0.04%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                              | Agiliti Health Inc                                                              | CUSIP: 00847YAD4<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |   1140000 | PA      | $1107224.99   | 0.02%             | 2026-01-04      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   8236000 | PA      | $8516397.42   | 0.17%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                | BAT Capital Corp                                                                | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10544502.43  | 0.22%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                           | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  13180000 | PA      | $13707200.00  | 0.28%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT Funding LLC                                                                | CUSIP: 19688DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3312985 | PA      | $2834445.83   | 0.06%             | 2064-12-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2020-SFR3 Trust                                                            | CUSIP: 001807AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4362000 | PA      | $3904902.09   | 0.08%             | 2037-09-17      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                  | Ginnie Mae I Pool                                                               | CUSIP: 36213S2N4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5504 | PA      | $5657.23      | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2022-1                                                | CUSIP: 89170VAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2275900 | PA      | $2084551.80   | 0.04%             | 2062-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                   | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1644674 | PA      | $1492212.77   | 0.03%             | 2060-05-25      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| TRP LLC                                         | TRP 2021 LLC                                                                    | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9096937 | PA      | $7621643.12   | 0.16%             | 2051-06-19      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2020-SFR1 Trust                                                            | CUSIP: 00180AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8626723 | PA      | $7883853.10   | 0.16%             | 2037-04-17      | Fixed         | 1.82%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3270681 | PA      | $3025363.69   | 0.06%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                   | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9038492.82   | 0.19%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                           | Micron Technology Inc                                                           | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   5519000 | PA      | $5606072.55   | 0.11%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)                        | Banco do Brasil SA/Cayman                                                       | CUSIP: 059578AF1<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |   4495000 | PA      | $4120791.25   | 0.08%             | 2026-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-7 LLC                                                                 | CUSIP: 69360LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7081905 | PA      | $6420221.00   | 0.13%             | 2026-08-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                        | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   6290000 | PA      | $5500238.17   | 0.11%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                   | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546649 | PA      | $523259.88    | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                    | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6183456 | PA      | $5988742.87   | 0.12%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                             | DT Auto Owner Trust 2021-2                                                      | CUSIP: 23345EAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5985000 | PA      | $5685624.32   | 0.12%             | 2027-02-16      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12246878 | PA      | $9614422.89   | 0.20%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc                        | Elanco Animal Health Inc                                                        | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |   5890902 | PA      | $5646959.59   | 0.12%             | 2027-08-01      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                     | Aker BP ASA                                                                     | CUSIP: 00973RAG8<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   9060000 | PA      | $8369614.95   | 0.17%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-3                                               | CUSIP: 92539LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10727545 | PA      | $8567110.49   | 0.18%             | 2066-06-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                  | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5495913 | PA      | $4742782.83   | 0.10%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                            | FirstKey Homes 2022-SFR1 Trust                                                  | CUSIP: 33768NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6463447 | PA      | $6061659.42   | 0.12%             | 2039-05-17      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                            | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21440000 | PA      | $19027562.62  | 0.39%             | 2037-10-19      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2020-3                                        | CUSIP: 36260CAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11735000 | PA      | $11355426.73  | 0.23%             | 2026-05-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                            | Saudi Arabian Oil Co                                                            | CUSIP: 80414L2C8<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |  17260000 | PA      | $16713030.60  | 0.34%             | 2024-04-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: —       |
| Starwood Mortgage Residential                   | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2670649 | PA      | $2107826.19   | 0.04%             | 2056-06-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                  | Banc of America Funding 2004-D Trust                                            | CUSIP: 05946XNE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    933863 | PA      | $910530.44    | 0.02%             | 2035-01-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                           | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   9851000 | PA      | $689570.00    | 0.01%             | 2019-10-13      | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| CITADEL FINANCE LLC                             | Citadel Finance LLC                                                             | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   5660000 | PA      | $5045490.18   | 0.10%             | 2026-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-2 LLC                                                                 | CUSIP: 69359UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2483916 | PA      | $2286895.75   | 0.05%             | 2026-03-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                    | Veros Auto Receivables Trust 2021-1                                             | CUSIP: 92512BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4235000 | PA      | $3995944.84   | 0.08%             | 2026-10-15      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc                 | Kronos Acquisition Holdings Inc                                                 | CUSIP: 49387TAW6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6380105 | PA      | $6053125.03   | 0.12%             | 2026-12-22      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                         | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9523545 | PA      | $8500641.28   | 0.17%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-R2                                              | CUSIP: 92538DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3804636 | PA      | $3448774.72   | 0.07%             | 2064-02-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                  | Republic Finance Issuance Trust 2020-A                                          | CUSIP: 76042EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7335000 | PA      | $6925607.24   | 0.14%             | 2030-11-20      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDY7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   9205000 | PA      | $8341850.83   | 0.17%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                  | Open Text Corp                                                                  | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |   6945000 | PA      | $6776583.75   | 0.14%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2019-4                                        | CUSIP: 36258HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15096968 | PA      | $14885195.14  | 0.31%             | 2025-08-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2006-A6                                                | CUSIP: 46628BBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    316487 | PA      | $233740.17    | 0.00%             | 2036-10-25      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                    | Upstart Securitization Trust 2022-2                                             | CUSIP: 91679TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3012092 | PA      | $2944773.75   | 0.06%             | 2032-05-20      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                   | Exeter Automobile Receivables Trust 2020-3                                      | CUSIP: 30166NAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3015000 | PA      | $2881155.11   | 0.06%             | 2026-08-17      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                      | Flagship Credit Auto Trust 2020-4                                               | CUSIP: 33845XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5284000 | PA      | $5055931.99   | 0.10%             | 2027-02-16      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                        | CUSIP: 15089QAJ3<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   9870000 | PA      | $9534711.36   | 0.20%             | 2024-05-08      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                          | VTR Comunicaciones SpA                                                          | CUSIP: 918367AA1<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |   2463000 | PA      | $1516746.19   | 0.03%             | 2028-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 6174468Q5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5575591.74   | 0.11%             | 2026-04-28      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                     | Hertz Vehicle Financing III LP                                                  | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14055000 | PA      | $12232845.15  | 0.25%             | 2027-12-27      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                      | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2146587 | PA      | $1957943.23   | 0.04%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2021-SFR2 Trust                                            | CUSIP: 74333DAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16205000 | PA      | $13871102.42  | 0.28%             | 2038-04-19      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                    | Hilton Worldwide Finance LLC                                                    | CUSIP: 43289DAH6<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |   5826190 | PA      | $5803001.57   | 0.12%             | 2026-06-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31404NF27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58417 | PA      | $60311.71     | 0.00%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                   | Sierra Timeshare 2019-1 Receivables Funding LLC                                 | CUSIP: 82653EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    879021 | PA      | $832090.54    | 0.02%             | 2036-01-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                  | Residential Mortgage Loan Trust 2019-2                                          | CUSIP: 76119DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    809275 | PA      | $785657.07    | 0.02%             | 2059-05-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2016-2                                      | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4105677 | PA      | $3800929.58   | 0.08%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2745000 | PA      | $2707465.45   | 0.06%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                        | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2165000 | PA      | $1991298.89   | 0.04%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                   | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8423000 | PA      | $8259507.89   | 0.17%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                                 | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9319575 | PA      | $7836690.82   | 0.16%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2021-NQM2                                                                  | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5275047 | PA      | $4368246.29   | 0.09%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 64830TAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5284068 | PA      | $4867014.04   | 0.10%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                  | Regional Management Issuance Trust 2021-1                                       | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2610000 | PA      | $2351182.48   | 0.05%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                        | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2485000 | PA      | $718789.38    | 0.01%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   6265000 | PA      | $5900951.56   | 0.12%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                             | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |  11513000 | PA      | $10157368.66  | 0.21%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                                | Pike Corp                                                                       | CUSIP: 72108PAT1<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |   1080000 | PA      | $1069653.60   | 0.02%             | 2028-01-21      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                          | Boardwalk Pipelines LP                                                          | CUSIP: 096630AD0<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |  12645000 | PA      | $12492208.82  | 0.26%             | 2024-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                    | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6330000 | PA      | $6597936.75   | 0.14%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust                   | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7890000 | PA      | $7337052.23   | 0.15%             | 2026-06-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                  | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    893122 | PA      | $806746.33    | 0.02%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                             | Ashtead Capital Inc                                                             | CUSIP: 045054AJ2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   6800000 | PA      | $6199723.27   | 0.13%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                  | Bankers Healthcare Group Securitization Trust 2020-A                            | CUSIP: 06616PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1367899 | PA      | $1336327.65   | 0.03%             | 2031-09-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6815000 | PA      | $6416883.37   | 0.13%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5165000 | PA      | $5292575.50   | 0.11%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                     | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       330 | PA      | $281.97       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                         | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6420000 | PA      | $6319200.29   | 0.13%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Gold Key Resorts LLC                            | Gold Key Resorts 2014-A LLC                                                     | CUSIP: 38061LAA7<br>LEI: 549300MORAF4RGEXUA95 | Long             | ABS-O            | CORP              | US        |    222276 | PA      | $218442.32    | 0.00%             | 2031-03-17      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8147000 | PA      | $7868331.87   | 0.16%             | 2028-02-24      | Floating      | 5.34%                 | No            |                  2 | On Loan: —       |
| COLT Funding LLC                                | COLT 2022-3 Mortgage Loan Trust                                                 | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15890373 | PA      | $14687989.39  | 0.30%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                  | SoFi Consumer Loan Program 2022-1S Trust                                        | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8322000 | PA      | $8322458.54   | 0.17%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust                  | KKR Industrial Portfolio Trust 2021-KDIP                                        | CUSIP: 48254CAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3532301.63   | 0.07%             | 2037-12-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                           | Citadel Securities LP                                                           | CUSIP: 17288YAD4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   8710636 | PA      | $8529890.14   | 0.17%             | 2028-02-02      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Dext ABS 2020-1, LLC                            | Dext ABS 2020-1 LLC                                                             | CUSIP: 25216AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2345822 | PA      | $2313920.91   | 0.05%             | 2027-02-16      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                      | Flagship Credit Auto Trust 2020-1                                               | CUSIP: 33843FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10275000 | PA      | $10121546.99  | 0.21%             | 2026-01-15      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Orange Lake Timeshare Trust                     | Orange Lake Timeshare Trust 2019-A                                              | CUSIP: 68504UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5043692 | PA      | $4746342.67   | 0.10%             | 2038-04-09      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra                  | VOLT CVI LLC                                                                    | CUSIP: 92873KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10529188 | PA      | $9727599.64   | 0.20%             | 2051-12-26      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                  | Transocean Inc                                                                  | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    775000 | PA      | $776937.50    | 0.02%             | 2027-01-30      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Commerical Equipment Finance 2                  | Commercial Equipment Finance 2021-A LLC                                         | CUSIP: 20166QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2013301 | PA      | $1928400.80   | 0.04%             | 2027-02-16      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                             | DT Auto Owner Trust 2021-1                                                      | CUSIP: 23344GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3930000 | PA      | $3619303.63   | 0.07%             | 2026-11-16      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GHB8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  11312000 | PA      | $11142540.24  | 0.23%             | 2026-02-05      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                      | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1527999 | PA      | $1336767.95   | 0.03%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                        | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1280000 | PA      | $1153440.00   | 0.02%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                  | Foursight Capital Automobile Receivables Trust 2021-2                           | CUSIP: 35105UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2110000 | PA      | $1959171.50   | 0.04%             | 2027-07-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2020-NP1                                         | CUSIP: 14687PAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11730000 | PA      | $11454347.35  | 0.23%             | 2026-01-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                            | Enel Finance International NV                                                   | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   2600000 | PA      | $2669754.54   | 0.05%             | 2025-10-14      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Air Canada                                      | Air Canada                                                                      | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |   1717167 | PA      | $1693555.86   | 0.03%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                        | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5740000 | PA      | $5626345.47   | 0.12%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                             | NOVA Chemicals Corp                                                             | CUSIP: 66977WAP4<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   6740000 | PA      | $6345647.92   | 0.13%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raptor Acquisition Corp                         | Great Canadian Gaming Corp                                                      | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |   2537250 | PA      | $2485439.36   | 0.05%             | 2026-11-01      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                               | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9427197 | PA      | $8893875.11   | 0.18%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited(861)                  | Titan Acquisition Ltd/Canada                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   4871324 | PA      | $4540219.68   | 0.09%             | 2025-03-28      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE AMERICA LLC                        | Enel Finance America LLC                                                        | CUSIP: 29280HAA0<br>LEI: 549300EGNLVUJX1DEC60 | Long             | DBT              | CORP              | US        |   5430000 | PA      | $5614941.89   | 0.12%             | 2027-10-14      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                                | ArcelorMittal SA                                                                | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |  12415000 | PA      | $12473414.19  | 0.26%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                                 | TripAdvisor Inc                                                                 | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |   4755000 | PA      | $4698105.85   | 0.10%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2235575.00   | 0.05%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                    | Business Jet Securities 2021-1 LLC                                              | CUSIP: 12327BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3492422 | PA      | $3066533.79   | 0.06%             | 2036-04-15      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                          | Lendmark Funding Trust 2021-1                                                   | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12315000 | PA      | $10448417.91  | 0.21%             | 2031-11-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                 | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2248124 | PA      | $2035256.39   | 0.04%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| VM Master Issuer, LLC                           | VM Master Issuer LLC                                                            | CUSIP: 92859MAA8<br>LEI: 549300DTHP15ZDVADB72 | Long             | ABS-MBS          | CORP              | US        |  11785000 | PA      | $11161955.33  | 0.23%             | 2025-05-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                           | Playtika Holding Corp                                                           | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |   6034568 | PA      | $5748589.52   | 0.12%             | 2028-03-13      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5503503.90   | 0.11%             | 2028-07-22      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2714779 | PA      | $2587284.11   | 0.05%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                     | Diamond Resorts Owner Trust 2019-1                                              | CUSIP: 252722AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1771581 | PA      | $1728069.59   | 0.04%             | 2032-02-20      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                        | EQM Midstream Partners LP                                                       | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1640494.59   | 0.03%             | 2025-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31406EVK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70614 | PA      | $73020.97     | 0.00%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                      | CIG Auto Receivables Trust 2020-1                                               | CUSIP: 12597UAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7910000 | PA      | $7738368.03   | 0.16%             | 2026-01-12      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                  | ACM Auto Trust 2022-1                                                           | CUSIP: 00091QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6780000 | PA      | $6736599.19   | 0.14%             | 2029-04-20      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                        | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  15795000 | PA      | $14065447.50  | 0.29%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                            | Libra Solutions 2022-1 LLC                                                      | CUSIP: 53161NAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2685328 | PA      | $2634331.48   | 0.05%             | 2034-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                        | CrownRock LP / CrownRock Finance Inc                                            | CUSIP: 228701AG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5695000 | PA      | $5117047.37   | 0.10%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                           | Phoenix Guarantor Inc                                                           | CUSIP: 71913BAH5<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   6003602 | PA      | $5630898.81   | 0.12%             | 2026-03-05      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                           | eG Global Finance PLC                                                           | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   5330000 | PA      | $4965552.03   | 0.10%             | 2025-10-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 3138WGGZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1918649 | PA      | $1837766.54   | 0.04%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pegasus Bidco Bv                                | Pegasus Bidco BV                                                                | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |   2290000 | PA      | $2206987.50   | 0.05%             | 2029-07-12      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                      | Navient Private Education Loan Trust 2017-A                                     | CUSIP: 63939XAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513562 | PA      | $504103.65    | 0.01%             | 2058-12-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5495000 | PA      | $4985544.81   | 0.10%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2015-6                                                | CUSIP: 89172RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5255000 | PA      | $5094143.40   | 0.10%             | 2055-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Perrigo Investments, LLC                        | Perrigo Investments LLC                                                         | CUSIP: 000000000<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | IE        |   2567100 | PA      | $2547846.75   | 0.05%             | 2029-04-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                    | Pawnee Equipment Receivables Series 2019-1 LLC                                  | CUSIP: 704102AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1862407 | PA      | $1856324.22   | 0.04%             | 2024-10-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    885798 | PA      | $732913.40    | 0.02%             | 2029-10-25      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 3138AFXA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    903585 | PA      | $895751.36    | 0.02%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GCI Funding I LLC                               | GCI Funding I LLC                                                               | CUSIP: 36166VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4580044 | PA      | $3890589.48   | 0.08%             | 2046-06-18      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Company LLC                   | Vistra Operations Co LLC                                                        | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |   8741885 | PA      | $8656477.17   | 0.18%             | 2025-12-31      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                  | Credit Acceptance Auto Loan Trust 2020-1                                        | CUSIP: 22534GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2973332 | PA      | $2961614.65   | 0.06%             | 2029-04-16      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1170921 | PA      | $948382.04    | 0.02%             | 2066-02-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                              | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7699000 | PA      | $6135451.66   | 0.13%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2019-1                                                 | CUSIP: 67576TAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1183146 | PA      | $1180186.83   | 0.02%             | 2024-07-22      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                             | SkyMiles IP Ltd                                                                 | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |   5410000 | PA      | $5507380.00   | 0.11%             | 2027-10-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                           | Level 3 Financing Inc                                                           | CUSIP: 52729KAP1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   4326876 | PA      | $4137575.23   | 0.08%             | 2027-03-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| KNDL Mortgage Trust                             | KNDL 2019-KNSQ Mortgage Trust                                                   | CUSIP: 482598AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5740000 | PA      | $5672902.84   | 0.12%             | 2036-05-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                             | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   6640000 | PA      | $5512275.08   | 0.11%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1604000 | PA      | $1655816.47   | 0.03%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                            | OneMain Finance Corp                                                            | CUSIP: 85172FAM1<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7108995.22   | 0.15%             | 2025-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                  | WaMu Mortgage Pass-Through Certificates Series 2004-CB1 Trust                   | CUSIP: 92922FRB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    266719 | PA      | $250256.06    | 0.01%             | 2034-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company      | Mauser Packaging Solutions Holding Co                                           | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |   8203548 | PA      | $7999607.40   | 0.16%             | 2024-04-03      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                        | Service Properties Trust                                                        | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   8270000 | PA      | $7518021.47   | 0.15%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)              | Dun & Bradstreet Corp/The                                                       | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |   5699159 | PA      | $5637095.50   | 0.12%             | 2026-02-06      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                           | American Homes 4 Rent 2014-SFR3 Trust                                           | CUSIP: 02665XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19242300 | PA      | $18524298.88  | 0.38%             | 2036-12-17      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                          | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   6735000 | PA      | $5574725.38   | 0.11%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A                      | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1819498 | PA      | $1667764.63   | 0.03%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                              | F&G Global Funding                                                              | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |  13125000 | PA      | $11686046.53  | 0.24%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                               | Kinder Morgan Inc                                                               | CUSIP: 49456BAB7<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   9880000 | PA      | $9885700.36   | 0.20%             | 2023-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6206568 | PA      | $5192267.33   | 0.11%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                    | Alliance Laundry Systems LLC                                                    | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |   6034048 | PA      | $5908841.47   | 0.12%             | 2027-10-08      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16550000 | PA      | $14040347.74  | 0.29%             | 2027-07-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                            | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |   4715000 | PA      | $4659032.95   | 0.10%             | 2029-12-08      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                            | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18405000 | PA      | $15450189.52  | 0.32%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                        | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    810000 | PA      | $719773.56    | 0.01%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                 | Blackhawk Network Holdings Inc                                                  | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |   6066831 | PA      | $5904179.30   | 0.12%             | 2025-06-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                       | Triton Water Holdings Inc                                                       | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |   6371840 | PA      | $5903509.91   | 0.12%             | 2028-03-31      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                  | BHG Securitization Trust 2021-A                                                 | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6388886 | PA      | $5934072.90   | 0.12%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2021-2 Mortgage Loan Trust                                                 | CUSIP: 19685WAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5395048 | PA      | $4216404.95   | 0.09%             | 2066-08-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                  | Regional Management Issuance Trust 2022-1                                       | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $5929469.65   | 0.12%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1705000 | PA      | $1545716.28   | 0.03%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                 | SBA Tower Trust                                                                 | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9540000 | PA      | $8102114.03   | 0.17%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                        | Weekley Homes LLC / Weekley Finance Corp                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2895000 | PA      | $2432496.77   | 0.05%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                      | Jersey Mike's Funding                                                           | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19017292 | PA      | $17078099.18  | 0.35%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  19345000 | PA      | $16948471.56  | 0.35%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $1939497.08   | 0.04%             | 2026-11-09      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                             | DT Auto Owner Trust 2021-1                                                      | CUSIP: 23344GAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1830723.80   | 0.04%             | 2028-01-18      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                  | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11425000 | PA      | $9380489.40   | 0.19%             | 2028-03-13      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | Ellington Financial Mortgage Trust 2020-1                                       | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1552024 | PA      | $1497323.17   | 0.03%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                             | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6466000 | PA      | $5535930.56   | 0.11%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu                  | JPMBB Commercial Mortgage Securities Trust 2015-C32                             | CUSIP: 46590JBA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2495000 | PA      | $2336647.84   | 0.05%             | 2048-11-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                          | Egypt Government International Bond                                             | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   4075000 | PA      | $3321125.00   | 0.07%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                     | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MAL3<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   3790000 | PA      | $3363219.85   | 0.07%             | 2026-06-25      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2021-SFR1                                                  | CUSIP: 74331FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1430000 | PA      | $1220350.70   | 0.03%             | 2038-04-17      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                   | UBS Commercial Mortgage Trust 2012-C1                                           | CUSIP: 90269GAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1008304 | PA      | $916506.51    | 0.02%             | 2045-05-10      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                    | Veros Auto Receivables Trust 2022-1                                             | CUSIP: 92512VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16900000 | PA      | $16275281.36  | 0.33%             | 2027-08-16      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                           | Mexico Government International Bond                                            | CUSIP: 91087BAC4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   8200000 | PA      | $8007300.00   | 0.16%             | 2027-03-28      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                      | MFA 2022-INV1 Trust                                                             | CUSIP: 55284TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11618366 | PA      | $10920778.57  | 0.22%             | 2066-04-25      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                   | CarNow Auto Receivables Trust 2021-2                                            | CUSIP: 14369HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2474318 | PA      | $2430266.14   | 0.05%             | 2026-01-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023CT0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4191000 | PA      | $4158909.64   | 0.09%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                             | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4257425 | PA      | $3399312.95   | 0.07%             | 2061-07-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                      | BXG Receivables Note Trust 2022-A                                               | CUSIP: 12434KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2727227 | PA      | $2581419.50   | 0.05%             | 2037-09-28      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat                  | Lendingpoint 2022-A Asset Securitization Trust                                  | CUSIP: 52605AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7745000 | PA      | $7478180.88   | 0.15%             | 2029-06-15      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                        | FHF Trust 2022-2                                                                | CUSIP: 31568EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8847000 | PA      | $8725840.34   | 0.18%             | 2029-01-16      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                  | Santander Drive Auto Receivables Trust 2020-4                                   | CUSIP: 80286WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4292662 | PA      | $4249440.30   | 0.09%             | 2026-01-15      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REP5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |  11905000 | PA      | $10852827.77  | 0.22%             | 2025-09-22      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                 | Danske Bank A/S                                                                 | CUSIP: 23636ABD2<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   6075000 | PA      | $5886366.03   | 0.12%             | 2025-03-28      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                          | Tesla Auto Lease Trust 2020-A                                                   | CUSIP: 88167HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3045000 | PA      | $3022678.32   | 0.06%             | 2024-02-20      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                        | HLF Financing Sarl LLC / Herbalife International Inc                            | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2990000 | PA      | $2059422.30   | 0.04%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REL4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |  11500000 | PA      | $9431738.80   | 0.19%             | 2027-08-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                             | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6466000 | PA      | $5740631.19   | 0.12%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                  | Credit Acceptance Auto Loan Trust 2022-1                                        | CUSIP: 22534LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7275000 | PA      | $7083806.45   | 0.15%             | 2032-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2020-SFR3 Trust                                            | CUSIP: 74333AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3644533 | PA      | $3227677.95   | 0.07%             | 2027-10-17      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                          | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6370000 | PA      | $6209226.93   | 0.13%             | 2027-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                        | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4315000 | PA      | $3837225.94   | 0.08%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2019-INV1 Trust                                                             | CUSIP: 67098AAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    861052 | PA      | $823066.72    | 0.02%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3762072 | PA      | $3531587.07   | 0.07%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra                  | VOLT XCIV LLC                                                                   | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5120212 | PA      | $4628736.82   | 0.09%             | 2051-02-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | Ellington Financial Mortgage Trust 2020-2                                       | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000709 | PA      | $5364640.86   | 0.11%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                             | Oportun Funding XIV LLC                                                         | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9015000 | PA      | $8394571.47   | 0.17%             | 2028-03-08      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    820000 | PA      | $772850.00    | 0.02%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC                       | FAT Brands Royalty LLC                                                          | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11870000 | PA      | $11511620.96  | 0.24%             | 2051-04-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2022-SFR1 Trust                                                            | CUSIP: 00179WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1985000 | PA      | $1753303.65   | 0.04%             | 2039-03-17      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                            | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   6580000 | PA      | $4937980.74   | 0.10%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                      | Affirm Asset Securitization Trust 2022-A                                        | CUSIP: 00834WAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4930000 | PA      | $4684643.27   | 0.10%             | 2027-05-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                         | Standard Industries Inc/NJ                                                      | CUSIP: 85350EAB2<br>LEI: 54930064UHXCIUWVI755 | Long             | LON              | CORP              | US        |   5927269 | PA      | $5848969.79   | 0.12%             | 2028-09-22      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2020-1                                                 | CUSIP: 67592LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1114000 | PA      | $1076999.05   | 0.02%             | 2025-06-20      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                        | Prudential Financial Inc                                                        | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |  13774000 | PA      | $13532955.00  | 0.28%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                     | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |   9355000 | PA      | $7993379.47   | 0.16%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                    | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  14050000 | PA      | $13615765.92  | 0.28%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31413CG78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5414 | PA      | $5495.84      | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   8705000 | PA      | $7616875.00   | 0.16%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31418TWU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    602245 | PA      | $587770.28    | 0.01%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4590000 | PA      | $3856463.84   | 0.08%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2018-GW                                                                | CUSIP: 12433UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19910000 | PA      | $19208839.49  | 0.39%             | 2035-05-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                  | CPS Auto Receivables Trust 2020-C                                               | CUSIP: 12597TAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1092583 | PA      | $1085657.90   | 0.02%             | 2026-08-17      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                      | BXG Receivables Note Trust 2022-A                                               | CUSIP: 12434KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7937865 | PA      | $7558407.74   | 0.16%             | 2037-09-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4159000 | PA      | $3665118.75   | 0.08%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2020-SFR1 Trust                                                            | CUSIP: 00180AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6739000 | PA      | $6146201.84   | 0.13%             | 2037-04-17      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2022-5                                               | CUSIP: 924921AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21702064 | PA      | $19865407.43  | 0.41%             | 2067-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                             | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   8541000 | PA      | $6811020.45   | 0.14%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2160000 | PA      | $1900394.14   | 0.04%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                  | Mariner Finance Issuance Trust 2019-A                                           | CUSIP: 56847MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3939126 | PA      | $3886044.77   | 0.08%             | 2032-07-20      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                  | Morgan Stanley Mortgage Loan Trust 2004-2AR                                     | CUSIP: 61748HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    369004 | PA      | $349299.71    | 0.01%             | 2034-02-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                            | Conn's Receivables Funding 2021-A LLC                                           | CUSIP: 20825GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5680000 | PA      | $5579281.67   | 0.11%             | 2026-05-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Dext ABS 2020-1, LLC                            | Dext ABS 2020-1 LLC                                                             | CUSIP: 25216AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6258000 | PA      | $5853036.68   | 0.12%             | 2028-02-15      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                   | TransDigm Inc                                                                   | CUSIP: 89364MBR4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   6430695 | PA      | $6344394.70   | 0.13%             | 2025-12-09      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                  | Galton Funding Mortgage Trust 2019-2                                            | CUSIP: 36418ABC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4209138 | PA      | $3928752.96   | 0.08%             | 2059-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 3138A5N32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1415356 | PA      | $1359244.43   | 0.03%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                          | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAE3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   6350000 | PA      | $6424298.11   | 0.13%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Froneri US Inc                                  | Froneri US Inc                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6069375 | PA      | $5896579.89   | 0.12%             | 2027-01-29      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                         | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2731000 | PA      | $2584454.54   | 0.05%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8095000 | PA      | $7399118.99   | 0.15%             | 2056-07-25      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  19090000 | PA      | $16773666.36  | 0.34%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15725000 | PA      | $15391505.77  | 0.32%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                                    | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |   8928000 | PA      | $8250938.25   | 0.17%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                               | State Street Corp                                                               | CUSIP: 857477BY8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   6988000 | PA      | $7216333.04   | 0.15%             | 2028-11-04      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20680000 | PA      | $19011283.24  | 0.39%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                      | BXG Receivables Note Trust 2015-A                                               | CUSIP: 05606XAA2<br>LEI: 549300R4HW4HQYM9LE23 | Long             | ABS-O            | CORP              | US        |    551587 | PA      | $532625.42    | 0.01%             | 2030-05-02      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Funding, LLC                   | Towd Point HE Trust 2021- HE1                                                   | CUSIP: 89180DAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1916789 | PA      | $1795389.10   | 0.04%             | 2063-02-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                  | Westlake Automobile Receivables Trust 2020-3                                    | CUSIP: 96042QAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11365000 | PA      | $11079652.13  | 0.23%             | 2025-11-17      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Hostess Brands LLC                              | Hostess Brands LLC                                                              | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |   7685991 | PA      | $7653940.75   | 0.16%             | 2025-08-03      | Floating      | 6.66%                 | 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        |  11215000 | PA      | $9420927.81   | 0.19%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CDN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  61195000 | PA      | $57274695.31  | 1.17%             | 2024-12-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                           | Level 3 Financing Inc                                                           | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   5040000 | PA      | $4195800.00   | 0.09%             | 2027-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                                | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   6086000 | PA      | $5051380.00   | 0.10%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert LLC                        | Asplundh Tree Expert LLC                                                        | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5950849 | PA      | $5940910.94   | 0.12%             | 2027-09-07      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2021-7                                                 | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9432638 | PA      | $7668358.32   | 0.16%             | 2066-10-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                            | Colombia Government International Bond                                          | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   4140000 | PA      | $3568938.75   | 0.07%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRE Grand Islander Timeshare I                  | BRE Grand Islander Timeshare Issuer 2017-A LLC                                  | CUSIP: 05584AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1982564 | PA      | $1913057.99   | 0.04%             | 2029-05-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                  | Var Energi ASA                                                                  | CUSIP: 92212WAD2<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |   3720000 | PA      | $3789198.62   | 0.08%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                  | United Auto Credit Securitization Trust 2022-1                                  | CUSIP: 90944DAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2785000 | PA      | $2699701.86   | 0.06%             | 2027-06-10      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| INTOWN 2022-STAY                                | INTOWN 2022-STAY Mortgage Trust                                                 | CUSIP: 46117NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7340000 | PA      | $7291736.56   | 0.15%             | 2039-08-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                           | Indonesia Government International Bond                                         | CUSIP: 455780BT2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  11290000 | PA      | $11150116.90  | 0.23%             | 2025-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15150000 | PA      | $12834298.87  | 0.26%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2022-1 Mortgage Loan Trust                                                 | CUSIP: 19688HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10522871 | PA      | $9161818.39   | 0.19%             | 2066-12-27      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr                  | Avid Automobile Receivables Trust 2019-1                                        | CUSIP: 05369DAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2777645 | PA      | $2763572.31   | 0.06%             | 2026-07-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                | RCO VII Mortgage LLC 2021-2                                                     | CUSIP: 74938JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6027749 | PA      | $5510072.97   | 0.11%             | 2026-09-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                  | Pretium Mortgage Credit Partners I 2021-NPL1 LLC                                | CUSIP: 741389AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14410634 | PA      | $13124996.18  | 0.27%             | 2060-09-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                        | Turning Point Brands Inc                                                        | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   5485000 | PA      | $4730866.91   | 0.10%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7435000 | PA      | $6392820.44   | 0.13%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                    | GS Mortgage Securities Trust 2020-GC45                                          | CUSIP: 36258YBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2630000 | PA      | $2183958.84   | 0.04%             | 2053-02-13      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                   | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10570000 | PA      | $10084362.41  | 0.21%             | 2026-03-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| GCT Commercial Mortgage Trust                   | GCT Commercial Mortgage Trust 2021-GCT                                          | CUSIP: 36167RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5700000 | PA      | $5288814.54   | 0.11%             | 2038-02-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                        | OWL Rock Core Income Corp                                                       | CUSIP: 69120VAL5<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   4304000 | PA      | $4172311.80   | 0.09%             | 2025-03-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                      | BXG RECEIVABLES NOTE TRUST 2017-A                                               | CUSIP: 05607BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3382827 | PA      | $3238993.35   | 0.07%             | 2032-10-04      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                        | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   8415000 | PA      | $6854859.25   | 0.14%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr                  | Avid Automobile Receivables Trust 2019-1                                        | CUSIP: 05369DAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1615000 | PA      | $1602628.45   | 0.03%             | 2026-07-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3834126 | PA      | $3721149.19   | 0.08%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                   | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4732153 | PA      | $4466007.51   | 0.09%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential Trust                                                      | CUSIP: 74333HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3770000 | PA      | $3204783.50   | 0.07%             | 2038-07-17      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5930000 | PA      | $5663071.96   | 0.12%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortga                  | UBS-Barclays Commercial Mortgage Trust 2013-C6                                  | CUSIP: 90349GAN5<br>LEI: 549300G1IXWLFE766Q13 | Long             | ABS-MBS          | CORP              | US        |   8691000 | PA      | $8532247.59   | 0.18%             | 2046-04-10      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                          | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |   6625000 | PA      | $6189406.25   | 0.13%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                        | Purchasing Power Funding 2021-A LLC                                             | CUSIP: 74615JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12425000 | PA      | $12075743.19  | 0.25%             | 2025-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Global SC Finance SRL                           | Global SC Finance VII Srl                                                       | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BB        |  11019419 | PA      | $9763041.47   | 0.20%             | 2040-10-17      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                   | GoldentTree Loan Management US CLO 1 Ltd                                        | CUSIP: 38138JAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  18315000 | PA      | $17921227.50  | 0.37%             | 2033-01-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection LLC                   | Caesars Resort Collection LLC                                                   | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |  12804206 | PA      | $12763616.39  | 0.26%             | 2024-12-23      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                                | Pike Corp                                                                       | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |   8226366 | PA      | $8101654.12   | 0.17%             | 2028-01-21      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                           | Quikrete Holdings Inc                                                           | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   7945075 | PA      | $7873092.62   | 0.16%             | 2028-06-09      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                              | Royalty Pharma PLC                                                              | CUSIP: 78081BAJ2<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |  11909000 | PA      | $10079699.00  | 0.21%             | 2027-09-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                  | Velocity Commercial Capital Loan Trust 2020-1                                   | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6849301 | PA      | $6033266.96   | 0.12%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2019-3                                           | CUSIP: 14686XAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3605838 | PA      | $3557772.79   | 0.07%             | 2025-04-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                            | CITGO Petroleum Corp                                                            | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |   9020000 | PA      | $8797747.20   | 0.18%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                               | State Street Corp                                                               | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   6169000 | PA      | $6314716.59   | 0.13%             | 2026-11-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                           | Universal Health Services Inc                                                   | CUSIP: 913903AX8<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |  16145000 | PA      | $13835617.42  | 0.28%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                    | Peraton Corp                                                                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |   3939869 | PA      | $3840544.91   | 0.08%             | 2028-02-01      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                 | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |   7944737 | PA      | $7545532.79   | 0.15%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                | BAT Capital Corp                                                                | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $4871645.90   | 0.10%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                        | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1346746.59   | 0.03%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTRA ENERGY CORP RIGHTS                       | VISTRA ENERGY CORP RIGHTS                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98789 | NS      | $118546.80    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                   | Commonbond Student Loan Trust 2019-A-GS                                         | CUSIP: 20268CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3924904 | PA      | $3527553.31   | 0.07%             | 2047-01-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1511271 | PA      | $1415256.80   | 0.03%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                              | Visio 2019-2 Trust                                                              | CUSIP: 92837DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2057509 | PA      | $1915966.51   | 0.04%             | 2054-11-25      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   6276162 | PA      | $6026159.16   | 0.12%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                              | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3481715 | PA      | $3228551.14   | 0.07%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-RPL2 LLC                                                              | CUSIP: 69357QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21954425 | PA      | $19545173.05  | 0.40%             | 2051-10-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11186780 | PA      | $9239085.42   | 0.19%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                          | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   8105000 | PA      | $7550030.55   | 0.15%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                       | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13                     | CUSIP: 61763BAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1735000 | PA      | $1693606.54   | 0.03%             | 2046-11-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                   | Sierra Timeshare 2018-2 Receivables Funding LLC                                 | CUSIP: 82653DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    960946 | PA      | $937642.65    | 0.02%             | 2035-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                   | Citigroup Mortgage Loan Trust 2013-A                                            | CUSIP: 17320XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2696840 | PA      | $2568232.36   | 0.05%             | 2042-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                   | CoreVest American Finance 2022-1 Trust                                          | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4938852 | PA      | $4815546.46   | 0.10%             | 2055-06-17      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                   | M/I Homes Inc                                                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   5085000 | PA      | $4517819.10   | 0.09%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  69335000 | PA      | $67241408.18  | 1.38%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                   | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10192441 | PA      | $9754406.28   | 0.20%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                    | Business Jet Securities 2020-1 LLC                                              | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2347701 | PA      | $2138376.62   | 0.04%             | 2035-11-15      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                        | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2795000 | PA      | $2784125.66   | 0.06%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr                  | Avid Automobile Receivables Trust 2021-1                                        | CUSIP: 05369LAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3200000 | PA      | $2882088.32   | 0.06%             | 2028-04-17      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL4 LLC                                                              | CUSIP: 91823DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15877831 | PA      | $14376248.20  | 0.29%             | 2051-08-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY LP                                | Spirit Realty LP                                                                | CUSIP: 84861TAC2<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              | CORP              | US        |   6685714 | PA      | $6384267.66   | 0.13%             | 2026-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                  | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAB9<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |  13242225 | PA      | $12400218.12  | 0.25%             | 2048-09-05      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                          | Eskom Holdings SOC Ltd                                                          | CUSIP: 29646AAB2<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |  14270000 | PA      | $12948241.25  | 0.27%             | 2025-02-11      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                                | Gates Global LLC                                                                | CUSIP: 36740UAT9<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |   4883896 | PA      | $4772347.39   | 0.10%             | 2027-03-31      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                  | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4108000 | PA      | $4115534.89   | 0.08%             | 2026-01-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                         | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4831167 | PA      | $4312883.21   | 0.09%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust                  | FirstKey Homes 2020-SFR1 Trust                                                  | CUSIP: 33767MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7020000 | PA      | $6271378.07   | 0.13%             | 2037-08-17      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                             | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1054105 | PA      | $1009492.78   | 0.02%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V                  | Tobacco Settlement Financing Corp/VA                                            | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4215000 | PA      | $3797044.39   | 0.08%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31419FKM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11115 | PA      | $10711.66     | 0.00%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2021-1                                                | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12970000 | PA      | $10147729.30  | 0.21%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3050827 | PA      | $2765845.54   | 0.06%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                        | AT&T Inc                                                                        | CUSIP: 00206RFY3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   8918000 | PA      | $8920171.09   | 0.18%             | 2023-02-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6675000 | PA      | $5588235.24   | 0.11%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                   | CoreVest American Finance 2020-3 Trust                                          | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4692395 | PA      | $4138259.54   | 0.08%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                        | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5670000 | PA      | $5157698.49   | 0.11%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                         | Office Properties Income Trust                                                  | CUSIP: 67623CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5087000 | PA      | $3942417.67   | 0.08%             | 2026-06-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                     | Extended Stay America Trust 2021-ESH                                            | CUSIP: 30227FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5408105 | PA      | $5191036.55   | 0.11%             | 2038-07-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31417TXW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    988201 | PA      | $1000701.03   | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                           | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5243000 | PA      | $4318752.43   | 0.09%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   6175000 | PA      | $5403125.00   | 0.11%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31405VCC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14423 | PA      | $14519.07     | 0.00%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                             | Oportun Funding XIV LLC                                                         | CUSIP: 68377BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7620000 | PA      | $7057413.88   | 0.14%             | 2028-03-08      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| LEGENDS HOSPITALITY HOLD                        | Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer Inc          | CUSIP: 52473NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5345000 | PA      | $4757050.00   | 0.10%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                  | Open Text Corp                                                                  | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   5120000 | PA      | $4393625.60   | 0.09%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                            | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1153330 | PA      | $1085737.61   | 0.02%             | 2060-01-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                  | Wells Fargo Mortgage Backed Securities 2004-U Trust                             | CUSIP: 949803AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122915 | PA      | $115113.29    | 0.00%             | 2034-10-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Maps LTD                                        | MAPS 2021-1 Trust                                                               | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13476451 | PA      | $11181854.55  | 0.23%             | 2046-06-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                | RCO VI Mortgage LLC 2022-1                                                      | CUSIP: 74934VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9008369 | PA      | $8451600.53   | 0.17%             | 2027-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2274061 | PA      | $2141091.50   | 0.04%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31402DJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53645 | PA      | $55477.56     | 0.00%             | 2034-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2019-4                                        | CUSIP: 36258HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3358462.45   | 0.07%             | 2026-08-17      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                 | MVW Owner Trust 2019-1                                                          | CUSIP: 55389PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2078335 | PA      | $1958204.73   | 0.04%             | 2036-11-20      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                  | Arivo Acceptance Auto Loan Receivables Trust 2021-1                             | CUSIP: 04047AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4393494 | PA      | $4245849.48   | 0.09%             | 2027-01-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                  | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5490000 | PA      | $5071216.76   | 0.10%             | 2037-03-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2019-INV2                                            | CUSIP: 92537HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3046709 | PA      | $2938322.97   | 0.06%             | 2059-07-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Encina Equipment Finance                        | Encina Equipment Finance 2022-1 LLC                                             | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9548000 | PA      | $9252659.35   | 0.19%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                  | PAI Holdco Inc                                                                  | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |   1789532 | PA      | $1569204.57   | 0.03%             | 2027-10-28      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra                  | VOLT C LLC                                                                      | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3521773 | PA      | $3144544.50   | 0.06%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                       | BPR Trust 2022-OANA                                                             | CUSIP: 05592DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7400000 | PA      | $7222378.54   | 0.15%             | 2037-04-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER CHILE                           | Banco Santander Chile                                                           | CUSIP: 05970FAC5<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | DBT              | CORP              | CL        |   7545000 | PA      | $7138513.13   | 0.15%             | 2025-01-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                            | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6620563 | PA      | $5866271.47   | 0.12%             | 2037-10-19      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                   | Corevest American Finance 2020-4 Trust                                          | CUSIP: 21873AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14301491 | PA      | $12624142.30  | 0.26%             | 2052-12-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Tr                  | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1951886 | PA      | $1794590.28   | 0.04%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2020-3                                        | CUSIP: 36260CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18060000 | PA      | $17226738.69  | 0.35%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                                  | ACC Auto Trust 2021-A                                                           | CUSIP: 00108XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7835000 | PA      | $7531197.09   | 0.15%             | 2027-04-15      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2096982 | PA      | $1823019.29   | 0.04%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                            | LHOME Mortgage Trust 2021-RTL2                                                  | CUSIP: 501895AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8940000 | PA      | $8405484.55   | 0.17%             | 2026-06-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                        | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3499037 | PA      | $3250229.02   | 0.07%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REH3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1870000 | PA      | $1628126.35   | 0.03%             | 2027-08-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                              | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   8710000 | PA      | $7976726.88   | 0.16%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                     | VFI ABS 2022-1 LLC                                                              | CUSIP: 91824CAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2794000 | PA      | $2632065.91   | 0.05%             | 2029-11-26      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4252000 | PA      | $3755606.64   | 0.08%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                            | SRS Distribution Inc                                                            | CUSIP: 78466YAN8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |   3347625 | PA      | $3194002.49   | 0.07%             | 2028-06-02      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL5 LLC                                                              | CUSIP: 91824AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8895812 | PA      | $7837648.72   | 0.16%             | 2051-08-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                        | Corebridge Financial Inc                                                        | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   8938000 | PA      | $8259021.88   | 0.17%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                   | Citigroup Commercial Mortgage Trust 2015-GC27                                   | CUSIP: 17323CAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6828452 | PA      | $6508768.02   | 0.13%             | 2048-02-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                      | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9174160 | PA      | $8748502.48   | 0.18%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                  | Santander Drive Auto Receivables Trust 2021-3                                   | CUSIP: 80287EAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13700000 | PA      | $13177265.54  | 0.27%             | 2027-09-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                         | Legacy LifePoint Health LLC                                                     | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4540000 | PA      | $4272548.60   | 0.09%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                            | Conn's Receivables Funding 2022-A LLC                                           | CUSIP: 20825YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11380000 | PA      | $11285415.13  | 0.23%             | 2026-12-15      | Fixed         | 9.52%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                   | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14120000 | PA      | $13424143.81  | 0.28%             | 2026-09-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                           | American Homes 4 Rent 2015-SFR1 Trust                                           | CUSIP: 02666AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10454717 | PA      | $9955622.57   | 0.20%             | 2052-04-17      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                       | ACC Trust 2022-1                                                                | CUSIP: 00091HAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6580000 | PA      | $6276069.14   | 0.13%             | 2025-10-20      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                     | Visio Trust                                                                     | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8255446 | PA      | $7560433.08   | 0.16%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3075000 | PA      | $2968875.91   | 0.06%             | 2028-04-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                  | ACM Auto Trust 2022-1                                                           | CUSIP: 00091QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1628176 | PA      | $1623996.58   | 0.03%             | 2029-04-20      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2014-2                                                 | CUSIP: 46641YAJ2<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |   1557894 | PA      | $1455672.25   | 0.03%             | 2029-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GKS7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4915000 | PA      | $4798634.23   | 0.10%             | 2025-04-25      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2019-RPL2                                   | CUSIP: 64830HAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    595000 | PA      | $497238.17    | 0.01%             | 2059-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                  | CPS Auto Receivables Trust 2021-A                                               | CUSIP: 12656NAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4811694 | PA      | $4750938.19   | 0.10%             | 2026-09-15      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                  | Credit Acceptance Auto Loan Trust 2019-3                                        | CUSIP: 22535KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2833490 | PA      | $2828933.86   | 0.06%             | 2029-01-16      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC                           | USASF Receivables 2020-1 LLC                                                    | CUSIP: 90353QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7338000 | PA      | $7300665.72   | 0.15%             | 2024-08-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-RPL1 LLC                                                              | CUSIP: 69360GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4487260 | PA      | $3991997.21   | 0.08%             | 2051-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                   | Commonbond Student Loan Trust 2020-1                                            | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2319249 | PA      | $2057023.19   | 0.04%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                        | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   4930000 | PA      | $4667645.22   | 0.10%             | 2024-08-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2021-NQM3 Trust                                                             | CUSIP: 67114JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2489305 | PA      | $1856468.21   | 0.04%             | 2061-07-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA/France                                                         | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3970000 | PA      | $3027244.10   | 0.06%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4374013 | PA      | $4077397.62   | 0.08%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                        | Ajax Mortgage Loan Trust 2021-A                                                 | CUSIP: 00971AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8736999 | PA      | $7616481.14   | 0.16%             | 2065-09-25      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                          | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAC7<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   4159000 | PA      | $4184624.31   | 0.09%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                       | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5379870 | PA      | $5059143.60   | 0.10%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                          | Brookfield Finance Inc                                                          | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   9490000 | PA      | $8701437.85   | 0.18%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDU5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   8025000 | PA      | $7425936.96   | 0.15%             | 2026-08-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                        | Mill City Mortgage Loan Trust 2017-1                                            | CUSIP: 59981HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1983000 | PA      | $1844905.47   | 0.04%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                  | United Auto Credit Securitization Trust                                         | CUSIP: 90943UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3862576 | PA      | $3834762.78   | 0.08%             | 2026-06-10      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                             | DT Auto Owner Trust 2022-2                                                      | CUSIP: 23345AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7058572.50   | 0.14%             | 2028-03-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                  | Foursight Capital Automobile Receivables Trust 2022-1                           | CUSIP: 35105JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2140000 | PA      | $1987824.39   | 0.04%             | 2027-05-17      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2021-2R Mortgage Loan Trust                                                | CUSIP: 12656YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2170427 | PA      | $1832519.69   | 0.04%             | 2054-07-27      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                  | TD SYNNEX Corp                                                                  | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |   6510000 | PA      | $5251802.54   | 0.11%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL2 LLC                                                              | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7188128 | PA      | $6495164.38   | 0.13%             | 2051-03-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                            | LHOME Mortgage Trust 2021-RTL1                                                  | CUSIP: 501894AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11065000 | PA      | $10474904.66  | 0.21%             | 2026-02-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                               | Clarios Global LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |   4864195 | PA      | $4756793.49   | 0.10%             | 2026-04-30      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                             | Oportun Funding 2022-1 LLC                                                      | CUSIP: 68377XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4224230 | PA      | $4132026.05   | 0.08%             | 2029-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31418RHT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1175034 | PA      | $1161472.07   | 0.02%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2021-2                                                 | CUSIP: 03465DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1610876 | PA      | $1322185.56   | 0.03%             | 2066-04-25      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31410LR79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2851743 | PA      | $2728158.86   | 0.06%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                        | ION Trading Technologies Sarl                                                   | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    920000 | PA      | $767050.00    | 0.02%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1095383 | PA      | $1049507.95   | 0.02%             | 2044-12-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2021-N2                                          | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2925005 | PA      | $2687724.63   | 0.06%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  10911000 | PA      | $9695002.87   | 0.20%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                   | Exeter Automobile Receivables Trust 2020-1                                      | CUSIP: 30167HAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8703648 | PA      | $8533056.63   | 0.18%             | 2025-12-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receiva                  | Amur Equipment Finance Receivables VIII LLC                                     | CUSIP: 03237PAC7<br>LEI: 549300LUWIM31186Z163 | Long             | ABS-O            | CORP              | US        |   2122272 | PA      | $2080287.00   | 0.04%             | 2026-04-20      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                | Hilton USA Trust 2016-SFP                                                       | CUSIP: 43289VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16760000 | PA      | $15867679.16  | 0.33%             | 2035-11-05      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                         | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1863000 | PA      | $1826726.55   | 0.04%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                           | CCG Receivables Trust 2021-1                                                    | CUSIP: 12510KAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1415000 | PA      | $1309411.43   | 0.03%             | 2027-06-14      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                | UFC Holdings LLC                                                                | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |   6301175 | PA      | $6210186.35   | 0.13%             | 2026-04-29      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                          | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAR8<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   3345000 | PA      | $2759710.67   | 0.06%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brookfield WEC Holdings Inc                     | Brookfield WEC Holdings Inc                                                     | CUSIP: 11284EAM5<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |   8808477 | PA      | $8671769.09   | 0.18%             | 2025-08-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                        | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    695000 | PA      | $582253.83    | 0.01%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                      | Upstart Pass-Through Trust Series 2021-ST8                                      | CUSIP: 91683LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3635368 | PA      | $3373769.86   | 0.07%             | 2029-10-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12685000 | PA      | $11445470.00  | 0.23%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                         | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11736827 | PA      | $11170781.04  | 0.23%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                             | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7335736 | PA      | $5899334.89   | 0.12%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                    | PetSmart LLC                                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4803319 | PA      | $4690729.30   | 0.10%             | 2028-02-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31406CYP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112683 | PA      | $113034.71    | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31400RLS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7248 | PA      | $7267.76      | 0.00%             | 2033-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC                           | US Auto Funding 2021-1                                                          | CUSIP: 90355EAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5725000 | PA      | $5662233.39   | 0.12%             | 2025-03-17      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.            | Scientific Games International Inc                                              | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |   3223800 | PA      | $3171993.53   | 0.07%             | 2029-04-13      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets                              | Accelerated 2021-1H LLC                                                         | CUSIP: 00439KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2376962 | PA      | $2151688.33   | 0.04%             | 2040-10-20      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                              | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4099142.00   | 0.08%             | 2041-12-09      | Fixed         | 3.60%                 | 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        |   1305000 | PA      | $1251168.75   | 0.03%             | 2025-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                             | Southern California Edison Co                                                   | CUSIP: 842400HS5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   2652000 | PA      | $2729669.28   | 0.06%             | 2027-11-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                  | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4601638 | PA      | $3855153.72   | 0.08%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHC Commercial Mortgage Trust                   | CHC Commercial Mortgage Trust 2019 - CHC                                        | CUSIP: 162665AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17507797 | PA      | $17084921.98  | 0.35%             | 2034-06-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                           | Indonesia Government International Bond                                         | CUSIP: 455780BL9<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   2844000 | PA      | $2826537.84   | 0.06%             | 2023-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| WR Grace Holdings LLC                           | WR Grace Holdings LLC                                                           | CUSIP: 92943HAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2252250 | PA      | $2205808.61   | 0.05%             | 2028-09-22      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  24315000 | PA      | $23730142.07  | 0.49%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1489487.90   | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PODS LLC                                        | PODS LLC                                                                        | CUSIP: 73044EAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7089230 | PA      | $6693438.71   | 0.14%             | 2028-03-31      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    205000 | PA      | $206084.45    | 0.00%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                  | Residential Mortgage Loan Trust 2020-1                                          | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1864875 | PA      | $1775178.94   | 0.04%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| NewRez Warehouse Securitizatio                  | NewRez Warehouse Securitization Trust 2021-1                                    | CUSIP: 65246PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13845000 | PA      | $13480617.60  | 0.28%             | 2055-05-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                   | Sierra Timeshare 2020-2 Receivables Funding LLC                                 | CUSIP: 826525AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2326135 | PA      | $2165200.08   | 0.04%             | 2037-07-20      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                  | OneMain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7485000 | PA      | $7097266.52   | 0.15%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Safe Fleet Holdings LLC                         | Safe Fleet Holdings LLC                                                         | CUSIP: 000000000<br>LEI: 549300ZCMGQ2DH2RZB13 | Long             | LON              | CORP              | US        |   1407925 | PA      | $1357774.71   | 0.03%             | 2029-02-23      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1881950 | PA      | $1563161.40   | 0.03%             | 2029-10-25      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                     | Ivory Coast Government International Bond                                       | CUSIP: 221625AM8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |  13575000 | PA      | $13133812.50  | 0.27%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat                  | Lendingpoint 2022-B Asset Securitization Trust                                  | CUSIP: 52606WAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4566344 | PA      | $4459816.60   | 0.09%             | 2029-10-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                      | Viasat Inc                                                                      | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2402969.88   | 0.05%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                            | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   6681000 | PA      | $5450975.45   | 0.11%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4435000 | PA      | $4281609.76   | 0.09%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                        | International Flavors & Fragrances Inc                                          | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   7666000 | PA      | $6771601.95   | 0.14%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                        | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   4930000 | PA      | $4533407.73   | 0.09%             | 2024-10-29      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  13015000 | PA      | $12617995.52  | 0.26%             | 2028-02-24      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                     | Aker BP ASA                                                                     | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   9925000 | PA      | $8766859.69   | 0.18%             | 2026-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Starwood Residential Mortgage                   | STAR 2021-1 Trust                                                               | CUSIP: 85573GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5923966 | PA      | $5351175.49   | 0.11%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | Credit Suisse Mortgage Capital Certificates 2019-ICE4                           | CUSIP: 12653VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22785000 | PA      | $22533606.26  | 0.46%             | 2036-05-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                  | BRAVO Residential Funding Trust 2021-A                                          | CUSIP: 105693AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4967915 | PA      | $4715065.41   | 0.10%             | 2059-10-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                  | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2494380 | PA      | $2088362.61   | 0.04%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PERTAMINA PERSERO PT                            | Pertamina Persero PT                                                            | CUSIP: 69369EAE9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |   9430000 | PA      | $9336737.30   | 0.19%             | 2023-05-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                            | Aramark Services Inc                                                            | CUSIP: 03852JAL5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |   1908808 | PA      | $1893899.97   | 0.04%             | 2025-03-11      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                          | Verizon Communications Inc                                                      | CUSIP: 92343VEP5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |  10541000 | PA      | $10624594.66  | 0.22%             | 2025-05-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                            | Colombia Government International Bond                                          | CUSIP: 195325CX1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   8605000 | PA      | $8076868.13   | 0.17%             | 2026-01-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                  | United Auto Credit Securitization Trust                                         | CUSIP: 90943UAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10160000 | PA      | $9817266.62   | 0.20%             | 2026-06-10      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                         | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   5430000 | PA      | $4711203.75   | 0.10%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                           | Caesars Entertainment Inc                                                       | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2990000 | PA      | $2905309.75   | 0.06%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                      | Flagship Credit Auto Trust 2019-2                                               | CUSIP: 33845WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    872474 | PA      | $868171.50    | 0.02%             | 2025-05-15      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company, LLC                 | Go Daddy Operating Co LLC                                                       | CUSIP: 38017BAT3<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |   1435000 | PA      | $1431211.60   | 0.03%             | 2029-11-09      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                  | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7261000 | PA      | $7228789.48   | 0.15%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                         | UKG Inc                                                                         | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   8866536 | PA      | $8423209.53   | 0.17%             | 2026-05-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                           | Lincoln National Corp                                                           | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |  12860000 | PA      | $9259200.00   | 0.19%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2020-1                                                | CUSIP: 89178WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4820000 | PA      | $3762036.99   | 0.08%             | 2060-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                          | Oscar US Funding XIII LLC                                                       | CUSIP: 68785BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |   6000000 | PA      | $5386720.74   | 0.11%             | 2028-09-11      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LL                  | Aligned Data Centers Issuer LLC                                                 | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16110000 | PA      | $13759483.34  | 0.28%             | 2046-08-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                        | Foundation Finance Trust 2019-1                                                 | CUSIP: 35041JAA3<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |   1241584 | PA      | $1215821.10   | 0.02%             | 2034-11-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust I LLC 2018-3                                           | CUSIP: 03464NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39341 | PA      | $39123.60     | 0.00%             | 2048-09-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| R1 RCM Inc.                                     | R1 RCM Inc                                                                      | CUSIP: 74919EAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7436362 | PA      | $7343407.97   | 0.15%             | 2029-06-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2021-NQM2R                                  | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4306722 | PA      | $3722997.67   | 0.08%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                      | LAD Auto Receivables Trust 2021-1                                               | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2705000 | PA      | $2437026.20   | 0.05%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                   | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |   4390099 | PA      | $4186814.70   | 0.09%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                   | Citigroup Mortgage Loan Trust 2014-A                                            | CUSIP: 17322GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1627894 | PA      | $1510822.25   | 0.03%             | 2035-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6833961 | PA      | $6529138.29   | 0.13%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                             | Callon Petroleum Co                                                             | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1647000.00   | 0.03%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12171751 | PA      | $11693885.65  | 0.24%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                          | Egypt Government International Bond                                             | CUSIP: 03846JAD2<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |  11210000 | PA      | $9248250.00   | 0.19%             | 2027-09-30      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                  | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17610000 | PA      | $15326088.66  | 0.31%             | 2028-07-14      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT Funding LLC                                                                | CUSIP: 19688DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    776143 | PA      | $654780.85    | 0.01%             | 2064-12-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                        | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12130657 | PA      | $10300765.32  | 0.21%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                  | American Credit Acceptance Receivables Trust 2021-1                             | CUSIP: 02528BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8164139 | PA      | $8031777.64   | 0.16%             | 2027-03-15      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8188003 | PA      | $7806038.83   | 0.16%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                   | Starwood Mortgage Residential Trust 2020-3                                      | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2424104 | PA      | $2218593.31   | 0.05%             | 2065-04-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                                 | NCR Corp                                                                        | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |   5406602 | PA      | $5230887.85   | 0.11%             | 2026-08-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2019-1                                                 | CUSIP: 67576TAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17822000 | PA      | $17580895.07  | 0.36%             | 2025-06-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                  | Mariner Finance Issuance Trust 2020-A                                           | CUSIP: 56848MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1954000 | PA      | $1859606.36   | 0.04%             | 2034-08-21      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3628222 | PA      | $3332589.38   | 0.07%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC            | Charter Communications Operating LLC                                            | CUSIP: 16117LBX6<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   5409985 | PA      | $5275709.35   | 0.11%             | 2027-02-01      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  33165000 | PA      | $30138693.75  | 0.62%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                            | Carnival Corp                                                                   | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |   1560000 | PA      | $1491469.20   | 0.03%             | 2025-06-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                       | Block Inc                                                                       | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   7535000 | PA      | $6731769.00   | 0.14%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-9 LLC                                                                 | CUSIP: 69360XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7477500 | PA      | $6731330.33   | 0.14%             | 2026-10-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                             | Ashtead Capital Inc                                                             | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7170668.56   | 0.15%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                | CSC Holdings LLC                                                                | CUSIP: 64072UAH5<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |   1657680 | PA      | $1541642.58   | 0.03%             | 2026-01-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                   | Exeter Automobile Receivables Trust 2018-4                                      | CUSIP: 30166EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3552785 | PA      | $3539696.09   | 0.07%             | 2024-09-16      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                     | Avient Corp                                                                     | CUSIP: 73179PAM8<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   5878000 | PA      | $5731051.23   | 0.12%             | 2025-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                  | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8195000 | PA      | $6896019.56   | 0.14%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                            | Oasis Securitization Funding LLC                                                | CUSIP: 67422AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    765173 | PA      | $753990.45    | 0.02%             | 2033-02-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                      | Navient Private Education Refi Loan Trust 2021-E                                | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4519650 | PA      | $3786198.42   | 0.08%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                  | CPS Auto Receivables Trust 2022-D                                               | CUSIP: 12663UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7170000 | PA      | $7269607.79   | 0.15%             | 2029-01-16      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                             | Charles Schwab Corp/The                                                         | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4332000 | PA      | $4236696.00   | 0.09%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                               | Arbys Funding LLC                                                               | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14843338 | PA      | $12545084.18  | 0.26%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                     | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    683541 | PA      | $619884.44    | 0.01%             | 2033-11-21      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31410KJX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35729 | PA      | $37098.12     | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                | Westgate Resorts 2020-1 LLC                                                     | CUSIP: 96034LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1423650 | PA      | $1386776.73   | 0.03%             | 2034-03-20      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2019-4                                               | CUSIP: 92537KAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6070000 | PA      | $5121468.42   | 0.11%             | 2059-11-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                        | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |  10591499 | PA      | $9472652.11   | 0.19%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T                  | Tricolor Auto Securitization Trust 2022-1                                       | CUSIP: 89616BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3040000 | PA      | $2969177.42   | 0.06%             | 2025-08-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10592930 | PA      | $9863909.45   | 0.20%             | 2039-02-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Spectrum Holdings III Corp                      | KPEX Holdings Inc                                                               | CUSIP: 84763NAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2581078 | PA      | $2357531.24   | 0.05%             | 2025-01-31      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                    | Illumina Inc                                                                    | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   5005000 | PA      | $5067339.13   | 0.10%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                        | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |  16510000 | PA      | $13608340.92  | 0.28%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                       | ACC Trust 2021-1                                                                | CUSIP: 00091KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3025000 | PA      | $2964558.38   | 0.06%             | 2024-12-20      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                      | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3730207 | PA      | $3387051.16   | 0.07%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company                | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     65729 | PA      | $0.00         | 0.00%             | 2021-07-16      | Floating      | 3.25%                 | No            |                  3 | On Loan: No      |
| American Credit Acceptance Rec                  | American Credit Acceptance Receivables Trust 2021-2                             | CUSIP: 025291AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8852145 | PA      | $8689928.09   | 0.18%             | 2027-07-13      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                           | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10690000 | PA      | $10249049.79  | 0.21%             | 2024-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2022-SFR3 Trust                                                            | CUSIP: 66981YAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1761828.80   | 0.04%             | 2039-10-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2022-5 Mortgage Loan Trust                                                 | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13642095 | PA      | $13165021.57  | 0.27%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8334008.82   | 0.17%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                           | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   6280000 | PA      | $5593156.40   | 0.11%             | 2029-04-11      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                        | EQM Midstream Partners LP                                                       | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88133.40     | 0.00%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2017-A                                                       | CUSIP: 03837PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550024 | PA      | $1526975.60   | 0.03%             | 2035-11-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 157235000 | PA      | $152763629.69 | 3.13%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CAJUN GLOBAL LLC                                | Cajun Global LLC                                                                | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13366450 | PA      | $11320247.00  | 0.23%             | 2051-11-20      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11390000 | PA      | $10211785.37  | 0.21%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3295362 | PA      | $3061812.01   | 0.06%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2020-6                                                 | CUSIP: 03465AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2806735 | PA      | $2402899.83   | 0.05%             | 2065-05-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                  | Avant Credit Card Master Trust                                                  | CUSIP: 05351KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4270000 | PA      | $3906513.69   | 0.08%             | 2027-04-15      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco Inc                               | Phoenix Newco Inc                                                               | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |   2139250 | PA      | $2056653.56   | 0.04%             | 2028-11-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7707799 | PA      | $7228373.51   | 0.15%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12369843 | PA      | $10967953.75  | 0.22%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                    | Upstart Securitization Trust 2021-1                                             | CUSIP: 91681NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44624 | PA      | $44486.08     | 0.00%             | 2031-03-20      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                            | Entegris Escrow Corp                                                            | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18282000 | PA      | $16672037.72  | 0.34%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                        | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | CUSIP: 85208NAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3718125 | PA      | $3674290.39   | 0.08%             | 2025-03-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                | Westgate Resorts 2022-1 LLC                                                     | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3894868 | PA      | $3663270.15   | 0.08%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                           | Carriage Services Inc                                                           | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2880000 | PA      | $2287002.67   | 0.05%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                 | TricorBraun Holdings Inc                                                        | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |   5003996 | PA      | $4763704.42   | 0.10%             | 2028-03-03      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                              | Royalty Pharma PLC                                                              | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   2749000 | PA      | $2460193.96   | 0.05%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31406CYZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97945 | PA      | $98351.23     | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   9794000 | PA      | $8333464.76   | 0.17%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2021-SFR4 Trust                                                            | CUSIP: 66982FAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4106000 | PA      | $3515372.84   | 0.07%             | 2038-12-17      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                           | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4755000 | PA      | $4569060.72   | 0.09%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                             | General Electric Co                                                             | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   9580000 | PA      | $9411799.25   | 0.19%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                               | Imperial Fund Mortgage Trust 2021-NQM4                                          | CUSIP: 45276JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12631693 | PA      | $10405034.02  | 0.21%             | 2057-01-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| NORTHWEST FIBER LLC/NORT                        | Northwest Fiber LLC / Northwest Fiber Finance Sub Inc                           | CUSIP: 667449AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5470000 | PA      | $4812848.80   | 0.10%             | 2027-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | Onslow Bay Mortgage Loan Trust                                                  | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5256325 | PA      | $4180885.27   | 0.09%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                  | American Credit Acceptance Receivables Trust 2021-3                             | CUSIP: 025286AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2385000 | PA      | $2321547.79   | 0.05%             | 2027-11-15      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                                  | CUSIP: 629377CK6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |  14667000 | PA      | $14126315.13  | 0.29%             | 2024-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                  | Morgan Stanley Residential Mortgage Loan Trust 2014-1                           | CUSIP: 61763YAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3098074 | PA      | $2965161.82   | 0.06%             | 2044-06-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4263011 | PA      | $3805019.66   | 0.08%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                  | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4720000 | PA      | $4273021.19   | 0.09%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                         | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAL5<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    850000 | PA      | $833425.00    | 0.02%             | 2024-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9400000 | PA      | $8622091.72   | 0.18%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2021-1 Ltd                                           | CUSIP: 69701YAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1909938 | PA      | $1883390.10   | 0.04%             | 2029-04-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                | Berry Global Inc                                                                | CUSIP: 08579JBG6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | LON              | CORP              | US        |   5928850 | PA      | $5874957.17   | 0.12%             | 2026-07-01      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                             | ZAXBY'S FUNDING LLC                                                             | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20298062 | PA      | $16337463.95  | 0.34%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                          | Lendmark Funding Trust 2019-2                                                   | CUSIP: 52604AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6099219 | PA      | $5919101.65   | 0.12%             | 2028-04-20      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                          | CHL Mortgage Pass-Through Trust 2004-6                                          | CUSIP: 12669FVE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306157 | PA      | $277927.51    | 0.01%             | 2034-05-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                  | Westlake Automobile Receivables Trust 2022-1                                    | CUSIP: 96042WAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6090000 | PA      | $5866792.37   | 0.12%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Tidewater Auto Receivables Tru                  | Tidewater Auto Receivables Trust 2020-A                                         | CUSIP: 88641WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7288847 | PA      | $7225000.70   | 0.15%             | 2026-09-15      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CBX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 135435000 | PA      | $133572768.75 | 2.74%             | 2023-04-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                  | Prestige Auto Receivables Trust 2018-1                                          | CUSIP: 74114NAL1<br>LEI: 549300L40MNGIY25DE37 | Long             | ABS-O            | CORP              | US        |   2500897 | PA      | $2496772.62   | 0.05%             | 2024-10-15      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Sutherland Commercial Mortgage                  | Sutherland Commercial Mortgage Loans 2017-SBC6                                  | CUSIP: 86933YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31525 | PA      | $31450.07     | 0.00%             | 2037-05-25      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                                | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   5892000 | PA      | $5060238.26   | 0.10%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                       | CIM Trust 2021-NR4                                                              | CUSIP: 12566DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9424012 | PA      | $8710874.48   | 0.18%             | 2061-10-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                            | Aramark Services Inc                                                            | CUSIP: 03852JAS0<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |   4656114 | PA      | $4581616.16   | 0.09%             | 2028-04-06      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                    | Hilton Grand Vacations Trust 2018-A                                             | CUSIP: 43284BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1955062 | PA      | $1889516.06   | 0.04%             | 2032-02-25      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting Inc                        | Nexstar Media Inc                                                               | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |   4263708 | PA      | $4224269.09   | 0.09%             | 2026-09-18      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                   | Sierra Timeshare 2022-2 Receivables Funding LLC                                 | CUSIP: 82650TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2998397 | PA      | $2918483.76   | 0.06%             | 2040-06-20      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Hardee's Funding LLC and Carls                  | Hardee's Funding LLC                                                            | CUSIP: 411707AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19428500 | PA      | $16637790.26  | 0.34%             | 2050-12-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing L.P.                       | Trinity Rail Leasing 2019-1 LLC                                                 | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14193182 | PA      | $13064544.46  | 0.27%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                         | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AK2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |  14195000 | PA      | $13628473.86  | 0.28%             | 2026-05-19      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                      | NMLT 2021-INV1 Trust                                                            | CUSIP: 62923JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6368705 | PA      | $5078607.47   | 0.10%             | 2056-05-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                 | Danske Bank A/S                                                                 | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1934662 | PA      | $1703926.18   | 0.03%             | 2026-09-11      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                     | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  13578000 | PA      | $10963575.38  | 0.22%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    925000 | PA      | $806498.25    | 0.02%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust 2                  | BX Commercial Mortgage Trust 2019-XL                                            | CUSIP: 056054AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6625750 | PA      | $6458906.99   | 0.13%             | 2036-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                                 | CLI Funding VI LLC                                                              | CUSIP: 12563LAN7<br>LEI: 549300NQLBWJD5AREU05 | Long             | ABS-O            | CORP              | US        |  14988616 | PA      | $12976220.77  | 0.27%             | 2045-09-18      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA/France                                                         | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   4885000 | PA      | $3662495.48   | 0.08%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                  | CFMT 2021-GRN1 Issuer Trust                                                     | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1392852 | PA      | $1282154.15   | 0.03%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr                  | Avid Automobile Receivables Trust 2021-1                                        | CUSIP: 05369LAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1590000 | PA      | $1409127.64   | 0.03%             | 2028-04-17      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mor                  | Structured Adjustable Rate Mortgage Loan Trust                                  | CUSIP: 863579CP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1873357 | PA      | $1743263.47   | 0.04%             | 2034-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                          | Southwestern Energy Co                                                          | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |   4090000 | PA      | $3791675.40   | 0.08%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                   | CarNow Auto Receivables Trust 2021-1                                            | CUSIP: 14369GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3100000 | PA      | $3018101.41   | 0.06%             | 2026-02-17      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                      | CIG Auto Receivables Trust 2021-1                                               | CUSIP: 12598NAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4015000 | PA      | $3733301.98   | 0.08%             | 2027-04-12      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2021-NQM1                                                                  | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7651031 | PA      | $6400843.33   | 0.13%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2020-4                                               | CUSIP: 92538LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5961532 | PA      | $5313669.46   | 0.11%             | 2065-05-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                    | Barclays PLC                                                                    | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6615000 | PA      | $6851785.05   | 0.14%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                        | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   7120000 | PA      | $5953744.00   | 0.12%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                        | Purchasing Power Funding 2021-A LLC                                             | CUSIP: 74615JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5465000 | PA      | $5202118.74   | 0.11%             | 2025-10-15      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| AL GCX Holdings LLC                             | AL GCX Holdings LLC                                                             | CUSIP: 00162DAB1<br>LEI: 2549009G4C2J89LNWS21 | Long             | LON              | CORP              | US        |   1760588 | PA      | $1742981.63   | 0.04%             | 2029-05-17      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust                  | KKR Industrial Portfolio Trust 2021-KDIP                                        | CUSIP: 48254CAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1676250 | PA      | $1590508.14   | 0.03%             | 2037-12-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2014-3                                      | CUSIP: 64829DAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3178980 | PA      | $2925642.17   | 0.06%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                    | METLIFE SECURITIZATION TRUST 2018-1                                             | CUSIP: 59166DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19267752 | PA      | $18091955.02  | 0.37%             | 2057-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2021-3                                                 | CUSIP: 03465EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2101982 | PA      | $1710451.53   | 0.04%             | 2066-05-25      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                             | Suzano Austria GmbH                                                             | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |   8725000 | PA      | $7318093.75   | 0.15%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 3138LVWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125475 | PA      | $121023.30    | 0.00%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                            | SRS Distribution Inc                                                            | CUSIP: 78466YAQ1<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |    744375 | PA      | $709947.66    | 0.01%             | 2028-06-02      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2021-1                                                 | CUSIP: 67571AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3700000 | PA      | $3437569.73   | 0.07%             | 2027-04-20      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                      | Citadel LP                                                                      | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $980535.02    | 0.02%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                        | Consolidated Communications Inc                                                 | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   4145000 | PA      | $3220916.77   | 0.07%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                  | Westlake Automobile Receivables Trust 2020-2                                    | CUSIP: 96042PAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7967322 | PA      | $7888865.35   | 0.16%             | 2025-07-15      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31371KWJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9514 | PA      | $9838.23      | 0.00%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1680000 | PA      | $1531444.66   | 0.03%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                     | Hertz Vehicle Financing LLC                                                     | CUSIP: 42806MBG3<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   5995000 | PA      | $5538289.51   | 0.11%             | 2026-09-25      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2021-A                                                       | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14351974 | PA      | $13122166.32  | 0.27%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Trust 2015-5                                                          | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1355275 | PA      | $1304263.48   | 0.03%             | 2045-05-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                   | Freeport LNG Investments LLLP                                                   | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |   6025551 | PA      | $5716741.32   | 0.12%             | 2028-12-21      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                      | Leidos Inc                                                                      | CUSIP: 52532XAD7<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |  10350000 | PA      | $9938761.38   | 0.20%             | 2025-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                           | CCG Receivables Trust 2022-1                                                    | CUSIP: 12511JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3638525.63   | 0.07%             | 2029-07-16      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                             | Resideo Funding Inc                                                             | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |   7117076 | PA      | $7041492.24   | 0.14%             | 2028-02-11      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10873482 | PA      | $10187490.01  | 0.21%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Avolon TLB Borrower 1 (US) LLC                  | Avolon TLB Borrower 1 US LLC                                                    | CUSIP: 05400KAH3<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |   6019509 | PA      | $5999102.58   | 0.12%             | 2027-12-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2022-RTL1                                   | CUSIP: 64831LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8710000 | PA      | $8264471.31   | 0.17%             | 2026-12-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2016-1                                      | CUSIP: 64829FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1773029 | PA      | $1626277.62   | 0.03%             | 2056-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                   | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  24642000 | PA      | $22797812.19  | 0.47%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                             | Applied Systems Inc                                                             | CUSIP: 03827FAX9<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |  14317711 | PA      | $14255142.57  | 0.29%             | 2024-09-19      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2369500 | PA      | $2228447.66   | 0.05%             | 2057-06-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                          | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |   1536886 | PA      | $1447368.02   | 0.03%             | 2043-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                  | PRET 2021-RN3 LLC                                                               | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10698292 | PA      | $9533824.28   | 0.20%             | 2051-09-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                         | UKG Inc                                                                         | CUSIP: 000000000<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    355000 | PA      | $325002.50    | 0.01%             | 2027-05-03      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                | CSC Holdings LLC                                                                | CUSIP: 64072UAE2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |   2322599 | PA      | $2189049.39   | 0.04%             | 2025-07-17      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                    | Illumina Inc                                                                    | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   4445000 | PA      | $4475204.18   | 0.09%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ccc Intelligent Solutions Inc.                  | CCC Intelligent Solutions Inc                                                   | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |   4097255 | PA      | $4056282.63   | 0.08%             | 2028-09-21      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                    | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7930000 | PA      | $6898266.56   | 0.14%             | 2055-04-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                          | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4615000 | PA      | $4209133.36   | 0.09%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    624046 | PA      | $557448.19    | 0.01%             | 2044-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                        | CrownRock LP / CrownRock Finance Inc                                            | CUSIP: 228701AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5045000 | PA      | $4868425.00   | 0.10%             | 2025-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2021-SFR5 Trust                                            | CUSIP: 74333FAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2115445.50   | 0.04%             | 2038-07-17      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                  | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   9545000 | PA      | $8143564.25   | 0.17%             | 2028-04-15      | Fixed         | 4.95%                 | 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        |   5950750 | PA      | $5871723.94   | 0.12%             | 2028-10-05      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Genesis Sales Finance Master T                  | Genesis Sales Finance Master Trust                                              | CUSIP: 37186XAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9020000 | PA      | $8446769.98   | 0.17%             | 2026-12-21      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC        | Amentum Government Services Holdings LLC                                        | CUSIP: 57776DAE3<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |   2653350 | PA      | $2579560.34   | 0.05%             | 2029-02-15      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                        | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4749988 | PA      | $4386200.62   | 0.09%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                             | DT Auto Owner Trust 2019-4                                                      | CUSIP: 23343JAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33322 | PA      | $33287.79     | 0.00%             | 2025-07-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                             | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6210000 | PA      | $5432589.97   | 0.11%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                              | Panama Government International Bond                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |  13590000 | PA      | $12823863.75  | 0.26%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                    | Pawnee Equipment Receivables Series 2020-1 LLC                                  | CUSIP: 70410LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1885596 | PA      | $1861261.51   | 0.04%             | 2025-11-17      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                   | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2219942 | PA      | $1764991.67   | 0.04%             | 2056-06-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                  | First Investors Auto Owner Trust 2021-1                                         | CUSIP: 32059FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2915000 | PA      | $2760377.03   | 0.06%             | 2027-03-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                             | Hotwire Funding LLC                                                             | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   6405000 | PA      | $5221704.43   | 0.11%             | 2051-11-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                     | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  10245000 | PA      | $10474336.27  | 0.21%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                   | Sierra Timeshare 2019-2 Receivables Funding LLC                                 | CUSIP: 82652MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3088867 | PA      | $2901779.33   | 0.06%             | 2036-05-20      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                       | BPR Trust 2021-KEN                                                              | CUSIP: 05591QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1975000 | PA      | $1920924.90   | 0.04%             | 2029-02-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                     | VFI ABS 2022-1 LLC                                                              | CUSIP: 91824CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6980612 | PA      | $6778489.00   | 0.14%             | 2028-03-24      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                  | Arivo Acceptance Auto Loan Receivables Trust 2022-2                             | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8590157 | PA      | $8575771.44   | 0.18%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                 | FREED ABS Trust 2022-1FP                                                        | CUSIP: 35633KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4650000 | PA      | $4347479.37   | 0.09%             | 2029-03-19      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2021-1RMortgage Pass-Through Certificates                                  | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5893456 | PA      | $4942703.61   | 0.10%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                                  | ACC Auto Trust 2021-A                                                           | CUSIP: 00108XAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6948000 | PA      | $6533584.46   | 0.13%             | 2027-04-15      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                             | Dominion Energy Inc                                                             | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  15850000 | PA      | $14110671.40  | 0.29%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                     | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525463 | PA      | $1405866.89   | 0.03%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11130000 | PA      | $9443947.46   | 0.19%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| RETAIL OPPORTUNITY IN                           | Retail Opportunity Investments Partnership LP                                   | CUSIP: 76132FAA5<br>LEI: 549300KH0PNTJK9NTE57 | Long             | DBT              | CORP              | US        |  10874000 | PA      | $10751565.07  | 0.22%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2020-6 LLC                                                                 | CUSIP: 693587AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10918725 | PA      | $10075217.38  | 0.21%             | 2025-11-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                    | Navient Corp                                                                    | CUSIP: 63938CAB4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   7452000 | PA      | $7210184.24   | 0.15%             | 2024-10-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T                  | Tricolor Auto Securitization Trust 2022-1                                       | CUSIP: 89616BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4640000 | PA      | $4454826.42   | 0.09%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                           | CCG Receivables Trust 2019-2                                                    | CUSIP: 12510FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8620000 | PA      | $8532295.81   | 0.18%             | 2027-03-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Dominion Mortgage Trust                         | Dominion Mortgage Trust 2021-RTL1                                               | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10050000 | PA      | $9038196.15   | 0.19%             | 2027-07-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                      | Navient Private Education Refi Loan Trust 2021-A                                | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2646624 | PA      | $2288290.91   | 0.05%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| DORIC NIMROD 2013-1 CL A                        | Doric Nimrod Air Alpha 2013-1 Class A Pass Through Trust                        | CUSIP: 233283AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GG        |   5964962 | PA      | $5919555.27   | 0.12%             | 2023-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3683699 | PA      | $3502417.35   | 0.07%             | 2048-10-26      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                  | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6673974 | PA      | $5811194.69   | 0.12%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN GUARDIAN LTD                         | Transocean Guardian Ltd                                                         | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1821075 | PA      | $1778287.62   | 0.04%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                          | Chesapeake Energy Corp                                                          | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   5140000 | PA      | $4959971.55   | 0.10%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                  | Carvana Auto Receivables Trust 2019-3                                           | CUSIP: 14686XAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4399000 | PA      | $4223442.07   | 0.09%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                    | Hilton Grand Vacations Trust 2017-A                                             | CUSIP: 43283AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    897927 | PA      | $883813.78    | 0.02%             | 2028-12-26      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                            | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2964012.90   | 0.06%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                      | CIG Auto Receivables Trust 2020-1                                               | CUSIP: 12597UAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9485000 | PA      | $9276481.76   | 0.19%             | 2027-02-12      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-3 LLC                                                                 | CUSIP: 69357PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6407958 | PA      | $5712765.37   | 0.12%             | 2026-04-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                       | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10                     | CUSIP: 61762MBW0<br>LEI: 549300P1YQ48837ZOI22 | Long             | ABS-MBS          | CORP              | US        |   2075000 | PA      | $2058583.64   | 0.04%             | 2046-07-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                            | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15200000 | PA      | $14083149.60  | 0.29%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                   | TransDigm Inc                                                                   | CUSIP: 89364MBQ6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   5282584 | PA      | $5220302.08   | 0.11%             | 2025-05-30      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                   | Citigroup Mortgage Loan Trust 2015-PS1                                          | CUSIP: 17324VAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    596338 | PA      | $556285.54    | 0.01%             | 2042-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                   | CAFL 2021-RTL1 Issuer LLC                                                       | CUSIP: 12468RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9555000 | PA      | $8688793.39   | 0.18%             | 2029-03-28      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| CPG International LLC                           | CPG International LLC                                                           | CUSIP: 12594VAD0<br>LEI: 549300SVLALB4NVWP891 | Long             | LON              | CORP              | US        |   5885000 | PA      | $5708450.00   | 0.12%             | 2029-04-28      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL6 LLC                                                              | CUSIP: 91824WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9451661 | PA      | $8228297.80   | 0.17%             | 2051-09-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                        | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9025809 | PA      | $8103158.06   | 0.17%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                    | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10570000 | PA      | $10219163.73  | 0.21%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp                             | Select Medical Corp                                                             | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |   6265000 | PA      | $6127170.00   | 0.13%             | 2025-03-06      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                            | Glencore Funding LLC                                                            | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |  14745000 | PA      | $13345541.43  | 0.27%             | 2025-09-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6080000 | PA      | $5400177.93   | 0.11%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                    | Hilton Grand Vacations Trust 2022-2                                             | CUSIP: 43283GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1014735 | PA      | $975452.13    | 0.02%             | 2037-01-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2020-1                                                 | CUSIP: 67592LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2542645 | PA      | $2516343.31   | 0.05%             | 2025-02-20      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                | NAB Holdings LLC                                                                | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |   5928227 | PA      | $5753344.02   | 0.12%             | 2028-11-23      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2093612 | PA      | $1932558.90   | 0.04%             | 2056-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                      | Flagship Credit Auto Trust 2020-3                                               | CUSIP: 33844TAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3490000 | PA      | $3327382.75   | 0.07%             | 2026-09-15      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                  | BRAVO Residential Funding Trust 2021-NQM3                                       | CUSIP: 105690AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1779303 | PA      | $1593350.27   | 0.03%             | 2060-04-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  21430000 | PA      | $20404027.82  | 0.42%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                         | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAN5<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |   4620000 | PA      | $4220947.50   | 0.09%             | 2027-04-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                           | Indonesia Government International Bond                                         | CUSIP: 455780BV7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  13053000 | PA      | $13038119.58  | 0.27%             | 2026-01-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                    | Filtration Group Corp                                                           | CUSIP: 31732FAR7<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |   6094959 | PA      | $5973059.98   | 0.12%             | 2028-10-21      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4535000 | PA      | $3832425.56   | 0.08%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                      | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11139703 | PA      | $8758639.69   | 0.18%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                        | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $4854272.73   | 0.10%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stars Group Holdings BV                         | Stars Group Holdings BV                                                         | CUSIP: 000000000<br>LEI: 549300RNFXC8F8RT6R13 | Long             | LON              | CORP              | NL        |   5814226 | PA      | $5724570.56   | 0.12%             | 2026-07-21      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                        | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5955000 | PA      | $5712571.95   | 0.12%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                  | Provident Funding Mortgage Trust 2019-1                                         | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2111776 | PA      | $1756345.35   | 0.04%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2020-SFR2 Trust                                            | CUSIP: 74333LAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6890000 | PA      | $6509685.09   | 0.13%             | 2037-06-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                      | Affirm Asset Securitization Trust 2022-A                                        | CUSIP: 00834WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4765000 | PA      | $4527855.00   | 0.09%             | 2027-05-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                          | Mauser Packaging Solutions Holding Co                                           | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3120000 | PA      | $2885116.14   | 0.06%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                           | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |  20999000 | PA      | $1469930.00   | 0.03%             | 2018-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-R3                                              | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5098521 | PA      | $4393994.52   | 0.09%             | 2064-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                    | Hilton Grand Vacations Trust 2022-1D                                            | CUSIP: 43283BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3906982 | PA      | $3711473.23   | 0.08%             | 2034-06-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva                  | Americredit Automobile Receivables Trust 2019-1                                 | CUSIP: 03066GAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4714869 | PA      | $4687444.58   | 0.10%             | 2025-02-18      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3065000 | PA      | $2311123.86   | 0.05%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                        | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15930000 | PA      | $14357726.36  | 0.29%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                    | SK Hynix Inc                                                                    | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |  12305000 | PA      | $10592297.81  | 0.22%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Welk Resorts LLC                                | Welk Resorts 2019-A LLC                                                         | CUSIP: 94946DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3950880 | PA      | $3801079.39   | 0.08%             | 2038-06-15      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                    | Upstart Securitization Trust 2021-2                                             | CUSIP: 91680FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7140000 | PA      | $6779035.16   | 0.14%             | 2031-06-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2021-5                                                 | CUSIP: 03465HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7730550 | PA      | $6305683.41   | 0.13%             | 2066-07-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Frontera Energy Corp                            | Frontera Energy Corp                                                            | CUSIP: 35905B107<br>LEI: A25574TZFLBNK7NWQT47 | Long             | EC               | CORP              | CA        |     24722 | NS      | $225426.37    | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| WF-RBS COMMERCIAL MORTGAGE TRU                  | WFRBS Commercial Mortgage Trust 2014-C24                                        | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6689000 | PA      | $6374330.04   | 0.13%             | 2047-11-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2019-SFR3 Trust                                            | CUSIP: 74332WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10340000 | PA      | $9800842.41   | 0.20%             | 2036-09-17      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2022-1                                        | CUSIP: 36263XAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5707763.40   | 0.12%             | 2027-02-16      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                        | Petroleos de Venezuela SA                                                       | CUSIP: 716558AG6<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   9545000 | PA      | $453387.50    | 0.01%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2758286 | PA      | $2517731.72   | 0.05%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                | NMEF Funding 2019-A LLC                                                         | CUSIP: 65489MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7596368 | PA      | $7545072.57   | 0.15%             | 2026-08-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                             | DT Auto Owner Trust 2021-2                                                      | CUSIP: 23345EAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4350000 | PA      | $3992519.18   | 0.08%             | 2027-02-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                              | Agiliti Health Inc                                                              | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |   4960174 | PA      | $4829969.33   | 0.10%             | 2026-01-04      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                 | CUSIP: 31418RVS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1168193 | PA      | $1188941.77   | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB                            | Utah Acquisition Sub Inc                                                        | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |   1804000 | PA      | $1686495.97   | 0.03%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Horizon Therapeutics USA Inc                    | Horizon Therapeutics USA Inc                                                    | CUSIP: 44055UAD7<br>LEI: 254900IS87RLPXY88S03 | Long             | LON              | CORP              | US        |   6520525 | PA      | $6512374.33   | 0.13%             | 2028-03-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                   | Exeter Automobile Receivables Trust 2019-1                                      | CUSIP: 30167DAD9<br>LEI: 549300KR7NUJOX0UJ040 | Long             | ABS-O            | CORP              | US        |   4333221 | PA      | $4327329.27   | 0.09%             | 2024-12-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14281000 | PA      | $12101779.38  | 0.25%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                  | First Investors Auto Owner Trust 2021-2                                         | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6395000 | PA      | $5814279.00   | 0.12%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2021-1                                                 | CUSIP: 67571AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4067412 | PA      | $3929657.89   | 0.08%             | 2027-03-22      | Fixed         | 0.93%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                   | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |  11965000 | PA      | $11247100.00  | 0.23%             | 2053-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4484817 | PA      | $4003518.05   | 0.08%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                              | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6490000 | PA      | $5595542.36   | 0.11%             | 2038-07-17      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                             | American Express Co                                                             | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  13231000 | PA      | $13773874.81  | 0.28%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TVC Mortgage Trust 2020-RTL1                    | TVC Mortgage Trust 2020-RTL1                                                    | CUSIP: 90114YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2330555 | PA      | $2322670.23   | 0.05%             | 2024-09-25      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                           | Directv Financing LLC                                                           | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3972187 | PA      | $3858820.51   | 0.08%             | 2027-08-02      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                         | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    183000 | PA      | $188050.80    | 0.00%             | 2029-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Playa Resorts Holding BV                        | Playa Resorts Holding BV                                                        | CUSIP: 72812NAD8<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |   9151012 | PA      | $9114407.70   | 0.19%             | 2024-04-29      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RFV1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3393000 | PA      | $3450696.27   | 0.07%             | 2027-04-20      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                        | International Flavors & Fragrances Inc                                          | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   8106000 | PA      | $6803109.00   | 0.14%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                              | Energy Transfer LP                                                              | CUSIP: 29273RBK4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  16025000 | PA      | $15122922.46  | 0.31%             | 2027-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2020-1                                               | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1724262 | PA      | $1623250.87   | 0.03%             | 2060-01-25      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-2                                               | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8166313 | PA      | $6781342.22   | 0.14%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                   | Exeter Automobile Receivables Trust 2021-2                                      | CUSIP: 30166RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4024703 | PA      | $3936914.65   | 0.08%             | 2026-01-15      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                  | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36416UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    956638 | PA      | $882220.59    | 0.02%             | 2056-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                  | Amur Equipment Finance Receivables IX LLC                                       | CUSIP: 03237KAD6<br>LEI: 549300INEWFFGID70G60 | Long             | ABS-O            | CORP              | US        |   5388000 | PA      | $4982209.78   | 0.10%             | 2027-06-21      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                              | Turkey Government International Bond                                            | CUSIP: 900123DF4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   2490000 | PA      | $2577150.00   | 0.05%             | 2028-01-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                            | INEOS US Finance LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |  13309155 | PA      | $13081036.02  | 0.27%             | 2027-11-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                            | Oasis Securitization Funding LLC                                                | CUSIP: 67422CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2908945 | PA      | $2836796.20   | 0.06%             | 2033-10-15      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL3 LLC                                                              | CUSIP: 91824MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11097994 | PA      | $9610377.52   | 0.20%             | 2051-05-25      | Variable      | 1.74%                 | 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        |   3508326 | PA      | $3405707.36   | 0.07%             | 2029-02-10      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                      | GLS Auto Receivables Issuer Trust 2020-4                                        | CUSIP: 36261EAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6045633 | PA      | $5943436.36   | 0.12%             | 2025-11-17      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Funding, LLC                    | Jack in the Box Funding LLC                                                     | CUSIP: 466365AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7924325 | PA      | $6869946.01   | 0.14%             | 2052-02-26      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                   | Corevest American Finance 2020-1 Trust                                          | CUSIP: 21872UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9645275 | PA      | $8977234.70   | 0.18%             | 2050-03-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                           | Tenet Healthcare Corp                                                           | CUSIP: 88033GDA5<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   2755000 | PA      | $2562811.06   | 0.05%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8281626 | PA      | $8053446.09   | 0.17%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                           | Tenet Healthcare Corp                                                           | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   3780000 | PA      | $3574529.56   | 0.07%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer