# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044779
**Filing Date:** 2023-2
**Character Count:** 287326
**Document Hash:** 58244305b5a2a49596141dc2498db9d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044779.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044779

**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:** 23679984

**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 Intermediate Bond Fund (Series ID: S000018007)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049915 | Class A      | NAMFX           |
| C000049917 | Class C      | NCMFX           |
| C000081781 | Class I      | VMFIX           |
| C000148855 | Class R6     | VMFRX           |

## Nport-Ex

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—12.9%** | **U.S. Government Securities—12.9%** | **U.S. Government Securities—12.9%** |
| U.S. Treasury Bond<br> 1.875%, 11/15/51 | $3165 | $2004 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 3/31/23 | &nbsp;&nbsp; 3555 | &nbsp;&nbsp;&nbsp; 3518 |
| &nbsp;&nbsp;&nbsp;0.125%, 8/31/23 | &nbsp;&nbsp; 10110 | &nbsp;&nbsp;&nbsp; 9805 |
| &nbsp;&nbsp;&nbsp;2.500%, 4/30/24 | &nbsp;&nbsp; 5320 | &nbsp;&nbsp;&nbsp; 5169 |
| &nbsp;&nbsp;&nbsp;0.250%, 5/31/25 | &nbsp;&nbsp; 5135 | &nbsp;&nbsp;&nbsp; 4662 |
| &nbsp;&nbsp;&nbsp;0.625%, 12/31/27 | &nbsp;&nbsp; 1880 | &nbsp;&nbsp;&nbsp; 1593 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/32 | &nbsp;&nbsp; 5960 | &nbsp;&nbsp;&nbsp; 5056 |
| **Total U.S. Government Securities<br> (Identified Cost $33,728)** | **Total U.S. Government Securities<br> (Identified Cost $33,728)** | &nbsp;&nbsp;&nbsp;&nbsp; **31807** |
| **Municipal Bonds—0.6%** | **Municipal Bonds—0.6%** | **Municipal Bonds—0.6%** |
| **Florida—0.2%** | **Florida—0.2%** |  |
| Broward County, Water & Sewer Utility Revenue Series A<br> 4.000%, 10/1/47 | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 444 |
| **Illinois—0.0%** | **Illinois—0.0%** |  |
| Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)<br> 3.411%, 1/1/43 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 73 |
| **New York—0.3%** | **New York—0.3%** |  |
| Metropolitan Transportation Authority Revenue Taxable Series A<br> 5.000%, 11/15/45 | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 715 |
| **Virginia—0.1%** | **Virginia—0.1%** |  |
| Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable<br> 6.706%, 6/1/46 | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 266 |
| **Total Municipal Bonds<br> (Identified Cost $1,681)** | **Total Municipal Bonds<br> (Identified Cost $1,681)** | &nbsp;&nbsp;&nbsp;&nbsp; **1498** |
| **Foreign Government Securities—5.7%** | **Foreign Government Securities—5.7%** | **Foreign Government Securities—5.7%** |
| Abu Dhabi Government International Bond 144A<br> 3.125%, 4/16/30<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 370 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.600%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 2/16/31<sup>(1)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 353 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 4/21/25<sup>(2)(3)(4)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 105 |
| Dominican Republic 144A<br> 4.875%, 9/23/32<sup>(1)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 926 |
| Emirate of Dubai Government International Bonds RegS<br> 5.250%, 1/30/43<sup>(4)</sup> | &nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 1059 |
| Kingdom of Morocco |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.000%, 12/15/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 12/11/42<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 349 |
| Republic of Angola 144A<br> 8.250%, 5/9/28<sup>(1)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp; 783 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Argentina<br> 3.500%, 7/9/41<sup>(5)</sup> | $1470 | $416 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 3/15/29 | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;3.125%, 4/15/31 | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 185 |
| Republic of Cote d'Ivoire 144A<br> 6.375%, 3/3/28<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 431 |
| Republic of Ecuador 144A<br> 5.500%, 7/31/30<sup>(1)(5)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 321 |
| Republic of Guatemala 144A<br> 5.250%, 8/10/29<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 441 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, 2/14/30 | &nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.350%, 1/8/27<sup>(1)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 364 |
| Republic of Nigeria 144A<br> 7.375%, 9/28/33<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 369 |
| Republic of Panama<br> 3.298%, 1/19/33<sup>(6)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 401 |
| Republic of Philippines<br> 3.700%, 3/1/41 | &nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp; 787 |
| Republic of South Africa<br> 5.875%, 4/20/32 | &nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 746 |
| Republic of Turkey |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, 1/15/28 | &nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;7.625%, 4/26/29 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 967 |
| Saudi Government International Bond 144A<br> 5.500%, 10/25/32<sup>(1)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 710 |
| Saudi International Bond 144A<br> 4.500%, 10/26/46<sup>(1)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 679 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 598 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 2/12/34 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;4.500%, 1/31/50 | &nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp; 483 |
| **Total Foreign Government Securities<br> (Identified Cost $17,257)** | **Total Foreign Government Securities<br> (Identified Cost $17,257)** | &nbsp;&nbsp;&nbsp;&nbsp; **14071** |
| **Mortgage-Backed Securities—13.5%** | **Mortgage-Backed Securities—13.5%** | **Mortgage-Backed Securities—13.5%** |
| **Non-Agency—13.5%** | **Non-Agency—13.5%** |  |
| American Homes 4 Rent Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-SFR2, C 144A<br> 4.705%, 10/17/36<sup>(1)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 1274 |
| &nbsp;&nbsp;&nbsp;2015-SFR2, C 144A<br> 4.691%, 10/17/52<sup>(1)</sup> | &nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; 964 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;2020-SFR3, B 144A<br> 1.806%, 9/17/37<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1790 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 280 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(5)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(5)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.175%, 10/25/48<sup>(1)(5)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp; 359 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BPR Trust 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> | $375 | $366 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(1)(5)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 81 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(1)(5)</sup> | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 775 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 590 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 387 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NR4, A1 144A<br> 2.816%, 10/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 225 |
| CoreVest American Finance Trust 2019-3, C 144A<br> 3.265%, 10/15/52<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 206 |
| Dominion Mortgage Trust 2021-RTL1, A1 144A<br> 2.487%, 7/25/27<sup>(1)(5)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 899 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;2021-2, A3 144A<br> 1.291%, 6/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 252 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 1.740%, 8/17/37<sup>(1)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, B 144A<br> 1.567%, 10/19/37<sup>(1)</sup> | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 848 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 42 |
| Imperial Fund Mortgage Trust 2021-NQM4, A1 144A<br> 2.091%, 1/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1157 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-2, 2A2 144A<br> 3.500%, 6/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.787%, 10/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 197 |
| LHOME Mortgage Trust 2021-RTL1, A1 144A<br> 2.090%, 2/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 426 |
| MetLife Securitization Trust 2017-1A, M1 144A<br> 3.441%, 4/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 370 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(5)</sup> | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 661 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-3A, B1 144A<br> 4.000%, 9/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 466 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2016-4A, B1A 144A<br> 4.500%, 11/25/56<sup>(1)(5)</sup> | $407 | $374 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-INV1, A3 144A<br> 4.500%, 11/25/48<sup>(1)(5)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;2021-NQM3, A2 144A<br> 1.260%, 7/25/61<sup>(1)(5)</sup> | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 371 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 2.857%, 6/25/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 358 |
| Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 2.363%, 11/25/25<sup>(1)(5)</sup> | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;2021-RPL1, A1 144A<br> 1.319%, 7/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 159 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A<br> 2.240%, 9/27/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 346 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR3, B 144A<br> 2.571%, 9/17/36<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp;2021-SFR6, C 144A<br> 1.855%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 429 |
| Residential Mortgage Loan Trust 2019-2, A1 144A<br> 2.913%, 5/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 62 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.488%, 6/25/43<sup>(5)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 160 |
| Starwood Mortgage Residential Trust 2021-3, A3 144A<br> 1.518%, 6/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 149 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-1, M1 144A<br> 3.500%, 2/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.890%, 7/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(5)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1645 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp;2020-1, M1 144A<br> 3.500%, 1/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(5)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 596 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 692 |
| TVC Mortgage Trust 2020-RTL1, M 144A<br> 5.193%, 9/25/24<sup>(1)(5)</sup> | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1341 |
| UBS Commercial Mortgage Trust 2012-C1, D 144A<br> 6.446%, 5/10/45<sup>(1)(5)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 160 |
| VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-NPL3, A1 144A<br> 1.743%, 5/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 404 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate 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-NPL4, A1 144A<br> 1.868%, 8/25/51<sup>(1)(5)</sup> | $652 | $590 |
| Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A<br> 1.992%, 5/25/51<sup>(1)(5)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 145 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4, M1 144A<br> 3.207%, 11/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.046%, 6/25/66<sup>(1)(5)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 485 |
| Visio Trust 2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 121 |
| Wells Fargo Commercial Mortgage Trust 2014-C24, AS<br> 3.931%, 11/15/47 | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 634 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $37,457)** | **Total Mortgage-Backed Securities<br> (Identified Cost $37,457)** | &nbsp;&nbsp;&nbsp;&nbsp; **33246** |
| **Asset-Backed Securities—12.1%** | **Asset-Backed Securities—12.1%** | **Asset-Backed Securities—12.1%** |
| **Automobiles—4.6%** | **Automobiles—4.6%** |  |
| ACC Trust 2021-1, C 144A<br> 2.080%, 12/20/24<sup>(1)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp; 808 |
| ACM Auto Trust 2022-1A, B 144A<br> 4.470%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; 522 |
| Avid Automobile Receivables Trust 2019-1, C 144A<br> 3.140%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 813 | &nbsp;&nbsp;&nbsp; 808 |
| Avis Budget Rental Car Funding LLC (AESOP) 2019-2A, D 144A<br> 3.040%, 9/22/25<sup>(1)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp; 752 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3A, E 144A<br> 4.600%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 662 |
| &nbsp;&nbsp;&nbsp;2022-N1, D 144A<br> 4.130%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 645 |
| CIG Auto Receivables Trust 2020-1A, E 144A<br> 4.430%, 2/12/27<sup>(1)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 1017 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4A, D 144A<br> 4.090%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 4.310%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 623 |
| Hertz Vehicle Financing LLC 2022-4A, D 144A<br> 6.560%, 9/25/26<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 490 |
| LAD Auto Receivables Trust 2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 620 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 493 |
| USASF Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, B 144A<br> 3.220%, 5/15/24<sup>(1)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;2020-1A, C 144A<br> 5.940%, 8/15/24<sup>(1)</sup> | &nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp; 1428 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Westlake Automobile Receivables Trust 2022-1A, B 144A<br> 2.750%, 3/15/27<sup>(1)</sup> | $760 | $732 |
|  |  | &nbsp;&nbsp; 11331 |
| **Consumer Loans—1.1%** | **Consumer Loans—1.1%** |  |
| OneMain Financial Issuance Trust 2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 740 |
| Republic Finance Issuance Trust 2020-A, A 144A<br> 2.470%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 788 |
| Upstart Pass-Through Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2021-ST2, A 144A<br> 2.500%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;2021-ST8, A 144A<br> 1.750%, 10/20/29<sup>(1)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 429 |
| Upstart Securitization Trust 2022-2, A 144A<br> 4.370%, 5/20/32<sup>(1)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 427 |
|  |  | &nbsp;&nbsp; 2758 |
| **Credit Card—0.6%** | **Credit Card—0.6%** |  |
| Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.540%, 3/20/26<sup>(1)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 2.500%, 9/21/26<sup>(1)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 699 |
|  |  | &nbsp;&nbsp; 1343 |
| **Other—5.8%** | **Other—5.8%** |  |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 3.720%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp;2020-AA, D 144A<br> 7.150%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 701 |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(1)</sup> | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 776 |
| Business Jet Securities LLC 2020-1A, A 144A<br> 2.981%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 343 |
| Conn's Receivables Funding LLC 2022-A, B 144A<br> 9.520%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 625 |
| Dext ABS LLC 2020-1, D 144A<br> 7.210%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 786 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 4.750%, 4/25/51<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 805 |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(1)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 889 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 521 |
| Hotwire Funding LLC 2021-1, C 144A<br> 4.459%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 783 |
| Jack in the Box Funding LLC 2022-1A, A2I 144A<br> 3.445%, 2/26/52<sup>(1)</sup> | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 602 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 551 |
| Mariner Finance Issuance Trust 2020-AA, A 144A<br> 2.190%, 8/21/34<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 961 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 559 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Oasis Securitization Funding LLC 2021-1A, A 144A<br> 2.579%, 2/15/33<sup>(1)</sup> | $124 | $122 |
| Octane Receivables Trust 2020-1A, B 144A<br> 1.980%, 6/20/25<sup>(1)</sup> | &nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp; 623 |
| Pawneee Equipment Receivables Series LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp; 614 |
| Planet Fitness Master Issuer LLC 2018-1A, A2II 144A<br> 4.666%, 9/5/48<sup>(1)</sup> | &nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp; 914 |
| Purchasing Power Funding LLC 2021-A, B 144A<br> 1.920%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 952 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 439 |
| ZAXBY'S Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp; 711 |
|  |  | &nbsp;&nbsp;&nbsp; 14237 |
| **Total Asset-Backed Securities<br> (Identified Cost $31,565)** | **Total Asset-Backed Securities<br> (Identified Cost $31,565)** | &nbsp;&nbsp;&nbsp;&nbsp; **29669** |
| **Corporate Bonds and Notes—39.6%** | **Corporate Bonds and Notes—39.6%** | **Corporate Bonds and Notes—39.6%** |
| **Communication Services—2.0%** | **Communication Services—2.0%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 390 |
| CCO Holdings LLC 144A<br> 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 836 |
| CSC Holdings LLC 144A<br> 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 333 |
| CT Trust 144A<br> 5.125%, 2/3/32<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 536 |
| DISH DBS Corp.<br> 7.750%, 7/1/26 | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 355 |
| McGraw-Hill Education, Inc. 144A<br> 8.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 463 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 304 |
| Northwest Fiber LLC 144A<br> 10.750%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 325 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 242 |
| Telecomunicaciones Digitales S.A. 144A<br> 4.500%, 1/30/30<sup>(1)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 704 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 105 |
| VZ Secured Financing B.V. 144A<br> 5.000%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 370 |
|  |  | &nbsp;&nbsp;&nbsp; 4963 |
| **Consumer Discretionary—3.5%** | **Consumer Discretionary—3.5%** |  |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/11/32<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 273 |
| At Home Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 331 |
| Carriage Services, Inc. 144A<br> 4.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 381 |
| Clarios Global LP 144A<br> 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 439 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Cooper-Standard Automotive, Inc. 144A<br> 13.000%, 6/1/24<sup>(1)</sup> | $240 | $250 |
| Dick's Sporting Goods, Inc.<br> 3.150%, 1/15/32 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 424 |
| Dornoch Debt Merger Sub, Inc. 144A<br> 6.625%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 235 |
| eG Global Finance plc 144A<br> 8.500%, 10/30/25<sup>(1)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 461 |
| Ford Motor Co.<br> 4.750%, 1/15/43 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 341 |
| Ford Motor Credit Co. LLC<br> 4.125%, 8/17/27 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 407 |
| Jacobs Entertainment, Inc. 144A<br> 6.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 406 |
| M/I Homes, Inc.<br> 4.950%, 2/1/28 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 724 |
| Mclaren Finance plc 144A<br> 7.500%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 261 |
| Metis Merger Sub LLC 144A<br> 6.500%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 290 |
| NMG Holding Co., Inc. 144A<br> 7.125%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 539 |
| Nordstrom, Inc.<br> 4.250%, 8/1/31 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 515 |
| Premier Entertainment Sub LLC 144A<br> 5.625%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 527 |
| PulteGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 6/15/32 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp;6.375%, 5/15/33 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 229 |
| Royal Caribbean Cruises Ltd. 144A<br> 9.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25 |
| Scientific Games International, Inc. 144A<br> 7.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp; 8709 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Albertsons Cos., Inc. 144A<br> 3.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 260 |
| BAT Capital Corp.<br> 7.750%, 10/19/32 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 924 |
| Central American Bottling Corp. 144A<br> 5.250%, 4/27/29<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 294 |
| HLF Financing S.a.r.l. LLC 144A<br> 4.875%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 320 |
| Turning Point Brands, Inc. 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 682 |
|  |  | &nbsp;&nbsp; 2480 |
| **Energy—8.0%** | **Energy—8.0%** |  |
| Alliance Resource Operating Partners LP 144A<br> 7.500%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 834 |
| Antero Midstream Partners LP 144A<br> 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 357 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 569 |
| BP Capital Markets plc<br> 4.875% <sup>(7)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 757 |
| Callon Petroleum Co. 144A<br> 7.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 220 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Coronado Finance Pty Ltd. 144A<br> 10.750%, 5/15/26<sup>(1)</sup> | $679 | $694 |
| CrownRock LP 144A<br> 5.625%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 400 |
| Ecopetrol S.A.<br> 4.625%, 11/2/31 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 587 |
| Enbridge, Inc.<br> 7.625%, 1/15/83 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 676 |
| Energy Transfer LP Series H<br> 6.500% <sup>(7)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 568 |
| HF Sinclair Corp.<br> 5.875%, 4/1/26 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 676 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 418 |
| International Petroleum Corp. RegS, 144A<br> 7.250%, 2/1/27<sup>(1)(4)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 184 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(1)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 547 |
| Kinder Morgan, Inc.<br> 7.750%, 1/15/32 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 720 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.000%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 634 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 2/15/23<sup>(1)(3)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 5 |
| Nabors Industries Ltd. 144A<br> 7.250%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 353 |
| Northriver Midstream Finance LP 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 559 |
| Occidental Petroleum Corp.<br> 6.125%, 1/1/31 | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 848 |
| Odebrecht Oil & Gas Finance Ltd. 144A<br> 0.000% <sup>(1)(3)(7)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; —<sup>(8)</sup> |
| Parsley Energy LLC 144A<br> 4.125%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 551 |
| Pertamina Persero PT 144A<br> 2.300%, 2/9/31<sup>(1)</sup> | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1180 |
| Petroleos de Venezuela S.A. 144A<br> 6.000%, 5/16/24<sup>(1)(9)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 75 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 508 |
| Petronas Capital Ltd. 144A<br> 3.500%, 4/21/30<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 515 |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(1)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 637 |
| Saudi Arabian Oil Co. 144A<br> 2.250%, 11/24/30<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 891 |
| Southwestern Energy Co.<br> 5.375%, 2/1/29 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 570 |
| State Oil Co. of the Azerbaijan Republic RegS<br> 6.950%, 3/18/30<sup>(4)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 499 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 372 |
| Transocean, Inc. 144A<br> 11.500%, 1/30/27<sup>(1)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
| USA Compression Partners LP<br> 6.875%, 4/1/26 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 393 |
| Var Energi ASA 144A<br> 7.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 8/15/29<sup>(1)</sup> | $55 | $48 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 413 |
|  |  | &nbsp;&nbsp; 19658 |
| **Financials—10.3%** | **Financials—10.3%** |  |
| Acrisure LLC 144A<br> 7.000%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 726 |
| Allstate Corp. (The) Series B<br> 5.750%, 8/15/53 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 677 |
| Ally Financial, Inc. Series B<br> 4.700% <sup>(7)</sup> | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 748 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 632 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(1)(7)</sup> | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 705 |
| Banco Santander Chile 144A<br> 3.177%, 10/26/31<sup>(1)</sup> | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 793 |
| Bank of America Corp.<br> 2.482%, 9/21/36 | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 617 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, 10/25/33 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;Series G<br> 4.700%<sup>(7)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 763 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 608 |
| BBVA Bancomer S.A. 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 798 |
| Blackstone Private Credit Fund<br> 2.625%, 12/15/26 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 356 |
| Blue Owl Finance LLC 144A<br> 3.125%, 6/10/31<sup>(1)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 397 |
| Brighthouse Financial, Inc.<br> 5.625%, 5/15/30 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 631 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 289 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(7)</sup> | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 825 |
| Citadel LP 144A<br> 4.875%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 562 |
| Cobra Acquisition Co. LLC 144A<br> 6.375%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 277 |
| Corebridge Financial, Inc. 144A<br> 6.875%, 12/15/52<sup>(1)</sup> | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 516 |
| Credit Suisse Group AG 144A<br> 9.016%, 11/15/33<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 584 |
| Discover Financial Services<br> 6.700%, 11/29/32 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 522 |
| Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A<br> 5.250%, 5/30/23<sup>(1)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 82 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 874 |
| Intercorp Peru Ltd. 144A<br> 3.875%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 609 |
| Itau Unibanco Holding S.A. 144A<br> 3.875%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 886 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 608 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | $430 | $361 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 603 |
| Lincoln National Corp. (3 month LIBOR + 2.040%)<br> 6.283%, 4/20/67<sup>(5)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 626 |
| MetLife, Inc. Series G<br> 3.850% <sup>(7)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 813 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 559 |
| Morgan Stanley<br> 6.342%, 10/18/33 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 744 |
| Northern Trust Corp.<br> 6.125%, 11/2/32 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 743 |
| OWL Rock Core Income Corp.<br> 4.700%, 2/8/27 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 381 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 6/15/43 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;6.000%, 9/1/52 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 113 |
| Santander Holdings USA, Inc.<br> 4.400%, 7/13/27 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 668 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 839 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 624 |
| Wells Fargo & Co. Series BB<br> 3.900% <sup>(7)</sup> | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1134 |
|  |  | &nbsp;&nbsp; 25230 |
| **Health Care—2.3%** | **Health Care—2.3%** |  |
| 1375209 BC Ltd. 144A<br> 9.000%, 1/30/28<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73 |
| Akumin, Inc. 144A<br> 7.000%, 11/1/25<sup>(1)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 476 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;144A 14.000%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 15 |
| Bio-Rad Laboratories, Inc.<br> 3.700%, 3/15/32 | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 476 |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 272 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 472 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 523 |
| GE HealthCare Technologies, Inc. 144A<br> 5.857%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 619 |
| Lannett Co., Inc. 144A<br> 7.750%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 43 |
| Legacy LifePoint Health LLC 144A<br> 6.750%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 306 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(10)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 262 |
| Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 176 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Team Health Holdings, Inc. 144A<br> 6.375%, 2/1/25<sup>(1)</sup> | $510 | $294 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 3.150%, 10/1/26 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 468 |
| Universal Health Services, Inc. 144A<br> 2.650%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 424 |
|  |  | &nbsp;&nbsp; 5757 |
| **Industrials—3.1%** | **Industrials—3.1%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 550 |
| Aviation Capital Group LLC 144A<br> 3.500%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 616 |
| Avolon Holdings Funding Ltd. 144A<br> 4.375%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 544 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 278 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, 5/1/30 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;3.750%, 2/1/50 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;5.930%, 5/1/60 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 200 |
| Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 349 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 637 |
| Deluxe Corp. 144A<br> 8.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 210 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 459 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 55 |
| OT Merger Corp. 144A<br> 7.875%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 127 |
| Pentair Finance S.a.r.l.<br> 5.900%, 7/15/32 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 593 |
| Promontoria Holding 264 B.V. 144A<br> 7.875%, 3/1/27<sup>(1)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 194 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 324 |
| Sempra Global 144A<br> 3.250%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 649 |
| Titan Acquisition Ltd. 144A<br> 7.750%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 583 |
| TransDigm, Inc.<br> 5.500%, 11/15/27 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 291 |
|  |  | &nbsp;&nbsp; 7593 |
| **Information Technology—2.4%** | **Information Technology—2.4%** |  |
| CDW LLC<br> 3.569%, 12/1/31 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 562 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 143 |
| Dell International LLC<br> 8.100%, 7/15/36 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 179 |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 564 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| HP, Inc.<br> 5.500%, 1/15/33 | $780 | $733 |
| Kyndryl Holdings, Inc.<br> 3.150%, 10/15/31 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 530 |
| Leidos, Inc.<br> 2.300%, 2/15/31 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 735 |
| Micron Technology, Inc.<br> 6.750%, 11/1/29 | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 595 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33 |
| Oracle Corp.<br> 6.150%, 11/9/29 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 825 |
| TD SYNNEX Corp.<br> 2.375%, 8/9/28 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 633 |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 181 |
|  |  | &nbsp;&nbsp; 5816 |
| **Materials—3.7%** | **Materials—3.7%** |  |
| Albemarle Corp.<br> 5.050%, 6/1/32 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 627 |
| ArcelorMittal S.A.<br> 6.800%, 11/29/32 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 592 |
| ARD Finance S.A. PIK 144A<br> 6.500%, 6/30/27<sup>(1)(11)</sup> | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 668 |
| Avient Corp. 144A<br> 7.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 83 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(1)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 641 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, 7/5/24 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;6.165%, 7/15/27 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 192 |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 752 |
| International Flavors & Fragrances, Inc. 144A<br> 2.300%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 607 |
| Inversiones CMPC S.A. 144A<br> 3.850%, 1/13/30<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 631 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 567 |
| New Enterprise Stone & Lime Co., Inc. 144A<br> 9.750%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 546 |
| Suzano Austria GmbH<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 541 |
| Taseko Mines Ltd. 144A<br> 7.000%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 783 |
| Teck Resources Ltd.<br> 6.125%, 10/1/35 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 504 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 8/1/24<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 11/1/25<sup>(1)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 256 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 186 |
|  |  | &nbsp;&nbsp; 9109 |
| **Real Estate—1.9%** | **Real Estate—1.9%** |  |
| EPR Properties<br> 3.600%, 11/15/31 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 344 |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 6/1/28 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 225 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;3.250%, 1/15/32 | $81 | $65 |
| Iron Mountain, Inc. 144A<br> 4.500%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 399 |
| Kite Realty Group Trust<br> 4.750%, 9/15/30 | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 739 |
| MPT Operating Partnership LP<br> 3.500%, 3/15/31 | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 350 |
| Office Properties Income Trust<br> 4.500%, 2/1/25 | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 815 |
| Phillips Edison Grocery Center Operating Partnership I LP<br> 2.625%, 11/15/31 | &nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp; 618 |
| Service Properties Trust<br> 4.950%, 2/15/27 | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 358 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 2/15/30 | &nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/15/32 | &nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 347 |
|  |  | &nbsp;&nbsp;&nbsp; 4617 |
| **Utilities—1.4%** | **Utilities—1.4%** |  |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp; 744 |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 407 |
| Eskom Holdings SOC Ltd. 144A<br> 7.125%, 2/11/25<sup>(1)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp; 885 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 144 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp; 708 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(7)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp;&nbsp; 3306 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $112,035)** | **Total Corporate Bonds and Notes<br> (Identified Cost $112,035)** | &nbsp;&nbsp;&nbsp;&nbsp; **97238** |
| **Leveraged Loans—11.2%** | **Leveraged Loans—11.2%** | **Leveraged Loans—11.2%** |
| **Aerospace—0.6%** | **Aerospace—0.6%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(5)</sup> | &nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 116 |
| Amentum Government Services Holdings LLC Tranche B-3 (6 month Term SOFR + 4.000%)<br> 7.560% - 8.760%, 2/15/29<sup>(5)</sup> | &nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 213 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(5)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 256 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(5)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 356 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche E (3 month LIBOR + 2.250%)<br> 6.980%, 5/30/25<sup>(5)</sup> | &nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;Tranche F (3 month LIBOR + 2.250%)<br> 6.980%, 12/9/25<sup>(5)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 217 |
|  |  | &nbsp;&nbsp;&nbsp; 1471 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—0.6%** | **Chemicals—0.6%** |  |
| American Axle & Manufacturing, Inc. Tranche B, First Lien (1 month Term SOFR + 3.600%)<br> 7.898%, 12/13/29<sup>(5)</sup> | $395 | $386 |
| Aruba Investments Holdings LLC First Lien (1 month LIBOR + 3.750%)<br> 8.139%, 11/24/27<sup>(5)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 294 |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(5)</sup> | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 690 |
|  |  | &nbsp;&nbsp; 1370 |
| **Consumer Non-Durables—0.4%** | **Consumer Non-Durables—0.4%** |  |
| DS Parent, Inc. Tranche B (3 month LIBOR + 5.750%)<br> 9.920%, 12/8/28<sup>(5)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 285 |
| Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)<br> 8.384%, 6/30/24<sup>(5)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 248 |
| ZEP, Inc. First Lien (3 month LIBOR + 4.000%)<br> 8.580%, 8/12/24<sup>(5)</sup> | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 378 |
|  |  | &nbsp;&nbsp; 911 |
| **Energy—0.7%** | **Energy—0.7%** |  |
| Hamilton Projects Acquiror LLC (3 month LIBOR + 4.500%)<br> 9.230%, 6/17/27<sup>(5)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 418 |
| Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%)<br> 8.592%, 10/18/28<sup>(5)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 270 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(5)</sup> | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 416 |
| Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%)<br> 8.800%, 9/27/24<sup>(5)</sup> | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 711 |
|  |  | &nbsp;&nbsp; 1815 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Asurion LLC Tranche B-9 (1 month LIBOR + 3.250%)<br> 7.634%, 7/31/27<sup>(5)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 142 |
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%)<br> 7.077%, 6/15/25<sup>(5)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 264 |
| Citadel Securities LP Tranche B (1 month Term SOFR + 3.114%)<br> 7.438%, 2/2/28<sup>(5)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 165 |
|  |  | &nbsp;&nbsp; 571 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| H-Food Holdings LLC (1 month LIBOR + 3.688%)<br> 8.071%, 5/23/25<sup>(5)</sup> | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 298 |
| Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)<br> 8.515%, 7/12/29<sup>(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 226 |
| Shearer's Foods LLC First Lien (1 month LIBOR + 3.500%)<br> 7.884%, 9/23/27<sup>(5)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 227 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)<br> 8.230%, 3/31/28<sup>(5)</sup> | $239 | $222 |
|  |  | &nbsp;&nbsp; 973 |
| **Forest Prod / Containers—0.6%** | **Forest Prod / Containers—0.6%** |  |
| Anchor Glass Container Corp. 2017 (1-3 month LIBOR + 2.750%)<br> 7.480% - 7.562%, 12/7/23<sup>(5)</sup> | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 198 |
| Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%)<br> 7.370%, 4/3/24<sup>(5)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 481 |
| Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 1/31/25<sup>(5)</sup> | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 434 |
| TricorBraun, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 3/3/28<sup>(5)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 234 |
|  |  | &nbsp;&nbsp; 1347 |
| **Gaming / Leisure—0.9%** | **Gaming / Leisure—0.9%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 12/23/24<sup>(5)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 248 |
| Carnival Corp. Tranche B (1 month LIBOR + 3.000%)<br> 7.384%, 6/30/25<sup>(5)</sup> | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 135 |
| ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%)<br> 11.884%, 5/1/28<sup>(5)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 251 |
| J&J Ventures Gaming LLC (3 month LIBOR + 4.000%)<br> 8.730%, 4/26/28<sup>(5)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 320 |
| Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%)<br> 8.576%, 1/5/29<sup>(5)</sup> | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 958 |
| Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 8.753%, 11/1/26<sup>(5)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 127 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(5)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 278 |
|  |  | &nbsp;&nbsp; 2317 |
| **Health Care—1.2%** | **Health Care—1.2%** |  |
| CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 9/29/28<sup>(5)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 392 |
| Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 8.730%, 10/1/27<sup>(5)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 225 |
| Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%)<br> 8.980%, 8/19/28<sup>(5)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 260 |
| Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.500%)<br> 8.230%, 11/30/27<sup>(5)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 253 |
| Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)<br> 7.134%, 2/14/25<sup>(5)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 417 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Phoenix Guarantor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month LIBOR + 3.250%)<br> 7.634%, 3/5/26<sup>(5)</sup> | $314 | $293 |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 3.500%)<br> 7.884%, 3/5/26<sup>(5)</sup> | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 95 |
| Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 11/15/28<sup>(5)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 176 |
| Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%)<br> 8.480%, 10/1/26<sup>(5)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 268 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%)<br> 9.092%, 11/20/26<sup>(5)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 300 |
| Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 7/2/25<sup>(5)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 343 |
|  |  | &nbsp;&nbsp; 3022 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%)<br> 7.384%, 3/18/29<sup>(5)</sup> | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 339 |
| SRS Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.500%)<br> 7.884%, 6/2/28<sup>(5)</sup> | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;2022 (1 month Term SOFR + 3.600%)<br> 7.923%, 6/2/28<sup>(5)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |
|  |  | &nbsp;&nbsp; 552 |
| **Information Technology—1.6%** | **Information Technology—1.6%** |  |
| Applied Systems, Inc. 2027, Second Lien (3 month Term SOFR + 6.750%)<br> 11.330%, 9/19/27<sup>(5)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 362 |
| CDK Global, Inc. (3 month Term SOFR + 4.500%)<br> 9.080%, 7/6/29<sup>(5)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
| ConnectWise LLC (3 month LIBOR + 3.500%)<br> 7.884%, 9/29/28<sup>(5)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 130 |
| Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%)<br> 7.634%, 7/30/27<sup>(5)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 255 |
| Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%)<br> 8.384%, 12/1/27<sup>(5)</sup> | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 319 |
| Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%)<br> 7.884%, 7/1/24<sup>(5)</sup> | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 785 |
| Infinite Bidco LLC First Lien (3 month LIBOR + 3.250%)<br> 7.980%, 3/2/28<sup>(5)</sup> | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 375 |
| Open Text Corp. (3 month LIBOR + 3.750%)<br> 0.000%, 8/25/29<sup>(5)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 288 |
| Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 3/10/28<sup>(5)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 379 |
| Proofpoint, Inc. (3 month LIBOR + 3.250%)<br> 7.985%, 8/31/28<sup>(5)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 132 |
| RealPage, Inc. First Lien (1 month LIBOR + 3.000%)<br> 7.384%, 4/24/28<sup>(5)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 242 |
| Sophia LP Tranche B (1 month LIBOR + 3.500%)<br> 8.230%, 10/7/27<sup>(5)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 327 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021, Second Lien (3 month LIBOR + 5.250%)<br> 8.998%, 5/3/27<sup>(5)</sup> | $25 | $23 |
| &nbsp;&nbsp;&nbsp;2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(5)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp; 3891 |
| **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; 228 | &nbsp;&nbsp; 223 |
| Arcline FM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 4.750%)<br> 9.480%, 6/23/28<sup>(5)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 8.250%)<br> 12.980%, 6/25/29<sup>(5)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 123 |
| Chart Industries, Inc. Tranche B (3 month LIBOR + 4.000%)<br> 0.000%, 12/7/29<sup>(5)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 237 |
| Filtration Group Corp. (1 month LIBOR + 3.000%)<br> 7.384%, 3/31/25<sup>(5)</sup> | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 371 |
| Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)<br> 8.173%, 2/23/29<sup>(5)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 86 |
| Star U.S. Bidco LLC (3 month LIBOR + 4.250%)<br> 8.980%, 3/17/27<sup>(5)</sup> | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 283 |
|  |  | &nbsp;&nbsp; 1646 |
| **Media / Telecom - Cable/Wireless Video—0.1%** | **Media / Telecom - Cable/Wireless Video—0.1%** |  |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(5)</sup> | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 361 |
| **Media / Telecom - Diversified Media—0.4%** | **Media / Telecom - Diversified Media—0.4%** |  |
| Cinemark USA, Inc. (1-3 month LIBOR + 1.750%)<br> 6.140% - 6.480%, 3/31/25<sup>(5)</sup> | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 300 |
| McGraw-Hill Education, Inc. (3 month LIBOR + 4.750%)<br> 8.316%, 7/28/28<sup>(5)</sup> | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 258 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.000%)<br> 8.822%, 4/11/29<sup>(5)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 254 |
| William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%)<br> 7.140%, 5/18/25<sup>(5)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 263 |
|  |  | &nbsp;&nbsp; 1075 |
| **Media / Telecom - Telecommunications—0.1%** | **Media / Telecom - Telecommunications—0.1%** |  |
| Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.875%, 10/2/27<sup>(5)</sup> | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 236 |
| **Metals / Minerals—0.2%** | **Metals / Minerals—0.2%** |  |
| Covia Holdings Corp. (3 month LIBOR + 4.000%)<br> 7.748%, 7/31/26<sup>(5)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 448 |
| **Retail—0.4%** | **Retail—0.4%** |  |
| CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%)<br> 7.239%, 11/8/27<sup>(5)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 355 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%)<br> 8.134%, 3/6/28<sup>(5)</sup> | $351 | $337 |
| PetsMart LLC (1 month LIBOR + 3.750%)<br> 8.130%, 2/11/28<sup>(5)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 259 |
| Rising Tide Holdings, Inc. First Lien (3 month LIBOR + 4.750%)<br> 9.485%, 6/1/28<sup>(3)(5)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 113 |
|  |  | &nbsp;&nbsp; 1064 |
| **Service—1.2%** | **Service—1.2%** |  |
| Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%)<br> 8.258%, 7/27/28<sup>(5)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 233 |
| Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%)<br> 6.566%, 3/20/25<sup>(5)</sup> | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 304 |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(5)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 379 |
| DXP Enterprises, Inc. (3 month Term SOFR + 5.350%)<br> 9.955%, 12/23/27<sup>(5)</sup> | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 321 |
| Garda World Security Corp. Tranche B-2 (3 month LIBOR + 4.250%)<br> 8.930%, 10/30/26<sup>(5)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 112 |
| Grab Holdings, Inc. (1 month LIBOR + 4.500%)<br> 8.890%, 1/29/26<sup>(5)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 285 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(5)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 245 |
| Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 2/1/28<sup>(5)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 238 |
| PODS LLC (1 month LIBOR + 3.000%)<br> 7.384%, 3/31/28<sup>(5)</sup> | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 251 |
| St. George's University Scholastic Services LLC (1 month LIBOR + 3.250%)<br> 7.634%, 2/10/29<sup>(5)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 256 |
| Weld North Education LLC 2021 (1 month LIBOR + 3.750%)<br> 8.134%, 12/21/27<sup>(5)</sup> | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 330 |
|  |  | &nbsp;&nbsp; 2954 |
| **Transportation - Automotive—0.4%** | **Transportation - Automotive—0.4%** |  |
| Clarios Global LP First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 4/30/26<sup>(5)</sup> | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 285 |
| Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<br> 6.384%, 11/2/23<sup>(5)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 446 |
| PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%)<br> 8.165%, 10/28/27<sup>(5)</sup> | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 164 |
|  |  | &nbsp;&nbsp; 895 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 8/1/25<sup>(5)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 257 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Generation Bridge II LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 5.000%)<br> 9.438%, 2/23/29<sup>(5)</sup> | $158 | $157 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.000%)<br> 9.438%, 2/23/29<sup>(5)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 21 |
| Lightstone HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 5.750%)<br> 10.073%, 1/29/27<sup>(5)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.750%)<br> 10.073%, 1/29/27<sup>(5)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 13 |
|  |  | &nbsp;&nbsp;&nbsp; 675 |
| **Total Leveraged Loans<br> (Identified Cost $28,500)** | **Total Leveraged Loans<br> (Identified Cost $28,500)** | &nbsp;&nbsp;&nbsp;&nbsp; **27594** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stocks—1.5%** | **Preferred Stocks—1.5%** | **Preferred Stocks—1.5%** |
| **Financials—1.1%** | **Financials—1.1%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525<sup>(12)</sup> | &nbsp;&nbsp; 457 |
| MetLife, Inc. Series D, 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478<sup>(12)</sup> | &nbsp;&nbsp; 454 |
| Truist Financial Corp. Series Q, 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880<sup>(12)</sup> | &nbsp;&nbsp; 814 |
| Zions Bancorp NA, 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 38525 | &nbsp;&nbsp; 982 |
|  |  | &nbsp;&nbsp; 2707 |
| **Industrials—0.4%** | **Industrials—0.4%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.099%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055<sup>(12)</sup> | &nbsp;&nbsp; 1037 |
| **Total Preferred Stocks<br> (Identified Cost $3,816)** | **Total Preferred Stocks<br> (Identified Cost $3,816)** | **3744** |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Consumer Discretionary—0.1%** | **Consumer Discretionary—0.1%** |  |
| Mark IV Industries<sup>(3)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 446 | &nbsp;&nbsp; — |
| MYT Holding LLC Class B<sup>(3)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42729 | &nbsp;&nbsp; 25 |
| NMG Parent LLC<sup>(3)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp; 146 |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Frontera Energy Corp.<sup>(6)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1112 | &nbsp;&nbsp; 10 |
| **Total Common Stocks<br> (Identified Cost $326)** | **Total Common Stocks<br> (Identified Cost $326)** | **156** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Vistra Energy Corp.<sup>(3)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6252 | &nbsp;&nbsp; 7 |
| **Total Rights<br> (Identified Cost $5)** | **Total Rights<br> (Identified Cost $5)** | **7** |
| **Total Long-Term Investments—97.2%<br> (Identified Cost $266,370)** | **Total Long-Term Investments—97.2%<br> (Identified Cost $266,370)** | **239030** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.3%** | **Short-Term Investment—1.3%** | **Short-Term Investment—1.3%** |
| **Money Market Mutual Fund—1.3%** | **Money Market Mutual Fund—1.3%** | **Money Market Mutual Fund—1.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(14)</sup> | 3173864 | $3174 |
| **Total Short-Term Investment<br> (Identified Cost $3,174)** | **Total Short-Term Investment<br> (Identified Cost $3,174)** | &nbsp;&nbsp;&nbsp;&nbsp; **3174** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(14)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170316 | &nbsp;&nbsp;&nbsp; 170 |
| **Total Securities Lending Collateral<br> (Identified Cost $170)** | **Total Securities Lending Collateral<br> (Identified Cost $170)** | &nbsp;&nbsp;&nbsp;&nbsp; **170** |
| **TOTAL INVESTMENTS—98.6%<br> (Identified Cost $269,714)** | **TOTAL INVESTMENTS—98.6%<br> (Identified Cost $269,714)** | &nbsp;&nbsp;**$242374** |
| Other assets and liabilities, net—1.4% | Other assets and liabilities, net—1.4% | &nbsp;&nbsp;&nbsp;&nbsp; 3523 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$245897** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee Corp. |
| BAM | Build America Municipal Insured |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LP | Limited Partnership |
| NA | National Association |
| PIK | Payment-in-Kind Security |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $122,420 or 49.8% of net assets. |
| <sup>(2)</sup> | Security in default; no interest payments are being received. |

---

<sup>(3)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(4)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

<sup>(5)</sup> 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> All or a portion of security is on loan.

<sup>(7)</sup> No contractual maturity date.

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

<sup>(9)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(10)</sup> Security in default, interest payments are being received during the bankruptcy proceedings.

<sup>(11)</sup> 100% of the income received was in cash.

<sup>(12)</sup> Value shown as par value.

<sup>(13)</sup> Non-income producing.

<sup>(14)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(15)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;81% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;10 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Intermediate Bond Fund

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

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

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;$29669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31807 | &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;3744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &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;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$242374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$237598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$440 |

---

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

Security held by the Fund with an end of period value of $283 were transferred from Level 2 to Level 3 due to an 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 INTERMEDIATE 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 Intermediate Bond Fund

- **b. EDGAR series identifier (if any):** S000018007

- **c. LEI of Series:** 54930074FSU5OSE8F706

**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:** $245438339.20

**Total Liabilities:** $1998313.36

**Net Assets:** $243440025.84

**Cash Not Reported:** $549110.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -3762.00000000 | **10-Year:** -20745.00000000 | **30-Year:** -32721.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -58.00000000 | **5-Year:** -10047.00000000 | **10-Year:** -19035.00000000 | **30-Year:** -8670.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081781 | 0.15%                | 2.60%                | 0.10%                |
| Class ID C000049917 | -0.94%               | 1.48%                | -0.89%               |
| Class ID C000049915 | -3.52%               | -1.28%               | -3.69%               |
| Class ID C000148855 | 0.15%                | 2.70%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1750431.46             | $1217970.11                                |
| Month 2  | $-705786.68              | $5902128.80                                |
| Month 3  | $-541631.20              | $-228598.30                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONSENSUS CLOUD SOLUTION                        | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $102876.48    | 0.04%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                            | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $185672.10    | 0.08%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2020-SFR3 Trust                                                            | CUSIP: 001807AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1790418.20   | 0.74%             | 2037-09-17      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                            | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $641138.80    | 0.26%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                             | Nigeria Government International Bond                                           | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    520000 | PA      | $369200.00    | 0.15%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                           | Tricon American Homes 2019-SFR1 Trust                                           | CUSIP: 89612LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $549683.02    | 0.23%             | 2038-03-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2021-RPL1 LLC                                                              | CUSIP: 69360GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178816 | PA      | $159079.59    | 0.07%             | 2051-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                  | Qatar Government International Bond                                             | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    620000 | PA      | $598222.50    | 0.25%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                    | Filtration Group Corp                                                           | CUSIP: 31732FAM8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |    375432 | PA      | $370896.42    | 0.15%             | 2025-03-31      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                           | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1500000 | PA      | $105000.00    | 0.04%             | 2025-04-21      | Fixed         | 7.65%                 | No            |                  3 | On Loan: No      |
| NORTHWEST FIBER LLC/NORT                        | Northwest Fiber LLC / Northwest Fiber Finance Sub Inc                           | CUSIP: 667449AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $325456.51    | 0.13%             | 2028-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS                          | Emirate of Dubai Government International Bonds                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |   1175000 | PA      | $1058821.88   | 0.43%             | 2043-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                        | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $142564.12    | 0.06%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                          | Southwestern Energy Co                                                          | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    615000 | PA      | $570141.90    | 0.23%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                            | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |    240000 | PA      | $237151.20    | 0.10%             | 2029-12-08      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                        | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    450000 | PA      | $439423.43    | 0.18%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                | Garda World Security Corp                                                       | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    115000 | PA      | $111607.50    | 0.05%             | 2026-10-30      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                       | ACC Trust 2021-1                                                                | CUSIP: 00091KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825000 | PA      | $808515.92    | 0.33%             | 2024-12-20      | Fixed         | 2.08%                 | 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        |   1038800 | PA      | $889586.77    | 0.37%             | 2050-12-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                | Teine Energy Ltd                                                                | CUSIP: 879068AB0<br>LEI: 5493002EE80G6ER7SM91 | Long             | DBT              | CORP              | CA        |    415000 | PA      | $372462.50    | 0.15%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                          | Pertamina Persero PT                                                            | CUSIP: 69370PAL5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |   1465000 | PA      | $1179486.15   | 0.48%             | 2031-02-09      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                            | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    565000 | PA      | $515246.10    | 0.21%             | 2030-04-21      | Fixed         | 3.50%                 | 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        |    376316 | PA      | $342763.47    | 0.14%             | 2035-11-15      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Rising Tide Holdings Inc                        | Rising Tide Holdings Inc                                                        | CUSIP: 76770EAB3<br>LEI: 254900T03WM6VU0KWL83 | Long             | LON              | CORP              | US        |    252200 | PA      | $113490.00    | 0.05%             | 2028-06-01      | Floating      | 9.48%                 | No            |                  3 | On Loan: No      |
| GE HEALTHCARE TECH INC                          | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAG8<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    605000 | PA      | $619133.84    | 0.25%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                               | Arbys Funding LLC                                                               | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    918850 | PA      | $776580.78    | 0.32%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                          | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    790000 | PA      | $725862.05    | 0.30%             | 2025-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                               | At Home Group Inc                                                               | CUSIP: 04650YAA8<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $88125.00     | 0.04%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sunshine Luxembourg VII SARL                    | Sunshine Luxembourg VII Sarl                                                    | CUSIP: 000000000<br>LEI: 254900CHQOBZNYV4DY60 | Long             | LON              | CORP              | LU        |    280012 | PA      | $267722.75    | 0.11%             | 2026-10-01      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                        | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    770000 | PA      | $678706.88    | 0.28%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                         | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    780000 | PA      | $636932.40    | 0.26%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                             | Hotwire Funding LLC                                                             | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    960000 | PA      | $782644.22    | 0.32%             | 2051-11-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                              | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1120000 | PA      | $925960.00    | 0.38%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                        | Altice France Holding SA                                                        | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    660000 | PA      | $389592.54    | 0.16%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                        | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    365000 | PA      | $105576.71    | 0.04%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                  | Aruba Investments Holdings LLC                                                  | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |    304772 | PA      | $295376.27    | 0.12%             | 2027-11-24      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                    | Peraton Corp                                                                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    244636 | PA      | $238468.47    | 0.10%             | 2028-02-01      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                         | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    845000 | PA      | $618346.50    | 0.25%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)              | Dun & Bradstreet Corp/The                                                       | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    382854 | PA      | $378684.99    | 0.16%             | 2026-02-06      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2020-6 LLC                                                                 | CUSIP: 693587AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    895826 | PA      | $826620.08    | 0.34%             | 2025-11-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| COBRA ACQUISITIONCO LLC                         | Cobra AcquisitionCo LLC                                                         | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $277300.00    | 0.11%             | 2029-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Apex Group Treasury Limited                     | Apex Group Treasury LLC                                                         | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |    246215 | PA      | $233904.23    | 0.10%             | 2028-07-27      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                        | Trident TPI Holdings Inc                                                        | CUSIP: 89616RAB5<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    740000 | PA      | $703285.93    | 0.29%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2016-1                                                | CUSIP: 89172EAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    337132 | PA      | $330623.63    | 0.14%             | 2055-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                            | Blue Owl Finance LLC                                                            | CUSIP: 09581JAA4<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    535000 | PA      | $397352.25    | 0.16%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                        | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp              | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $527241.00    | 0.22%             | 2029-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC                           | USASF Receivables 2020-1 LLC                                                    | CUSIP: 90353QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114178 | PA      | $113840.58    | 0.05%             | 2024-05-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                           | American Homes 4 Rent 2014-SFR2 Trust                                           | CUSIP: 02665UAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1273818.08   | 0.52%             | 2036-10-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| GENERATION BRIDGE II LLC                        | Generation Bridge II LLC                                                        | CUSIP: 37147QAD0<br>LEI: 254900BU0I8CJYZ8GK47 | Long             | LON              | CORP              | US        |     21354 | PA      | $21140.23     | 0.01%             | 2029-02-24      | Floating      | 9.39%                 | 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        |    685000 | PA      | $644983.88    | 0.26%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    740000 | PA      | $672475.00    | 0.28%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2017-A                                                       | CUSIP: 03837PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120410 | PA      | $118619.57    | 0.05%             | 2035-11-15      | Fixed         | 3.72%                 | 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        |    735000 | PA      | $698778.02    | 0.29%             | 2026-09-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                     | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    795000 | PA      | $825182.91    | 0.34%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                            | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    385000 | PA      | $406855.56    | 0.17%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751875.00    | 0.31%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                        | CrownRock LP / CrownRock Finance Inc                                            | CUSIP: 228701AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $400475.00    | 0.16%             | 2025-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                         | Surgery Center Holdings Inc                                                     | CUSIP: 86881WAD4<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    173000 | PA      | $176027.50    | 0.07%             | 2027-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| HP INC                                          | HP Inc                                                                          | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    780000 | PA      | $732769.32    | 0.30%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MCLAREN FINANCE PLC                             | Mclaren Finance PLC                                                             | CUSIP: 58175LAA8<br>LEI: 213800BKPDWMWX3GSG36 | Long             | DBT              | CORP              | GB        |    355000 | PA      | $260925.00    | 0.11%             | 2026-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                       | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    239206 | PA      | $224945.15    | 0.09%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                              | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    972000 | PA      | $774601.77    | 0.32%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD                           | Nabors Industries Ltd                                                           | CUSIP: 629571AA8<br>LEI: 5493008TXYN3II3PU369 | Long             | DBT              | CORP              | BM        |    375000 | PA      | $353399.61    | 0.15%             | 2026-01-15      | Fixed         | 7.25%                 | 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        |   1198000 | PA      | $1044524.22   | 0.43%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                              | Morocco Government International Bond                                           | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    200000 | PA      | $157975.00    | 0.06%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                             | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    630000 | PA      | $523002.00    | 0.21%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                           | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    285000 | PA      | $253829.55    | 0.10%             | 2029-04-11      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                 | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    860000 | PA      | $743864.98    | 0.31%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                    | Enbridge Inc                                                                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    685000 | PA      | $675622.99    | 0.28%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                           | American Homes 4 Rent 2015-SFR2 Trust                                           | CUSIP: 02666BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1011000 | PA      | $963822.29    | 0.40%             | 2052-10-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                  | Hamilton Projects Acquiror LLC                                                  | CUSIP: 14314VAB9<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    425399 | PA      | $418133.08    | 0.17%             | 2027-06-17      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                        | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $136447.05    | 0.06%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                        | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    679595 | PA      | $551566.93    | 0.23%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                                  | Albemarle Corp                                                                  | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    665000 | PA      | $626754.40    | 0.26%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    457115 | PA      | $358858.71    | 0.15%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1133468.18   | 0.47%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                     | Avient Corp                                                                     | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83090.21     | 0.03%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                            | Colombia Government International Bond                                          | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    250000 | PA      | $185281.25    | 0.08%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Grab Holdings Inc                               | Grab Holdings Inc                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SG        |    289892 | PA      | $285543.41    | 0.12%             | 2026-01-29      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    603000 | PA      | $590211.64    | 0.24%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection LLC                   | Caesars Resort Collection LLC                                                   | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |    248473 | PA      | $247685.50    | 0.10%             | 2024-12-23      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                        | Republic of South Africa Government International Bond                          | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    830000 | PA      | $745962.50    | 0.31%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                             | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    870000 | PA      | $813057.45    | 0.33%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5960000 | PA      | $5055989.05   | 2.08%             | 2032-02-15      | Fixed         | 1.88%                 | 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        |    635000 | PA      | $613923.27    | 0.25%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                     | Epicor Software Corp                                                            | CUSIP: 29426NAN4<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |    266559 | PA      | $255411.74    | 0.10%             | 2027-07-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming LLC                         | J&J Ventures Gaming LLC                                                         | CUSIP: 46604BAB4<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |    335130 | PA      | $320048.87    | 0.13%             | 2028-04-26      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                  | Metropolitan Transportation Authority                                           | CUSIP: 59260XAW8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    665000 | PA      | $714503.00    | 0.29%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                      | Citadel LP                                                                      | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    605000 | PA      | $562297.33    | 0.23%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                        | Petroleos de Venezuela SA                                                       | CUSIP: 716558AG6<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1580000 | PA      | $75050.00     | 0.03%             | 2024-05-16      | 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        |    660000 | PA      | $601638.97    | 0.25%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                           | Carriage Services Inc                                                           | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $381167.11    | 0.16%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                         | Office Properties Income Trust                                                  | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $815537.57    | 0.34%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ZEP INC                                         | ZEP INC                                                                         | CUSIP: 98944EAN2<br>LEI: NU75S1Y8UH3706J5CS61 | Long             | LON              | CORP              | US        |    439377 | PA      | $378303.78    | 0.16%             | 2024-08-12      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    490000 | PA      | $333200.00    | 0.14%             | 2028-04-01      | Fixed         | 7.50%                 | 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        |    630000 | PA      | $624763.76    | 0.26%             | 2026-12-15      | Fixed         | 9.52%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                  | EPR Properties                                                                  | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    475000 | PA      | $344138.07    | 0.14%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                             | General Electric Co                                                             | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1036476.85   | 0.43%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                  | ARD Finance SA                                                                  | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    959737 | PA      | $667528.24    | 0.27%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                           | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $54936.00     | 0.02%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hyland Software Inc                             | Hyland Software Inc                                                             | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    796589 | PA      | $784839.19    | 0.32%             | 2024-07-01      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                             | Callon Petroleum Co                                                             | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |    240000 | PA      | $219600.00    | 0.09%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                             | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $825360.75    | 0.34%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                        | Scientific Games International Inc                                              | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    175000 | PA      | $166934.25    | 0.07%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                             | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    505000 | PA      | $321243.13    | 0.13%             | 2030-07-31      | Variable      | 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        |    550000 | PA      | $512702.80    | 0.21%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2021-NQM3 Trust                                                             | CUSIP: 67114JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    497113 | PA      | $370736.15    | 0.15%             | 2061-07-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                            | Saudi Arabian Oil Co                                                            | CUSIP: 80414L2K0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |   1090000 | PA      | $890938.75    | 0.37%             | 2030-11-24      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                              | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    660000 | PA      | $567600.00    | 0.23%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    650000 | PA      | $471913.00    | 0.19%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    295000 | PA      | $287813.58    | 0.12%             | 2030-05-01      | Fixed         | 5.15%                 | 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        |    430000 | PA      | $361212.57    | 0.15%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                    | Ecopetrol SA                                                                    | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    770000 | PA      | $587125.00    | 0.24%             | 2031-11-02      | Fixed         | 4.62%                 | 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        |    485000 | PA      | $443307.31    | 0.18%             | 2056-07-25      | Variable      | 3.89%                 | 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        |     46946 | PA      | $42405.47     | 0.02%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                        | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $418340.96    | 0.17%             | 2031-02-01      | 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        |     65743 | PA      | $62842.57     | 0.03%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                              | Turkey Government International Bond                                            | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1025000 | PA      | $967343.75    | 0.40%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                        | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229925.94    | 0.09%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                           | ECL Entertainment LLC                                                           | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    252329 | PA      | $251488.46    | 0.10%             | 2028-05-01      | Floating      | 11.88%                | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                            | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    795000 | PA      | $529846.93    | 0.22%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Parfums Holding Company Inc                     | Parfums Holding Co Inc                                                          | CUSIP: 69946PAB2<br>LEI: 549300S46D4GK45PA591 | Long             | LON              | CORP              | US        |    268452 | PA      | $248079.50    | 0.10%             | 2024-06-30      | Floating      | 8.38%                 | 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        |    520000 | PA      | $493063.27    | 0.20%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    795000 | PA      | $763303.35    | 0.31%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM                         | International Petroleum Corp                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $184000.00    | 0.08%             | 2027-02-01      | Fixed         | 7.25%                 | 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        |    285000 | PA      | $259935.65    | 0.11%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                           | Citadel Securities LP                                                           | CUSIP: 17288YAE2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    167000 | PA      | $164964.27    | 0.07%             | 2028-02-02      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 912828ZT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5135000 | PA      | $4661617.19   | 1.91%             | 2025-05-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                   | TransDigm Inc                                                                   | CUSIP: 89364MBQ6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    317175 | PA      | $313435.39    | 0.13%             | 2025-05-30      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                        | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    350000 | PA      | $323749.30    | 0.13%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                        | Northriver Midstream Finance LP                                                 | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    590000 | PA      | $558776.22    | 0.23%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                        | Turning Point Brands Inc                                                        | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    790000 | PA      | $681382.84    | 0.28%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                        | Occidental Petroleum Corp                                                       | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    840000 | PA      | $847719.29    | 0.35%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Shearer's Foods LLC                             | Shearer's Foods LLC                                                             | CUSIP: 82087UAL1<br>LEI: 549300AQWIJSYS2CIH04 | Long             | LON              | CORP              | US        |    238515 | PA      | $226854.30    | 0.09%             | 2027-09-23      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                     | Hertz Vehicle Financing LLC                                                     | CUSIP: 42806MBG3<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $489623.59    | 0.20%             | 2026-09-25      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                           | Indonesia Government International Bond                                         | CUSIP: 455780BX3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    370000 | PA      | $364490.70    | 0.15%             | 2027-01-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                  | PulteGroup Inc                                                                  | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $229437.27    | 0.09%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                             | MESQUITE ENERGY INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $5156.25      | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential Trust                                                      | CUSIP: 74333HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    505000 | PA      | $429287.98    | 0.18%             | 2038-07-17      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                            | SRS Distribution Inc                                                            | CUSIP: 78466YAQ1<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |     49625 | PA      | $47329.84     | 0.02%             | 2028-06-02      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                     | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    295000 | PA      | $281744.70    | 0.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC        | Amentum Government Services Holdings LLC                                        | CUSIP: 57776DAE3<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |    219450 | PA      | $213347.10    | 0.09%             | 2029-02-15      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                            | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAH3<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    400000 | PA      | $369700.00    | 0.15%             | 2030-04-16      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                              | Ally Financial Inc                                                              | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1119000 | PA      | $748331.25    | 0.31%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                        | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp              | CUSIP: 559665AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $633600.00    | 0.26%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                          | Par Pharmaceutical Inc                                                          | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |    345000 | PA      | $262191.26    | 0.11%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                          | Millennium Escrow Corp                                                          | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $304024.30    | 0.12%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                     | Asurion LLC                                                                     | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    162776 | PA      | $142124.81    | 0.06%             | 2027-07-31      | Floating      | 7.63%                 | 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        |     44733 | PA      | $41797.66     | 0.02%             | 2029-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                              | Turkey Government International Bond                                            | CUSIP: 900123DF4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    230000 | PA      | $238050.00    | 0.10%             | 2028-01-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                              | VICI Properties LP                                                              | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    375000 | PA      | $356969.00    | 0.15%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                         | UKG Inc                                                                         | CUSIP: 000000000<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     25000 | PA      | $22887.50     | 0.01%             | 2027-05-03      | Floating      | 9.00%                 | 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        |    825000 | PA      | $752085.92    | 0.31%             | 2025-09-22      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| COOPER-STANDARD AUTOMOTI                        | Cooper-Standard Automotive Inc                                                  | CUSIP: 216762AG9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    240000 | PA      | $249600.00    | 0.10%             | 2024-06-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Air Canada                                      | Air Canada                                                                      | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    117940 | PA      | $116318.03    | 0.05%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192333.61    | 0.08%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                         | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    670000 | PA      | $547431.88    | 0.22%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                              | Angolan Government International Bond                                           | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    865000 | PA      | $782825.00    | 0.32%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                           | eG Global Finance PLC                                                           | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    495000 | PA      | $461153.52    | 0.19%             | 2025-10-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TVC Mortgage Trust 2020-RTL1                    | TVC Mortgage Trust 2020-RTL1                                                    | CUSIP: 90114YAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1405000 | PA      | $1341526.32   | 0.55%             | 2024-09-25      | Variable      | 5.19%                 | 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        |     82551 | PA      | $81922.84     | 0.03%             | 2023-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                       | McGraw-Hill Education Inc                                                       | CUSIP: 58063DAC7<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |    274430 | PA      | $257706.69    | 0.11%             | 2028-07-28      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                                | ArcelorMittal SA                                                                | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    595000 | PA      | $591635.22    | 0.24%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                        | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    597000 | PA      | $543953.88    | 0.22%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                              | Panama Government International Bond                                            | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    495000 | PA      | $400578.75    | 0.16%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: —       |
| PROMONTORIA HOLDING                             | Promontoria Holding 264 BV                                                      | CUSIP: 74349MAA4<br>LEI: 54930014SXEXD3RX1509 | Long             | DBT              | CORP              | NL        |    210000 | PA      | $194518.07    | 0.08%             | 2027-03-01      | Fixed         | 7.88%                 | 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        |   1040000 | PA      | $1017136.64   | 0.42%             | 2027-02-12      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                | HF Sinclair Corp                                                                | CUSIP: 403949AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675000 | PA      | $675566.75    | 0.28%             | 2026-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                     | Ivory Coast Government International Bond                                       | CUSIP: 221625AM8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    445000 | PA      | $430537.50    | 0.18%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    102778 | PA      | $95068.71     | 0.04%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                         | Surgery Center Holdings Inc                                                     | CUSIP: 84611WAB0<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    340000 | PA      | $335157.99    | 0.14%             | 2025-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                          | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    705000 | PA      | $615773.32    | 0.25%             | 2027-11-01      | Fixed         | 3.50%                 | 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        |    675000 | PA      | $643987.19    | 0.26%             | 2026-03-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment LLC       | William Morris Endeavor Entertainment LLC                                       | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |    269914 | PA      | $263570.76    | 0.11%             | 2025-05-18      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Brookfield WEC Holdings Inc                     | Brookfield WEC Holdings Inc                                                     | CUSIP: 11284EAM5<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    260851 | PA      | $256802.40    | 0.11%             | 2025-08-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| LANNETT CO INC                                  | Lannett Co Inc                                                                  | CUSIP: 51602UAD0<br>LEI: 5299001DJ6C90XX17G45 | Long             | DBT              | CORP              | US        |    165000 | PA      | $42900.00     | 0.02%             | 2026-04-15      | Fixed         | 7.75%                 | 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        |    830000 | PA      | $804940.64    | 0.33%             | 2051-04-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STATE OIL CO OF THE AZER                        | State Oil Co of the Azerbaijan Republic                                         | CUSIP: 000000000<br>LEI: 2549002HARR1VE257O76 | Long             | DBT              | NUSS              | AZ        |    485000 | PA      | $498731.56    | 0.20%             | 2030-03-18      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MARK IV INDS I                                  | MARK IV                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       446 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OT MERGER CORP                                  | OT Merger Corp                                                                  | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $127200.00    | 0.05%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                  | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    219416 | PA      | $183821.90    | 0.08%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                           | Indonesia Government International Bond                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    790000 | PA      | $704482.50    | 0.29%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10110000 | PA      | $9804725.42   | 4.03%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| CT TRUST                                        | CT Trust                                                                        | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |    610000 | PA      | $535580.00    | 0.22%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                        | Arcline FM Holdings LLC                                                         | CUSIP: 03960DAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    340903 | PA      | $323288.79    | 0.13%             | 2028-06-23      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                         | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $64750.17     | 0.03%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                  | PAI Holdco Inc                                                                  | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |    187274 | PA      | $164216.57    | 0.07%             | 2027-10-28      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                    | Upstart Securitization Trust 2022-2                                             | CUSIP: 91679TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    436730 | PA      | $426969.20    | 0.18%             | 2032-05-20      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER CHILE                           | Banco Santander Chile                                                           | CUSIP: 05970FAD3<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | DBT              | CORP              | CL        |    935000 | PA      | $793172.19    | 0.33%             | 2031-10-26      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                        | Team Health Holdings Inc                                                        | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |    510000 | PA      | $293882.40    | 0.12%             | 2025-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                 | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    735000 | PA      | $632212.12    | 0.26%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                          | BBVA Bancomer SA/Texas                                                          | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    890000 | PA      | $798385.63    | 0.33%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                                           | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    133000 | PA      | $103719.33    | 0.04%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                        | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    855000 | PA      | $705268.13    | 0.29%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    735000 | PA      | $508068.75    | 0.21%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                           | Phoenix Guarantor Inc                                                           | CUSIP: 71913BAH5<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    100846 | PA      | $94585.92     | 0.04%             | 2026-03-05      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                          | Santander Holdings USA Inc                                                      | CUSIP: 80282KAP1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    700000 | PA      | $667568.59    | 0.27%             | 2027-07-13      | Fixed         | 4.40%                 | 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        |    577608 | PA      | $549751.06    | 0.23%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                 | MYT Holding LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42729 | NS      | $24569.18     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Dreyfus Government Cash Management              | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   2793999 | NS      | $2793998.68   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERATION BRIDGE II LLC                        | Generation Bridge II LLC                                                        | CUSIP: 37147QAC2<br>LEI: 254900BU0I8CJYZ8GK47 | Long             | LON              | CORP              | US        |    158482 | PA      | $156896.93    | 0.06%             | 2029-02-24      | Floating      | 9.39%                 | No            |                  2 | On Loan: No      |
| Hunter Holdco 3 Limited                         | Hunter US Bidco Inc                                                             | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |    265388 | PA      | $259748.02    | 0.11%             | 2028-08-19      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                           | Universal Health Services Inc                                                   | CUSIP: 913903AY6<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    555000 | PA      | $423837.05    | 0.17%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC                        | Jacobs Entertainment Inc                                                        | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    450000 | PA      | $406183.95    | 0.17%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                            | Oasis Securitization Funding LLC                                                | CUSIP: 67422AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    123440 | PA      | $121635.74    | 0.05%             | 2033-02-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    915000 | PA      | $841166.55    | 0.35%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Covia Holdings Corporation                      | Covia Holdings LLC                                                              | CUSIP: 22305CAB5<br>LEI: 213800IE4YGTGVTQ1806 | Long             | LON              | CORP              | US        |    465000 | PA      | $448143.75    | 0.18%             | 2026-07-31      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| METIS MERGER SUB LLC                            | Metis Merger Sub LLC                                                            | CUSIP: 59155LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $289621.58    | 0.12%             | 2029-05-15      | Fixed         | 6.50%                 | 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        |    379862 | PA      | $345972.70    | 0.14%             | 2060-09-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                          | Eskom Holdings SOC Ltd                                                          | CUSIP: 29646AAB2<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    975000 | PA      | $884690.63    | 0.36%             | 2025-02-11      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                          | Teck Resources Ltd                                                              | CUSIP: 878742AE5<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    510000 | PA      | $503910.94    | 0.21%             | 2035-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $836542.55    | 0.34%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1250000 | PA      | $979687.50    | 0.40%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                        | Prudential Financial Inc                                                        | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    117000 | PA      | $113077.69    | 0.05%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                     | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    877000 | PA      | $708134.90    | 0.29%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN                        | Parsley Energy LLC / Parsley Finance Corp                                       | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $551009.23    | 0.23%             | 2028-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                           | Phoenix Guarantor Inc                                                           | CUSIP: 71913BAE2<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    313904 | PA      | $293565.91    | 0.12%             | 2026-03-05      | Floating      | 7.48%                 | 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        |    300897 | PA      | $251723.52    | 0.10%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco Inc                               | Phoenix Newco Inc                                                               | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    184075 | PA      | $176967.86    | 0.07%             | 2028-11-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                 | Blackhawk Network Holdings Inc                                                  | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    271926 | PA      | $264635.94    | 0.11%             | 2025-06-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                  | ACM Auto Trust 2022-1                                                           | CUSIP: 00091QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $521639.32    | 0.21%             | 2029-04-20      | Fixed         | 4.47%                 | 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        |    840000 | PA      | $785642.51    | 0.32%             | 2028-02-15      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                           | Lightstone Holdco LLC                                                           | CUSIP: 53226GAL5<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |     14112 | PA      | $12883.82     | 0.01%             | 2027-02-01      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                        | New Enterprise Stone & Lime Co Inc                                              | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    591000 | PA      | $546048.33    | 0.22%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                            | Rackspace Technology Global Inc                                                 | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    555000 | PA      | $241903.16    | 0.10%             | 2028-12-01      | Fixed         | 5.38%                 | 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        |     38967 | PA      | $36490.94     | 0.01%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                        | Itau Unibanco Holding SA/Cayman Island                                          | CUSIP: 46556L2A1<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    975000 | PA      | $885604.69    | 0.36%             | 2031-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pegasus Bidco Bv                                | Pegasus Bidco BV                                                                | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |    235000 | PA      | $226481.25    | 0.09%             | 2029-07-12      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                      | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $280458.25    | 0.12%             | 2038-10-17      | Fixed         | 2.18%                 | 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        |    580000 | PA      | $568515.74    | 0.23%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA                         | Capital Farm Credit ACA                                                         | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    525000 | PA      | $456750.00    | 0.19%             | N/A             | Fixed         | 5.00%                 | 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        |     63802 | PA      | $61939.77     | 0.03%             | 2059-05-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    407425 | PA      | $374141.06    | 0.15%             | 2056-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                      | Progress Residential 2019-SFR3 Trust                                            | CUSIP: 74332WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $947857.10    | 0.39%             | 2036-09-17      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $762345.11    | 0.31%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32987.50     | 0.01%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                             | Northern Trust Corp                                                             | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    705000 | PA      | $743381.74    | 0.31%             | 2032-11-02      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                                           | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     26000 | PA      | $15434.81     | 0.01%             | 2030-10-15      | Fixed         | 14.00%                | 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        |    770000 | PA      | $687886.20    | 0.28%             | 2037-08-17      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                         | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $349596.63    | 0.14%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                              | Morocco Government International Bond                                           | CUSIP: 617726AG9<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    410000 | PA      | $349217.50    | 0.14%             | 2042-12-11      | Fixed         | 5.50%                 | 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        |    840000 | PA      | $691922.95    | 0.28%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5320000 | PA      | $5168712.50   | 2.12%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                              | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    475000 | PA      | $340951.63    | 0.14%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                               | Kinder Morgan Inc                                                               | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    640000 | PA      | $719551.14    | 0.30%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Greeneden US Holdings II LLC                    | Genesys Cloud Services Holdings II LLC                                          | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | LON              | CORP              | US        |    333260 | PA      | $319306.45    | 0.13%             | 2027-12-01      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group LLC                        | Great Outdoors Group LLC                                                        | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |    351102 | PA      | $336619.18    | 0.14%             | 2028-03-06      | Floating      | 8.13%                 | 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        |    694425 | PA      | $602027.59    | 0.25%             | 2052-02-26      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10052.90     | 0.00%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sophia LP                                       | Sophia LP                                                                       | CUSIP: 83578BAN3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    339479 | PA      | $326962.34    | 0.13%             | 2027-10-07      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                  | TD SYNNEX Corp                                                                  | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    785000 | PA      | $633281.87    | 0.26%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                         | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp        | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $833700.00    | 0.34%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| H-Food Holdings LLC                             | H-Food Holdings LLC                                                             | CUSIP: 40422KAB7<br>LEI: 549300JY2LK0EQ95YT44 | Long             | LON              | CORP              | US        |    336765 | PA      | $297868.84    | 0.12%             | 2025-05-23      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    485000 | PA      | $413217.58    | 0.17%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                        | Prudential Financial Inc                                                        | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    700000 | PA      | $687750.00    | 0.28%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                | Cinemark USA Inc                                                                | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |    313499 | PA      | $300686.36    | 0.12%             | 2025-03-31      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                        | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $143923.50    | 0.06%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Frontera Energy Corp                            | Frontera Energy Corp                                                            | CUSIP: 35905B107<br>LEI: A25574TZFLBNK7NWQT47 | Long             | EC               | CORP              | CA        |      1112 | NS      | $10139.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    840000 | PA      | $617198.67    | 0.25%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Weld North Education LLC                        | Weld North Education LLC                                                        | CUSIP: 94935RAE3<br>LEI: 254900W855WLN58WNJ32 | Long             | LON              | CORP              | US        |    337430 | PA      | $330259.90    | 0.14%             | 2027-12-21      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                            | Colombia Government International Bond                                          | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    395000 | PA      | $340514.69    | 0.14%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Playa Resorts Holding BV                        | Playa Resorts Holding BV                                                        | CUSIP: 72812NAD8<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |    963394 | PA      | $959540.09    | 0.39%             | 2024-04-29      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                           | Quikrete Holdings Inc                                                           | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    343275 | PA      | $340164.93    | 0.14%             | 2028-06-09      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                        | Service Properties Trust                                                        | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    455000 | PA      | $358358.00    | 0.15%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                        | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $357129.85    | 0.15%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL WTR & SWR UTIL                  | Broward County FL Water & Sewer Utility Revenue                                 | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $444234.46    | 0.18%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS                         | NMG Holding Co Inc / Neiman Marcus Group LLC                                    | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $538928.81    | 0.22%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                          | Egypt Government International Bond                                             | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    445000 | PA      | $362675.00    | 0.15%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                            | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1010000 | PA      | $847850.66    | 0.35%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Viant Medical Holdings Inc                      | Viant Medical Holdings Inc                                                      | CUSIP: 58506PAF8<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |    390365 | PA      | $342951.14    | 0.14%             | 2025-07-02      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                    | PetSmart LLC                                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    265356 | PA      | $259136.47    | 0.11%             | 2028-02-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                | Taseko Mines Ltd                                                                | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    890000 | PA      | $782611.95    | 0.32%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                   | Sales Tax Securitization Corp                                                   | CUSIP: 79467BDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $73466.55     | 0.03%             | 2043-01-01      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                        | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    580000 | PA      | $459110.14    | 0.19%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                         | Legacy LifePoint Health LLC                                                     | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $305854.25    | 0.13%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                             | ZAXBY'S FUNDING LLC                                                             | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    883812 | PA      | $711361.24    | 0.29%             | 2051-07-30      | Fixed         | 3.24%                 | 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        |    613365 | PA      | $550820.17    | 0.23%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                        | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $559000.00    | 0.23%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                             | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    285000 | PA      | $272593.72    | 0.11%             | 2032-08-11      | Fixed         | 5.50%                 | 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        |    940000 | PA      | $896629.81    | 0.37%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                     | Deluxe Corp                                                                     | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    255000 | PA      | $209737.50    | 0.09%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                   | Nordstrom Inc                                                                   | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    720000 | PA      | $514872.00    | 0.21%             | 2031-08-01      | Fixed         | 4.25%                 | 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        |    778566 | PA      | $661120.46    | 0.27%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                            | INEOS US Finance LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    704450 | PA      | $692376.06    | 0.28%             | 2027-11-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    512357 | PA      | $465603.55    | 0.19%             | 2056-09-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                     | CHG Healthcare Services Inc                                                     | CUSIP: 000000000<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |    401947 | PA      | $392569.80    | 0.16%             | 2028-09-29      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                         | VZ Secured Financing BV                                                         | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    455000 | PA      | $369742.74    | 0.15%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS                          | Discover Financial Services                                                     | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    513000 | PA      | $521452.47    | 0.21%             | 2032-11-29      | Fixed         | 6.70%                 | 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        |    568593 | PA      | $521176.45    | 0.21%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN                        | Brighthouse Financial Inc                                                       | CUSIP: 10922NAG8<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |    663000 | PA      | $630563.38    | 0.26%             | 2030-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                      | Upstart Pass-Through Trust Series 2021-ST2                                      | CUSIP: 91682CAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    399760 | PA      | $373737.52    | 0.15%             | 2027-04-20      | Fixed         | 2.50%                 | 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        |    410000 | PA      | $393308.90    | 0.16%             | 2026-04-01      | Fixed         | 6.88%                 | 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        |    176160 | PA      | $160122.35    | 0.07%             | 2045-05-10      | Variable      | 6.45%                 | 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        |     35503 | PA      | $34088.73     | 0.01%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| 1375209 BC LTD                                  | 1375209 BC Ltd                                                                  | CUSIP: 68251PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73031.25     | 0.03%             | 2028-01-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                        | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    740000 | PA      | $602804.02    | 0.25%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Connectwise, LLC                                | ConnectWise LLC                                                                 | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    137232 | PA      | $130069.77    | 0.05%             | 2028-09-29      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                          | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458325 | PA      | $439608.84    | 0.18%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                              | Upstream Newco Inc                                                              | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    349675 | PA      | $300430.30    | 0.12%             | 2026-11-20      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                       | Gainwell Acquisition Corp                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    240134 | PA      | $224825.25    | 0.09%             | 2027-10-01      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                        | Arcline FM Holdings LLC                                                         | CUSIP: 03960DAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    140000 | PA      | $123200.00    | 0.05%             | 2029-06-25      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| RealPage Inc                                    | RealPage Inc                                                                    | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |    254510 | PA      | $241529.70    | 0.10%             | 2028-04-24      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                            | Pentair Finance Sarl                                                            | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    605000 | PA      | $592943.41    | 0.24%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                          | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    430000 | PA      | $355921.59    | 0.15%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                 | Traverse Midstream Partners LLC                                                 | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    713221 | PA      | $710767.31    | 0.29%             | 2024-09-27      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                | UFC Holdings LLC                                                                | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    282973 | PA      | $278887.17    | 0.11%             | 2026-04-29      | Floating      | 7.11%                 | 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        |   1404848 | PA      | $1157207.39   | 0.48%             | 2057-01-25      | Variable      | 2.09%                 | 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        |     88552 | PA      | $81415.91     | 0.03%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | Ellington Financial Mortgage Trust 2021-2                                       | CUSIP: 31572LAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    526313 | PA      | $396197.94    | 0.16%             | 2066-06-25      | Variable      | 1.29%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                             | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    682000 | PA      | $561992.70    | 0.23%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                        | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    765000 | PA      | $606929.80    | 0.25%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    455000 | PA      | $407225.00    | 0.17%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                         | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    540000 | PA      | $468517.50    | 0.19%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                         | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $179298.90    | 0.07%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                    | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    580000 | PA      | $607724.72    | 0.25%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $637017.95    | 0.26%             | 2030-07-15      | Fixed         | 2.80%                 | 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        |    750000 | PA      | $719670.53    | 0.30%             | 2026-08-17      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                           | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    121692 | PA      | $111776.29    | 0.05%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                  | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    445071 | PA      | $387534.44    | 0.16%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                      | Akumin Inc                                                                      | CUSIP: 01021FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    665000 | PA      | $476244.71    | 0.20%             | 2025-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                        | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    340000 | PA      | $289367.66    | 0.12%             | 2029-04-15      | Fixed         | 5.88%                 | 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        |    976650 | PA      | $914549.71    | 0.38%             | 2048-09-05      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                   | M/I Homes Inc                                                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    815000 | PA      | $724094.90    | 0.30%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                  | Open Text Corp                                                                  | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |    295000 | PA      | $287846.25    | 0.12%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| DXP Enterprises Inc                             | DXP Enterprises Inc/TX                                                          | CUSIP: 23338DAP1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    338100 | PA      | $320772.38    | 0.13%             | 2027-12-23      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra                  | VOLT C LLC                                                                      | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162283 | PA      | $144899.92    | 0.06%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                        | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $431682.30    | 0.18%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Safe Fleet Holdings LLC                         | Safe Fleet Holdings LLC                                                         | CUSIP: 000000000<br>LEI: 549300ZCMGQ2DH2RZB13 | Long             | LON              | CORP              | US        |     89550 | PA      | $86360.23     | 0.04%             | 2029-02-23      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                       | Triton Water Holdings Inc                                                       | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |    238742 | PA      | $221194.15    | 0.09%             | 2028-03-31      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                              | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    815000 | PA      | $700759.74    | 0.29%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                        | Coronado Finance Pty Ltd                                                        | CUSIP: 21979LAA4<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    679000 | PA      | $694277.50    | 0.29%             | 2026-05-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU                  | WFRBS Commercial Mortgage Trust 2014-C24                                        | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    665000 | PA      | $633716.47    | 0.26%             | 2047-11-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                              | Infinite Bidco LLC                                                              | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    392549 | PA      | $375209.67    | 0.15%             | 2028-03-02      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                   | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    720000 | PA      | $676800.00    | 0.28%             | 2053-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                           | Truist Financial Corp                                                           | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    880000 | PA      | $814000.00    | 0.33%             | N/A             | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust 2020-1                                                 | CUSIP: 67592LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    644000 | PA      | $622609.86    | 0.26%             | 2025-06-20      | Fixed         | 1.98%                 | 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        |    229000 | PA      | $224541.27    | 0.09%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                         | UKG Inc                                                                         | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    132850 | PA      | $126207.54    | 0.05%             | 2026-05-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    795000 | PA      | $608114.68    | 0.25%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                                    | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AQ1<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    556000 | PA      | $476225.64    | 0.20%             | 2032-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CBU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3555000 | PA      | $3518592.39   | 1.45%             | 2023-03-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                            | Entegris Escrow Corp                                                            | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    618000 | PA      | $563577.25    | 0.23%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2022-5                                               | CUSIP: 924921AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    880203 | PA      | $805711.34    | 0.33%             | 2067-04-25      | Variable      | 3.80%                 | 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        |    375000 | PA      | $348885.30    | 0.14%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                              | VICI Properties LP                                                              | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    375000 | PA      | $347231.25    | 0.14%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                        | OWL Rock Core Income Corp                                                       | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    422000 | PA      | $380521.02    | 0.16%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                           | McGraw-Hill Education Inc                                                       | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    560000 | PA      | $463101.80    | 0.19%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Star US Bidco LLC                               | Star US Bidco LLC                                                               | CUSIP: 85519WAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    298180 | PA      | $283270.94    | 0.12%             | 2027-03-17      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    710000 | PA      | $351576.48    | 0.14%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-3                                               | CUSIP: 92539LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135376 | PA      | $108112.50    | 0.04%             | 2066-06-25      | Variable      | 1.05%                 | 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        |    385000 | PA      | $358018.39    | 0.15%             | 2026-06-25      | Variable      | 2.86%                 | 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        |    690000 | PA      | $662463.07    | 0.27%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1925000 | PA      | $1644962.17   | 0.68%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                  | Transocean Inc                                                                  | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     31000 | PA      | $31077.50     | 0.01%             | 2027-01-30      | Fixed         | 11.50%                | 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        |   1000000 | PA      | $951897.30    | 0.39%             | 2025-10-15      | Fixed         | 1.92%                 | 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        |    187561 | PA      | $149122.88    | 0.06%             | 2056-06-25      | Variable      | 1.52%                 | 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        |    315000 | PA      | $294288.75    | 0.12%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                             | Applied Systems Inc                                                             | CUSIP: 03827FBA8<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    366004 | PA      | $361886.43    | 0.15%             | 2027-09-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                  | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    620000 | PA      | $567269.00    | 0.23%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                            | SRS Distribution Inc                                                            | CUSIP: 78466YAN8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |    172812 | PA      | $164882.13    | 0.07%             | 2028-06-02      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| NMG PARENT LLC.                                 | NMG PARENT LLC.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       836 | NS      | $121220.00    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| SEMPRA GLOBAL                                   | Sempra Global                                                                   | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    814000 | PA      | $648965.72    | 0.27%             | 2032-01-15      | Fixed         | 3.25%                 | 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        |    237532 | PA      | $196535.43    | 0.08%             | 2029-10-25      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                        | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    945000 | PA      | $838626.64    | 0.34%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                           | Venezuela Government International Bond                                         | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    920000 | PA      | $64400.00     | 0.03%             | 2034-01-13      | Fixed         | 9.38%                 | No            |                  3 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC       | Oryx Midstream Services Permian Basin LLC                                       | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    420785 | PA      | $415197.41    | 0.17%             | 2028-10-05      | Floating      | 7.92%                 | 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        |    340000 | PA      | $326704.66    | 0.13%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                         | Brown Group Holding LLC                                                         | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    261749 | PA      | $256550.77    | 0.11%             | 2028-06-07      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                    | Alliance Laundry Systems LLC                                                    | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |    227564 | PA      | $222842.09    | 0.09%             | 2027-10-08      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Spectrum Holdings III Corp                      | KPEX Holdings Inc                                                               | CUSIP: 84763NAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    475627 | PA      | $434432.55    | 0.18%             | 2025-01-31      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                        | Saudi Government International Bond                                             | CUSIP: 80413TBA6<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    670000 | PA      | $709530.00    | 0.29%             | 2032-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1880000 | PA      | $1592639.07   | 0.65%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                   | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $205856.63    | 0.08%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Raptor Acquisition Corp                         | Great Canadian Gaming Corp                                                      | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |    129350 | PA      | $126708.67    | 0.05%             | 2026-11-01      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp               | Project Ruby Ultimate Parent Corp                                               | CUSIP: 74339UAS9<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |    401270 | PA      | $378554.50    | 0.16%             | 2028-03-10      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                          | Egypt Government International Bond                                             | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    510000 | PA      | $352633.13    | 0.14%             | 2031-02-16      | Fixed         | 5.88%                 | 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        |    665000 | PA      | $596210.47    | 0.24%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                     | MetLife Inc                                                                     | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    478000 | PA      | $454514.70    | 0.19%             | N/A             | Fixed         | 5.88%                 | 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        |    263551 | PA      | $255842.19    | 0.11%             | 2029-02-10      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                      | Viasat Inc                                                                      | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    195000 | PA      | $180918.58    | 0.07%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Carlisle Foodservice Products Incorporated      | Carlisle FoodService Products Inc                                               | CUSIP: 14235UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    343217 | PA      | $305177.87    | 0.13%             | 2025-03-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                               | At Home Group Inc                                                               | CUSIP: 04650YAB6<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |    570000 | PA      | $330657.00    | 0.14%             | 2029-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2019-4                                               | CUSIP: 92537KAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $261557.70    | 0.11%             | 2059-11-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                          | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |    169996 | PA      | $160093.96    | 0.07%             | 2043-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| DS Parent Inc                                   | DS Parent Inc                                                                   | CUSIP: 23344YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    303188 | PA      | $288155.46    | 0.12%             | 2028-12-08      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| Dominion Mortgage Trust                         | Dominion Mortgage Trust 2021-RTL1                                               | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $899323.00    | 0.37%             | 2027-07-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing Inc               | American Axle & Manufacturing Inc                                               | CUSIP: 000000000<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |    395000 | PA      | $385784.65    | 0.16%             | 2029-12-13      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                       | CIM Trust 2021-NR4                                                              | CUSIP: 12566DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250331 | PA      | $231388.17    | 0.10%             | 2061-10-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                                 | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    664975 | PA      | $559167.50    | 0.23%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| CABLE ONDA SA                                   | Telecomunicaciones Digitales SA                                                 | CUSIP: 12686LAA7<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    790000 | PA      | $703593.75    | 0.29%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                    | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $369705.33    | 0.15%             | 2055-04-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                               | Iron Mountain Inc                                                               | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    485000 | PA      | $398640.90    | 0.16%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                         | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     24000 | PA      | $24662.40     | 0.01%             | 2029-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                   | DISH DBS Corp                                                                   | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $354811.60    | 0.15%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VISTRA ENERGY CORP RIGHTS                       | VISTRA ENERGY CORP RIGHTS                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6252 | NS      | $7502.40      | 0.00%             |  |  |  | No            |                  3 | 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        |    461983 | PA      | $428739.29    | 0.18%             | 2029-10-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                  | Var Energi ASA                                                                  | CUSIP: 92212WAD2<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    280000 | PA      | $285208.50    | 0.12%             | 2028-01-15      | Fixed         | 7.50%                 | 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        |    295000 | PA      | $265748.07    | 0.11%             | 2046-06-01      | Fixed         | 6.71%                 | 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        |    465000 | PA      | $320278.05    | 0.13%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                            | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    340000 | PA      | $348707.40    | 0.14%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company      | Mauser Packaging Solutions Holding Co                                           | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |    494692 | PA      | $482394.16    | 0.20%             | 2024-04-03      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL4 LLC                                                              | CUSIP: 91823DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    652080 | PA      | $590412.59    | 0.24%             | 2051-08-25      | Variable      | 1.87%                 | 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        |    305000 | PA      | $238054.21    | 0.10%             | 2060-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                           | Mexico Government International Bond                                            | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    635000 | PA      | $483115.94    | 0.20%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings, LLC                      | Mileage Plus Holdings LLC                                                       | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    346500 | PA      | $355942.13    | 0.15%             | 2027-06-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48125.00     | 0.02%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                           | Lightstone Holdco LLC                                                           | CUSIP: 53226GAK7<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |    249493 | PA      | $227786.89    | 0.09%             | 2027-02-01      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                            | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1245000 | PA      | $1104912.10   | 0.45%             | 2037-10-19      | Fixed         | 1.57%                 | 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        |    743000 | PA      | $739703.98    | 0.30%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                     | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    875000 | PA      | $812656.25    | 0.33%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                               | Clarios Global LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |    291597 | PA      | $285158.27    | 0.12%             | 2026-04-30      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                        | Corebridge Financial Inc                                                        | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    558000 | PA      | $515611.35    | 0.21%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                      | Leidos Inc                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    960000 | PA      | $735413.26    | 0.30%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive Inc                  | Cooper-Standard Automotive Inc                                                  | CUSIP: 21676TAC9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | LON              | CORP              | US        |    456869 | PA      | $446018.79    | 0.18%             | 2023-11-02      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                  | PULTEGROUP INC                                                                  | CUSIP: 745867AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $583433.21    | 0.24%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| INTERCORP PERU LTD                              | Intercorp Peru Ltd                                                              | CUSIP: 458652AB0<br>LEI: 549300L0OFVSOE4NSY75 | Long             | DBT              | CORP              | BS        |    740000 | PA      | $609112.50    | 0.25%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CDK Global Inc                                  | Central Parent Inc                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $148465.50    | 0.06%             | 2029-07-06      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST                         | Kite Realty Group Trust                                                         | CUSIP: 76131VAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $739482.27    | 0.30%             | 2030-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                 | TricorBraun Holdings Inc                                                        | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |    244644 | PA      | $232896.01    | 0.10%             | 2028-03-03      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                            | LHOME Mortgage Trust 2021-RTL1                                                  | CUSIP: 501894AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $426001.55    | 0.17%             | 2026-02-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    450000 | PA      | $308951.46    | 0.13%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                           | Lincoln National Corp                                                           | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    870000 | PA      | $626400.00    | 0.26%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                                | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    335000 | PA      | $278050.00    | 0.11%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                        | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    192000 | PA      | $174720.00    | 0.07%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                       | BPR Trust 2022-OANA                                                             | CUSIP: 05592DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $365998.91    | 0.15%             | 2037-04-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3165000 | PA      | $2004582.44   | 0.82%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                        | Trident TPI Holdings Inc                                                        | CUSIP: 89616RAA7<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    296000 | PA      | $256522.85    | 0.11%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                | NAB Holdings LLC                                                                | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |    252450 | PA      | $245002.73    | 0.10%             | 2028-11-23      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                         | Dornoch Debt Merger Sub Inc                                                     | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $235021.30    | 0.10%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Anchor Glass Container Corporation              | Anchor Glass Container Corp                                                     | CUSIP: 37712UAE4<br>LEI: 5493004I6HQW11F10C18 | Long             | LON              | CORP              | US        |    274197 | PA      | $198107.26    | 0.08%             | 2023-12-07      | Floating      | 6.48%                 | 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        |    835000 | PA      | $788395.64    | 0.32%             | 2030-11-20      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Packaging Coordinators Midco Inc.               | Packaging Coordinators Midco Inc                                                | CUSIP: 69515EAH5<br>LEI: 549300SL20D7D39KSB12 | Long             | LON              | CORP              | US        |    267209 | PA      | $252846.47    | 0.10%             | 2027-11-30      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                                           | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $31033.35     | 0.01%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                      | LAD Auto Receivables Trust 2022-1                                               | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    630249 | PA      | $620154.80    | 0.25%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Medallion Midland Acquisition LLC               | Medallion Midland Acquisition LP                                                | CUSIP: 58404BAD7<br>LEI: 549300QCYU94ZA2ELG48 | Long             | LON              | CORP              | US        |    273259 | PA      | $270269.71    | 0.11%             | 2028-10-18      | Floating      | 8.01%                 | 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        |    650000 | PA      | $623076.16    | 0.26%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                   | TransDigm Inc                                                                   | CUSIP: 89364MBR4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    220943 | PA      | $217977.68    | 0.09%             | 2025-12-09      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                           | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $624000.00    | 0.26%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                           | Micron Technology Inc                                                           | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    586000 | PA      | $595245.25    | 0.24%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    710000 | PA      | $743941.29    | 0.31%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                          | Credit Suisse Group AG                                                          | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    570000 | PA      | $583604.29    | 0.24%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                  | VCAT 2021-NPL3 LLC                                                              | CUSIP: 91824MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    466813 | PA      | $404239.44    | 0.17%             | 2051-05-25      | Variable      | 1.74%                 | 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        |    970000 | PA      | $874262.06    | 0.36%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                  | Proofpoint Inc                                                                  | CUSIP: 74345HAB7<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    137603 | PA      | $132022.20    | 0.05%             | 2028-08-31      | Floating      | 7.98%                 | 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        |   1010000 | PA      | $961209.02    | 0.39%             | 2034-08-21      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                           | Directv Financing LLC                                                           | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    371479 | PA      | $360876.91    | 0.15%             | 2027-08-02      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     70000 | PA      | $35977.41     | 0.01%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    570000 | PA      | $556350.47    | 0.23%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                        | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    325000 | PA      | $271765.00    | 0.11%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                             | CNT Holdings I Corp                                                             | CUSIP: 12656AAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    367247 | PA      | $354852.02    | 0.15%             | 2027-11-08      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| ODEBRECHT OIL & FINANCE                         | Odebrecht Oil & Gas Finance Ltd                                                 | CUSIP: 67576JAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    123675 | PA      | $309.19       | 0.00%             | N/A             | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| USASF Receivables LLC                           | USASF Receivables 2020-1 LLC                                                    | CUSIP: 90353QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1435000 | PA      | $1427699.01   | 0.59%             | 2024-08-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                           | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    450000 | PA      | $361125.00    | 0.15%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                           | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    543000 | PA      | $423805.34    | 0.17%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    220000 | PA      | $200407.73    | 0.08%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                             | Suzano Austria GmbH                                                             | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    645000 | PA      | $540993.75    | 0.22%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                     | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    134807 | PA      | $121443.75    | 0.05%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Pearl Intermediate Parent LLC                   | PetVet Care Centers LLC                                                         | CUSIP: 70476XAC9<br>LEI: 549300V0HK8MSXZNOM91 | Long             | LON              | CORP              | US        |    447784 | PA      | $416721.10    | 0.17%             | 2025-02-14      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                   | TransDigm Inc                                                                   | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    310000 | PA      | $291105.50    | 0.12%             | 2027-11-15      | Fixed         | 5.50%                 | 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        |    812330 | PA      | $808214.55    | 0.33%             | 2026-07-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications Inc                 | Consolidated Communications Inc                                                 | CUSIP: 20903EBB0<br>LEI: 549300WW675Y48HDVX34 | Long             | LON              | CORP              | US        |    267752 | PA      | $235565.09    | 0.10%             | 2027-10-02      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                           | Argentine Republic Government International Bond                                | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1470000 | PA      | $416010.00    | 0.17%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                           | Guatemala Government Bond                                                       | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    460000 | PA      | $441255.00    | 0.18%             | 2029-08-10      | Fixed         | 5.25%                 | 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        |     91283 | PA      | $88593.65     | 0.04%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                             | Inversiones CMPC SA                                                             | CUSIP: 46128MAN1<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    700000 | PA      | $631225.00    | 0.26%             | 2030-01-13      | Fixed         | 3.85%                 | 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        |    760000 | PA      | $732144.86    | 0.30%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                                | Zions Bancorp NA                                                                | CUSIP: 989701818<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EP               | CORP              | US        |     38525 | NS      | $982002.25    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    865000 | PA      | $756875.00    | 0.31%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    859000 | PA      | $923918.91    | 0.38%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PODS LLC                                        | PODS LLC                                                                        | CUSIP: 73044EAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    266021 | PA      | $251169.25    | 0.10%             | 2028-03-31      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                         | Philippine Government International Bond                                        | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    965000 | PA      | $786581.15    | 0.32%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TITAN ACQ/CO-BORROWER                           | Titan Acquisition Ltd / Titan Co-Borrower LLC                                   | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    648000 | PA      | $583581.08    | 0.24%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                            | Carnival Corp                                                                   | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |    141376 | PA      | $135165.27    | 0.06%             | 2025-06-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    499009 | PA      | $485259.79    | 0.20%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518296.84    | 0.21%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer