# EDGAR Filing Document

**Accession Number:** 0001589756
**File Stem:** 0000940400-25-011189
**Filing Date:** 2025-11
**Character Count:** 470014
**Document Hash:** ba72eb5ae57a1228075268e5282e8074
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011189.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011189

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS ALTERNATIVE SOLUTIONS TRUST
- **CENTRAL INDEX KEY:** 0001589756

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22906
- **FILM NUMBER:** 251531615

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 860.263.4790

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS ALTERNATIVE SOLUTIONS FUNDS
- **DATE OF NAME CHANGE:** 20140204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS ALTERNATIVES TRUST I
- **DATE OF NAME CHANGE:** 20131022

## Series and Classes Contracts Data

### Virtus AlphaSimplex Global Alternatives Fund (Series ID: S000079777)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241131 | Class C      | GAFCX           |
| C000241132 | Class I      | GAFYX           |
| C000241133 | Class R6     | GAFNX           |
| C000241134 | Class A      | GAFAX           |

## Nport-Ex

**VIRTUS AlphaSimplex Global Alternatives Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—48.7%** | **Common Stocks—48.7%** | **Common Stocks—48.7%** |
| **Aerospace & Defense—1.4%** | **Aerospace & Defense—1.4%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> <br>| 136 | &nbsp;&nbsp; $98 |
| BWX Technologies, Inc. | 256 | &nbsp;&nbsp; 47 |
| Carpenter Technology Corp. | 358 | &nbsp;&nbsp; 88 |
| GE Aerospace | 464 | &nbsp;&nbsp; 140 |
| General Dynamics Corp. | 349 | &nbsp;&nbsp; 119 |
| Howmet Aerospace, Inc. | 927 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security <br> Solutions, Inc.<sup>(1)</sup> <br>| 553 | &nbsp;&nbsp; 50 |
| L3Harris Technologies, Inc. | 209 | &nbsp;&nbsp; 64 |
| Lockheed Martin Corp. | 268 | &nbsp;&nbsp; 134 |
| Northrop Grumman Corp. | 97 | &nbsp;&nbsp; 59 |
| RTX Corp. | 554 | &nbsp;&nbsp; 93 |
| TransDigm Group, Inc. | 248 | &nbsp;&nbsp; 327 |
| VSE Corp. | 334 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 1456 |
| **Air Freight & Logistics—0.2%** | **Air Freight & Logistics—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington, Inc.<br>| 1764 | &nbsp;&nbsp; 216 |
| **Automobile Components—0.5%** | **Automobile Components—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, <br> Inc.<sup>(1)</sup> <br>| 1788 | &nbsp;&nbsp; 66 |
| Dana, Inc. | 3054 | &nbsp;&nbsp; 61 |
| Dorman Products, Inc.<sup>(1)</sup> <br>| 685 | &nbsp;&nbsp; 107 |
| Garrett Motion, Inc. | 4626 | &nbsp;&nbsp; 63 |
| Gentex Corp. | 1938 | &nbsp;&nbsp; 55 |
| Standard Motor Products, Inc. | 2551 | &nbsp;&nbsp; 104 |
| Visteon Corp. | 831 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 556 |
| **Automobiles—0.2%** | **Automobiles—0.2%** |  |
| Winnebago Industries, Inc. | 4733 | &nbsp;&nbsp; 158 |
| **Banks—2.5%** | **Banks—2.5%** |  |
| Bank First Corp. | 797 | &nbsp;&nbsp; 97 |
| Bank of America Corp. | 825 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Bank of N.T. Butterfield & Son <br> Ltd. (The)<br>| 2305 | &nbsp;&nbsp; 99 |
| BANK OZK | 1990 | &nbsp;&nbsp; 102 |
| City Holding Co. | 2538 | &nbsp;&nbsp; 314 |
| Customers Bancorp, Inc.<sup>(1)</sup> <br>| 1590 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. <br> Class A<br>| 127 | &nbsp;&nbsp; 227 |
| Firstsun Capital Bancorp<sup>(1)</sup> <br>| 2354 | &nbsp;&nbsp; 91 |
| Guaranty Bancshares, Inc. | 1658 | &nbsp;&nbsp; 81 |
| Heritage Commerce Corp. | 4452 | &nbsp;&nbsp; 44 |
| Home BancShares, Inc. | 3575 | &nbsp;&nbsp; 101 |
| JPMorgan Chase & Co. | 274 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding <br> Corp.<br>| 1333 | &nbsp;&nbsp; 100 |
| Nicolet Bankshares, Inc. | 756 | &nbsp;&nbsp; 102 |
| Northwest Bancshares, Inc. | 3725 | &nbsp;&nbsp; 46 |
| NU Holdings Ltd. Class A<sup>(1)</sup> <br>| 4250 | &nbsp;&nbsp; 68 |
| Pathward Financial, Inc. | 3060 | &nbsp;&nbsp; 227 |
| Synovus Financial Corp. | 6606 | &nbsp;&nbsp; 324 |
| Veritex Holdings, Inc. | 10389 | &nbsp;&nbsp; 348 |
|  |  | &nbsp;&nbsp; 2604 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Beverages—0.8%** | **Beverages—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific <br> Partners plc<br>| 555 | &nbsp;&nbsp; $50 |
| Monster Beverage Corp.<sup>(1)</sup> <br>| 2944 | &nbsp;&nbsp; 198 |
| National Beverage Corp.<sup>(1)</sup> <br>| 3805 | &nbsp;&nbsp; 140 |
| PepsiCo, Inc. | 403 | &nbsp;&nbsp; 57 |
| Primo Brands Corp. Class A | 16856 | &nbsp;&nbsp; 373 |
|  |  | &nbsp;&nbsp; 818 |
| **Biotechnology—1.0%** | **Biotechnology—1.0%** |  |
| AbbVie, Inc. | 216 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 2387 | &nbsp;&nbsp; 51 |
| Akero Therapeutics, Inc.<sup>(1)</sup> <br>| 1104 | &nbsp;&nbsp; 52 |
| Exelixis, Inc.<sup>(1)</sup> <br>| 2681 | &nbsp;&nbsp; 111 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> <br>| 1118 | &nbsp;&nbsp; 82 |
| Incyte Corp.<sup>(1)</sup> <br>| 695 | &nbsp;&nbsp; 59 |
| Insmed, Inc.<sup>(1)</sup> <br>| 440 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals <br> International plc Class A<sup>(1)</sup> <br>| 2364 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 157 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 574 | &nbsp;&nbsp; 42 |
| Natera, Inc.<sup>(1)</sup> <br>| 1358 | &nbsp;&nbsp; 218 |
| PTC Therapeutics, Inc.<sup>(1)</sup> <br>| 1744 | &nbsp;&nbsp; 107 |
| Soleno Therapeutics, Inc.<sup>(1)</sup> <br>| 617 | &nbsp;&nbsp; 42 |
| Summit Therapeutics, Inc.<sup>(1)</sup> <br>| 3037 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 1104 |
| **Broadline Retail—0.6%** | **Broadline Retail—0.6%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 722 | &nbsp;&nbsp; 159 |
| Dillard's, Inc. Class A | 124 | &nbsp;&nbsp; 76 |
| eBay, Inc. | 656 | &nbsp;&nbsp; 60 |
| Etsy, Inc.<sup>(1)</sup> <br>| 1082 | &nbsp;&nbsp; 72 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 245 |
|  |  | &nbsp;&nbsp; 612 |
| **Building Products—1.1%** | **Building Products—1.1%** |  |
| A.O. Smith Corp. | 900 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, <br> Inc.<br>| 384 | &nbsp;&nbsp; 53 |
| Allegion plc | 770 | &nbsp;&nbsp; 137 |
| American Woodmark Corp.<sup>(1)</sup> <br>| 2408 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, <br> Inc.<br>| 534 | &nbsp;&nbsp; 105 |
| Carlisle Cos., Inc. | 384 | &nbsp;&nbsp; 126 |
| Insteel Industries, Inc. | 2710 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Johnson Controls <br> International plc<br>| 500 | &nbsp;&nbsp; 55 |
| Lennox International, Inc. | 108 | &nbsp;&nbsp; 57 |
| Masco Corp. | 1102 | &nbsp;&nbsp; 78 |
| Trane Technologies plc | 354 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions <br> Corp.<br>| 2127 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 1191 |
| **Capital Markets—2.8%** | **Capital Markets—2.8%** |  |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset <br> Management, Inc. Class A<br>| 1422 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon <br> Corp. (The)<br>| 576 | &nbsp;&nbsp; 63 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets—continued** | **Capital Markets—continued** |  |
| Blackrock, Inc. | 229 | &nbsp;&nbsp; $267 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.<br>| 396 | &nbsp;&nbsp; 94 |
| Brookfield Corp. | 1070 | &nbsp;&nbsp; 73 |
| Cboe Global Markets, Inc. | 334 | &nbsp;&nbsp; 82 |
| CME Group, Inc. Class A | 190 | &nbsp;&nbsp; 51 |
| Cohen & Steers, Inc. | 852 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Diamond Hill Investment <br> Group, Inc.<br>| 450 | &nbsp;&nbsp; 63 |
| Evercore, Inc. Class A | 227 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, <br> Inc.<br>| 749 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; Federated Hermes, Inc. <br> Class B<br>| 3184 | &nbsp;&nbsp; 165 |
| Franklin Resources, Inc. | 4470 | &nbsp;&nbsp; 103 |
| Freedom Holding Corp. N.V.<sup>(1)</sup> <br>| 513 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br> (The)<br>| 95 | &nbsp;&nbsp; 76 |
| Golub Capital BDC, Inc. | 3027 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. <br> Class A<br>| 1690 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, <br> Inc.<br>| 232 | &nbsp;&nbsp; 39 |
| Invesco Ltd. | 2742 | &nbsp;&nbsp; 63 |
| Janus Henderson Group plc | 3689 | &nbsp;&nbsp; 164 |
| Kayne Anderson BDC, Inc. | 3431 | &nbsp;&nbsp; 46 |
| Main Street Capital Corp. | 648 | &nbsp;&nbsp; 41 |
| MarketAxess Holdings, Inc. | 394 | &nbsp;&nbsp; 69 |
| Moelis & Co. Class A | 1970 | &nbsp;&nbsp; 141 |
| Morningstar, Inc. | 314 | &nbsp;&nbsp; 73 |
| MSCI, Inc. Class A | 123 | &nbsp;&nbsp; 70 |
| Nasdaq, Inc. | 593 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Nuveen Churchill Direct <br> Lending Corp.<br>| 2892 | &nbsp;&nbsp; 40 |
| PJT Partners, Inc. Class A | 414 | &nbsp;&nbsp; 74 |
| S&P Global, Inc. | 199 | &nbsp;&nbsp; 97 |
| StoneX Group, Inc.<sup>(1)</sup> <br>| 448 | &nbsp;&nbsp; 45 |
| Trinity Capital, Inc. | 9483 | &nbsp;&nbsp; 147 |
| WisdomTree, Inc. | 10805 | &nbsp;&nbsp; 150 |
|  |  | &nbsp;&nbsp; 3003 |
| **Chemicals—1.3%** | **Chemicals—1.3%** |  |
| Cabot Corp. | 5491 | &nbsp;&nbsp; 417 |
| Ecolab, Inc. | 197 | &nbsp;&nbsp; 54 |
| Ingevity Corp.<sup>(1)</sup> <br>| 1348 | &nbsp;&nbsp; 74 |
| Linde plc | 6 | &nbsp;&nbsp; 3 |
| RPM International, Inc. | 4281 | &nbsp;&nbsp; 505 |
| Scotts Miracle-Gro Co. (The) | 6039 | &nbsp;&nbsp; 344 |
|  |  | &nbsp;&nbsp; 1397 |
| **Commercial Services &** <br> **Supplies—1.3%** | **Commercial Services &** <br> **Supplies—1.3%** |  |
| CECO Environmental Corp.<sup>(1)</sup> <br>| 1406 | &nbsp;&nbsp; 72 |
| Cintas Corp. | 879 | &nbsp;&nbsp; 181 |
| CoreCivic, Inc.<sup>(1)</sup> <br>| 2919 | &nbsp;&nbsp; 59 |
| Ennis, Inc. | 3741 | &nbsp;&nbsp; 68 |
| GEO Group, Inc. (The)<sup>(1)</sup> <br>| 1738 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, <br> Inc.<sup>(1)</sup> <br>| 5638 | &nbsp;&nbsp; 95 |
| OPENLANE, Inc.<sup>(1)</sup> <br>| 1743 | &nbsp;&nbsp; 50 |
| Republic Services, Inc. Class A | 298 | &nbsp;&nbsp; 68 |
| Rollins, Inc. | 2150 | &nbsp;&nbsp; 126 |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Commercial Services &** <br> **Supplies—continued** | **Commercial Services &** <br> **Supplies—continued** |  |
| Steelcase, Inc. Class A | 15257 | &nbsp;&nbsp; $263 |
| UniFirst Corp. | 1332 | &nbsp;&nbsp; 223 |
| Vestis Corp. | 12526 | &nbsp;&nbsp; 57 |
| Waste Management, Inc. | 282 | &nbsp;&nbsp; 62 |
|  |  | &nbsp;&nbsp; 1360 |
| **Communications Equipment—0.5%** | **Communications Equipment—0.5%** |  |
| Calix, Inc.<sup>(1)</sup> <br>| 1668 | &nbsp;&nbsp; 102 |
| Cisco Systems, Inc. | 743 | &nbsp;&nbsp; 51 |
| Lumentum Holdings, Inc.<sup>(1)</sup> <br>| 332 | &nbsp;&nbsp; 54 |
| Motorola Solutions, Inc. | 204 | &nbsp;&nbsp; 93 |
| Ubiquiti, Inc. | 333 | &nbsp;&nbsp; 220 |
|  |  | &nbsp;&nbsp; 520 |
| **Construction & Engineering—1.1%** | **Construction & Engineering—1.1%** |  |
| AECOM | 465 | &nbsp;&nbsp; 61 |
| Comfort Systems USA, Inc. | 118 | &nbsp;&nbsp; 97 |
| EMCOR Group, Inc. | 182 | &nbsp;&nbsp; 118 |
| Fluor Corp.<sup>(1)</sup> <br>| 1402 | &nbsp;&nbsp; 59 |
| IES Holdings, Inc.<sup>(1)</sup> <br>| 488 | &nbsp;&nbsp; 194 |
| MYR Group, Inc.<sup>(1)</sup> <br>| 854 | &nbsp;&nbsp; 178 |
| Primoris Services Corp. | 1791 | &nbsp;&nbsp; 246 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> <br>| 176 | &nbsp;&nbsp; 60 |
| Valmont Industries, Inc. | 275 | &nbsp;&nbsp; 106 |
|  |  | &nbsp;&nbsp; 1119 |
| **Construction Materials—0.2%** | **Construction Materials—0.2%** |  |
| Eagle Materials, Inc. | 423 | &nbsp;&nbsp; 99 |
| Vulcan Materials Co. | 378 | &nbsp;&nbsp; 116 |
|  |  | &nbsp;&nbsp; 215 |
| **Consumer Finance—0.1%** | **Consumer Finance—0.1%** |  |
| Nelnet, Inc. Class A | 385 | &nbsp;&nbsp; 48 |
| SLM Corp. | 1533 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 91 |
| **Consumer Staples Distribution &** <br> **Retail—1.0%** | **Consumer Staples Distribution &** <br> **Retail—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. <br> (The)<sup>(1)</sup> <br>| 1373 | &nbsp;&nbsp; 80 |
| Costco Wholesale Corp. | 442 | &nbsp;&nbsp; 409 |
| Dollar Tree, Inc.<sup>(1)</sup> <br>| 1254 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, <br> Inc.<sup>(1)</sup> <br>| 875 | &nbsp;&nbsp; 95 |
| Sysco Corp. | 285 | &nbsp;&nbsp; 24 |
| United Natural Foods, Inc.<sup>(1)</sup> <br>| 5112 | &nbsp;&nbsp; 192 |
| Walmart, Inc. | 1818 | &nbsp;&nbsp; 188 |
|  |  | &nbsp;&nbsp; 1106 |
| **Containers & Packaging—0.3%** | **Containers & Packaging—0.3%** |  |
| AptarGroup, Inc. | 722 | &nbsp;&nbsp; 96 |
| Ardagh Metal Packaging S.A. | 12999 | &nbsp;&nbsp; 52 |
| Avery Dennison Corp. | 486 | &nbsp;&nbsp; 79 |
| TriMas Corp. | 2708 | &nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp; 332 |
| **Distributors—0.1%** | **Distributors—0.1%** |  |
| Genuine Parts Co. | 376 | &nbsp;&nbsp; 52 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Consumer Services—0.5%** | **Diversified Consumer Services—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, <br> Inc.<sup>(1)</sup> <br>| 730 | &nbsp;&nbsp; $113 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, <br> Inc.<sup>(1)</sup> <br>| 368 | &nbsp;&nbsp; 81 |
| H&R Block, Inc. | 3633 | &nbsp;&nbsp; 184 |
| Service Corp. International | 423 | &nbsp;&nbsp; 35 |
| Stride, Inc.<sup>(1)</sup> <br>| 1126 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp; 580 |
| **Diversified REITs—0.1%** | **Diversified REITs—0.1%** |  |
| Alexander & Baldwin, Inc. | 994 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent <br> Class A<br>| 1336 | &nbsp;&nbsp; 45 |
| AvalonBay Communities, Inc. | 233 | &nbsp;&nbsp; 45 |
| CTO Realty Growth, Inc. | 1240 | &nbsp;&nbsp; 20 |
|  |  | &nbsp;&nbsp; 128 |
| **Diversified Telecommunication** <br> **Services—0.1%** | **Diversified Telecommunication** <br> **Services—0.1%** |  |
| Verizon Communications, Inc. | 2711 | &nbsp;&nbsp; 119 |
| **Electric Utilities—0.4%** | **Electric Utilities—0.4%** |  |
| Alliant Energy Corp. | 335 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., <br> Inc.<br>| 190 | &nbsp;&nbsp; 21 |
| Duke Energy Corp. | 93 | &nbsp;&nbsp; 12 |
| Entergy Corp. | 220 | &nbsp;&nbsp; 21 |
| Evergy, Inc. | 346 | &nbsp;&nbsp; 26 |
| Exelon Corp. | 474 | &nbsp;&nbsp; 21 |
| FirstEnergy Corp. | 1790 | &nbsp;&nbsp; 82 |
| IDACORP, Inc. | 137 | &nbsp;&nbsp; 18 |
| NRG Energy, Inc. | 254 | &nbsp;&nbsp; 41 |
| OGE Energy Corp. | 492 | &nbsp;&nbsp; 23 |
| Pinnacle West Capital Corp. | 216 | &nbsp;&nbsp; 19 |
| Portland General Electric Co. | 330 | &nbsp;&nbsp; 15 |
| PPL Corp. | 545 | &nbsp;&nbsp; 20 |
| Southern Co. (The) | 244 | &nbsp;&nbsp; 23 |
| Xcel Energy, Inc. | 310 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 390 |
| **Electrical Equipment—0.5%** | **Electrical Equipment—0.5%** |  |
| AMETEK, Inc. | 632 | &nbsp;&nbsp; 119 |
| Eaton Corp. plc | 212 | &nbsp;&nbsp; 79 |
| Emerson Electric Co. | 371 | &nbsp;&nbsp; 49 |
| GE Vernova, Inc. | 140 | &nbsp;&nbsp; 86 |
| Preformed Line Products Co. | 457 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding <br> plc<br>| 2156 | &nbsp;&nbsp; 66 |
|  |  | &nbsp;&nbsp; 488 |
| **Electronic Equipment, Instruments &** <br> **Components—1.1%** | **Electronic Equipment, Instruments &** <br> **Components—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, <br> Inc.<br>| 593 | &nbsp;&nbsp; 101 |
| Jabil, Inc. | 1426 | &nbsp;&nbsp; 310 |
| Kimball Electronics, Inc.<sup>(1)</sup> <br>| 2549 | &nbsp;&nbsp; 76 |
| Knowles Corp.<sup>(1)</sup> <br>| 4684 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. <br> Class A<sup>(1)</sup> <br>| 2020 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Napco Security Technologies, <br> Inc.<br>| 1706 | &nbsp;&nbsp; 73 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment, Instruments &** <br> **Components—continued** | **Electronic Equipment, Instruments &** <br> **Components—continued** |  |
| OSI Systems, Inc.<sup>(1)</sup> <br>| 437 | &nbsp;&nbsp; $109 |
| TE Connectivity plc | 476 | &nbsp;&nbsp; 104 |
| Trimble, Inc.<sup>(1)</sup> <br>| 807 | &nbsp;&nbsp; 66 |
| TTM Technologies, Inc.<sup>(1)</sup> <br>| 937 | &nbsp;&nbsp; 54 |
| Vontier Corp. | 2476 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 1153 |
| **Energy Equipment & Services—0.1%** | **Energy Equipment & Services—0.1%** |  |
| Baker Hughes Co. Class A | 1242 | &nbsp;&nbsp; 60 |
| Schlumberger N.V. | 1761 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 121 |
| **Entertainment—0.9%** | **Entertainment—0.9%** |  |
| Electronic Arts, Inc. | 1294 | &nbsp;&nbsp; 261 |
| Netflix, Inc.<sup>(1)</sup> <br>| 309 | &nbsp;&nbsp; 370 |
| ROBLOX Corp. Class A<sup>(1)</sup> <br>| 454 | &nbsp;&nbsp; 63 |
| Spotify Technology S.A.<sup>(1)</sup> <br>| 237 | &nbsp;&nbsp; 165 |
| Walt Disney Co. (The) | 546 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 922 |
| **Financial Services—0.9%** | **Financial Services—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Banco Latinoamericano de <br> Comercio Exterior S.A. <br> Class E<br>| 2258 | &nbsp;&nbsp; 104 |
| Corpay, Inc.<sup>(1)</sup> <br>| 271 | &nbsp;&nbsp; 78 |
| Enact Holdings, Inc. | 487 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage <br> Corp. Class C<br>| 601 | &nbsp;&nbsp; 101 |
| Jack Henry & Associates, Inc. | 132 | &nbsp;&nbsp; 20 |
| Mastercard, Inc. Class A | 292 | &nbsp;&nbsp; 166 |
| NMI Holdings, Inc. Class A<sup>(1)</sup> <br>| 2086 | &nbsp;&nbsp; 80 |
| Toast, Inc. Class A<sup>(1)</sup> <br>| 1270 | &nbsp;&nbsp; 46 |
| Visa, Inc. Class A | 1006 | &nbsp;&nbsp; 343 |
| WEX, Inc.<sup>(1)</sup> <br>| 281 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 1001 |
| **Food Products—1.1%** | **Food Products—1.1%** |  |
| Archer-Daniels-Midland Co. | 1692 | &nbsp;&nbsp; 101 |
| Cal-Maine Foods, Inc. | 387 | &nbsp;&nbsp; 36 |
| Hershey Co. (The) | 470 | &nbsp;&nbsp; 88 |
| Ingredion, Inc. | 1794 | &nbsp;&nbsp; 219 |
| Lamb Weston Holdings, Inc. | 1257 | &nbsp;&nbsp; 73 |
| Pilgrim's Pride Corp. | 881 | &nbsp;&nbsp; 36 |
| Post Holdings, Inc.<sup>(1)</sup> <br>| 423 | &nbsp;&nbsp; 46 |
| Seaboard Corp. | 90 | &nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co. <br> (The)<sup>(1)</sup> <br>| 8831 | &nbsp;&nbsp; 219 |
| TreeHouse Foods, Inc.<sup>(1)</sup> <br>| 2181 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 1190 |
| **Gas Utilities—0.3%** | **Gas Utilities—0.3%** |  |
| National Fuel Gas Co. | 251 | &nbsp;&nbsp; 23 |
| New Jersey Resources Corp. | 462 | &nbsp;&nbsp; 22 |
| ONE Gas, Inc. | 1297 | &nbsp;&nbsp; 105 |
| Southwest Gas Holdings, Inc. | 907 | &nbsp;&nbsp; 71 |
| Spire, Inc. | 185 | &nbsp;&nbsp; 15 |
| UGI Corp. | 3081 | &nbsp;&nbsp; 103 |
|  |  | &nbsp;&nbsp; 339 |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation—0.5%** | **Ground Transportation—0.5%** |  |
| Lyft, Inc. Class A<sup>(1)</sup> <br>| 4786 | &nbsp;&nbsp; $105 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br> Inc.<br>| 966 | &nbsp;&nbsp; 136 |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 689 | &nbsp;&nbsp; 68 |
| Union Pacific Corp. | 809 | &nbsp;&nbsp; 191 |
|  |  | &nbsp;&nbsp; 500 |
| **Health Care REITs—0.2%** | **Health Care REITs—0.2%** |  |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, <br> Inc.<br>| 839 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust, <br> Inc.<br>| 1124 | &nbsp;&nbsp; 17 |
| LTC Properties, Inc. | 1576 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, <br> Inc.<br>| 430 | &nbsp;&nbsp; 18 |
| Ventas, Inc. | 1528 | &nbsp;&nbsp; 107 |
|  |  | &nbsp;&nbsp; 236 |
| **Healthcare Equipment &** <br> **Supplies—0.7%** | **Healthcare Equipment &** <br> **Supplies—0.7%** |  |
| Alphatec Holdings, Inc.<sup>(1)</sup> <br>| 3747 | &nbsp;&nbsp; 55 |
| Becton Dickinson & Co. | 29 | &nbsp;&nbsp; 5 |
| Boston Scientific Corp.<sup>(1)</sup> <br>| 1008 | &nbsp;&nbsp; 98 |
| Edwards Lifesciences Corp.<sup>(1)</sup> <br>| 1382 | &nbsp;&nbsp; 107 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 101 | &nbsp;&nbsp; 65 |
| Inmode Ltd.<sup>(1)</sup> <br>| 4138 | &nbsp;&nbsp; 62 |
| iRhythm Technologies, Inc.<sup>(1)</sup> <br>| 623 | &nbsp;&nbsp; 107 |
| LivaNova plc<sup>(1)</sup> <br>| 1802 | &nbsp;&nbsp; 94 |
| Medtronic plc | 658 | &nbsp;&nbsp; 63 |
| Solventum Corp.<sup>(1)</sup> <br>| 837 | &nbsp;&nbsp; 61 |
| Stryker Corp. | 118 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 761 |
| **Healthcare Providers &** <br> **Services—0.6%** | **Healthcare Providers &** <br> **Services—0.6%** |  |
| Cencora, Inc. | 331 | &nbsp;&nbsp; 103 |
| Chemed Corp. | 168 | &nbsp;&nbsp; 75 |
| CorVel Corp.<sup>(1)</sup> <br>| 950 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; GeneDx Holdings Corp. <br> Class A<sup>(1)</sup> <br>| 474 | &nbsp;&nbsp; 51 |
| Hims & Hers Health, Inc.<sup>(1)</sup> <br>| 363 | &nbsp;&nbsp; 21 |
| McKesson Corp. | 78 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, <br> Inc.<sup>(1)</sup> <br>| 5464 | &nbsp;&nbsp; 91 |
| Progyny, Inc.<sup>(1)</sup> <br>| 2835 | &nbsp;&nbsp; 61 |
| Quest Diagnostics, Inc. | 129 | &nbsp;&nbsp; 25 |
| Tenet Healthcare Corp.<sup>(1)</sup> <br>| 198 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 601 |
| **Healthcare Technology—0.0%** | **Healthcare Technology—0.0%** |  |
| HealthStream, Inc. | 1750 | &nbsp;&nbsp; 49 |
| **Hotel & Resort REITs—0.0%** | **Hotel & Resort REITs—0.0%** |  |
| Apple Hospitality REIT, Inc. | 3875 | &nbsp;&nbsp; 47 |
| **Hotels, Restaurants & Leisure—2.1%** | **Hotels, Restaurants & Leisure—2.1%** |  |
| Booking Holdings, Inc. | 97 | &nbsp;&nbsp; 524 |
| Boyd Gaming Corp. | 956 | &nbsp;&nbsp; 83 |
| Brinker International, Inc.<sup>(1)</sup> <br>| 665 | &nbsp;&nbsp; 84 |
| Cheesecake Factory, Inc. (The) | 911 | &nbsp;&nbsp; 50 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants &** <br> **Leisure—continued** | **Hotels, Restaurants &** <br> **Leisure—continued** |  |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. <br> Class A<sup>(1)</sup> <br>| 5492 | &nbsp;&nbsp; $215 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, <br> Inc.<br>| 560 | &nbsp;&nbsp; 60 |
| Domino's Pizza, Inc. | 270 | &nbsp;&nbsp; 117 |
| DoorDash, Inc. Class A<sup>(1)</sup> <br>| 224 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br> Inc.<br>| 497 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc. <br> Class A<sup>(1)</sup> <br>| 2209 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide <br> Corp.<br>| 659 | &nbsp;&nbsp; 44 |
| McDonald's Corp. | 399 | &nbsp;&nbsp; 121 |
| MGM Resorts International<sup>(1)</sup> <br>| 1680 | &nbsp;&nbsp; 58 |
| Monarch Casino & Resort, Inc. | 812 | &nbsp;&nbsp; 86 |
| Penn Entertainment, Inc.<sup>(1)</sup> <br>| 3073 | &nbsp;&nbsp; 59 |
| Planet Fitness, Inc. Class A<sup>(1)</sup> <br>| 649 | &nbsp;&nbsp; 67 |
| Royal Caribbean Cruises Ltd. | 176 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br> Class A<sup>(1)</sup> <br>| 3154 | &nbsp;&nbsp; 85 |
| Wendy's Co. (The) | 4662 | &nbsp;&nbsp; 43 |
| Wingstop, Inc. | 240 | &nbsp;&nbsp; 60 |
| Yum! Brands, Inc. | 764 | &nbsp;&nbsp; 116 |
|  |  | &nbsp;&nbsp; 2250 |
| **Household Durables—0.8%** | **Household Durables—0.8%** |  |
| DR Horton, Inc. | 497 | &nbsp;&nbsp; 84 |
| Garmin Ltd. | 258 | &nbsp;&nbsp; 64 |
| Green Brick Partners, Inc.<sup>(1)</sup> <br>| 684 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, <br> Inc.<br>| 324 | &nbsp;&nbsp; 80 |
| NVR, Inc.<sup>(1)</sup> <br>| 48 | &nbsp;&nbsp; 386 |
| TopBuild Corp.<sup>(1)</sup> <br>| 368 | &nbsp;&nbsp; 144 |
|  |  | &nbsp;&nbsp; 808 |
| **Household Products—0.7%** | **Household Products—0.7%** |  |
| Church & Dwight Co., Inc. | 133 | &nbsp;&nbsp; 12 |
| Clorox Co. (The) | 838 | &nbsp;&nbsp; 103 |
| Colgate-Palmolive Co. | 2272 | &nbsp;&nbsp; 182 |
| Kimberly-Clark Corp. | 151 | &nbsp;&nbsp; 19 |
| Procter & Gamble Co. (The) | 905 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, <br> Inc.<br>| 2093 | &nbsp;&nbsp; 51 |
| WD-40 Co. | 1065 | &nbsp;&nbsp; 210 |
|  |  | &nbsp;&nbsp; 716 |
| **Independent Power and Renewable** <br> **Electricity Producers—0.1%** | **Independent Power and Renewable** <br> **Electricity Producers—0.1%** |  |
| Talen Energy Corp.<sup>(1)</sup> <br>| 119 | &nbsp;&nbsp; 51 |
| Vistra Corp. | 266 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 103 |
| **Industrial Conglomerates—0.1%** | **Industrial Conglomerates—0.1%** |  |
| 3M Co. | 223 | &nbsp;&nbsp; 35 |
| Honeywell International, Inc. | 451 | &nbsp;&nbsp; 95 |
|  |  | &nbsp;&nbsp; 130 |
| **Industrial REITs—0.1%** | **Industrial REITs—0.1%** |  |
| EastGroup Properties, Inc. | 287 | &nbsp;&nbsp; 49 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance—2.6%** | **Insurance—2.6%** |  |
| Aflac, Inc. | 107 | &nbsp;&nbsp; $12 |
| AMERISAFE, Inc. | 4760 | &nbsp;&nbsp; 209 |
| Aon plc Class A | 44 | &nbsp;&nbsp; 16 |
| Arch Capital Group Ltd. | 4597 | &nbsp;&nbsp; 417 |
| Brighthouse Financial, Inc.<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 56 |
| Brown & Brown, Inc. | 181 | &nbsp;&nbsp; 17 |
| Chubb Ltd. | 235 | &nbsp;&nbsp; 66 |
| CNA Financial Corp. | 314 | &nbsp;&nbsp; 15 |
| Gallagher (Arthur J.) & Co. | 34 | &nbsp;&nbsp; 11 |
| Globe Life, Inc. | 344 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. <br> Class A<br>| 780 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. <br> (The)<br>| 208 | &nbsp;&nbsp; 28 |
| Investors Title Co. | 816 | &nbsp;&nbsp; 219 |
| Kinsale Capital Group, Inc. | 148 | &nbsp;&nbsp; 63 |
| Lincoln National Corp. | 2340 | &nbsp;&nbsp; 94 |
| Loews Corp. | 180 | &nbsp;&nbsp; 18 |
| Markel Group, Inc.<sup>(1)</sup> <br>| 221 | &nbsp;&nbsp; 422 |
| Marsh & McLennan Cos., Inc. | 755 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Old Republic International <br> Corp.<br>| 716 | &nbsp;&nbsp; 30 |
| Progressive Corp. (The) | 270 | &nbsp;&nbsp; 67 |
| RLI Corp. | 6865 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| 175 | &nbsp;&nbsp; 292 |
| Willis Towers Watson plc | 62 | &nbsp;&nbsp; 21 |
|  |  | &nbsp;&nbsp; 2780 |
| **Interactive Media & Services—0.7%** | **Interactive Media & Services—0.7%** |  |
| Alphabet, Inc. Class A | 614 | &nbsp;&nbsp; 149 |
| Cargurus, Inc. Class A<sup>(1)</sup> <br>| 1727 | &nbsp;&nbsp; 64 |
| Match Group, Inc. | 4329 | &nbsp;&nbsp; 153 |
| Meta Platforms, Inc. Class A | 162 | &nbsp;&nbsp; 119 |
| Pinterest, Inc. Class A<sup>(1)</sup> <br>| 6663 | &nbsp;&nbsp; 215 |
| Yelp, Inc. Class A<sup>(1)</sup> <br>| 2242 | &nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp; 770 |
| **IT Services—0.9%** | **IT Services—0.9%** |  |
| Accenture plc Class A | 2154 | &nbsp;&nbsp; 531 |
| Amdocs Ltd. | 960 | &nbsp;&nbsp; 79 |
| Cloudflare, Inc. Class A<sup>(1)</sup> <br>| 43 | &nbsp;&nbsp; 9 |
| Hackett Group, Inc. (The) | 3458 | &nbsp;&nbsp; 66 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> <br>| 1884 | &nbsp;&nbsp; 56 |
| VeriSign, Inc. | 790 | &nbsp;&nbsp; 221 |
|  |  | &nbsp;&nbsp; 962 |
| **Leisure Products—0.2%** | **Leisure Products—0.2%** |  |
| Hasbro, Inc. | 371 | &nbsp;&nbsp; 28 |
| Sturm Ruger & Co., Inc. | 3400 | &nbsp;&nbsp; 148 |
|  |  | &nbsp;&nbsp; 176 |
| **Life Sciences Tools & Services—0.6%** | **Life Sciences Tools & Services—0.6%** |  |
| Illumina, Inc.<sup>(1)</sup> <br>| 655 | &nbsp;&nbsp; 62 |
| Medpace Holdings, Inc.<sup>(1)</sup> <br>| 193 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br> Inc.<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 473 |
| QIAGEN N.V. | 1105 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 683 |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery—2.3%** | **Machinery—2.3%** |  |
| &nbsp;&nbsp;&nbsp; Allison Transmission <br> Holdings, Inc.<br>| 767 | &nbsp;&nbsp; $65 |
| Caterpillar, Inc. | 188 | &nbsp;&nbsp; 90 |
| CNH Industrial N.V. | 3933 | &nbsp;&nbsp; 43 |
| Crane Co. | 575 | &nbsp;&nbsp; 106 |
| Cummins, Inc. | 249 | &nbsp;&nbsp; 105 |
| Donaldson Co., Inc. | 723 | &nbsp;&nbsp; 59 |
| Douglas Dynamics, Inc. | 3243 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. <br> Class A<br>| 5464 | &nbsp;&nbsp; 224 |
| Gates Industrial Corp. plc<sup>(1)</sup> <br>| 4124 | &nbsp;&nbsp; 102 |
| Graco, Inc. | 613 | &nbsp;&nbsp; 52 |
| Greenbrier Cos., Inc. (The) | 3401 | &nbsp;&nbsp; 157 |
| Illinois Tool Works, Inc. | 639 | &nbsp;&nbsp; 167 |
| Lincoln Electric Holdings, Inc. | 772 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. <br> Class A<br>| 9148 | &nbsp;&nbsp; 234 |
| Oshkosh Corp. | 796 | &nbsp;&nbsp; 103 |
| Otis Worldwide Corp. | 1426 | &nbsp;&nbsp; 130 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 274 | &nbsp;&nbsp; 107 |
| REV Group, Inc. | 884 | &nbsp;&nbsp; 50 |
| SPX Technologies, Inc.<sup>(1)</sup> <br>| 549 | &nbsp;&nbsp; 103 |
| Standex International Corp. | 463 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, <br> Inc. Class A<br>| 374 | &nbsp;&nbsp; 105 |
| Xylem, Inc. | 740 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 2492 |
| **Marine Transportation—0.1%** | **Marine Transportation—0.1%** |  |
| Kirby Corp.<sup>(1)</sup> <br>| 685 | &nbsp;&nbsp; 57 |
| Matson, Inc. | 399 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 97 |
| **Media—0.3%** | **Media—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. <br> (The)<br>| 9137 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; New York Times Co. (The) <br> Class A<br>| 843 | &nbsp;&nbsp; 48 |
| News Corp. Class A | 1582 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 352 |
| **Metals & Mining—0.5%** | **Metals & Mining—0.5%** |  |
| Agnico Eagle Mines Ltd. | 387 | &nbsp;&nbsp; 65 |
| Century Aluminum Co.<sup>(1)</sup> <br>| 1968 | &nbsp;&nbsp; 58 |
| Freeport-McMoRan, Inc. | 1350 | &nbsp;&nbsp; 53 |
| Kinross Gold Corp. | 4050 | &nbsp;&nbsp; 101 |
| Reliance, Inc. | 568 | &nbsp;&nbsp; 160 |
| Southern Copper Corp. | 696 | &nbsp;&nbsp; 84 |
|  |  | &nbsp;&nbsp; 521 |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs)—0.3%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs)—0.3%** |  |
| Ellington Financial, Inc. | 7354 | &nbsp;&nbsp; 95 |
| Invesco Mortgage Capital, Inc.  | 6374 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage <br> Investment Trust<br>| 4079 | &nbsp;&nbsp; 50 |
| Rithm Capital Corp. | 7507 | &nbsp;&nbsp; 86 |
|  |  | &nbsp;&nbsp; 279 |
| **Multi-Utilities—0.4%** | **Multi-Utilities—0.4%** |  |
| CMS Energy Corp. | 669 | &nbsp;&nbsp; 49 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities—continued** | **Multi-Utilities—continued** |  |
| Consolidated Edison, Inc. | 124 | &nbsp;&nbsp; $12 |
| DTE Energy Co. | 194 | &nbsp;&nbsp; 27 |
| NiSource, Inc. | 592 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, <br> Inc.<br>| 4641 | &nbsp;&nbsp; 272 |
| WEC Energy Group, Inc. | 205 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 410 |
| **Office REITs—0.1%** | **Office REITs—0.1%** |  |
| Brandywine Realty Trust | 13233 | &nbsp;&nbsp; 55 |
| COPT Defense Properties | 1909 | &nbsp;&nbsp; 56 |
|  |  | &nbsp;&nbsp; 111 |
| **Oil, Gas & Consumable Fuels—1.6%** | **Oil, Gas & Consumable Fuels—1.6%** |  |
| Chevron Corp. | 332 | &nbsp;&nbsp; 51 |
| Core Natural Resources, Inc. | 837 | &nbsp;&nbsp; 70 |
| CVR Energy, Inc. | 212 | &nbsp;&nbsp; 8 |
| Dorchester Minerals LP | 4155 | &nbsp;&nbsp; 108 |
| Dorian LPG Ltd. | 11181 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp; Enterprise Products <br> Partners LP<br>| 2954 | &nbsp;&nbsp; 92 |
| Exxon Mobil Corp. | 691 | &nbsp;&nbsp; 78 |
| MPLX LP | 934 | &nbsp;&nbsp; 47 |
| Phillips 66 | 458 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Plains All American <br> Pipeline LP<br>| 9415 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; Plains GP Holdings LP <br> Class A<sup>(1)</sup> <br>| 1134 | &nbsp;&nbsp; 21 |
| Targa Resources Corp. | 232 | &nbsp;&nbsp; 39 |
| Texas Pacific Land Corp. | 363 | &nbsp;&nbsp; 339 |
| Valero Energy Corp. | 818 | &nbsp;&nbsp; 139 |
| Vital Energy, Inc.<sup>(1)</sup> <br>| 7899 | &nbsp;&nbsp; 133 |
|  |  | &nbsp;&nbsp; 1681 |
| **Paper & Forest Products—0.2%** | **Paper & Forest Products—0.2%** |  |
| Louisiana-Pacific Corp. | 1876 | &nbsp;&nbsp; 167 |
| Sylvamo Corp. | 2025 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp; 256 |
| **Passenger Airlines—0.2%** | **Passenger Airlines—0.2%** |  |
| Southwest Airlines Co. | 1892 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br> Inc.<sup>(1)</sup> <br>| 1037 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 160 |
| **Personal Care Products—0.2%** | **Personal Care Products—0.2%** |  |
| BellRing Brands, Inc.<sup>(1)</sup> <br>| 1729 | &nbsp;&nbsp; 63 |
| Edgewell Personal Care Co. | 7852 | &nbsp;&nbsp; 160 |
| Kenvue, Inc. | 1348 | &nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp; 245 |
| **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** |  |
| Bausch Health Cos., Inc.<sup>(1)</sup> <br>| 2425 | &nbsp;&nbsp; 16 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> <br>| 2009 | &nbsp;&nbsp; 167 |
| Innoviva, Inc.<sup>(1)</sup> <br>| 2843 | &nbsp;&nbsp; 52 |
| Johnson & Johnson | 458 | &nbsp;&nbsp; 85 |
| Zoetis, Inc. Class A | 434 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 383 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Professional Services—0.7%** | **Professional Services—0.7%** |  |
| Alight, Inc. Class A | 8946 | &nbsp;&nbsp; $29 |
| Clarivate plc<sup>(1)</sup> <br>| 13271 | &nbsp;&nbsp; 51 |
| Concentrix Corp. | 1088 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles <br> International, Inc.<br>| 2096 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group, <br> Inc.<sup>(1)</sup> <br>| 731 | &nbsp;&nbsp; 107 |
| IBEX Holdings Ltd.<sup>(1)</sup> <br>| 1570 | &nbsp;&nbsp; 64 |
| Kforce, Inc. | 1464 | &nbsp;&nbsp; 44 |
| Leidos Holdings, Inc. | 449 | &nbsp;&nbsp; 85 |
| Paychex, Inc. | 580 | &nbsp;&nbsp; 74 |
| Robert Half, Inc. | 2034 | &nbsp;&nbsp; 69 |
| Thomson Reuters Corp. | 273 | &nbsp;&nbsp; 42 |
| Verisk Analytics, Inc. Class A | 271 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 787 |
| **Real Estate Management &** <br> **Development—0.5%** | **Real Estate Management &** <br> **Development—0.5%** |  |
| CBRE Group, Inc. Class A<sup>(1)</sup> <br>| 707 | &nbsp;&nbsp; 111 |
| Forestar Group, Inc.<sup>(1)</sup> <br>| 4228 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Howard Hughes Holdings, <br> Inc.<sup>(1)</sup> <br>| 2017 | &nbsp;&nbsp; 166 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 513 |
| **Residential REITs—0.1%** | **Residential REITs—0.1%** |  |
| Elme Communities | 1754 | &nbsp;&nbsp; 30 |
| UDR, Inc. | 2725 | &nbsp;&nbsp; 101 |
|  |  | &nbsp;&nbsp; 131 |
| **Retail REITs—0.0%** | **Retail REITs—0.0%** |  |
| Getty Realty Corp. | 671 | &nbsp;&nbsp; 18 |
| Regency Centers Corp. | 199 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 33 |
| **Semiconductors & Semiconductor** <br> **Equipment—0.6%** | **Semiconductors & Semiconductor** <br> **Equipment—0.6%** |  |
| Allegro MicroSystems, Inc.<sup>(1)</sup> <br>| 1817 | &nbsp;&nbsp; 53 |
| Broadcom, Inc. | 390 | &nbsp;&nbsp; 129 |
| Intel Corp. | 300 | &nbsp;&nbsp; 10 |
| KLA Corp. | 84 | &nbsp;&nbsp; 91 |
| Lam Research Corp. | 561 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor <br> Corp.<sup>(1)</sup> <br>| 531 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, <br> Inc.<br>| 70 | &nbsp;&nbsp; 64 |
| NVIDIA Corp. | 85 | &nbsp;&nbsp; 16 |
| Qorvo, Inc.<sup>(1)</sup> <br>| 672 | &nbsp;&nbsp; 61 |
| Rambus, Inc.<sup>(1)</sup> <br>| 352 | &nbsp;&nbsp; 37 |
| Texas Instruments, Inc. | 334 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 636 |
| **Software—2.0%** | **Software—2.0%** |  |
| A10 Networks, Inc. | 3974 | &nbsp;&nbsp; 72 |
| AppLovin Corp. Class A<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 29 |
| Atlassian Corp. Class A<sup>(1)</sup> <br>| 602 | &nbsp;&nbsp; 96 |
| Autodesk, Inc.<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 79 |
| BlackLine, Inc.<sup>(1)</sup> <br>| 1235 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Check Point Software <br> Technologies Ltd.<sup>(1)</sup> <br>| 379 | &nbsp;&nbsp; 78 |
| Commvault Systems, Inc.<sup>(1)</sup> <br>| 364 | &nbsp;&nbsp; 69 |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| CyberArk Software Ltd.<sup>(1)</sup> <br>| 651 | &nbsp;&nbsp; $315 |
| Docusign, Inc. Class A<sup>(1)</sup> <br>| 814 | &nbsp;&nbsp; 59 |
| Dropbox, Inc. Class A<sup>(1)</sup> <br>| 2296 | &nbsp;&nbsp; 69 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 154 | &nbsp;&nbsp; 231 |
| Gen Digital, Inc. | 5652 | &nbsp;&nbsp; 161 |
| InterDigital, Inc. | 400 | &nbsp;&nbsp; 138 |
| Manhattan Associates, Inc.<sup>(1)</sup> <br>| 824 | &nbsp;&nbsp; 169 |
| Nutanix, Inc. Class A<sup>(1)</sup> <br>| 1429 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br> Class A<sup>(1)</sup> <br>| 243 | &nbsp;&nbsp; 44 |
| Pegasystems, Inc. | 1293 | &nbsp;&nbsp; 74 |
| Qualys, Inc.<sup>(1)</sup> <br>| 459 | &nbsp;&nbsp; 61 |
| Rapid7, Inc.<sup>(1)</sup> <br>| 555 | &nbsp;&nbsp; 10 |
| Roper Technologies, Inc. | 193 | &nbsp;&nbsp; 96 |
| Rubrik, Inc. Class A<sup>(1)</sup> <br>| 484 | &nbsp;&nbsp; 40 |
| Salesforce, Inc. | 229 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 2116 |
| **Specialized REITs—0.6%** | **Specialized REITs—0.6%** |  |
| Crown Castle, Inc. | 1105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, <br> Inc.<br>| 666 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, <br> Inc.<br>| 700 | &nbsp;&nbsp; 33 |
| Lamar Advertising Co. Class A | 755 | &nbsp;&nbsp; 92 |
| Public Storage | 436 | &nbsp;&nbsp; 126 |
| Rayonier, Inc. | 4170 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. <br> Class A<br>| 536 | &nbsp;&nbsp; 104 |
| VICI Properties, Inc. Class A | 462 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 603 |
| **Specialty Retail—2.0%** | **Specialty Retail—2.0%** |  |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, <br> Inc.<sup>(1)</sup> <br>| 191 | &nbsp;&nbsp; 47 |
| AutoZone, Inc.<sup>(1)</sup> <br>| 76 | &nbsp;&nbsp; 326 |
| Buckle, Inc. (The) | 1250 | &nbsp;&nbsp; 73 |
| Chewy, Inc. Class A<sup>(1)</sup> <br>| 2916 | &nbsp;&nbsp; 118 |
| Five Below, Inc.<sup>(1)</sup> <br>| 424 | &nbsp;&nbsp; 66 |
| Lowe's Cos., Inc. | 630 | &nbsp;&nbsp; 158 |
| MarineMax, Inc.<sup>(1)</sup> <br>| 5180 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, <br> Inc.<sup>(1)</sup> <br>| 2309 | &nbsp;&nbsp; 67 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> <br>| 2995 | &nbsp;&nbsp; 323 |
| Ross Stores, Inc. | 539 | &nbsp;&nbsp; 82 |
| TJX Cos., Inc. (The) | 1338 | &nbsp;&nbsp; 193 |
| Tractor Supply Co. | 1465 | &nbsp;&nbsp; 83 |
| Ulta Beauty, Inc.<sup>(1)</sup> <br>| 281 | &nbsp;&nbsp; 154 |
| Urban Outfitters, Inc.<sup>(1)</sup> <br>| 737 | &nbsp;&nbsp; 53 |
| Warby Parker, Inc. Class A<sup>(1)</sup> <br>| 2038 | &nbsp;&nbsp; 56 |
| Williams-Sonoma, Inc. | 337 | &nbsp;&nbsp; 66 |
| Winmark Corp. | 170 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 2081 |
| **Technology Hardware, Storage &** <br> **Peripherals—0.1%** | **Technology Hardware, Storage &** <br> **Peripherals—0.1%** |  |
| Apple, Inc. | 307 | &nbsp;&nbsp; 78 |
| Western Digital Corp. | 538 | &nbsp;&nbsp; 65 |
|  |  | &nbsp;&nbsp; 143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Textiles, Apparel & Luxury** <br> **Goods—0.6%** | **Textiles, Apparel & Luxury** <br> **Goods—0.6%** |  |
| Amer Sports, Inc.<sup>(1)</sup> <br>| 2495 | &nbsp;&nbsp; $86 |
| Crocs, Inc.<sup>(1)</sup> <br>| 156 | &nbsp;&nbsp; 13 |
| Deckers Outdoor Corp.<sup>(1)</sup> <br>| 1497 | &nbsp;&nbsp; 152 |
| Kontoor Brands, Inc. | 1582 | &nbsp;&nbsp; 126 |
| Lululemon Athletica, Inc.<sup>(1)</sup> <br>| 44 | &nbsp;&nbsp; 8 |
| Tapestry, Inc. | 2013 | &nbsp;&nbsp; 228 |
| Wolverine World Wide, Inc. | 1306 | &nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp; 649 |
| **Tobacco—0.2%** | **Tobacco—0.2%** |  |
| Altria Group, Inc. | 905 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| 685 | &nbsp;&nbsp; 111 |
| Turning Point Brands, Inc. | 430 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 213 |
| **Trading Companies &** <br> **Distributors—0.6%** | **Trading Companies &** <br> **Distributors—0.6%** |  |
| DXP Enterprises, Inc.<sup>(1)</sup> <br>| 339 | &nbsp;&nbsp; 40 |
| Fastenal Co. | 5695 | &nbsp;&nbsp; 279 |
| FTAI Aviation Ltd. | 256 | &nbsp;&nbsp; 43 |
| McGrath RentCorp. | 852 | &nbsp;&nbsp; 100 |
| United Rentals, Inc. | 153 | &nbsp;&nbsp; 146 |
| W.W. Grainger, Inc. | 69 | &nbsp;&nbsp; 66 |
|  |  | &nbsp;&nbsp; 674 |
| **Water Utilities—0.0%** | **Water Utilities—0.0%** |  |
| American States Water Co. | 604 | &nbsp;&nbsp; 44 |
| **Wireless Telecommunication** <br> **Services—0.2%** | **Wireless Telecommunication** <br> **Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular <br> S.A.<br>| 2378 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Telephone & Data Systems, <br> Inc.<br>| 1051 | &nbsp;&nbsp; 41 |
| T-Mobile US, Inc. | 358 | &nbsp;&nbsp; 86 |
|  |  | &nbsp;&nbsp; 242 |
| **Total Common Stocks** <br>**(Identified Cost $50,177)** | **Total Common Stocks** <br>**(Identified Cost $50,177)** | &nbsp;&nbsp; **51814** |
| **Special Purpose Acquisition** <br> **Companies—0.1%** | **Special Purpose Acquisition** <br> **Companies—0.1%** | **Special Purpose Acquisition** <br> **Companies—0.1%** |
| **Insurance—0.1%** | **Insurance—0.1%** |  |
| Oscar Health, Inc. Class A<sup>(1)</sup> <br>| 3520 | &nbsp;&nbsp; 67 |
| **Total Special Purpose Acquisition** <br> **Companies** <br>**(Identified Cost $56)** | **Total Special Purpose Acquisition** <br> **Companies** <br>**(Identified Cost $56)** | &nbsp;&nbsp; **67** |
| **Master Limited Partnerships and Related** <br> **Companies—0.5%** | **Master Limited Partnerships and Related** <br> **Companies—0.5%** | **Master Limited Partnerships and Related** <br> **Companies—0.5%** |
| **Diversified—0.2%** | **Diversified—0.2%** |  |
| Alliance Resource Partners LP | 612 | &nbsp;&nbsp; 15 |
| Black Stone Minerals LP | 9484 | &nbsp;&nbsp; 125 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified—continued** | **Diversified—continued** |  |
| CVR Partners LP | 767 | &nbsp;&nbsp; $69 |
|  |  | &nbsp;&nbsp; 209 |
| **Downstream/Other—0.0%** | **Downstream/Other—0.0%** |  |
| USA Compression Partners LP | 2149 | &nbsp;&nbsp; 51 |
| **Electric, LDC & Power—0.0%** | **Electric, LDC & Power—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Suburban Propane <br> Partners LP<br>| 1994 | &nbsp;&nbsp; 37 |
| **Gathering/Processing—0.1%** | **Gathering/Processing—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Western Midstream <br> Partners LP<br>| 1346 | &nbsp;&nbsp; 53 |
| **Petroleum Transportation &** <br> **Storage—0.1%** | **Petroleum Transportation &** <br> **Storage—0.1%** |  |
| Genesis Energy LP | 6323 | &nbsp;&nbsp; 106 |
| **Thermal Coal—0.1%** | **Thermal Coal—0.1%** |  |
| Natural Resource Partners LP | 714 | &nbsp;&nbsp; 75 |
| **Total Master Limited** <br> **Partnerships and Related** <br> **Companies** <br>**(Identified Cost $507)** | **Total Master Limited** <br> **Partnerships and Related** <br> **Companies** <br>**(Identified Cost $507)** | &nbsp;&nbsp; **531** |
| **Total Long-Term** <br> **Investments—49.3%** <br>**(Identified Cost $50,740)** | **Total Long-Term** <br> **Investments—49.3%** <br>**(Identified Cost $50,740)** | &nbsp;&nbsp; **52412** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** |  |
| **Short-Term Investments—37.7%** | **Short-Term Investments—37.7%** | **Short-Term Investments—37.7%** |
| **Certificate of Deposit—0.9%** | **Certificate of Deposit—0.9%** | **Certificate of Deposit—0.9%** |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Trust and <br> Banking Corp. <br>4.100% 10/1/25<br>| $1000 | &nbsp;&nbsp; 1000 |
| **Total Certificate of Deposit** <br>**(Identified Cost $1,000)** | **Total Certificate of Deposit** <br>**(Identified Cost $1,000)** | &nbsp;&nbsp; **1000** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(2)</sup> <br>| 785894 | &nbsp;&nbsp; 786 |
| **Total Money Market Mutual Fund** <br>**(Identified Cost $786)** | **Total Money Market Mutual Fund** <br>**(Identified Cost $786)** | &nbsp;&nbsp; **786** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** |  |
| **U.S. Government Securities—36.1%** | **U.S. Government Securities—36.1%** | **U.S. Government Securities—36.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 10/2/25<sup>(3)</sup> <br>| $15000 | &nbsp;&nbsp; 14998 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 10/7/25<sup>(3)</sup> <br>| 5000 | &nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 10/9/25<sup>(3)</sup> <br>| 5000 | &nbsp;&nbsp; 4996 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 12/9/25<sup>(3)</sup> <br>| 2500 | &nbsp;&nbsp; 2481 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 12/11/25<sup>(3)</sup> <br>| 5000 | &nbsp;&nbsp; 4962 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 12/18/25<sup>(3)</sup> <br>| 3000 | &nbsp;&nbsp; 2975 |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 1/6/26<sup>(3)</sup> <br>| $3000 | &nbsp;&nbsp; $2969 |
| **Total U.S. Government Securities** <br>**(Identified Cost $38,372)** | **Total U.S. Government Securities** <br>**(Identified Cost $38,372)** | &nbsp;&nbsp; **38378** |
| **Total Short-Term Investments** <br>**(Identified Cost $40,158)** | **Total Short-Term Investments** <br>**(Identified Cost $40,158)** | &nbsp;&nbsp; **40164** |
| **TOTAL INVESTMENTS—87.0%** <br>**(Identified Cost $90,898)** | **TOTAL INVESTMENTS—87.0%** <br>**(Identified Cost $90,898)** | &nbsp;&nbsp; **$92576** |
| Other assets and liabilities, net—13.0% | Other assets and liabilities, net—13.0% | &nbsp;&nbsp; 13855 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$106431** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BDC | Business Development Companies |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|
| <sup>(3)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|

---

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

---

| | |
|:---|:---|
| **Counterparties:** |  |
| MS | Morgan Stanley Capital Services LLC |

---

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| CHF | Swiss Franc |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 94<br> %<br>|
| Ireland | 1 |
| Japan | 1 |
| Bermuda | 1 |
| Israel | 1 |
| United Kingdom | 1 |
| Marshall Islands | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Long Contracts:** |  |  |  |  |  |
| FTSE China A50 Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; $2494 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(18)<br>|
| Hang Seng Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1556 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — |
| HSCEI Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 1231 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| MSCI Singapore IX ETS Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Brazil Real Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Low Sulphur Gas Oil Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — |
| Natural Gas Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| NY Harbor ULSD Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>|
| Soybean Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| WTI Crude Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>|
| 2 Year U.S. Treasury Note Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 4168 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>|
| 3 Year Australian Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| 5 Year U.S. Treasury Note Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Canadian Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 3608 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — |
| 10 Year U.K. Gilt Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| 10 Year U.S. Ultra Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Australian Dollar Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — |
| Brent Crude Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>|
| British Pound Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Canadian Dollar Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 7859 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (65)<br>|
| Cocoa Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Copper Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; — |
| Dollar Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of September 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of September 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of September 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of September 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of September 30, 2025 were as follows (continued):** | **Exchange-traded futures contracts as of September 30, 2025 were as follows (continued):** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts**<br> **Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /**<br> **Unrealized**<br> **Appreciation**<br>| &nbsp;&nbsp; **Value /**<br> **Unrealized**<br> **Depreciation**<br>|
| Euro FX Currency Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; $10171 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(11)<br>|
| Euro STOXX 50<sup>®</sup> Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 2212 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; — |
| Euro-BTP Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Euro-OAT Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 21371 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (62)<br>|
| FTSE 100 Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| FTSE/JSE Top 40 Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Gold Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; — |
| Japanese Yen Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>|
| Live Cattle Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11)<br>|
| LME Aluminium Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 1676 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — |
| LME Zinc Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Mexican Peso Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 1651 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; — |
| MSCI EAFE<sup>®</sup> Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 6187 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; — |
| Nasdaq 100<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 5976 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1348 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| S&P Mid 400<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 5258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36)<br>|
| S&P/TSX 60 Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| SPI 200 Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1321 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| STOXX Europe 600 Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 5222 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 3823 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Sugar #11World Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp; $866 | &nbsp;&nbsp;&nbsp; $(284)<br>|
| **Short Contracts:** |  |  |  |  |  |
| Indian Rupee Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (3101)<br>| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; — |
| Gasoline RBOB Future | November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (1130)<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — |
| 10 Year Australian Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; (10726)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| 10 Year Euro-Bund Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (8604)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| 10 Year U.S. Treasury Note Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; (10800)<br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — |
| 30 Year Euro-BUXL Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| Corn Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (1807)<br>| &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; — |
| Cotton No. 2 Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (559)<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — |
| Euro-BOBL Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Euro-Schatz Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (377)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| LME Aluminium Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (536)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19)<br>|
| LME Nickel Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (365)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Russell 2000<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (4174)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Soybean Meal Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; (1476)<br>| &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; — |
| Soybean Oil Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (564)<br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — |
| 3-Month EURIBOR Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (1726)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| 3-Month SOFR Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (13752)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>|
| 3-Month SONIA Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (5178)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; (39)<br>|
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $1093 | &nbsp;&nbsp;&nbsp; $(323)<br>|
| **Footnote Legend:** | **Footnote Legend:** |  |  |  |  |
| <sup>(1)</sup>Amount is less than $500 (not in thousands). |  |  |  |  |  |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** |
| **Currency** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Sold**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6) <br>|
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3416 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) <br>|
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) <br>|
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) <br>|

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows (continued):** |
| **Currency**<br> **Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Amount**<br> **Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Amount**<br> **Sold**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized**<br> **Depreciation**<br>|
| SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) <br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9384 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7375 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) <br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4517 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(49) <br>|

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Amount is less than $500 (not in thousands). |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** | **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** | **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** | **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** | **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** | **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** | **Over-the-counter equity basket total return swap outstanding as of September 30, 2025 were as follows:** |
|  | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value of** <br>**Reference Entities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount** <br>**Net Asset** <br>**Percentage**<br>|
| Equity Securities Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(21717)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(21717)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.40)%<br>|

---

The following table represents the reference entities underlying the total return swap with Morgan Stanley Capital Services LLC ("MS") as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference** <br>**Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity** <br>**Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Short** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Archer Aviation, Inc.-A | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Boeing Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Intuitive Machines, Inc. | USFF -0.790% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (9852)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mercury Systems, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Teledyne Technologies, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| FedEx Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| United Parcel Service, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Aptiv plc | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1579)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| BorgWarner, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goodyear Tire & Rubber Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (18347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Automobiles** |  |  |  |  |  |  |  |  |
| Harley-Davidson, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Banks** |  |  |  |  |  |  |  |  |
| Amerant Bancorp, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Columbia Financial, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Eastern Bankshares, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5373)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Glacier Bancorp, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (9981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Huntington Bancshares, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (20260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Keycorp | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Triumph Financial, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Truist Financial Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Trustmark Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Washington Trust Bancorp, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Beverages** |  |  |  |  |  |  |  |  |
| Brown-Forman Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Celsius Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coca-Cola Co. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Constellation Brands, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Keurig Dr Pepper, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Molson Coors Beverage Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Biotechnology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Biogen, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Bridgebio Pharma, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Exact Sciences Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Immunovant, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6943)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Intellia Therapeutics, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ionis Pharmaceuticals, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sarepta Therapeutics, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Twist Bioscience Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Vaxcyte, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Vera Therapeutics, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (889)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (889)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Building Products** |  |  |  |  |  |  |  |  |
| Masterbrand, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (12525)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| Coinbase Global, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| DigitalBridge Group, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Robinhood Markets, Inc. - A | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| XP, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Chemicals** |  |  |  |  |  |  |  |  |
| Air Products & Chemicals, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Albemarle Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ashland, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Aspen Aerogels, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (7621)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Celanese Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dow, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| FMC Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances, Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| LyondellBasell Industries N.V. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Olin Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sherwin-Williams Co. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Westlake Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Commercial Services &** <br> **Supplies**<br>|  |  |  |  |  |  |  |  |
| ACV Auctions, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deluxe Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3015)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| HNI Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Communications Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ituran Location and Control <br> Ltd.<br>| USFF -0.690% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| Tutor Perini Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Construction Materials** |  |  |  |  |  |  |  |  |
| Martin Marietta Materials | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Consumer Finance** |  |  |  |  |  |  |  |  |
| Lendingtree, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Upstart Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Consumer Staples** <br> **Distribution & Retail**<br>|  |  |  |  |  |  |  |  |
| Target Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Amcor plc | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (8648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Paper Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| O-I Glass, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Diversified REITs** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Apartment Investment and <br> Management Co.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (10847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty <br> Trust, Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Net Lease, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (9315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Healthcare Realty Trust, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Host Hotels & Resorts, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| One Liberty Properties, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Realty Income Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| WP Carey, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Diversified** <br> **Telecommunication Services**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cogent Communications <br> Holdings, Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| Edison International | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1865)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Vertiv Holdings Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Electronic Equipment,** <br> **Instruments & Components**<br>|  |  |  |  |  |  |  |  |
| Coherent Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Insight Enterprises, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ouster, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |
| Archrock, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Helmerich & Payne, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Kodiak Gas Services LLC | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Noble Corp. plc | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tidewater, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Valaris Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Weatherford International plc | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Warner Bros Discovery, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Affirm Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1741)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Block, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (898)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cannae Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Stoneco Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Food Products** |  |  |  |  |  |  |  |  |
| Conagra Brands, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5582)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Freshpet, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Kraft Heinz Co. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| McCormick & Co., Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mondelez International, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Gas Utilities** |  |  |  |  |  |  |  |  |
| Atmos Energy Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Ground Transportation** |  |  |  |  |  |  |  |  |
| FTAI Infrastructure, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (17555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Ground Transportation** |  |  |  |  |  |  |  |  |
| RXO, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2171)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Health Care REITs** |  |  |  |  |  |  |  |  |
| Diversified Healthcare Trust | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (22486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Universal Health Realty <br> Income Trust<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Healthcare Equipment &** <br> **Supplies**<br>|  |  |  |  |  |  |  |  |
| Abbott Laboratories | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Align Technology, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Baxter International, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cooper Cos., Inc. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| ICU Medical, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lantheus Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Quidelortho Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Teleflex, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Healthcare Providers &** <br> **Services**<br>|  |  |  |  |  |  |  |  |
| Acadia Healthcare Co., Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Centene Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Elevance Health, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Molina Healthcare, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| UnitedHealth Group, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Healthcare Technology** |  |  |  |  |  |  |  |  |
| Doximity, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Veeva Systems, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Hotel & Resort REITs** |  |  |  |  |  |  |  |  |
| Xenia Hotels & Resorts, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Hotels, Restaurants &** <br> **Leisure**<br>|  |  |  |  |  |  |  |  |
| Cava Group, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Churchill Downs, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| DraftKings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Genius Sports Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (7585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Marriott International, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and <br> Hospitality, Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Household Durables** |  |  |  |  |  |  |  |  |
| Hovnanian Enterprises, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lennar Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Taylor Morrison Home Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Independent Power and** <br> **Renewable Electricity** <br> **Producers**<br>|  |  |  |  |  |  |  |  |
| Clearway Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ormat Technologies, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Industrial REITs** |  |  |  |  |  |  |  |  |
| Americold Realty Trust, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (10653)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lineage, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Prologis, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. <br> (The)<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Erie Indemnity Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Trupanion, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |
| Snap, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (8226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **IT Services** |  |  |  |  |  |  |  |  |
| DigitalOcean Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gartner, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Globant S.A. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; International Business <br> Machines Corp.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| MongoDB, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (296)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wix.com Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Leisure Products** |  |  |  |  |  |  |  |  |
| Mattel, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2605)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Life Sciences Tools &** <br> **Services**<br>|  |  |  |  |  |  |  |  |
| Avantor, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (8487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Bruker Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (297)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Danaher Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| ICON plc | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| NeoGenomics, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (8701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Thermo Fisher Scientific, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Machinery** |  |  |  |  |  |  |  |  |
| Deere & Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dover Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Media** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications, <br> Inc.-A<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Comcast Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| EchoStar Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Omnicom Group, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sirius Xm Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Trade Desk, Inc. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Metals & Mining** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical <br> Resources, Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cleveland-Cliffs, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (9729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ivanhoe Electric, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (8591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mortgage Real Estate** <br> **Investment Trusts (REITs)**<br>|  |  |  |  |  |  |  |  |
| AGNC Investment Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ladder Capital Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| New York Mortgage Trust, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (7054)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Two Harbors Investment Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |
| Ameren Corporation | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Black Hills Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Centerpoint Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dominion Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1830)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sempra Energy | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |
| Chord Energy Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Comstock Resources, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Crescent Energy Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (15064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Delek US Holdings, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Diamondback Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| EQT Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2098)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Expand Energy Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| HF Sinclair Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Kinder Morgan, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Murphy Oil Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| PBF Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Peabody Energy Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Scorpio Tankers, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| SFL Corp. Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| SM Energy Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Uranium Energy Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (7208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Viper Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2899)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Personal Care Products** |  |  |  |  |  |  |  |  |
| Coty, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (22063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| elf Beauty, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Estee Lauder Cos., Inc. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1098)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2316)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Elanco Animal Health, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Eli Lilly & Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Organon & Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (7573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Royalty Pharma plc | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Professional Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding <br> Corp.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Real Estate Management &** <br> **Development**<br>|  |  |  |  |  |  |  |  |
| Compass, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1928)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (6111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Residential REITs** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NexPoint Residential Trust, <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Veris Residential, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Retail REITs** |  |  |  |  |  |  |  |  |
| Acadia Realty Trust | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Agree Realty Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cbl & Associates Properties | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| InvenTrust Properties Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Kite Realty Group Trust | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| NNN REIT, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Semiconductors &** <br> **Semiconductor Equipment**<br>|  |  |  |  |  |  |  |  |
| ACM Research, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Advanced Micro Devices, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Applied Materials, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Axcelis Technologies, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Enphase Energy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Entegris, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| First Solar, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| FormFactor, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ichor Holdings Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (471)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Impinj, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Marvell Technology, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Microchip Technology, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| MKS Instruments, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| ON Semiconductor Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2229)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Onto Innovation, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Semtech Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| SiTime Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Synaptics, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Teradyne, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Veeco Instruments, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2366)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Software** |  |  |  |  |  |  |  |  |
| Adobe, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Alkami Technology, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asana, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Aurora Innovation, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (13632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Braze, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2290)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| C3.Ai, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Confluent, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gitlab, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (732)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Intapp, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Microstrategy, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Monday.com Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Open Text Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Pagaya Technologies Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2198)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Palo Alto Networks, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (282)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (282)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Porch Group, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Riot Platforms, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Samsara, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPS Commerce, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| UiPath, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unity Software, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4015)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| **Reference**<br> **Entity**<br>| **Pay** | &nbsp;&nbsp;&nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp; **Maturity**<br> **Date**<br>| **Shares** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Value** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Specialized REITs** |  |  |  |  |  |  |  |  |
| American Tower Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Digital Realty Trust, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Equinix, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates <br> Trust<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (1580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| Abercrombie & Fitch Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Advance Auto Parts, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Carvana Co. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| RealReal, Inc. (The) | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wayfair, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Technology Hardware,** <br> **Storage & Peripherals**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise <br> Co.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (4529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Textiles, Apparel & Luxury** <br> **Goods**<br>|  |  |  |  |  |  |  |  |
| Nike, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| PVH Corp. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Steven Madden Ltd. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Trading Companies &** <br> **Distributors**<br>|  |  |  |  |  |  |  |  |
| QXO, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (5245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Xometry, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (2382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Water Utilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br> Inc.<br>| USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Essential Utilities, Inc. | USFF -0.450% | Quarterly | MS | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; (3548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (271)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (271)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(21717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(21717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Consolidated Schedule of Investments

------

**VIRTUS AlphaSimplex Global Alternatives Fund**

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

**September 30, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38378 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships and Related Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Special Purpose Acquisition Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Certificate of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39494 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| &nbsp;&nbsp;&nbsp; Over-the-Counter Equity Basket Total Return Swap<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39445 |

---

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

<sup>(1)</sup> Represents net unrealized appreciation (depreciation) of $0, as reflected within the Consolidated Schedule of Investments.

<sup>\*</sup> Swap contracts and forward currency exchange contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty.

There were no securities valued using significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

See Notes to Consolidated Schedule of Investments

------

**VIRTUS ALPHASIMPLEX GLOBAL ALTERNATIVES FUND**

**NOTES TO FINANCIAL STATEMENTS(Unaudited)**

**September 30, 2025**

**(Unaudited)**

**Note 1. Security Valuation**

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

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

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

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

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

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

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

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

Listed derivatives, such as options 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 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 Consolidated Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with

investing in those securities.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Virtus Alternative Solutions Trust

- **b. Investment Company Act file number:** 811-22906

- **c. CIK number of Registrant:** 0001589756

- **d. LEI of Registrant:** 549300LL1U2Z63VKA167

- **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 AlphaSimplex Global Alternatives Fund

- **b. EDGAR series identifier (if any):** S000079777

- **c. LEI of Series:** 5493000L5JRHPCQVBL75

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $108735964.81

**Total Liabilities:** $2288037.43

**Net Assets:** $106447927.38

**Amount of Assets Invested in Other Investment Companies:** $1689279.44

**Cash Not Reported:** $16133232.99

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** -0.27000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241134 | 0.28%                | 1.67%                | 1.37%                |
| Class ID C000241131 | 0.20%                | 1.62%                | 1.30%                |
| Class ID C000241132 | 0.27%                | 1.72%                | 1.42%                |
| Class ID C000241133 | 0.27%                | 1.72%                | 1.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $861783.06               | $-396406.76                                |
| Month 2  | $902061.41               | $630864.96                                 |
| Month 3  | $438065.40               | $-475353.50                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Simply Good Foods Co/The                    | Simply Good Foods Co/The                         | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8831 | NS      | $219185.42    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                  | Kforce Inc                                       | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      1464 | NS      | $43890.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CONAGRA BRANDS INC                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3295.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         6 | NC      | $8062.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In              | Installed Building Products Inc                  | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |       324 | NS      | $79917.84     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                      | Pathward Financial Inc                           | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      3060 | NS      | $226470.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp                   | New Jersey Resources Corp                        | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |       462 | NS      | $22245.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VERTIV HOLDINGS CO                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2131.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| McGrath RentCorp                            | McGrath RentCorp                                 | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |       852 | NS      | $99939.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                   | Janus Henderson Group PLC                        | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | GB        |      3689 | NS      | $164197.39    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                | Adtalem Global Education Inc                     | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |       730 | NS      | $112748.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ERIE INDEMNITY CO                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $241.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| National Vision Holdings Inc                | National Vision Holdings Inc                     | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |      2309 | NS      | $67399.71     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                  | FTSE CHINA A50                                   | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DE               | CORP              | SG        |       165 | NC      | $-17641.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                         | Eagle Materials Inc                              | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       423 | NS      | $98575.92     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS IMPINJ INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5367.31     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                      | Roper Technologies Inc                           | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       193 | NS      | $96247.17     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                 | Jack Henry & Associates Inc                      | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       132 | NS      | $19658.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                     | COPT Defense Properties                          | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      1909 | NS      | $55475.54     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DOXIMITY INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $571.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS FIRST SOLAR INC                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-21013.89    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                  | INR/USD                                          | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DFE              | CORP              | SG        |      -138 | NC      | $20976.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubiquiti Inc                                | Ubiquiti Inc                                     | CUSIP: 90353W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       333 | NS      | $219973.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                     | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     13233 | NS      | $55181.61     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HEALTHCARE REALTY TRUST INC                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1714.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Farmer Mac                                  | Federal Agricultural Mortgage Corp               | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |       601 | NS      | $100955.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AMEREN CORP                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7458.09     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS UNIVERSAL HEALTH REALTY INCOME TRUST         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2429.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologies Inc                   | Palantir Technologies Inc                        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |       243 | NS      | $44328.06     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L              | Enterprise Products Partners LP                  | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      2954 | NS      | $92371.58     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KRAFT HEINZ CO/THE                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-530.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                      | Trane Technologies PLC                           | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       354 | NS      | $149373.84    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                | Wingstop Inc                                     | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |       240 | NS      | $60403.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HOVNANIAN ENTERPRISES INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3182.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Millicom International Cellula              | Millicom International Cellular SA               | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |      2378 | NS      | $115428.12    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                             | Brookfield Corp                                  | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      1070 | NS      | $73380.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                         | Cal-Maine Foods Inc                              | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |       387 | NS      | $36416.70     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HNI CORP                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-10636.22    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CONFLUENT INC                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3181.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SHERWIN-WILLIAMS CO/THE                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $824.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ESSENTIAL PROPERTIES REALTY TRUST INC        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2268.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                  | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      1528 | NS      | $106944.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DIGITAL REALTY TRUST INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1011.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Match Group Inc                             | Match Group Inc                                  | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      4329 | NS      | $152900.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                 | Incyte Corp                                      | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       695 | NS      | $58942.95     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | NOK/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1271.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging SA                   | Ardagh Metal Packaging SA                        | CUSIP: 000000000<br>LEI: 5493009WKQTU4FN9G032 | Long             | EC               | CORP              | LU        |     12999 | NS      | $51866.01     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alight Inc                                  | Alight Inc                                       | CUSIP: 01626W101<br>LEI: 549300600ESCO1HTVN74 | Long             | EC               | CORP              | US        |      8946 | NS      | $29163.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos Inc                       | Bausch Health Cos Inc                            | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |      2425 | NS      | $15641.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                | Stryker Corp                                     | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       118 | NS      | $43621.06     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc                         | TreeHouse Foods Inc                              | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |      2181 | NS      | $44078.01     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                         | Williams-Sonoma Inc                              | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       337 | NS      | $65866.65     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AMERANT BANCORP INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8204.43      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | E-MINI RUSS 2000                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       -34 | NC      | $3776.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp                  | Lattice Semiconductor Corp                       | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |       531 | NS      | $38932.92     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME NICKEL                                       | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |        -4 | NC      | $3901.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4995487.20   | 4.69%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INVENTRUST PROPERTIES CORP                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4153.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ALIGN TECHNOLOGY INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $18749.29     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ICON PLC                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-319.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GENIUS SPORTS LTD                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-11874.74    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SAMSARA INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1569.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BWX Technologies Inc                        | BWX Technologies Inc                             | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |       256 | NS      | $47198.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                              | WisdomTree Inc                                   | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     10805 | NS      | $150189.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The                   | Scotts Miracle-Gro Co/The                        | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      6039 | NS      | $343921.05    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BALDWIN INSURANCE GROUP INC/THE              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $29244.68     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberArk Software Ltd                       | CyberArk Software Ltd                            | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       651 | NS      | $314530.65    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kayne Anderson BDC Inc                      | Kayne Anderson BDC Inc                           | CUSIP: 48662X105<br>LEI: 213800L27Z3YODNCUQ03 | Long             | EC               | CORP              | US        |      3431 | NS      | $45700.92     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                      | Boston Scientific Corp                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      1008 | NS      | $98411.04     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | SOYBEAN MEAL                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |       -54 | NC      | $76581.27     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                          | Valero Energy Corp                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       818 | NS      | $139272.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                    | Bank OZK                                         | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      1990 | NS      | $101450.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                       | General Dynamics Corp                            | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       349 | NS      | $119009.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME ZINC                                         | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $3253.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                 | Royal Caribbean Cruises Ltd                      | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |       176 | NS      | $56950.08     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS THERMO FISHER SCIENTIFIC INC                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-343.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TWO HARBORS INVESTMENT CORP                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $782.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nelnet Inc                                  | Nelnet Inc                                       | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |       385 | NS      | $48271.30     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                            | Oscar Health Inc                                 | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |      3520 | NS      | $66633.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DOW INC                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $9584.42      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DELEK US HOLDINGS INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-18652.37    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy Inc                              | NRG Energy Inc                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       254 | NS      | $41135.30     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp                               | Seaboard Corp                                    | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |        90 | NS      | $328230.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ARROWHEAD PHARMACEUTICALS INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-18601.76    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                        | Freeport-McMoRan Inc                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      1350 | NS      | $52947.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                   | Jabil Inc                                        | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1426 | NS      | $309684.42    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                        | Southern Copper Corp                             | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       696 | NS      | $84466.56     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MARTIN MARIETTA MATERIALS INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-243.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MSCI Inc                                    | MSCI Inc                                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       123 | NS      | $69791.43     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CHARLES RIVER LABORATORIES INTERNATIONAL INC | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $657.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PAGAYA TECHNOLOGIES LTD                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2511.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Stride Inc                                  | Stride Inc                                       | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      1126 | NS      | $167706.44    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ANNALY CAPITAL MANAGEMENT INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7103.71     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ASANA INC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2878.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton Inc                               | DR Horton Inc                                    | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |       497 | NS      | $84226.59     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                 | PepsiCo Inc                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       403 | NS      | $56597.32     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                   | Archer-Daniels-Midland Co                        | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      1692 | NS      | $101080.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                       | Southwest Airlines Co                            | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      1892 | NS      | $60373.72     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                               | AMERISAFE Inc                                    | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |      4760 | NS      | $208678.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HF SINCLAIR CORP                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-17230.79    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AptarGroup Inc                              | AptarGroup Inc                                   | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       722 | NS      | $96502.52     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                         | Electronic Arts Inc                              | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1294 | NS      | $260999.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ON SEMICONDUCTOR CORP                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2410.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GE Vernova Inc                              | GE Vernova Inc                                   | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       140 | NS      | $86086.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | MSCI EAFE                                        | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |        34 | NC      | $12835.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ALKAMI TECHNOLOGY INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $896.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc                              | Salesforce Inc                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       229 | NS      | $54273.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                               | TopBuild Corp                                    | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       368 | NS      | $143836.48    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS NNN REIT INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-162.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2974865.79   | 2.79%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital BDC Inc                       | Golub Capital BDC Inc                            | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | CORP              | US        |      3027 | NS      | $41439.63     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AMCOR PLC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $10094.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ITURAN LOCATION AND CONTROL LTD              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1690.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Investors Title Co                          | Investors Title Co                               | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       816 | NS      | $218549.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T              | Hartford Insurance Group Inc/The                 | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       208 | NS      | $27745.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                        | Targa Resources Corp                             | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       232 | NS      | $38869.28     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Freedom Holding Corp/NV                     | Freedom Holding Corp/NV                          | CUSIP: 356390104<br>LEI: 254900RKI81EPUJ3RW71 | Long             | EC               | CORP              | KZ        |       513 | NS      | $88302.69     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                   | Toast Inc                                        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      1270 | NS      | $46367.70     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties               | Gaming and Leisure Properties Inc                | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |       700 | NS      | $32627.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS EXPAND ENERGY CORP                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1595.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| USA Compression Partners LP                 | USA Compression Partners LP                      | CUSIP: 90290N109<br>LEI: 5493000B1PEOKXRZEO65 | Long             | EC               | CORP              | US        |      2149 | NS      | $51576.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AFFIRM HOLDINGS INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6588.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS URANIUM ENERGY CORP                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-47135.36    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                          | Rithm Capital Corp                               | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |      7507 | NS      | $85504.73     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                               | Clarivate PLC                                    | CUSIP: 000000000<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | GB        |     13271 | NS      | $50827.93     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                            | MercadoLibre Inc                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       105 | NS      | $245378.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CRESCENT ENERGY CO                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6211.81      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Entergy Corp                                | Entergy Corp                                     | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |       220 | NS      | $20501.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CHURCHILL DOWNS INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4277.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PVH CORP                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6882.88     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COINBASE GLOBAL INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3376.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UDR Inc                                     | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      2725 | NS      | $101533.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                        | Federated Hermes Inc                             | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      3184 | NS      | $165345.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                            | HealthStream Inc                                 | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      1750 | NS      | $49420.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc                            | Vital Energy Inc                                 | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      7899 | NS      | $133414.11    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CELSIUS HOLDINGS INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7666.86     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AMETEK Inc                                  | AMETEK Inc                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       632 | NS      | $118816.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                             | Amer Sports Inc                                  | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | FI        |      2495 | NS      | $86701.25     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                      | Motorola Solutions Inc                           | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       204 | NS      | $93287.16     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HEWLETT PACKARD ENTERPRISE CO                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5853.92     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS LENDINGTREE INC                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8545.78     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                          | USD/NZD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $47644.93     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| OSI Systems Inc                             | OSI Systems Inc                                  | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       437 | NS      | $108917.88    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                 | Rollins Inc                                      | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      2150 | NS      | $126291.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS XOMETRY INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-49251.62    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                | Broadcom Inc                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       390 | NS      | $128664.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc                        | Douglas Dynamics Inc                             | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |      3243 | NS      | $101376.18    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                          | LTC Properties Inc                               | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      1576 | NS      | $58091.36     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MARVELL TECHNOLOGY INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6595.86     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ELI LILLY & CO                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1301.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                   | Chubb Ltd                                        | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       235 | NS      | $66328.75     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                            | Donaldson Co Inc                                 | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |       723 | NS      | $59177.55     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                              | Cloudflare Inc                                   | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |        43 | NS      | $9227.37      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $414.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                            | RBC Bearings Inc                                 | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       274 | NS      | $106939.46    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In              | Choice Hotels International Inc                  | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |       560 | NS      | $59869.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                | United Airlines Holdings Inc                     | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      1037 | NS      | $100070.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                            | Boyd Gaming Corp                                 | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       956 | NS      | $82646.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Therapeutics Inc                     | Summit Therapeutics Inc                          | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3037 | NS      | $62744.42     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BLACK HILLS CORP                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6902.21     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Trimble Inc                                 | Trimble Inc                                      | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |       807 | NS      | $65891.55     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE INC.                      | S&P/TSX 60 IX                                    | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DE               | CORP              | CA        |         1 | NC      | $5978.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ACADIA HEALTHCARE CO INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8354.90     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United Rentals Inc                          | United Rentals Inc                               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       153 | NS      | $146062.98    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                                | Knowles Corp                                     | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |      4684 | NS      | $109184.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                    | Lamb Weston Holdings Inc                         | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      1257 | NS      | $73006.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                 | Cummins Inc                                      | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       249 | NS      | $105170.13    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INTERNATIONAL PAPER CO                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6651.91      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cintas Corp                                 | Cintas Corp                                      | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       879 | NS      | $180423.54    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                   | Aflac Inc                                        | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       107 | NS      | $11951.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                                 | ONE Gas Inc                                      | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      1297 | NS      | $104979.18    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUXL 30Y BND                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -1 | NC      | $-3169.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TUTOR PERINI CORP                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-14063.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Qualys Inc                                  | Qualys Inc                                       | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |       459 | NS      | $60739.47     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                           | FTAI Aviation Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       256 | NS      | $42716.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                               | MYR Group Inc                                    | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |       854 | NS      | $177657.62    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | MSCI EMGMKT                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |        91 | NC      | $102147.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       614 | NS      | $149263.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                            | Genuine Parts Co                                 | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       376 | NS      | $52113.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                         | Emerson Electric Co                              | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       371 | NS      | $48667.78     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS UNITEDHEALTH GROUP INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-706.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Visteon Corp                                | Visteon Corp                                     | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |       831 | NS      | $99603.66     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                   | MGM Resorts International                        | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      1680 | NS      | $58228.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS LINEAGE INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8967.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Crocs Inc                                   | Crocs Inc                                        | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |       156 | NS      | $13033.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                     | NVR Inc                                          | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        48 | NS      | $385663.68    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                            | Elme Communities                                 | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |      1754 | NS      | $29572.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                  | Inmode Ltd                                       | CUSIP: 000000000<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |      4138 | NS      | $61656.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc                  | Howard Hughes Holdings Inc                       | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |      2017 | NS      | $165736.89    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                    | Northwest Bancshares Inc                         | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3725 | NS      | $46152.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COOPER COS INC/THE                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1018.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| StoneX Group Inc                            | StoneX Group Inc                                 | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |       448 | NS      | $45212.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                       | AECOM                                            | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |       465 | NS      | $60668.55     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                             | Morningstar Inc                                  | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       314 | NS      | $72851.14     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                              | S&P Global Inc                                   | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       199 | NS      | $96855.29     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                | Allegion plc                                     | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |       770 | NS      | $136559.50    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BLOCK INC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3891.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GLACIER BANCORP INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $151.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VALARIS LTD                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3045.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Portland General Electric Co                | Portland General Electric Co                     | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |       330 | NS      | $14520.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PINNACLE FINANCIAL PARTNERS INC              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7683.62     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MONDAY.COM LTD                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4396.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecolab Inc                                  | Ecolab Inc                                       | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       197 | NS      | $53950.42     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                  | Corpay Inc                                       | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       271 | NS      | $78064.26     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS FTAI INFRASTRUCTURE INC                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $22149.90     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VERIS RESIDENTIAL INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2501.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PORCH GROUP INC                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12550.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS NOBLE CORP PLC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1843.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc               | Intercontinental Exchange Inc                    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       232 | NS      | $39087.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HARLEY-DAVIDSON INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $511.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln National Corp                       | Lincoln National Corp                            | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      2340 | NS      | $94372.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                    | Allegro MicroSystems Inc                         | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1817 | NS      | $53056.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4962034.70   | 4.66%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mettler-Toledo International I              | Mettler-Toledo International Inc                 | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       385 | NS      | $472629.85    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                                | Sylvamo Corp                                     | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      2025 | NS      | $89545.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MOLSON COORS BEVERAGE CO                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $10507.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc              | American Electric Power Co Inc                   | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       190 | NS      | $21375.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                      | Akero Therapeutics Inc                           | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |      1104 | NS      | $52417.92     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                        | SPX Technologies Inc                             | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |       549 | NS      | $102542.22    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                             | WW Grainger Inc                                  | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |        69 | NS      | $65754.24     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc              | Telephone and Data Systems Inc                   | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1051 | NS      | $41241.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp                      | National Beverage Corp                           | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |      3805 | NS      | $140480.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS XP INC                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3319.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TE Connectivity PLC                         | TE Connectivity PLC                              | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |       476 | NS      | $104496.28    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                       | CTO Realty Growth Inc                            | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EC               | CORP              | US        |      1240 | NS      | $20212.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH AFRICAN FUTURES EXCHANGE              | FTSE/JSE TOP 40                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ZA        |         4 | NC      | $7703.53      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                 | Gentex Corp                                      | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      1938 | NS      | $54845.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                    | eBay Inc                                         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       656 | NS      | $59663.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CELANESE CORP                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4501.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple Hospitality REIT Inc                  | Apple Hospitality REIT Inc                       | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |      3875 | NS      | $46538.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                             | Pegasystems Inc                                  | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      1293 | NS      | $74347.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                        | Howmet Aerospace Inc                             | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |       927 | NS      | $181905.21    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corp                                | Vontier Corp                                     | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |      2476 | NS      | $103917.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TAYLOR MORRISON HOME CORP                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6281.93     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME PRI ALUM                                     | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |        -8 | NC      | $-18875.75    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DIGITALBRIDGE GROUP INC                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4168.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | SPI 200                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |         9 | NC      | $-7741.89     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                 | Asbury Automotive Group Inc                      | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |       191 | NS      | $46689.95     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                       | Plains GP Holdings LP                            | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |      1134 | NS      | $20684.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS NEXPOINT RESIDENTIAL TRUST INC               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2554.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                       | Texas Instruments Inc                            | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       334 | NS      | $61365.82     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -96 | NC      | $28475.95     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                          | Cohen & Steers Inc                               | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |       852 | NS      | $55899.72     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                  | MSCI SING IX ETS                                 | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DE               | CORP              | SG        |         5 | NC      | $-125.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                              | Public Storage                                   | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |       436 | NS      | $125938.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                     | Ellington Financial Inc                          | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |      7354 | NS      | $95454.92     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                     | CECO Environmental Corp                          | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      1406 | NS      | $71987.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | BRENT CRUDE                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              | CORP              | GB        |        14 | NC      | $-6980.79     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                    | VSE Corp                                         | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |       334 | NS      | $55524.16     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS APARTMENT INVESTMENT AND MANAGEMENT CO       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $7819.33      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VEECO INSTRUMENTS INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-281.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS QXO INC                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $7092.14      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CORN                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |       -87 | NC      | $32044.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                     | Illinois Tool Works Inc                          | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       639 | NS      | $166625.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                  | Intel Corp                                       | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       300 | NS      | $10065.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc                          | Garrett Motion Inc                               | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |      4626 | NS      | $63006.12     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide Inc                    | Wolverine World Wide Inc                         | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |      1306 | NS      | $35836.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS FRESHPET INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $21339.98     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuveen Churchill Direct Lendin              | Nuveen Churchill Direct Lending Corp             | CUSIP: 67090S108<br>LEI: 254900X3ULEP6XX7HG39 | Long             | EC               | CORP              | US        |      2892 | NS      | $39909.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ADVANCED MICRO DEVICES INC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13579.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lam Research Corp                           | Lam Research Corp                                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       561 | NS      | $75117.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc              | Advanced Energy Industries Inc                   | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       593 | NS      | $100893.02    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                         | Alliant Energy Corp                              | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |       335 | NS      | $22582.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CHARTER COMMUNICATIONS INC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6734.76      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Blackrock Inc                               | Blackrock Inc                                    | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       229 | NS      | $266984.23    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS LENNAR CORP                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3511.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS NEOGENOMICS INC                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-11692.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Century Aluminum Co                         | Century Aluminum Co                              | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |      1968 | NS      | $57780.48     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BAXTER INTERNATIONAL INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2928.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ELANCO ANIMAL HEALTH INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12402.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                          | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |       934 | NS      | $46653.30     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                                 | TriMas Corp                                      | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |      2708 | NS      | $104637.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International              | Johnson Controls International plc               | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |       500 | NS      | $54975.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | SUGAR #11 (WORLD)                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         3 | NC      | $-1747.20     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp                          | CNA Financial Corp                               | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |       314 | NS      | $14588.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | NATURAL GAS                                      | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |         9 | NC      | $-1380.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                         | Kimberly-Clark Corp                              | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |       151 | NS      | $18775.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                | LivaNova PLC                                     | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |      1802 | NS      | $94388.76     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                               | Accenture PLC                                    | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2154 | NS      | $531176.40    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                               | AppLovin Corp                                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |        40 | NS      | $28741.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                        | WEC Energy Group Inc                             | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       205 | NS      | $23490.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                          | Walt Disney Co/The                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |       546 | NS      | $62517.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | LOW SU GASOIL G                                  | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              | CORP              | GB        |        16 | NC      | $22600.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                             | EMCOR Group Inc                                  | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       182 | NS      | $118216.28    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US               | Service Corp International/US                    | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |       423 | NS      | $35202.06     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                | American Healthcare REIT Inc                     | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |       839 | NS      | $35246.39     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                | Tapestry Inc                                     | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      2013 | NS      | $227911.86    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | AUST 10Y BOND                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |      -143 | NC      | $7181.21      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MARRIOTT INTERNATIONAL INC/MD                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2553.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VICI Properties Inc                         | VICI Properties Inc                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |       462 | NS      | $15065.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CAVA GROUP INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2490.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ACV AUCTIONS INC                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $32415.15     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc               | Hilton Worldwide Holdings Inc                    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       497 | NS      | $128941.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                | Autodesk Inc                                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       250 | NS      | $79417.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals LP                      | Dorchester Minerals LP                           | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |      4155 | NS      | $107572.95    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PEABODY ENERGY CORP                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6500.34     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Loews Corp                                  | Loews Corp                                       | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |       180 | NS      | $18070.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797SE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2969020.62   | 2.79%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                 | Walmart Inc                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      1818 | NS      | $187363.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                        | Thomson Reuters Corp                             | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |       273 | NS      | $42405.09     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TRIUMPH FINANCIAL INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $7642.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AMERICOLD REALTY TRUST INC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $21017.39     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS STRATEGY INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $5908.38      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BellRing Brands Inc                         | BellRing Brands Inc                              | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      1729 | NS      | $62849.15     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                            | NMI Holdings Inc                                 | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      2086 | NS      | $79977.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                         | Sportradar Group AG                              | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |      3154 | NS      | $84842.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                               | BlackLine Inc                                    | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      1235 | NS      | $65578.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                            | A10 Networks Inc                                 | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      3974 | NS      | $72128.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T              | Interpublic Group of Cos Inc/The                 | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      9137 | NS      | $255013.67    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier Inc                                     | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      4170 | NS      | $110671.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                  | Natera Inc                                       | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1358 | NS      | $218597.26    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                  | Zoetis Inc                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       434 | NS      | $63502.88     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                           | Kinross Gold Corp                                | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      4050 | NS      | $100642.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MCCORMICK & CO INC/MD                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4776.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| White Mountains Insurance Grou              | White Mountains Insurance Group Ltd              | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |       175 | NS      | $292516.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog              | Check Point Software Technologies Ltd            | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |       379 | NS      | $78418.89     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS WARNER BROS DISCOVERY INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-46105.75    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services Inc                       | Republic Services Inc                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       298 | NS      | $68385.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COTY INC                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2895.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS C3.AI INC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8283.03      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Valmont Industries Inc                      | Valmont Industries Inc                           | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |       275 | NS      | $106625.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                | VeriSign Inc                                     | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       790 | NS      | $220860.30    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                            | IES Holdings Inc                                 | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |       488 | NS      | $194053.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                  | Huron Consulting Group Inc                       | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |       731 | NS      | $107288.87    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                       | Quest Diagnostics Inc                            | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       129 | NS      | $24584.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INTERNATIONAL BUSINESS MACHINES CORP         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-299.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MONDELEZ INTERNATIONAL INC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8842.45      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SIRIUS XM HOLDINGS INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1380.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com Inc                              | Amazon.com Inc                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       722 | NS      | $158529.54    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                        | Veritex Holdings Inc                             | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     10389 | NS      | $348343.17    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc               | Old Dominion Freight Line Inc                    | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       966 | NS      | $135993.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                  | Grand Canyon Education Inc                       | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       368 | NS      | $80783.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                         | Leidos Holdings Inc                              | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |       449 | NS      | $84843.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ADVANCE AUTO PARTS INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-14784.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OGE Energy Corp                             | OGE Energy Corp                                  | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |       492 | NS      | $22764.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BRIDGEBIO PHARMA INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-70.05       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mirion Technologies Inc                     | Mirion Technologies Inc                          | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |      2020 | NS      | $46985.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P              | Sensata Technologies Holding PLC                 | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | US        |      2156 | NS      | $65865.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CENTERPOINT ENERGY INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5657.13     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| KLA Corp                                    | KLA Corp                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |        84 | NS      | $90602.40     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners LP               | Alliance Resource Partners LP                    | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |       612 | NS      | $15474.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                             | Bank First Corp                                  | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       797 | NS      | $96684.07     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS REALREAL INC/THE                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-14015.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Baker Hughes Co                             | Baker Hughes Co                                  | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1242 | NS      | $60510.24     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                             | TJX Cos Inc/The                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      1338 | NS      | $193394.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                 | Netflix Inc                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       309 | NS      | $370466.28    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS RIOT PLATFORMS INC                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-36797.09    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Robert Half Inc                             | Robert Half Inc                                  | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |      2034 | NS      | $69115.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                   | Linde PLC                                        | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |         6 | NS      | $2850.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Guaranty Bancshares Inc/TX                  | Guaranty Bancshares Inc/TX                       | CUSIP: 400764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1658 | NS      | $80827.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                    | Manhattan Associates Inc                         | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |       824 | NS      | $168903.52    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                              | Dorian LPG Ltd                                   | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |     11181 | NS      | $333193.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS STONECO LTD                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8742.82     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Primoris Services Corp                      | Primoris Services Corp                           | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      1791 | NS      | $245958.03    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ROBINHOOD MARKETS INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4310.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         4 | NC      | $6400.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                 | Paychex Inc                                      | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       580 | NS      | $73520.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                  | Kenvue Inc                                       | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |      1348 | NS      | $21878.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy Inc                                       | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       346 | NS      | $26302.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc              | Reynolds Consumer Products Inc                   | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |      2093 | NS      | $51215.71     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ONE LIBERTY PROPERTIES INC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $433.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COGENT COMMUNICATIONS HOLDINGS INC           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13569.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS WP CAREY INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6885.54     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | COTTON NO.2                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |       -17 | NC      | $16094.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                          | Meta Platforms Inc                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       162 | NS      | $118969.56    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                 | Fastenal Co                                      | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      5695 | NS      | $279282.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | 3MTH SONIA                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       -16 | NC      | $-403.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                 | Honeywell International Inc                      | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |       451 | NS      | $94935.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS UNITED PARCEL SERVICE INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $12115.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AUTOMATIC DATA PROCESSING INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1328.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co                     | Arthur J Gallagher & Co                          | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |        34 | NS      | $10531.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                    | Chefs' Warehouse Inc/The                         | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      1373 | NS      | $80087.09     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ENPHASE ENERGY INC                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $9145.99      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS FEDEX CORP                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2699.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Home BancShares Inc/AR                      | Home BancShares Inc/AR                           | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3575 | NS      | $101172.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                     | Consolidated Edison Inc                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       124 | NS      | $12464.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SNAP INC                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3719.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Xylem Inc/NY                                | Xylem Inc/NY                                     | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |       740 | NS      | $109150.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                        | Waste Management Inc                             | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       282 | NS      | $62274.06     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | SOYBEAN                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |        17 | NC      | $-29275.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS UPSTART HOLDINGS INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $18477.56     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc                   | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       233 | NS      | $45008.61     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ESSENTIAL UTILITIES INC                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-9721.95     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AGNC INVESTMENT CORP                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4327.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS RXO INC                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3136.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                          | ZAR/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2960.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS UIPATH INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1009.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KENNEDY-WILSON HOLDINGS INC                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-902.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AGREE REALTY CORP                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2608.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sterling Infrastructure Inc                 | Sterling Infrastructure Inc                      | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       176 | NS      | $59783.68     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                          | Kontoor Brands Inc                               | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      1582 | NS      | $126196.14    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Co                        | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      7852 | NS      | $159866.72    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | JAPAN YEN CURR                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        52 | NC      | $-15015.78    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KODIAK GAS SERVICES INC                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-18090.82    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SYNAPTICS INC                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1788.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Expeditors International of Wa              | Expeditors International of Washington Inc       | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      1764 | NS      | $216248.76    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                             | Xcel Energy Inc                                  | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       310 | NS      | $25001.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                    | Yelp Inc                                         | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      2242 | NS      | $69950.40     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PBF ENERGY INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3267.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Genesis Energy LP                           | Genesis Energy LP                                | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |      6323 | NS      | $105657.33    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CLEVELAND-CLIFFS INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-26519.58    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DOMINION ENERGY INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6045.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                         | Vulcan Materials Co                              | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       378 | NS      | $116280.36    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                          | Enact Holdings Inc                               | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |       487 | NS      | $18671.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc                    | Corcept Therapeutics Inc                         | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      2009 | NS      | $166967.99    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HUNTINGTON BANCSHARES INC/OH                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-16907.70    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                          | LONG GILT                                        | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         6 | NC      | $3954.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                            | Exxon Mobil Corp                                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       691 | NS      | $77910.25     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | STOXX EUROPE 600                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |       159 | NC      | $2426.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                           | Brown & Brown Inc                                | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       181 | NS      | $16975.99     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc               | Advanced Drainage Systems Inc                    | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |       384 | NS      | $53260.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                   | News Corp                                        | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      1582 | NS      | $48583.22     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                   | Mirum Pharmaceuticals Inc                        | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |       574 | NS      | $42079.94     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS REGENERON PHARMACEUTICALS INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2264.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | NASDAQ 100 E-MINI                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        12 | NC      | $131157.78    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | CHF/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6206.75     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | MEXICAN PESO                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        61 | NC      | $31058.79     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SPS COMMERCE INC                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1653.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      1336 | NS      | $44422.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                    | Marsh & McLennan Cos Inc                         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       755 | NS      | $152155.15    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ICU MEDICAL INC                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8157.20      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Solventum Corp                              | Solventum Corp                                   | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |       837 | NS      | $61101.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp              | Metropolitan Bank Holding Corp                   | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1333 | NS      | $99735.06     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                        | Verisk Analytics Inc                             | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       271 | NS      | $68159.21     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ALPHA METALLURGICAL RESOURCES INC            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6261.23     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CARVANA CO                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-161.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rubrik Inc                                  | Rubrik Inc                                       | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |       484 | NS      | $39809.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                    | iRhythm Technologies Inc                         | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |       623 | NS      | $107149.77    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                   | Spire Inc                                        | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |       185 | NS      | $15081.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                  | Nasdaq Inc                                       | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |       593 | NS      | $52450.85     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ACADIA REALTY TRUST                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7939.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ECHOSTAR CORP                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-10012.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Customers Bancorp Inc                       | Customers Bancorp Inc                            | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      1590 | NS      | $103938.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | FTSE 100 INDEX                                   | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |         1 | NC      | $921.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc                        | Urban Outfitters Inc                             | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |       737 | NS      | $52643.91     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc                     | Kimball Electronics Inc                          | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |      2549 | NS      | $76113.14     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TARGET CORP                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-481.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Talen Energy Corp                           | Talen Energy Corp                                | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       119 | NS      | $50620.22     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VAXCYTE INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12757.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| City Holding Co                             | City Holding Co                                  | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2538 | NS      | $314382.06    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MURPHY OIL CORP                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-10407.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ALBEMARLE CORP                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3735.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kiniksa Pharmaceuticals Intern              | Kiniksa Pharmaceuticals International Plc        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2364 | NS      | $91794.12     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ULTRAGENYX PHARMACEUTICAL INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-996.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TERADYNE INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7382.76     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                        | Colgate-Palmolive Co                             | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      2272 | NS      | $181623.68    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions              | Broadridge Financial Solutions Inc               | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       396 | NS      | $94315.32     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                 | IDACORP Inc                                      | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |       137 | NS      | $18104.55     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                               | CME Group Inc                                    | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       190 | NS      | $51336.10     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                 | ROBLOX Corp                                      | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       454 | NS      | $62888.08     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                 | Phillips 66                                      | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       458 | NS      | $62297.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc                        | Kyndryl Holdings Inc                             | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |      1884 | NS      | $56576.52     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DANAHER CORP                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-262.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                              | Atlassian Corp                                   | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |       602 | NS      | $96139.40     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group               | Diamond Hill Investment Group Inc                | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |       450 | NS      | $63004.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                   | Carpenter Technology Corp                        | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |       358 | NS      | $87903.32     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DRAFTKINGS INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $5499.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| A O Smith Corp                              | A O Smith Corp                                   | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |       900 | NS      | $66069.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS APPLIED MATERIALS INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-590.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corp                                | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |       671 | NS      | $18002.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                              | Buckle Inc/The                                   | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      1250 | NS      | $73325.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SEMPRA                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13572.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS NIKE INC                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1133.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Natural Resource Partners LP                | Natural Resource Partners LP                     | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |       714 | NS      | $74970.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                    | COPPER                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         9 | NC      | $52275.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                  | Rambus Inc                                       | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |       352 | NS      | $36678.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | Etsy Inc                                         | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      1082 | NS      | $71833.98     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MEFF RENTA VARIABLE (MADRID)                | IBEX 35 INDX                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ES        |         1 | NC      | $2046.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | DOLLAR INDEX                                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DFE              | CORP              | US        |         3 | NC      | $-352.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COCA-COLA CO/THE                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $263.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Community Healthcare Trust Inc              | Community Healthcare Trust Inc                   | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |      1124 | NS      | $17197.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | AUST 3YR BOND                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |        10 | NC      | $-2075.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS NATIONAL STORAGE AFFILIATES TRUST            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2932.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TRUIST FINANCIAL CORP                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4510.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Trinity Capital Inc                         | Trinity Capital Inc                              | CUSIP: 896442308<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EC               | CORP              | US        |      9483 | NS      | $146796.84    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                               | CoreCivic Inc                                    | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |      2919 | NS      | $59401.65     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                    | UGI Corp                                         | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      3081 | NS      | $102474.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                      | Hims & Hers Health Inc                           | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |       363 | NS      | $20589.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                       | Lumentum Holdings Inc                            | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       332 | NS      | $54019.72     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PALO ALTO NETWORKS INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-9846.74     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS IMMUNOVANT INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6880.14     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CANNAE HOLDINGS INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $10831.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SAREPTA THERAPEUTICS INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2239.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Louisiana-Pacific Corp                      | Louisiana-Pacific Corp                           | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      1876 | NS      | $166663.84    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                             | Dollar Tree Inc                                  | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      1254 | NS      | $118339.98    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                 | Standard Motor Products Inc                      | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |      2551 | NS      | $104131.82    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                    | SLM Corp                                         | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1533 | NS      | $42433.44     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc                   | Brighthouse Financial Inc                        | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      1050 | NS      | $55734.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                   | Chewy Inc                                        | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |      2916 | NS      | $117952.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                             | Caterpillar Inc                                  | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       188 | NS      | $89704.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                  | Masco Corp                                       | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      1102 | NS      | $77569.78     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                               | REV Group Inc                                    | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |       884 | NS      | $50096.28     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                               | Dillard's Inc                                    | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |       124 | NS      | $76195.52     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co                    | American States Water Co                         | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       604 | NS      | $44285.28     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BIOGEN INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1602.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-OAT                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       150 | NC      | $-61353.44    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | SEK/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-258.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        20 | NC      | $-5417.01     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                | Cargurus Inc                                     | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      1727 | NS      | $64296.21     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS RYMAN HOSPITALITY PROPERTIES INC             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3090.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Natural Foods Inc                    | United Natural Foods Inc                         | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      5112 | NS      | $192313.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                  | Sysco Corp                                       | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |       285 | NS      | $23466.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc                  | Core Natural Resources Inc                       | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |       837 | NS      | $69872.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                       | Costco Wholesale Corp                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       442 | NS      | $409128.46    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In              | Napco Security Technologies Inc                  | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      1706 | NS      | $73272.70     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc               | Interactive Brokers Group Inc                    | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      1690 | NS      | $116288.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GOODYEAR TIRE & RUBBER CO/THE                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $41778.35     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BOOZ ALLEN HAMILTON HOLDING CORP             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1992.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                         | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |        62 | NS      | $21417.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                             | Ulta Beauty Inc                                  | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       281 | NS      | $153636.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                                    | Dana Inc                                         | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |      3054 | NS      | $61202.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ASPEN AEROGELS INC                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7921.28     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                       | Tenet Healthcare Corp                            | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |       198 | NS      | $40201.92     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                   | Kinsale Capital Group Inc                        | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |       148 | NS      | $62938.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MICROCHIP TECHNOLOGY INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4174.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                 | NVIDIA Corp                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |        85 | NS      | $15859.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                     | WEX Inc                                          | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |       281 | NS      | $44265.93     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                         | Avery Dennison Corp                              | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       486 | NS      | $78814.62     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                  | Matson Inc                                       | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |       399 | NS      | $39337.41     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In              | Four Corners Property Trust Inc                  | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |       666 | NS      | $16250.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO STOXX 50                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |        34 | NC      | $35048.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                            | FirstEnergy Corp                                 | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      1790 | NS      | $82017.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COMCAST CORP                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8856.13      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TELEDYNE TECHNOLOGIES INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-706.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INTAPP INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6586.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS WAYFAIR INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1976.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | AUDUSD CRNCY                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        15 | NC      | $9266.13      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc                  | ACADIA Pharmaceuticals Inc                       | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |      2387 | NS      | $50938.58     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                 | Invesco Ltd                                      | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | US        |      2742 | NS      | $62901.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                      | Synovus Financial Corp                           | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      6606 | NS      | $324222.48    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/              | First Citizens BancShares Inc/NC                 | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       127 | NS      | $227223.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CBL & ASSOCIATES PROPERTIES INC              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13451.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Texas Pacific Land Corp                     | Texas Pacific Land Corp                          | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       363 | NS      | $338911.32    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc                    | Green Brick Partners Inc                         | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |       684 | NS      | $50520.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MONGODB INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-29709.15    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Halozyme Therapeutics Inc                   | Halozyme Therapeutics Inc                        | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      1118 | NS      | $81994.12     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Partners LP                             | CVR Partners LP                                  | CUSIP: 126633205<br>LEI: 529900LE0OS06MYQRP11 | Long             | EC               | CORP              | US        |       767 | NS      | $69122.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MERCURY SYSTEMS INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3605.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fluor Corp                                  | Fluor Corp                                       | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      1402 | NS      | $58982.14     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GLOBANT SA                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1682.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lennox International Inc                    | Lennox International Inc                         | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       108 | NS      | $57170.88     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                 | Dropbox Inc                                      | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      2296 | NS      | $69362.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                           | Post Holdings Inc                                | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       423 | NS      | $45464.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                     | SBA Communications Corp                          | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       536 | NS      | $103635.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ROYALTY PHARMA PLC                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1949.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TRUPANION INC                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $17736.45     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cabot Corp                                  | Cabot Corp                                       | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      5491 | NS      | $417590.55    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI TR + BKG CORP N 01OCT25          | MITSUBISHI TR + BKG CORP N 01OCT25               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1000000.30   | 0.94%             | 2025-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bladex                                      | Banco Latinoamericano de Comercio Exterior SA    | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      2258 | NS      | $103800.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                               | Medtronic PLC                                    | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       658 | NS      | $62667.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                | Reliance Inc                                     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       568 | NS      | $159511.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                       | Monster Beverage Corp                            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      2944 | NS      | $198160.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                  | Garmin Ltd                                       | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       258 | NS      | $63524.76     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                  | Southwest Gas Holdings Inc                       | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |       907 | NS      | $71054.38     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | SOYBEAN OIL                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |       -19 | NC      | $27702.91     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                    | EastGroup Properties Inc                         | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |       287 | NS      | $48577.62     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc                            | Warby Parker Inc                                 | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2038 | NS      | $56208.04     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                   | Edwards Lifesciences Corp                        | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      1382 | NS      | $107478.14    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                             | Gen Digital Inc                                  | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      5652 | NS      | $160460.28    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | NY HARB ULSD                                     | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |         9 | NC      | $-5159.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SITIME CORP                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-25646.03    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Heritage Commerce Corp                      | Heritage Commerce Corp                           | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |      4452 | NS      | $44208.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | NZD/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-29240.72    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Brinker International Inc                   | Brinker International Inc                        | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       665 | NS      | $84242.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                            | Altria Group Inc                                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |       905 | NS      | $59784.30     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                                    | WD-40 Co                                         | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |      1065 | NS      | $210444.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VEEVA SYSTEMS INC                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3564.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INTERNATIONAL FLAVORS & FRAGRANCES INC       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1882.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | LIVE CATTLE                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              | CORP              | US        |         4 | NC      | $-11069.10    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd                           | IBEX Holdings Ltd                                | CUSIP: 000000000<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | US        |      1570 | NS      | $63616.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COHERENT CORP                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12369.23    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CONSTELLATION BRANDS INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $18.46        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | GASOLINE RBOB                                    | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |       -14 | NC      | $11390.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                          | Planet Fitness Inc                               | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |       649 | NS      | $67366.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ORGANON & CO                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2132.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS OUSTER INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $8271.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MarineMax Inc                               | MarineMax Inc                                    | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |      5180 | NS      | $131209.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS EQUINIX INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $352.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CENTENE CORP                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2250.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SCORPIO TANKERS INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1277.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Allison Transmission Holdings               | Allison Transmission Holdings Inc                | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       767 | NS      | $65102.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc/The                           | GEO Group Inc/The                                | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      1738 | NS      | $35611.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                  | Insmed Inc                                       | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |       440 | NS      | $63364.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati              | Heidrick & Struggles International Inc           | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      2096 | NS      | $104317.92    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                        | Medpace Holdings Inc                             | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       193 | NS      | $99232.88     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                  | Chipotle Mexican Grill Inc                       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5492 | NS      | $215231.48    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ELEVANCE HEALTH INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3350.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUND                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -57 | NC      | $-11693.33    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The                      | Greenbrier Cos Inc/The                           | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |      3401 | NS      | $157024.17    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                        | GeneDx Holdings Corp                             | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       474 | NS      | $51068.76     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS IONIS PHARMACEUTICALS INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13479.54    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of NT Butterfield & Son L              | Bank of NT Butterfield & Son Ltd/The             | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |      2305 | NS      | $98930.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BROWN-FORMAN CORP                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2665.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                        | Bank of America Corp                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |       825 | NS      | $42561.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | 3 MONTH SOFR                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -57 | NC      | $-5309.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS UNITY SOFTWARE INC                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-63587.78    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers Corp                        | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |       199 | NS      | $14507.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS APTIV PLC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-27924.62    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Primo Brands Corp                           | Primo Brands Corp                                | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |     16856 | NS      | $372517.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                      | Jones Lang LaSalle Inc                           | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       415 | NS      | $123786.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                        | Lockheed Martin Corp                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       268 | NS      | $133788.28    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                  | Standex International Corp                       | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |       463 | NS      | $98109.70     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                           | Tractor Supply Co                                | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      1465 | NS      | $83314.55     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TELEFLEX INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3316.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                          | USD/NOK FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-8846.55     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Progyny Inc                                 | Progyny Inc                                      | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2835 | NS      | $61009.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS LADDER CAPITAL CORP                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $763.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                         | TransDigm Group Inc                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       248 | NS      | $326868.96    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AMERICAN WATER WORKS CO INC                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1337.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Republic International Cor              | Old Republic International Corp                  | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |       716 | NS      | $30408.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                   | L3Harris Technologies Inc                        | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       209 | NS      | $63830.69     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L              | Plains All American Pipeline LP                  | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |      9415 | NS      | $160619.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                     | Alexander & Baldwin Inc                          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       994 | NS      | $18080.86     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TIDEWATER INC                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3433.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1569481 | NS      | $1569480.60   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                              | Hershey Co/The                                   | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       470 | NS      | $87913.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc                | Madrigal Pharmaceuticals Inc                     | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       157 | NS      | $72009.62     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS FMC CORP                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $7684.92      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Calix Inc                                   | Calix Inc                                        | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      1668 | NS      | $102365.16    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                 | Cencora Inc                                      | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       331 | NS      | $103447.43    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                 | Exelon Corp                                      | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |       474 | NS      | $21334.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | USD/CHF FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $32555.23     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS EXACT SCIENCES CORP                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $42.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co                       | Becton Dickinson & Co                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |        29 | NS      | $5427.93      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ABERCROMBIE & FITCH CO                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4339.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoZone Inc                                | AutoZone Inc                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        76 | NS      | $326058.24    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | COCOA                                            | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-461.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                 | Nutanix Inc                                      | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      1429 | NS      | $106303.31    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BRUKER CORP                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $11309.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PennyMac Mortgage Investment T              | PennyMac Mortgage Investment Trust               | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |      4079 | NS      | $50008.54     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG FUTURES EXCHANGE                  | HSCEI                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |        20 | NC      | $13942.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                           | Cisco Systems Inc                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       743 | NS      | $50836.06     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS OPEN TEXT CORP                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-17186.92    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GITLAB INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $25.30        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ONTO INNOVATION INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15960.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                              | Lowe's Cos Inc                                   | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       630 | NS      | $158325.30    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                              | CBRE Group Inc                                   | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       707 | NS      | $111394.92    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrim's Pride Corp                        | Pilgrim's Pride Corp                             | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |       881 | NS      | $35874.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                             | Southern Co/The                                  | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       244 | NS      | $23123.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SEMTECH CORP                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2306.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kura Sushi USA Inc                          | Kura Sushi USA Inc                               | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2209 | NS      | $131236.69    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc                                        | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       672 | NS      | $61205.76     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                | Evercore Inc                                     | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |       227 | NS      | $76571.64     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                     | Aon PLC                                          | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |        44 | NS      | $15689.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                        | National Fuel Gas Co                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |       251 | NS      | $23184.87     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ESTEE LAUDER COS INC/THE                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8028.39     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Innoviva Inc                                | Innoviva Inc                                     | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      2843 | NS      | $51884.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                       | Spotify Technology SA                            | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |       237 | NS      | $165426.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS O-I GLASS INC                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-459.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands              | NU Holdings Ltd/Cayman Islands                   | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |      4250 | NS      | $68042.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                        | Lamar Advertising Co                             | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |       755 | NS      | $92427.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                                | Winmark Corp                                     | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       170 | NS      | $84620.90     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BLACKSTONE MORTGAGE TRUST INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1280.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Corp                                 | Vistra Corp                                      | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       266 | NS      | $52114.72     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                        | PTC Therapeutics Inc                             | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      1744 | NS      | $107029.28    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                              | Mastercard Inc                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       292 | NS      | $166092.52    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                       | 3M Co                                            | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       223 | NS      | $34605.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                                | OPENLANE Inc                                     | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |      1743 | NS      | $50163.54     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KEURIG DR PEPPER INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $19074.01     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | C$ CURRENCY                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       109 | NC      | $-64706.54    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                | Chevron Corp                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       332 | NS      | $51556.28     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | BP CURRENCY                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         5 | NC      | $317.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BOEING CO/THE                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1337.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS FORMFACTOR INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2092.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Northwestern Energy Group Inc               | Northwestern Energy Group Inc                    | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      4641 | NS      | $272009.01    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS LYONDELLBASELL INDUSTRIES NV                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $5419.16      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS QUIDELORTHO CORP                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4163.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Winnebago Industries Inc                    | Winnebago Industries Inc                         | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |      4733 | NS      | $158271.52    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                 | Chemed Corp                                      | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       168 | NS      | $75220.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                     | Cboe Global Markets Inc                          | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       334 | NS      | $81913.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KINDER MORGAN INC                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2444.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Penn Entertainment Inc                      | Penn Entertainment Inc                           | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3073 | NS      | $59185.98     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MATTEL INC                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $7533.64      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Forestar Group Inc                          | Forestar Group Inc                               | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |      4228 | NS      | $112422.52    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                            | UniFirst Corp/MA                                 | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      1332 | NS      | $222697.08    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ATMOS ENERGY CORP                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4305.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ADAMAS TRUST INC                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $640.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PROLOGIS INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-18365.60    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| RLI Corp                                    | RLI Corp                                         | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      6865 | NS      | $447735.30    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ABBOTT LABORATORIES                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-323.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hackett Group Inc/The                       | Hackett Group Inc/The                            | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |      3458 | NS      | $65736.58     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                   | Apple Inc                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       307 | NS      | $78171.41     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                         | Axon Enterprise Inc                              | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       136 | NS      | $97599.04     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                     | Comfort Systems USA Inc                          | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       118 | NS      | $97371.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS EDISON INTERNATIONAL                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $396.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                   | QIAGEN NV                                        | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1105 | NS      | $49371.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc              | Omega Healthcare Investors Inc                   | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |       430 | NS      | $18154.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DELUXE CORP                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $70.71        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Docusign Inc                                | Docusign Inc                                     | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |       814 | NS      | $58681.26     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                             | CMS Energy Corp                                  | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       669 | NS      | $49010.94     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                                | Exelixis Inc                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      2681 | NS      | $110725.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu              | Kratos Defense & Security Solutions Inc          | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |       553 | NS      | $50527.61     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS WIX.COM LTD                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-397.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Watts Water Technologies Inc                | Watts Water Technologies Inc                     | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |       374 | NS      | $104450.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DIGITALOCEAN HOLDINGS INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2991.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2481481.80   | 2.33%             | 2025-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AURORA INNOVATION INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2199.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| McDonald's Corp                             | McDonald's Corp                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       399 | NS      | $121252.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SFL CORP LTD                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4382.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME PRI ALUM                                     | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |        25 | NC      | $32952.75     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co                  | Preformed Line Products Co                       | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |       457 | NS      | $89640.55     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS WEATHERFORD INTERNATIONAL PLC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-11661.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sturm Ruger & Co Inc                        | Sturm Ruger & Co Inc                             | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      3400 | NS      | $147798.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The                       | New York Times Co/The                            | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |       843 | NS      | $48388.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         6 | NC      | $-2742.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                      | IDEXX Laboratories Inc                           | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       101 | NS      | $64527.89     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                              | CVR Energy Inc                                   | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |       212 | NS      | $7733.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14998324.50  | 14.09%            | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DOVER CORP                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6551.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ACM RESEARCH INC                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15670.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                    | Visa Inc                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1006 | NS      | $343428.28    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc              | Armstrong World Industries Inc                   | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |       534 | NS      | $104669.34    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DIAMONDBACK ENERGY INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4337.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AXCELIS TECHNOLOGIES INC                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12227.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GARTNER INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1548.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INTUITIVE MACHINES INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5493.63     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-SCHATZ                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -3 | NC      | $369.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                                   | Ennis Inc                                        | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3741 | NS      | $68385.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                            | Duke Energy Corp                                 | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |        93 | NS      | $11508.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BTP                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        18 | NC      | $7220.41      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                                    | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      1794 | NS      | $219065.34    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                  | AbbVie Inc                                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       216 | NS      | $50012.64     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                     | Enerpac Tool Group Corp                          | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |      5464 | NS      | $224024.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS WESTLAKE CORP                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $12901.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pediatrix Medical Group Inc                 | Pediatrix Medical Group Inc                      | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5464 | NS      | $91522.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                  | Kirby Corp                                       | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |       685 | NS      | $57163.25     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS OLIN CORP                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $346.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CorVel Corp                                 | CorVel Corp                                      | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       950 | NS      | $73549.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                               | Clorox Co/The                                    | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       838 | NS      | $103325.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                     | O'Reilly Automotive Inc                          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      2995 | NS      | $322890.95    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX                      | DXP Enterprises Inc/TX                           | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       339 | NS      | $40364.73     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DIVERSIFIED HEALTHCARE TRUST                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15512.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group Inc/The                 | Goldman Sachs Group Inc/The                      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |        95 | NS      | $75653.25     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper-Standard Holdings Inc                | Cooper-Standard Holdings Inc                     | CUSIP: 21676P103<br>LEI: 549300VVOH2RQP5YMB08 | Long             | EC               | CORP              | US        |      1788 | NS      | $66030.84     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                    | Lyft Inc                                         | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |      4786 | NS      | $105339.86    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ADOBE INC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-110.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Monarch Casino & Resort Inc                 | Monarch Casino & Resort Inc                      | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |       812 | NS      | $85942.08     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS XENIA HOTELS & RESORTS INC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8042.96     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                    | GOLD 100 OZ                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |        13 | NC      | $332566.71    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                       | Northrop Grumman Corp                            | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        97 | NS      | $59104.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                         | Dorman Products Inc                              | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |       685 | NS      | $106777.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COLUMBIA FINANCIAL INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1674.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlisle Cos Inc                            | Carlisle Cos Inc                                 | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       384 | NS      | $126320.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                             | Schlumberger NV                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      1761 | NS      | $60525.57     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HOST HOTELS & RESORTS INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7612.20     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                      | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4996610.60   | 4.69%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp/T              | Bank of New York Mellon Corp/The                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |       576 | NS      | $62760.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners              | Coca-Cola Europacific Partners PLC               | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |       555 | NS      | $50177.55     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       274 | NS      | $86427.82     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                             | Concentrix Corp                                  | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      1088 | NS      | $50211.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                      | Insteel Industries Inc                           | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      2710 | NS      | $103901.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | EURO FX CURR                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        69 | NC      | $-10858.17    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | USD/PLN FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-924.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Markel Group Inc                            | Markel Group Inc                                 | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       221 | NS      | $422410.56    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE INC.                      | CAN 10YR BOND                                    | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DIR              | CORP              | CA        |        41 | NC      | $9499.19      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                      | Agnico Eagle Mines Ltd                           | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       387 | NS      | $65232.72     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ICHOR HOLDINGS LTD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $999.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turning Point Brands Inc                    | Turning Point Brands Inc                         | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |       430 | NS      | $42509.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                  | Amdocs Ltd                                       | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |       960 | NS      | $78768.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                     | Soleno Therapeutics Inc                          | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |       617 | NS      | $41709.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                          | Domino's Pizza Inc                               | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       270 | NS      | $116561.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                   | Graco Inc                                        | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |       613 | NS      | $52080.48     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS EQT CORP                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5376.27     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS VIPER ENERGY INC                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2662.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Crane Co                                    | Crane Co                                         | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |       575 | NS      | $105880.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                               | Steelcase Inc                                    | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |     15257 | NS      | $262420.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP               | Western Midstream Partners LP                    | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1346 | NS      | $52884.34     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                               | Ingevity Corp                                    | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |      1348 | NS      | $74396.12     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                  | Hasbro Inc                                       | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |       371 | NS      | $28140.35     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                    | PPL Corp                                         | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |       545 | NS      | $20252.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                  | Mueller Water Products Inc                       | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |      9148 | NS      | $233456.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                               | McKesson Corp                                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        78 | NS      | $60258.12     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ORMAT TECHNOLOGIES INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-14728.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Moelis & Co                                 | Moelis & Co                                      | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      1970 | NS      | $140500.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                        | TTM Technologies Inc                             | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |       937 | NS      | $53971.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestis Corp                                 | Vestis Corp                                      | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |     12526 | NS      | $56742.78     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                              | Eaton Corp PLC                                   | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       212 | NS      | $79341.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ELF BEAUTY INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $906.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | WTI CRUDE                                        | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |        20 | NC      | $-3493.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                       | Uber Technologies Inc                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       689 | NS      | $67501.33     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS HELMERICH & PAYNE INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5390.42     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Church & Dwight Co Inc                      | Church & Dwight Co Inc                           | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |       133 | NS      | $11654.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AVANTOR INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4039.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Illumina Inc                                | Illumina Inc                                     | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       655 | NS      | $62205.35     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                       | Commvault Systems Inc                            | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |       364 | NS      | $68715.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C              | Marriott Vacations Worldwide Corp                | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |       659 | NS      | $43863.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                               | H&R Block Inc                                    | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      3633 | NS      | $183720.81    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                     | Goosehead Insurance Inc                          | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |       780 | NS      | $58047.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                         | Otis Worldwide Corp                              | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      1426 | NS      | $130379.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS STEVEN MADDEN LTD                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5146.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                             | Fair Isaac Corp                                  | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       154 | NS      | $230465.62    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                    | RTX Corp                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       554 | NS      | $92700.82     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ENTEGRIS INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-9705.08     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln Electric Holdings Inc               | Lincoln Electric Holdings Inc                    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       772 | NS      | $182060.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                            | Crown Castle Inc                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1105 | NS      | $106621.45    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                         | General Electric Co                              | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       464 | NS      | $139580.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem              | Artisan Partners Asset Management Inc            | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      1422 | NS      | $61714.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | SEK/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $33532.78     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheesecake Factory Inc/The                  | Cheesecake Factory Inc/The                       | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |       911 | NS      | $49777.04     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                               | Pinterest Inc                                    | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6663 | NS      | $214348.71    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS SM ENERGY CO                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2933.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                     | Procter & Gamble Co/The                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       905 | NS      | $139053.25    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                        | Booking Holdings Inc                             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        97 | NS      | $523729.19    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                           | CNH Industrial NV                                | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |      3933 | NS      | $42673.05     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | 3MO EURO EURIBOR                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        -6 | NC      | $31.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                                | Oshkosh Corp                                     | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       796 | NS      | $103241.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MKS INC                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7761.72     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS OMNICOM GROUP INC                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-32318.61    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Healthcare Services Group Inc               | Healthcare Services Group Inc                    | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |      5638 | NS      | $94887.54     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INSIGHT ENTERPRISES INC                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $842.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                          | TOPIX INDX                                       | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |        18 | NC      | $14403.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstsun Capital Bancorp                    | Firstsun Capital Bancorp                         | CUSIP: 33767U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2354 | NS      | $91311.66     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | BRAZIL REAL                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        10 | NC      | $1120.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG FUTURES EXCHANGE                  | HANG SENG INDEX                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |         9 | NC      | $19834.37     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BORGWARNER INC                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-11796.67    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS REALTY INCOME CORP                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2633.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                      | Arch Capital Group Ltd                           | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      4597 | NS      | $417085.81    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                             | Ross Stores Inc                                  | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       539 | NS      | $82138.21     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                               | DTE Energy Co                                    | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       194 | NS      | $27437.42     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc                | FactSet Research Systems Inc                     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       749 | NS      | $214581.01    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                | Monolithic Power Systems Inc                     | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |        70 | NS      | $64444.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                  | Verizon Communications Inc                       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      2711 | NS      | $119148.45    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares Inc                      | Nicolet Bankshares Inc                           | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       756 | NS      | $101682.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS GLOBAL NET LEASE INC                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5671.55     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PJT Partners Inc                            | PJT Partners Inc                                 | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |       414 | NS      | $73580.22     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CRINETICS PHARMACEUTICALS INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-19623.63    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BOBL                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -1 | NC      | $-11.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TRADE DESK INC/THE                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4305.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp                  | Pinnacle West Capital Corp                       | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       216 | NS      | $19366.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CHORD ENERGY CORP                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $2610.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp/The                        | Progressive Corp/The                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       270 | NS      | $66676.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS DEERE & CO                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6106.89      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MarketAxess Holdings Inc                    | MarketAxess Holdings Inc                         | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       394 | NS      | $68654.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS IVANHOE ELECTRIC INC / US                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-29888.80    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Five Below Inc                              | Five Below Inc                                   | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |       424 | NS      | $65592.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                       | Alphatec Holdings Inc                            | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |      3747 | NS      | $54481.38     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AMERICAN TOWER CORP                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $6269.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International In              | Philip Morris International Inc                  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       685 | NS      | $111107.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ASHLAND INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $4112.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Black Stone Minerals LP                     | Black Stone Minerals LP                          | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9484 | NS      | $124619.76    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       458 | NS      | $84922.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor              | Zurn Elkay Water Solutions Corp                  | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      2127 | NS      | $100032.81    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                        | Deckers Outdoor Corp                             | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      1497 | NS      | $151750.89    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                     | Lululemon Athletica Inc                          | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |        44 | NS      | $7828.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS PURSUIT ATTRACTIONS AND HOSPITALITY INC      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1180.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COMSTOCK RESOURCES INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $20559.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rapid7 Inc                                  | Rapid7 Inc                                       | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |       555 | NS      | $10406.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS AIR PRODUCTS AND CHEMICALS INC               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $3054.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Globe Life Inc                              | Globe Life Inc                                   | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       344 | NS      | $49181.68     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                          | SGD/USD FORWARD                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2577.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS INTELLIA THERAPEUTICS INC                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-22404.24    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P MID 400 EMINI                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        16 | NC      | $-36063.38    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS EASTERN BANKSHARES INC                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15745.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                             | T-Mobile US Inc                                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       358 | NS      | $85698.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS LANTHEUS HOLDINGS INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $583.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ARCHROCK INC                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12464.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP                | Suburban Propane Partners LP                     | CUSIP: 864482104<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | EC               | CORP              | US        |      1994 | NS      | $37188.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TRUSTMARK CORP                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6852.84     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NiSource Inc                                | NiSource Inc                                     | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |       592 | NS      | $25633.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Main Street Capital Corp                    | Main Street Capital Corp                         | CUSIP: 56035L104<br>LEI: 5493001FS9QJLJNF3E20 | Long             | EC               | CORP              | US        |       648 | NS      | $41206.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                             | Yum! Brands Inc                                  | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       764 | NS      | $116128.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS CLEARWAY ENERGY INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $694.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corp                          | Union Pacific Corp                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       809 | NS      | $191223.33    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                      | Franklin Resources Inc                           | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      4470 | NS      | $103391.10    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                            | InterDigital Inc                                 | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $138092.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KEYCORP                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6187.74     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| American Woodmark Corp                      | American Woodmark Corp                           | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |      2408 | NS      | $160758.08    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                        | Western Digital Corp                             | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |       538 | NS      | $64592.28     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp PLC                        | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |      4124 | NS      | $102357.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS TWIST BIOSCIENCE CORP                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $20856.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sprouts Farmers Market Inc                  | Sprouts Farmers Market Inc                       | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |       875 | NS      | $95200.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MASTERBRAND INC                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15911.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS COMPASS INC                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3372.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS KITE REALTY GROUP TRUST                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1175.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS MOLINA HEALTHCARE INC                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4281.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RPM International Inc                       | RPM International Inc                            | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      4281 | NS      | $504644.28    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Mortgage Capital Inc                | Invesco Mortgage Capital Inc                     | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               | CORP              | US        |      6374 | NS      | $48187.44     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                              | Wendy's Co/The                                   | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |      4662 | NS      | $42703.92     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                | DoorDash Inc                                     | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       224 | NS      | $60925.76     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS BRAZE INC                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $5033.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | TRS ARCHER AVIATION INC                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $1937.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Virtus Alternative Solutions Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer