# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-203850
**Filing Date:** 2025-8
**Character Count:** 516342
**Document Hash:** e88e4f6b659be27746eb461a5241695b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203850.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203850

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251253617

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

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

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

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

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

## Series and Classes Contracts Data

### Virtus Newfleet Multi-Sector Intermediate Bond Fund (Series ID: S000018007)

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

## Nport-Ex

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

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Securities—5.1%** | **U.S. Government Securities—5.1%** | **U.S. Government Securities—5.1%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | $2140 | $1872 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp;4.250%, 2/15/54 | &nbsp;&nbsp; 4515 | &nbsp;&nbsp;&nbsp; 4118 |
| &nbsp;&nbsp;&nbsp;4.250%, 8/15/54 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp; 922 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp; 2954 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 5850 | &nbsp;&nbsp;&nbsp; 5695 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 1/31/30 | &nbsp;&nbsp; 7190 | &nbsp;&nbsp;&nbsp; 7332 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/28/30 | &nbsp;&nbsp; 3835 | &nbsp;&nbsp;&nbsp; 3872 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/15/34 | &nbsp;&nbsp; 13955 | &nbsp;&nbsp;&nbsp; 13809 |
| **Total U.S. Government Securities<br> (Identified Cost $41,571)** | **Total U.S. Government Securities<br> (Identified Cost $41,571)** | &nbsp;&nbsp;&nbsp;&nbsp; **41447** |
| **Foreign Government Securities—11.8%** | **Foreign Government Securities—11.8%** | **Foreign Government Securities—11.8%** |
| Abu Dhabi Government International Bond 144A<br> 5.000%, 4/30/34<sup>(2)</sup> | &nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp; 628 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/4/30<sup>(2)</sup> | &nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 5/29/32<sup>(2)</sup> | &nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.500%, 1/31/47<sup>(2)</sup> | &nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 9/30/51<sup>(2)</sup> | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; 395 |
| Benin Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.960%, 2/13/38<sup>(2)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.375%, 1/23/41<sup>(2)</sup> | &nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 611 |
| Bolivarian Republic of Venezuela<br> 9.375%, 1/13/34<sup>(3)</sup> | &nbsp;&nbsp; 2011 | &nbsp;&nbsp;&nbsp; 451 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(4)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 247 |
| Brazil Notas do Tesouro Nacional Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 9400<sup>BRL</sup> | &nbsp;&nbsp;&nbsp; 1518 |
| Czech Republic Government Bond<br> 1.750%, 6/23/32 | &nbsp;&nbsp; 40000<sup>CZK</sup> | &nbsp;&nbsp;&nbsp; 1651 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(2)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.150%, 2/24/55<sup>(2)</sup> | &nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.950%, 3/15/37<sup>(4)</sup> | &nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp; 1649 |
| Dubai Government International Bonds RegS<br> 3.900%, 9/9/50<sup>(4)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 339 |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp; 879 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/35 | &nbsp;&nbsp; 1162 | &nbsp;&nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; 1020 |
| Gaci First Investment Co. RegS<br> 4.875%, 2/14/35<sup>(4)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 759 |
| Honduras Government 144A<br> 8.625%, 11/27/34<sup>(2)</sup> | &nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; 311 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(2)</sup> | &nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp; 2218 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 6/16/34<sup>(2)</sup> | $457 | $448 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(2)</sup> | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp;RegS<br> 2.125%, 9/22/31<sup>(4)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 261 |
| Kingdom of Jordan 144A<br> 5.850%, 7/7/30<sup>(2)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1101 |
| Lebanon Government International Bond RegS<br> 7.000%, 3/23/32<sup>(3)(4)</sup> | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 194 |
| Malaysia Government Bond<br> 2.632%, 4/15/31 | &nbsp;&nbsp; 6970<sup>MYR</sup> | &nbsp;&nbsp; 1589 |
| Mex Bonos Desarr<br> 7.750%, 11/13/42 | &nbsp;&nbsp; 36100<sup>MXN</sup> | &nbsp;&nbsp; 1596 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(2)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 1035 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/35<sup>(5)</sup> | &nbsp;&nbsp; 1971 | &nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp;3.500%, 7/9/41<sup>(5)</sup> | &nbsp;&nbsp; 2544 | &nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/46<sup>(5)</sup> | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; 1132 |
| Republic of Armenia 144A<br> 3.600%, 2/2/31<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 389 |
| Republic of Cameroon RegS<br> 9.500%, 7/31/31<sup>(4)</sup> | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1530 |
| Republic of Chile<br> 3.250%, 9/21/71 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 432 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30<sup>(6)</sup> | &nbsp;&nbsp; 909 | &nbsp;&nbsp; 940 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 2513 | &nbsp;&nbsp; 2529 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 446 |
| Republic of Ecuador RegS<br> 6.900%, 7/31/30<sup>(4)(5)</sup> | &nbsp;&nbsp; 2393 | &nbsp;&nbsp; 2074 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 4/10/32<sup>(2)</sup> | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.250%, 4/17/30<sup>(4)</sup> | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 6/15/35<sup>(4)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.625%, 2/1/41<sup>(4)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 277 |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 2/6/31<sup>(2)</sup> | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 671 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.500%, 2/18/29<sup>(4)</sup> | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 687 |
| Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 7/3/26<sup>(2)(7)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 7/3/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 1/3/30<sup>(2)(7)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 7/3/26<sup>(4)(7)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/29<sup>(4)(5)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 1/3/30<sup>(4)(7)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/35<sup>(4)(5)</sup> | $724 | $560 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, 2/14/30 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 984 |
| &nbsp;&nbsp;&nbsp;4.750%, 9/10/34 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;4.200%, 10/15/50 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;5.100%, 2/10/54<sup>(6)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 169 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(2)</sup> | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(2)</sup> | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 394 |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(2)</sup> | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; 1132 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.375%, 9/28/33<sup>(2)</sup> | &nbsp;&nbsp; 1891 | &nbsp;&nbsp; 1691 |
| &nbsp;&nbsp;&nbsp;144A<br> 10.375%, 12/9/34<sup>(2)</sup> | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1572 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 3/17/28 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp;3.870%, 7/23/60 | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 1074 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/15/34 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1311 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/8/35 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp;5.875%, 8/8/54 | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;3.600%, 1/15/72 | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 512 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 2/4/35 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35 | &nbsp;&nbsp; 1574 | &nbsp;&nbsp; 1544 |
| &nbsp;&nbsp;&nbsp;3.700%, 3/1/41 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 633 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 10/4/33 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;5.125%, 9/18/34 | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 1389 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 2529 | &nbsp;&nbsp; 2577 |
| &nbsp;&nbsp;&nbsp;5.500%, 4/4/53 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 193 |
| Republic of Senegal |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 5/23/33<sup>(2)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.750%, 6/10/31<sup>(4)</sup> | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 392 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(2)</sup> | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 894 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;8.750%, 2/28/48 | &nbsp;&nbsp; 32300<sup>ZAR</sup> | &nbsp;&nbsp; 1464 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(2)</sup> | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 847 |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(2)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(2)(5)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(2)(5)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 137 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | $1463 | $1619 |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2178 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 806 |
| Republic of Zambia 144A<br> 0.500%, 12/31/53<sup>(2)</sup> | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 343 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 1964 | &nbsp;&nbsp; 1811 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 2277 | &nbsp;&nbsp; 2017 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(2)</sup> | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 1/30/34<sup>(2)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 3/24/35<sup>(2)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 342 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(2)</sup> | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; 2523 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(2)</sup> | &nbsp;&nbsp; 2181 | &nbsp;&nbsp; 1793 |
| State of Qatar |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.750%, 4/16/30<sup>(2)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.817%, 3/14/49<sup>(2)</sup> | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 1021 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(2)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.400%, 6/26/34<sup>(2)</sup> | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 6/26/34<sup>(4)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 393 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(2)</sup> | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1388 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/34<sup>(2)(5)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/36<sup>(2)(5)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/36<sup>(2)(5)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/29<sup>(4)(5)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/30<sup>(4)(5)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/34<sup>(4)(5)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 1378 | &nbsp;&nbsp; 700 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(4)(5)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/36<sup>(4)(5)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 31 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | $1027 | $1071 |
| &nbsp;&nbsp;&nbsp;6.625%, 1/29/38 | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp;6.338%, 5/4/53 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; 1113 |
| Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.700%, 11/25/30<sup>(2)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.900%, 2/28/32<sup>(2)</sup> | &nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 727 |
| **Total Foreign Government Securities<br> (Identified Cost $93,132)** | **Total Foreign Government Securities<br> (Identified Cost $93,132)** | &nbsp;&nbsp;&nbsp;&nbsp; **94873** |
| **Mortgage-Backed Securities—21.7%** | **Mortgage-Backed Securities—21.7%** | **Mortgage-Backed Securities—21.7%** |
| **Agency—5.7%** | **Agency—5.7%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;Pool #SD5594<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 5135 | &nbsp;&nbsp;&nbsp; 5142 |
| &nbsp;&nbsp;&nbsp;Pool #SD6322<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 5273 | &nbsp;&nbsp;&nbsp; 5053 |
| &nbsp;&nbsp;&nbsp;Pool #SD8289<br> 5.500%, 1/1/53 | &nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp; 2011 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp; 3204 |
| &nbsp;&nbsp;&nbsp;Pool #SD8317<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp;Pool #SD8382<br> 5.000%, 12/1/53 | &nbsp;&nbsp; 6115 | &nbsp;&nbsp;&nbsp; 6004 |
| &nbsp;&nbsp;&nbsp;Pool #SL0627<br> 6.000%, 10/1/54 | &nbsp;&nbsp; 7850 | &nbsp;&nbsp;&nbsp; 7989 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #CB6857<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 2127 | &nbsp;&nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | &nbsp;&nbsp; 5232 | &nbsp;&nbsp;&nbsp; 4867 |
| &nbsp;&nbsp;&nbsp;Pool #FS8479<br> 5.500%, 8/1/53 | &nbsp;&nbsp; 3683 | &nbsp;&nbsp;&nbsp; 3689 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 1599 | &nbsp;&nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 1347 | &nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 1232 |
|  |  | &nbsp;&nbsp;&nbsp; 46246 |
| **Non-Agency—16.0%** | **Non-Agency—16.0%** |  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.790%, 6/25/70<sup>(2)(8)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp; 1066 |
| ADMT 2024-NQM6, A1 144A<br> 5.666%, 1/25/70<sup>(2)(8)</sup> | &nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp; 1239 |
| Ajax Mortgage Loan Trust 2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 1203 | &nbsp;&nbsp;&nbsp; 1161 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.043%, 6/15/40<sup>(2)(8)</sup> | $2200 | $2212 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 658 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 519 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 2917 | &nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 3285 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(2)(8)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(2)(8)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;2020-1, A3 144A<br> 3.328%, 3/25/55<sup>(2)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1062 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.231%, 3/15/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1772 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.609%, 7/15/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 2296 | &nbsp;&nbsp; 2240 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(2)(8)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 117 |
| BX Commercial Mortgage Trust 2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.703%, 3/15/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 1556 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 3087 | &nbsp;&nbsp; 2886 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(2)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1795 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.932%, 9/15/38<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1502 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-RPL1, A1 144A<br> 3.500%, 6/25/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp;2024-RPL4, A1A 144A<br> 3.375%, 12/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1479 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M4 144A<br> 3.750%, 12/25/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 1447 | &nbsp;&nbsp; 1330 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 755 |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 363 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(2)(8)</sup> | $945 | $942 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1230 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(2)(8)</sup> | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 1394 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(2)</sup> | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1808 |
| &nbsp;&nbsp;&nbsp;2024-WCL1, B (1 month Term SOFR + 2.590%, Cap N/A, Floor 2.590%) 144A<br> 6.902%, 6/15/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1922 |
| COOPR Residential Mortgage Trust 2025-CES2, A1A 144A<br> 5.502%, 6/25/60<sup>(2)(8)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1598 |
| CoreVest American Finance Trust 2019-3, C 144A<br> 3.265%, 10/15/52<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 235 |
| Credit Suisse Mortgage Capital Trust 2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(2)(8)</sup> | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 1152 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 232 |
| EFMT 2025-NQM2, A1 144A<br> 5.596%, 6/25/70<sup>(2)(8)</sup> | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1564 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(2)(8)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 525 |
| ELM Trust 2024-ELM, A10 144A<br> 5.994%, 6/10/39<sup>(2)(8)</sup> | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1737 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 2870 | &nbsp;&nbsp; 2898 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 444 |
| Fontainebleau Miami Beach Mortgage Trust 2024-FBLU, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.762%, 12/15/39<sup>(2)(8)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1100 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 327 |
| Houston Galleria Mall Trust 2025-HGLR, A 144A<br> 5.644%, 2/5/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1488 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.649%, 1/13/40<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1546 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 998 |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.446%, 1/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; 1233 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2024-OMNI, A 144A<br> 5.990%, 10/5/39<sup>(2)(8)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1311 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.622%, 10/25/29<sup>(2)(8)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A3 144A<br> 5.947%, 2/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 921 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1 144A<br> 5.592%, 6/25/55<sup>(2)(8)</sup> | $1834 | $1844 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.567%, 9/25/65<sup>(2)(8)</sup> | &nbsp;&nbsp; 1474 | &nbsp;&nbsp; 1479 |
| LHOME Mortgage Trust 2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(2)(8)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1210 |
| MetLife Securitization Trust 2017-1A, M1 144A<br> 3.420%, 4/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 381 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV1, A1 144A<br> 3.907%, 4/25/66<sup>(2)(8)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 2234 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1294 | &nbsp;&nbsp; 1266 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(2)(8)</sup> | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2173 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(2)(8)</sup> | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 712 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(2)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1343 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-INV4, A1 144A<br> 6.000%, 9/25/54<sup>(2)(8)</sup> | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 830 |
| MSSG Trust 2017-237P, A 144A<br> 3.397%, 9/13/39<sup>(2)</sup> | &nbsp;&nbsp; 1951 | &nbsp;&nbsp; 1835 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 1096 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 3.079%, 3/27/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 1315 |
| NY Commercial Mortgage Trust 2025-299P, A 144A<br> 5.853%, 2/10/47<sup>(2)(8)</sup> | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1257 |
| NYMT Loan Trust 2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 2242 | &nbsp;&nbsp; 2072 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 1279 | &nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 2109 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, A1 144A<br> 6.030%, 1/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 785 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 1657 | &nbsp;&nbsp; 1657 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(2)(8)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 70 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-INV1, A2 144A<br> 6.000%, 10/25/59<sup>(2)(8)</sup> | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 1355 |
| &nbsp;&nbsp;&nbsp;2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(2)(8)</sup> | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 859 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, A1 144A<br> 3.900%, 10/25/63<sup>(2)(8)</sup> | $1403 | $1352 |
| &nbsp;&nbsp;&nbsp;2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1736 |
| PRKCM Trust 2022-AFC1, A1A 144A<br> 4.100%, 4/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 1922 | &nbsp;&nbsp; 1899 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(2)(8)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(2)(8)</sup> | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 600 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1528 |
| RIDE 2025-SHRE, B 144A<br> 6.020%, 2/14/47<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1521 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1652 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.481%, 6/25/43<sup>(8)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 104 |
| SG Residential Mortgage Trust 2021-1, A1 144A<br> 1.160%, 7/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 2056 | &nbsp;&nbsp; 1701 |
| Starwood Mortgage Residential Trust 2021-5, A2 144A<br> 2.178%, 9/25/66<sup>(2)(8)</sup> | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 1652 |
| THPT Mortgage Trust 2023-THL, A 144A<br> 7.227%, 12/10/34<sup>(2)(8)</sup> | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 1645 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.989%, 7/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; 1624 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 3.750%, 1/25/63<sup>(2)</sup> | &nbsp;&nbsp; 1437 | &nbsp;&nbsp; 1388 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 635 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(2)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(2)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 790 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 700 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 2099 | &nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;2022-6, A3 144A<br> 4.910%, 6/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1963 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 1109 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(2)</sup> | $55 | $52 |
| &nbsp;&nbsp;&nbsp;2022-1, A2 144A<br> 5.850%, 8/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 783 |
| WSTN Trust 2023-MAUI, C 144A<br> 7.958%, 7/5/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp; 2177 |
|  |  | &nbsp;&nbsp;&nbsp;128894 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $176,261)** | **Total Mortgage-Backed Securities<br> (Identified Cost $176,261)** | &nbsp;&nbsp;&nbsp;&nbsp;**175140** |
| **Asset-Backed Securities—13.0%** | **Asset-Backed Securities—13.0%** | **Asset-Backed Securities—13.0%** |
| **Automobiles—4.9%** | **Automobiles—4.9%** |  |
| Arivo Acceptance Auto Loan Receivables Trust 2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(2)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp;&nbsp; 1547 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-1A, D 144A<br> 3.340%, 8/20/26<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 718 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-2A, C 144A<br> 6.180%, 10/20/27<sup>(2)</sup> | &nbsp;&nbsp; 2177 | &nbsp;&nbsp;&nbsp; 2191 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, A 144A<br> 5.440%, 2/22/28<sup>(2)</sup> | &nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2024-1A, A 144A<br> 5.360%, 6/20/30<sup>(2)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 1488 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2024-2A, D 144A<br> 7.430%, 10/20/28<sup>(2)</sup> | &nbsp;&nbsp; 1959 | &nbsp;&nbsp;&nbsp; 1988 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp; 1682 |
| CPS Auto Receivables Trust 2023-D, C 144A<br> 7.170%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1019 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 6.440%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 791 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.400%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 493 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;2023-3A, D<br> 6.680%, 4/16/29 | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 1808 |
| FHF Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.260%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.430%, 3/17/31<sup>(2)</sup> | &nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp; 1691 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 224 |
| FinBe USA Trust 2025-1A, B 144A<br> 6.600%, 12/16/30<sup>(2)</sup> | &nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 2034 |
| Flagship Credit Auto Trust 2023-1, D 144A<br> 6.460%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp; 1789 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, E 144A<br> 3.200%, 10/16/28<sup>(2)</sup> | &nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp; 1920 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(2)</sup> | $800 | $807 |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(2)</sup> | &nbsp;&nbsp; 681 | &nbsp;&nbsp; 692 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(2)</sup> | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.300%, 6/17/30<sup>(2)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 768 |
| Lendbuzz Securitization Trust 2024-3A, B 144A<br> 5.030%, 11/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1876 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(2)</sup> | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 491 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1220 |
| Prestige Auto Receivables Trust 2025-1A, C 144A<br> 5.520%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1822 |
| SAFCO Auto Receivables Trust 2024-1A, C 144A<br> 6.960%, 1/18/30<sup>(2)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1216 |
| U.S. Bank N.A. 2023-1, B 144A<br> 6.789%, 8/25/32<sup>(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 420 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, C 144A<br> 6.280%, 7/10/28<sup>(2)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;2023-1, D 144A<br> 8.000%, 7/10/28<sup>(2)</sup> | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 1108 |
| Veros Auto Receivables Trust 2024-1, C 144A<br> 7.570%, 12/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1645 |
| Westlake Automobile Receivables Trust 2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1879 |
|  |  | &nbsp;&nbsp; 39384 |
| **Consumer Loans—0.6%** | **Consumer Loans—0.6%** |  |
| ACHV ABS Trust 2024-1PL, A 144A<br> 5.900%, 4/25/31<sup>(2)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 370 |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 1176 |
| BHG Securitization Trust 2021-B, D 144A<br> 3.170%, 10/17/34<sup>(2)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 828 |
| Marlette Funding Trust 2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1577 |
| Upstart Pass-Through Trust Series 2021-ST2, A 144A<br> 2.500%, 4/20/27<sup>(2)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 4566 |
| **Credit Card—0.2%** | **Credit Card—0.2%** |  |
| Mercury Financial Credit Card Master Trust 2024-2A, A 144A<br> 6.560%, 7/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1443 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Credit Card—continued** | **Credit Card—continued** |  |
| Mission Lane Credit Card Master Trust 2023-B, A 144A<br> 7.690%, 11/15/28<sup>(2)</sup> | $570 | $570 |
|  |  | &nbsp;&nbsp; 2013 |
| **Equipment—0.3%** | **Equipment—0.3%** |  |
| Auxilior Term Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.270%, 12/16/30<sup>(2)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.690%, 7/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1558 |
|  |  | &nbsp;&nbsp; 2336 |
| **Other—6.8%** | **Other—6.8%** |  |
| Affirm Asset Securitization Trust 2024-B, A 144A<br> 4.620%, 9/15/29<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 450 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(2)</sup> | &nbsp;&nbsp; 1926 | &nbsp;&nbsp; 1954 |
| Aqua Finance Issuer Trust 2025-A, A 144A<br> 5.250%, 12/19/50<sup>(2)</sup> | &nbsp;&nbsp; 1697 | &nbsp;&nbsp; 1707 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(2)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(2)</sup> | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1808 |
| BHG Securitization Trust 2024-1CON, A 144A<br> 5.810%, 4/17/35<sup>(2)</sup> | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 552 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(2)</sup> | &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 1871 |
| Business Jet Securities LLC 2024-2A, A 144A<br> 5.364%, 9/15/39<sup>(2)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1429 |
| CCG Receivables Trust 2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(2)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 233 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(2)</sup> | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 914 |
| Dext ABS LLC 2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 290 |
| Elara HGV Timeshare Issuer LLC 2023-A, A 144A<br> 6.160%, 2/25/38<sup>(2)</sup> | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 553 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(2)</sup> | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 701 |
| Foundation Finance Trust 2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(2)</sup> | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 599 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(2)</sup> | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 393 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(2)</sup> | &nbsp;&nbsp; 1895 | &nbsp;&nbsp; 1925 |
| Libra Solutions LLC 2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(2)</sup> | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1708 |
| MetroNet Infrastructure Issuer LLC 2024-1A, A2 144A<br> 6.230%, 4/20/54<sup>(2)</sup> | &nbsp;&nbsp; 1754 | &nbsp;&nbsp; 1792 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(2)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 309 |
| MVW LLC 2024-1A, A 144A<br> 5.320%, 2/20/43<sup>(2)</sup> | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 1103 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 926 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Octane Receivables Trust 2023-3A, C 144A<br> 6.740%, 8/20/29<sup>(2)</sup> | $780 | $800 |
| Oportun Issuance Trust 2024-2, B 144A<br> 5.830%, 2/9/32<sup>(2)</sup> | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1816 |
| Pawneee Equipment Receivables LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(2)</sup> | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1397 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(2)</sup> | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; 1751 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(2)</sup> | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 752 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(2)(8)</sup> | &nbsp;&nbsp; 529 | &nbsp;&nbsp; 530 |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1591 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(2)(8)</sup> | &nbsp;&nbsp; 1306 | &nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(2)(8)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp;2025-CES5, A1A 144A<br> 5.687%, 5/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1917 |
| Retained Vantage Data Centers Issuer LLC 2024-1A, A2 144A<br> 4.992%, 9/15/49<sup>(2)</sup> | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1739 |
| Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A<br> 6.280%, 4/20/40<sup>(2)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 304 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(2)</sup> | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 1876 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(2)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1939 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.036%, 3/25/55<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 395 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(2)</sup> | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 1641 |
| TIC Home Improvement Trust 2024-A, A 144A<br> 6.670%, 10/15/46<sup>(2)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 783 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 1538 | &nbsp;&nbsp; 1544 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1423 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(2)</sup> | &nbsp;&nbsp; 1542 | &nbsp;&nbsp; 1522 |
| Upgrade Master Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-ST3, A 144A<br> 5.981%, 6/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1498 | &nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp;2025-ST4, A 144A<br> 5.495%, 8/16/32<sup>(2)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(2)</sup> | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 1737 |
| VFI ABS LLC 2023-1A, A 144A<br> 7.270%, 3/26/29<sup>(2)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 189 |
| Westgate Resorts LLC 2024-1A, A 144A<br> 6.060%, 1/20/38<sup>(2)</sup> | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 874 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 796 |
|  |  | &nbsp;&nbsp; 55329 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Student Loan—0.2%** | **Student Loan—0.2%** |  |
| MPOWER Education Trust 2025-A, A 144A<br> 6.620%, 7/21/42<sup>(2)</sup> | $1506 | $1515 |
| **Total Asset-Backed Securities<br> (Identified Cost $104,318)** | **Total Asset-Backed Securities<br> (Identified Cost $104,318)** | &nbsp;&nbsp;&nbsp;&nbsp;**105143** |
| **Corporate Bonds and Notes—35.2%** | **Corporate Bonds and Notes—35.2%** | **Corporate Bonds and Notes—35.2%** |
| **Communication Services—2.0%** | **Communication Services—2.0%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 231 |
| Altice France S.A. 144A<br> 5.125%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 603 |
| CCO Holdings LLC 144A<br> 4.750%, 3/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp; 1923 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(2)</sup> | &nbsp;&nbsp; 2220 | &nbsp;&nbsp;&nbsp; 2093 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 1/31/29<sup>(2)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp; 1313 |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 8/15/27<sup>(2)</sup> | &nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 1020 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 970 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp; 723 |
| IHS Holding Ltd. 144A<br> 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp; 381 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(2)</sup> | &nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp; 1609 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 128 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(2)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 197 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp; 1000 |
| Sprint Capital Corp.<br> 8.750%, 3/15/32 | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 782 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(2)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 135 |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 458 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(2)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp; 1182 |
|  |  | &nbsp;&nbsp;&nbsp; 16082 |
| **Consumer Discretionary—2.0%** | **Consumer Discretionary—2.0%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp; 1202 |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/11/32<sup>(2)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 4/15/34<sup>(2)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp; 911 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp; 1208 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp; 529 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 52 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52 | $1670 | $1193 |
| Ford Motor Co.<br> 4.750%, 1/15/43 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 365 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 3/6/30 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;6.500%, 2/7/35 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 384 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 338 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, 3/15/35 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1327 |
| New Home Co., Inc. (The) 144A<br> 8.500%, 11/1/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 9/15/27 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp;6.625%, 9/15/29 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 883 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 547 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 632 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1392 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1132 |
| Under Armour, Inc. 144A<br> 7.250%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 213 |
| Wayfair LLC 144A<br> 7.250%, 10/31/29<sup>(2)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1070 |
|  |  | &nbsp;&nbsp; 16438 |
| **Consumer Staples—1.2%** | **Consumer Staples—1.2%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 737 |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(2)</sup> | &nbsp;&nbsp; 1049 | &nbsp;&nbsp; 1049 |
| Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 817 |
| &nbsp;&nbsp;&nbsp;144A 10.750%, 6/30/32<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 727 |
| Philip Morris International, Inc.<br> 4.900%, 11/1/34 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1453 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1591 |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1645 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1591 |
|  |  | &nbsp;&nbsp; 9610 |
| **Energy—6.0%** | **Energy—6.0%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1196 |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 394 |
| BP Capital Markets plc<br> 4.875% <sup>(9)</sup> | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 2039 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(2)</sup> | $510 | $529 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1333 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(2)(6)</sup> | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 973 |
| Ecopetrol S.A.<br> 4.625%, 11/2/31 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 454 |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1241 |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(2)(4)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 229 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(9)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(9)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 663 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1911 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 1641 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 405 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(2)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1546 |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 741 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 1568 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 2/15/35<sup>(2)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 777 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(2)(4)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1213 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(2)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 391 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 875 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1184 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(4)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 305 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(2)</sup> | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1561 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/25<sup>(2)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 4 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1703 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 10/1/34 | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp;6.200%, 3/15/40 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 846 |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 2/9/31<sup>(2)(6)</sup> | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 5/30/44<sup>(2)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 387 |
| Petroleos de Venezuela S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 5/16/24<sup>(2)(3)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;RegS 6.000%, 5/16/24<sup>(4)(10)</sup> | &nbsp;&nbsp; 7054 | &nbsp;&nbsp; 885 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 2248 | &nbsp;&nbsp; 2160 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 647 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp;5.950%, 1/28/31 | $229 | $207 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 625 |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/21/30<sup>(2)</sup> | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp;144A 5.848%, 4/3/55<sup>(2)</sup> | &nbsp;&nbsp; 1209 | &nbsp;&nbsp; 1223 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(2)</sup> | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1337 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.500%, 3/1/55<sup>(2)</sup> | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1811 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 413 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 324 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(2)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 549 |
| Venture Global Calcasieu Pass LLC 144A<br> 4.125%, 8/15/31<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 449 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(2)(9)</sup> | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1288 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(2)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1242 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50 | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1358 |
| Williams Cos., Inc. (The)<br> 5.150%, 3/15/34 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1427 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(2)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 370 |
|  |  | &nbsp;&nbsp; 48294 |
| **Financials—13.5%** | **Financials—13.5%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1541 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, 1/30/32 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 776 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.350%, 9/6/53<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;144A 5.600%, 9/3/54<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 449 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.526%, 8/15/53<sup>(8)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1150 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1475 |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 1700 |
| American Express Co.<br> 5.625%, 7/28/34 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2173 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1628 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1511 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 7/15/33<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 325 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 937 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(2)</sup> | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 1600 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Avolon Holdings Funding Ltd. 144A<br> 5.750%, 11/15/29<sup>(2)</sup> | $905 | $927 |
| Azorra Finance Ltd. 144A<br> 7.250%, 1/15/31<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 521 |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1337 | &nbsp;&nbsp; 1337 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 7/30/35<sup>(2)</sup> | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;RegS 3.125%, 7/1/30<sup>(4)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 238 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(2)(9)</sup> | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 524 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(2)(9)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 386 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.288%, 4/25/34 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1535 |
| &nbsp;&nbsp;&nbsp;5.518%, 10/25/35 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 930 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(9)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 793 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1413 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(2)</sup> | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 389 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 7/16/29 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;6.000%, 11/22/34 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 914 |
| Block, Inc.<br> 6.500%, 5/15/32 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1140 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 360 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 1563 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1094 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.003%, 10/19/34<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp;144A 6.915%, 1/14/46<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 245 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 657 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 1022 |
| Capital Power U.S. Holdings, Inc. 144A<br> 6.189%, 6/1/35<sup>(2)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1326 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.136%, 8/24/34 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(9)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 668 |
| Chobani Holdco II LLC PIK 144A<br> 8.750%, 10/1/29<sup>(2)(11)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 662 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 753 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(9)</sup> | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1780 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(2)</sup> | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 339 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1499 |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(2)</sup> | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 1026 |
| Deutsche Bank AG<br> 5.403%, 9/11/35 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1253 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(2)</sup> | $970 | $956 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1593 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1572 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 921 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(2)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| Foundry JV Holdco LLC 144A<br> 5.875%, 1/25/34<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1148 |
| FS Luxembourg S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/12/31<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;144A 8.625%, 6/25/33<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(2)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 344 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.330%, 7/23/35 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp;6.450%, 5/1/36 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 379 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 769 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(2)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 502 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.375%, 7/1/34 | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 1696 |
| HUB International Ltd. 144A<br> 7.375%, 1/31/32<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 162 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, 2/2/35 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;6.141%, 11/18/39 | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1014 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34 | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1732 |
| Imperial Brands Finance plc 144A<br> 5.625%, 7/1/35<sup>(2)</sup> | &nbsp;&nbsp; 2185 | &nbsp;&nbsp; 2192 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(2)</sup> | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1792 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(2)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1606 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;5.350%, 6/1/34 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp;6.254%, 10/23/34 | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 891 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;4.789%, 6/1/33 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;6.401%, 3/6/35 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 443 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(2)</sup> | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 1987 |
| Maxam Prill S.a.r.l. 144A<br> 7.750%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 720 |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(2)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 638 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1430 |
| MetLife, Inc. Series G<br> 3.850% <sup>(9)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1010 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(2)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1070 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, 10/18/33 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 771 |
| &nbsp;&nbsp;&nbsp;5.250%, 4/21/34 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 580 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;5.424%, 7/21/34 | $345 | $353 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 362 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1431 | &nbsp;&nbsp; 1342 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.451%, 4/30/43<sup>(8)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 448 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(2)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 985 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1241 |
| NCR Atleos Corp. 144A<br> 9.500%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 559 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1150 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 9/13/53<sup>(2)</sup> | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 4/30/55<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 145 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 582 |
| OneMain Finance Corp.<br> 7.125%, 11/15/31 | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 1639 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(2)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| Phoenix Aviation Capital Ltd. 144A<br> 9.250%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 533 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; 2005 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;6.500%, 3/15/54 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 627 |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1256 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(2)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 394 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 495 |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(2)</sup> | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1313 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.584%, 10/1/34<sup>(2)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 519 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(9)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 574 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(2)</sup> | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1482 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 917 |
| Toll Brothers Finance Corp.<br> 5.600%, 6/15/35 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 393 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 627 |
| Trivium Packaging Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;144A 12.250%, 1/15/31<sup>(2)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 568 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, 1/26/34 | $770 | $770 |
| &nbsp;&nbsp;&nbsp;5.867%, 6/8/34 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 407 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(2)(9)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;144A 4.988%, 8/5/33<sup>(2)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1086 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(9)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp;5.389%, 4/24/34 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;6.491%, 10/23/34 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;Series BB<br> 3.900%<sup>(9)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 539 |
| Wrangler Holdco Corp. 144A<br> 6.625%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 515 |
|  |  | &nbsp;&nbsp;108543 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1517 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(2)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1291 |
| CVS Health Corp.<br> 6.750%, 12/10/54 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1027 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1488 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 6/1/33 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp;5.600%, 4/1/34 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;5.450%, 9/15/34 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;6.000%, 4/1/54 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 186 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 6/1/32<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 438 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(2)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 412 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(2)(12)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; — |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(2)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 819 |
| Smith & Nephew plc<br> 5.400%, 3/20/34 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1552 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, 1/15/32 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;5.050%, 10/15/34 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 854 |
|  |  | &nbsp;&nbsp; 13537 |
| **Industrials—3.3%** | **Industrials—3.3%** |  |
| Adani Ports & Special Economic Zone Ltd. 144A<br> 4.375%, 7/3/29<sup>(2)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 655 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 744 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 11/1/27<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 687 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 10/25/28<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 4/10/30<sup>(2)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 626 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.805%, 5/1/50 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;5.930%, 5/1/60 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1288 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(2)</sup> | $1106 | $996 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/34<sup>(2)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1315 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 5/15/35<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(2)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1346 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1241 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1143 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 218 |
| Fortress Transportation & Infrastructure Investors LLC 144A<br> 7.000%, 6/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1559 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(2)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 971 |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(2)</sup> | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 1078 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1427 |
| Herc Holdings, Inc. 144A<br> 7.250%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 361 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 446 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1470 |
| Quikrete Holdings, Inc. 144A<br> 6.750%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 212 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 1713 | &nbsp;&nbsp; 1809 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(2)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 640 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(2)</sup> | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 693 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(2)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 652 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 574 |
| United Airlines Pass-Through-Trust 2024-1, AA<br> 5.450%, 8/15/38 | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 905 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(2)(6)</sup> | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1691 |
| WESCO Distribution, Inc. 144A<br> 6.625%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 452 |
|  |  | &nbsp;&nbsp; 27105 |
| **Information Technology—0.8%** | **Information Technology—0.8%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1227 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(2)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 576 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 523 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(2)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 109 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(2)</sup> | $635 | $632 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(2)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 442 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
| Oracle Corp.<br> 5.500%, 8/3/35 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 777 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(2)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1804 |
|  |  | &nbsp;&nbsp; 6183 |
| **Materials—2.1%** | **Materials—2.1%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(2)</sup> | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 465 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1416 |
| Capstone Copper Corp. 144A<br> 6.750%, 3/31/33<sup>(2)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 947 |
| Corp. Nacional del Cobre de Chile RegS<br> 6.440%, 1/26/36<sup>(4)</sup> | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 1134 |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 1490 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(2)</sup> | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2130 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1298 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 1966 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1077 |
| New Enterprise Stone & Lime Co., Inc. 144A<br> 9.750%, 7/15/28<sup>(2)</sup> | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 592 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(2)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(2)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 6/23/51<sup>(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 205 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(2)(11)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 363 |
| Sealed Air Corp. 144A<br> 6.500%, 7/15/32<sup>(2)(6)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 358 |
| Sonoco Products Co.<br> 5.000%, 9/1/34 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 953 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 539 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 939 |
|  |  | &nbsp;&nbsp; 16659 |
| **Real Estate—0.3%** | **Real Estate—0.3%** |  |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 609 |
| Port of Spain Waterfront Development RegS<br> 7.875%, 2/19/40<sup>(4)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 317 |
| Safehold GL Holdings LLC<br> 5.650%, 1/15/35 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1139 |
| Service Properties Trust<br> 4.950%, 2/15/27 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 449 |
|  |  | &nbsp;&nbsp; 2514 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Utilities—2.3%** | **Utilities—2.3%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | $660 | $680 |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp; 1443 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55 | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 676 |
| Electricite de France S.A. 144A<br> 6.900%, 5/23/53<sup>(2)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp; 1083 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 10/14/32<sup>(2)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 667 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 6/26/34<sup>(2)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 596 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp; 1469 |
| Eskom Holdings SOC Ltd. 144A<br> 8.450%, 8/10/28<sup>(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 623 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(2)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 962 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(2)</sup> | &nbsp;&nbsp; 1460 | &nbsp;&nbsp;&nbsp; 1517 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(2)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 58 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(2)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 296 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp; 1334 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp; 1105 |
| PacifiCorp<br> 5.800%, 1/15/55 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 1072 |
| Southern California Edison Co.<br> 6.000%, 1/15/34 | &nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp; 1194 |
| Vistra Corp. 144A<br> 8.000% <sup>(2)(9)</sup> | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 924 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp; 1181 |
|  |  | &nbsp;&nbsp;&nbsp; 18658 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $283,314)** | **Total Corporate Bonds and Notes<br> (Identified Cost $283,314)** | &nbsp;&nbsp;&nbsp;&nbsp;**283623** |
| **Leveraged Loans—11.0%** | **Leveraged Loans—11.0%** | **Leveraged Loans—11.0%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.079%, 1/27/32<sup>(8)</sup> | &nbsp;&nbsp; 793 | &nbsp;&nbsp;&nbsp; 794 |
| Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)<br> 8.177%, 2/1/28<sup>(8)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 643 |
|  |  | &nbsp;&nbsp;&nbsp; 1437 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/18/30<sup>(8)</sup> | &nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 336 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 12/31/29<sup>(8)</sup> | $442 | $443 |
| Nouryon Finance B.V. 2024, Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.510%, 4/3/28<sup>(8)</sup> | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 560 |
| USALCO LLC (1 month Term SOFR + 4.000%)<br> 8.327%, 9/30/31<sup>(8)</sup> | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 752 |
|  |  | &nbsp;&nbsp; 2091 |
| **Consumer Durables—0.3%** | **Consumer Durables—0.3%** |  |
| Gloves Buyer, Inc. (1 month Term SOFR + 4.000%)<br> 8.321%, 5/21/32<sup>(8)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 494 |
| Madison Safety & Flow LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 9/26/31<sup>(8)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 646 |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(8)(13)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 271 |
| White Cap Buyer LLC Tranche C (1 month Term SOFR + 3.250%)<br> 7.577%, 10/19/29<sup>(8)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 756 |
|  |  | &nbsp;&nbsp; 2167 |
| **Consumer Non-Durables—0.2%** | **Consumer Non-Durables—0.2%** |  |
| AI Aqua Merger Sub, Inc. 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 8.666% - 8.796%, 7/31/28<sup>(8)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 669 |
| Albion Financing 3 S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;2025<br> 0.000%, 5/30/31<sup>(8)(13)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp;2025 (3 month Term SOFR + 3.000%)<br> 7.321%, 8/16/29<sup>(8)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 581 |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.296%, 7/8/31<sup>(8)</sup> | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 346 |
|  |  | &nbsp;&nbsp; 2036 |
| **Energy—0.6%** | **Energy—0.6%** |  |
| CVR CHC LP Tranche B (3 month Term SOFR + 4.000%)<br> 8.296%, 12/30/27<sup>(8)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 389 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.256%, 10/15/31<sup>(8)</sup> | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 680 |
| Freeport LNG Investments LLP 2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.522%, 12/21/28<sup>(8)</sup> | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 748 |
| Hamilton Projects Acquiror LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 5/30/31<sup>(8)(13)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;First Lien (1 month Term SOFR + 3.000%)<br> 7.327%, 5/31/31<sup>(8)</sup> | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 153 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500% - 3 month PRIME + 2.500%)<br> 7.796% - 10.000%, 11/6/31<sup>(8)</sup> | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 707 |
| M6 ETX Holdings II Midco LLC (1 month Term SOFR + 3.000%)<br> 7.327%, 3/25/32<sup>(8)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 597 |
| Potomac Energy Center LLC<br> 0.000%, 3/14/32<sup>(8)(13)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 778 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| South Field Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.250%)<br> 7.546%, 8/29/31<sup>(8)</sup> | $202 | $203 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 3.250%)<br> 7.546%, 8/29/31<sup>(8)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Traverse Midstream Partners LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.280%, 2/16/28<sup>(8)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 490 |
|  |  | &nbsp;&nbsp; 5129 |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.327%, 11/6/30<sup>(8)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 598 |
| Ardonagh Group FinCo Pty Ltd. 2025, Tranche B (3-6 month Term SOFR + 2.750%)<br> 7.030% - 7.046%, 2/15/31<sup>(8)</sup> | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 687 |
| BroadStreet Partners, Inc. 2024, Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 6/13/31<sup>(8)</sup> | &nbsp;&nbsp; 834 | &nbsp;&nbsp; 835 |
| Dynamo U.S. Bidco, Inc. Tranche B (3 month Term SOFR + 3.500%)<br> 7.798%, 10/1/31<sup>(8)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 159 |
| Focus Financial Partners LLC Tranche B<br> 0.000%, 9/15/31<sup>(8)(13)</sup> | &nbsp;&nbsp; 818 | &nbsp;&nbsp; 816 |
| PEX Holdings LLC (3 month Term SOFR + 2.750%)<br> 6.967%, 11/20/31<sup>(8)</sup> | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 648 |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.046%, 5/6/31<sup>(8)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 3783 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + 3.500%)<br> 0.000%, 12/23/30<sup>(8)</sup> | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 782 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.400%)<br> 8.710% - 8.724%, 8/2/28<sup>(8)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.210%, 8/2/28<sup>(8)</sup> | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.474%, 8/2/28<sup>(8)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 213 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.562%, 3/15/32<sup>(8)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 753 |
| Sazerac Co., Inc. Tranche B<br> 0.000%, 6/26/32<sup>(8)(13)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 395 |
| Sigma Holdco B.V. Tranche B-12 (6 month Term SOFR + 3.750%)<br> 8.107%, 1/3/28<sup>(8)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 615 |
|  |  | &nbsp;&nbsp; 2943 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Dechra Pharmaceuticals Holdings Ltd. Tranche B-1 (6 month Term SOFR + 3.250%)<br> 7.513%, 1/27/32<sup>(8)</sup> | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 680 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Forest Prod / Containers—0.3%** | **Forest Prod / Containers—0.3%** |  |
| Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 3.175%)<br> 7.502%, 4/13/29<sup>(8)</sup> | $555 | $554 |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)<br> 9.227%, 2/12/26<sup>(8)</sup> | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 743 |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.322% - 7.324%, 4/15/27<sup>(8)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 750 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.691%, 3/3/28<sup>(8)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 819 |
|  |  | &nbsp;&nbsp; 2866 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| Catawba Nation Gaming Authority Tranche B (3 month Term SOFR + 4.750%)<br> 9.046%, 3/28/32<sup>(8)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 581 |
| Entain plc Tranche B-3 (6 month Term SOFR + 2.850%)<br> 7.016%, 10/31/29<sup>(8)</sup> | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 417 |
| Great Canadian Gaming 2024 (3 month Term SOFR + 4.750%)<br> 9.074%, 11/1/29<sup>(8)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 286 |
| J&J Ventures Gaming LLC 2025, Tranche B (1 month Term SOFR + 3.500%)<br> 7.827%, 4/26/30<sup>(8)</sup> | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 698 |
| Motion Finco LLC Tranche B-3 (3 month Term SOFR + 3.500%)<br> 7.796%, 11/12/29<sup>(8)</sup> | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 623 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)<br> 8.546%, 8/1/30<sup>(8)</sup> | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 809 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.285%, 4/4/29<sup>(8)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 318 |
|  |  | &nbsp;&nbsp; 3732 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| Agiliti Health, Inc. 2023, Tranche B (3-6 month Term SOFR + 3.000%)<br> 7.216% - 7.291%, 5/1/30<sup>(8)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 666 |
| Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)<br> 8.327%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 275 |
| CHG Healthcare Services, Inc. (3 month Term SOFR + 3.000%)<br> 7.333%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 545 |
| Cotiviti, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.074%, 5/1/31<sup>(8)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.074%, 3/26/32<sup>(8)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 567 |
| Endo Finance Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.327%, 4/23/31<sup>(8)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 198 |
| Financiere Mendel (3 month Term SOFR + 2.750%)<br> 7.050%, 11/8/30<sup>(8)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 179 |
| Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)<br> 8.396%, 10/1/27<sup>(8)</sup> | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 810 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Global Medical Response, Inc. 2024 (3 month Term SOFR + 4.750%)<br> 9.079%, 10/31/28<sup>(8)</sup> | $677 | $678 |
| Grifols Worldwide Operations USA, Inc. Tranche B (3 month Term SOFR + 2.150%)<br> 6.483%, 11/15/27<sup>(8)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1265 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.827%, 10/23/31<sup>(8)</sup> | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.827%, 10/23/31<sup>(8)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%)<br> 8.646%, 8/19/28<sup>(8)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 580 |
| IVC Acquisition Ltd. Tranche B-12 (3 month Term SOFR + 3.750%)<br> 8.046%, 12/12/28<sup>(8)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 345 |
| Lannett Co., Inc. First Lien (3 month Term SOFR + 0.000%)<br> 2.000%, 6/16/30<sup>(8)(12)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.006%, 5/16/31<sup>(8)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 761 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.322% - 7.324%, 5/16/31<sup>(8)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 107 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.577%, 10/23/28<sup>(8)</sup> | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 572 |
| Modivcare, Inc. (3 month Term SOFR + 0.000%)<br> 4.296%, 7/1/31<sup>(8)</sup> | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 111 |
| One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)<br> 10.044%, 4/22/27<sup>(8)</sup> | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 779 |
| Radiology Partners, Inc. Tranche B<br> 0.000%, 6/25/32<sup>(8)(13)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 768 |
| Southern Veterinary Partners LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.527%, 12/4/31<sup>(8)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 510 |
| Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)<br> 8.296%, 9/27/30<sup>(8)</sup> | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 621 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)<br> 8.791%, 11/20/26<sup>(8)</sup> | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 264 |
| Viant Medical Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.327%, 10/29/31<sup>(8)</sup> | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 727 |
|  |  | &nbsp;&nbsp; 12572 |
| **Housing—0.3%** | **Housing—0.3%** |  |
| Chariot Buyer LLC (1 month Term SOFR + 3.350%)<br> 7.677%, 11/3/28<sup>(8)</sup> | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 844 |
| Cornerstone Building Brands, Inc. Tranche B (1 month Term SOFR + 3.350%)<br> 7.662%, 4/12/28<sup>(8)</sup> | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 518 |
| Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.546%, 1/17/32<sup>(8)</sup> | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 432 |
| LBM Acquisition LLC Tranche B (1 month Term SOFR + 3.850%)<br> 8.162%, 6/6/31<sup>(8)</sup> | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 609 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| QXO Building Products, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 4/30/32<sup>(8)</sup> | $51 | $51 |
|  |  | &nbsp;&nbsp; 2454 |
| **Information Technology—1.6%** | **Information Technology—1.6%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024, Second Lien (3 month Term SOFR + 4.500%)<br> 8.796%, 2/23/32<sup>(8)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.500%)<br> 6.796%, 2/24/31<sup>(8)</sup> | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 329 |
| BMC Software 2031 (3 month Term SOFR + 3.000%)<br> 7.333%, 7/30/31<sup>(8)</sup> | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 797 |
| CE Intermediate I LLC (3 month Term SOFR + 3.150%)<br> 7.450%, 3/25/32<sup>(8)</sup> | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 805 |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.546%, 7/6/29<sup>(8)</sup> | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 632 |
| Cloud Software Group, Inc. Tranche B (3 month Term SOFR + 3.750%)<br> 8.046%, 3/24/31<sup>(8)</sup> | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 747 |
| ConnectWise LLC (3 month Term SOFR + 3.762%)<br> 8.057%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 442 |
| Delivery Hero SE Tranche B (3 month Term SOFR + 5.000%)<br> 9.300%, 12/12/29<sup>(8)</sup> | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 860 |
| ECL Entertainment LLC Tranche B (1 month Term SOFR + 3.500%)<br> 7.827%, 8/31/30<sup>(8)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 512 |
| Ellucian Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month Term SOFR + 4.750%)<br> 9.077%, 11/15/32<sup>(8)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.327%, 10/9/29<sup>(8)</sup> | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 708 |
| Epicor Software Corp. Tranche F (1 month Term SOFR + 2.750%)<br> 7.077%, 5/30/31<sup>(8)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 634 |
| Icon Parent I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(6 month Term SOFR + 3.000%)<br> 7.205%, 11/13/31<sup>(8)</sup> | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp;Second Lien (6 month Term SOFR + 5.000%)<br> 9.205%, 11/12/32<sup>(8)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| Indicor LLC Tranche D (3 month Term SOFR + 2.750%)<br> 7.046%, 11/22/29<sup>(8)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 693 |
| Infinite Bidco LLC First Lien (3 month Term SOFR + 4.012%)<br> 8.291%, 3/2/28<sup>(8)</sup> | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 685 |
| ION Trading Finance Ltd. 2024, Tranche B (3 month Term SOFR + 3.500%)<br> 7.796%, 4/1/28<sup>(8)</sup> | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 600 |
| Javelin Buyer, Inc. (3 month Term SOFR + 3.000%)<br> 7.333%, 12/6/31<sup>(8)</sup> | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 651 |
| Project Ruby Ultimate Parent Corp. Tranche B-4 (1 month Term SOFR + 3.114%)<br> 7.441%, 3/10/28<sup>(8)</sup> | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 856 |
| Proofpoint 2025, Tranche B, First Lien<br> 0.000%, 8/31/28<sup>(8)(13)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| Proofpoint, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.327%, 8/31/28<sup>(8)</sup> | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 844 |
| Rocket Software, Inc. (1 month Term SOFR + 4.250%)<br> 8.577%, 11/28/28<sup>(8)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 606 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| UKG, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.311%, 2/10/31<sup>(8)</sup> | $639 | $641 |
|  |  | &nbsp;&nbsp; 13237 |
| **Manufacturing—0.7%** | **Manufacturing—0.7%** |  |
| Arcline FM Holdings LLC 2025 (3 month Term SOFR + 3.500%)<br> 7.578%, 6/24/30<sup>(8)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 597 |
| CPM Holdings, Inc. (1 month Term SOFR + 4.500%)<br> 8.824%, 9/28/28<sup>(8)</sup> | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 752 |
| Cube Industrials Buyer, Inc. (3 month Term SOFR + 3.250%)<br> 7.522%, 10/17/31<sup>(8)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 491 |
| Glatfelter Corp. Tranche B (3 month Term SOFR + 4.250%)<br> 8.583%, 11/4/31<sup>(8)</sup> | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 677 |
| LSF12 Crown U.S. Commercial Bidco LLC (1 month Term SOFR + 4.250%)<br> 8.574%, 12/2/31<sup>(8)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 834 |
| Madison IAQ LLC 2025 (3 month Term SOFR + 3.250%)<br> 7.510%, 5/6/32<sup>(8)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 711 |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.666% - 8.796%, 2/15/29<sup>(8)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 622 |
| TK Elevator Midco GmbH Tranche B (3 month Term SOFR + 3.000%)<br> 7.237%, 4/30/30<sup>(8)</sup> | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 674 |
|  |  | &nbsp;&nbsp; 5358 |
| **Media / Telecom - Broadcasting—0.3%** | **Media / Telecom - Broadcasting—0.3%** |  |
| EOC Borrower LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 3/24/32<sup>(8)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 510 |
| Gray Television, Inc. Tranche D (1 month Term SOFR + 3.114%)<br> 7.439%, 12/1/28<sup>(8)</sup> | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 661 |
| Terrier Media Buyer, Inc. (3 month Term SOFR + 3.600%)<br> 7.896%, 6/18/29<sup>(8)</sup> | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 786 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 1/31/29<sup>(8)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 729 |
|  |  | &nbsp;&nbsp; 2686 |
| **Media / Telecom - Cable/Wireless Video—0.5%** | **Media / Telecom - Cable/Wireless Video—0.5%** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(8)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 668 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.812%, 1/18/28<sup>(8)</sup> | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 702 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.791%, 8/2/29<sup>(8)</sup> | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 852 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.557%, 11/12/27<sup>(8)</sup> | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 698 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Media / Telecom - Cable/Wireless Video—continued** | **Media / Telecom - Cable/Wireless Video—continued** |  |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(8)</sup> | $1130 | $1115 |
|  |  | &nbsp;&nbsp; 4035 |
| **Media / Telecom - Diversified Media—0.3%** | **Media / Telecom - Diversified Media—0.3%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.780%, 10/30/30<sup>(8)</sup> | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 923 |
| Creative Artists Agency LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 10/1/31<sup>(8)</sup> | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 713 |
| McGraw-Hill Education, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.577%, 8/6/31<sup>(8)</sup> | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 327 |
| MH Sub I LLC 2023 (1 month Term SOFR + 4.250%)<br> 8.577%, 5/3/28<sup>(8)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 168 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.330%, 4/11/29<sup>(8)</sup> | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 535 |
|  |  | &nbsp;&nbsp; 2666 |
| **Media / Telecom - Telecommunications—0.2%** | **Media / Telecom - Telecommunications—0.2%** |  |
| Level 3 Financing, Inc. Tranche B-3 (1 month Term SOFR + 4.250%)<br> 8.577%, 3/27/32<sup>(8)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 682 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (3 month PRIME + 1.750%)<br> 9.250%, 7/31/25 | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month PRIME + 2.688%)<br> 10.188%, 1/31/26 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 142 |
|  |  | &nbsp;&nbsp; 1718 |
| **Media / Telecom - Wireless Communications—0.1%** | **Media / Telecom - Wireless Communications—0.1%** |  |
| Viasat, Inc. (1 month Term SOFR + 4.614%)<br> 8.941%, 3/2/29<sup>(8)</sup> | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 650 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| CNT Holdings I Corp. 2025 (3 month Term SOFR + 2.500%)<br> 6.780%, 11/8/32<sup>(8)</sup> | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 469 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.577%, 6/11/31<sup>(8)</sup> | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 757 |
| Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%)<br> 7.807%, 3/3/28<sup>(8)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 620 |
|  |  | &nbsp;&nbsp; 1846 |
| **Service—1.3%** | **Service—1.3%** |  |
| AAL Delaware Holdco, Inc. (1 month Term SOFR + 2.750%)<br> 7.030% - 7.046%, 7/30/31<sup>(8)</sup> | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 144 |
| Allied Universal Holdco LLC (1 month Term SOFR + 3.850%)<br> 8.177%, 5/12/28<sup>(8)</sup> | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 758 |
| Ascend Learning LLC (1 month Term SOFR + 3.000%)<br> 7.327%, 12/11/28<sup>(8)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 632 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Service—continued** | **Service—continued** |  |
| BIFM U.S. Finance LLC 2024, Tranche B (1 month Term SOFR + 3.750%)<br> 8.077%, 5/31/28<sup>(8)</sup> | $537 | $539 |
| DG Investment Intermediate Holdings 2, Inc. First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 3/31/28<sup>(8)</sup> | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 753 |
| Ensemble RCM LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.280%, 8/1/29<sup>(8)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 248 |
| Fugue Finance B.V. (3 month Term SOFR + 3.250%)<br> 7.516%, 1/9/32<sup>(8)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
| Fugue Finance LLC (3 month Term SOFR + 3.250%)<br> 7.583%, 1/9/32<sup>(8)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 296 |
| Garda World Security Corp. (1 month Term SOFR + 3.000%)<br> 7.314%, 2/1/29<sup>(8)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 761 |
| Grant Thornton Advisors LLC 2025 (1 month Term SOFR + 2.750%)<br> 7.077%, 6/2/31<sup>(8)</sup> | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 460 |
| Kuehg Corp. (3 month Term SOFR + 3.250%)<br> 7.546%, 6/12/30<sup>(8)</sup> | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 394 |
| Lernen Bidco Ltd. Tranche B-2 (6 month Term SOFR + 4.000%)<br> 8.307%, 10/27/31<sup>(8)</sup> | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 611 |
| Omnia Partners LLC (3 month Term SOFR + 2.500%)<br> 6.783%, 7/25/30<sup>(8)</sup> | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 734 |
| Sapphire Bidco B.V. Tranche B-4 (3 month Term SOFR + 2.750%)<br> 7.035%, 5/3/28<sup>(8)</sup> | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 327 |
| Sedgwick Claims Management Services, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.327%, 7/31/31<sup>(8)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 747 |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.577%, 3/4/28<sup>(8)</sup> | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 827 |
| Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)<br> 8.427%, 11/2/27<sup>(8)</sup> | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 694 |
| WCG Intermediate Corp. Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 2/25/32<sup>(8)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 390 |
| WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)<br> 7.191%, 3/24/28<sup>(8)</sup> | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 812 |
|  |  | &nbsp;&nbsp; 10278 |
| **Transportation - Automotive—0.4%** | **Transportation - Automotive—0.4%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.049%, 10/16/31<sup>(8)</sup> | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 767 |
| Clarios Global LP (1 month Term SOFR + 2.750%)<br> 7.077%, 1/28/32<sup>(8)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 755 |
| First Brands Group LLC 2022 (3 month Term SOFR + 5.262%)<br> 9.541%, 3/30/27<sup>(8)</sup> | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 691 |
| PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.541%)<br> 8.291%, 10/28/27<sup>(8)</sup> | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 567 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Transportation - Automotive—continued** | **Transportation - Automotive—continued** |  |
| Wand NewCo 3, Inc. Tranche B-2 (1 month Term SOFR + 2.500%)<br> 6.827%, 1/30/31<sup>(8)</sup> | $508 | $505 |
|  |  | &nbsp;&nbsp;&nbsp; 3285 |
| **Utilities—0.1%** | **Utilities—0.1%** |  |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.574%, 1/27/31<sup>(8)</sup> | &nbsp;&nbsp; 577 | &nbsp;&nbsp;&nbsp; 577 |
| **Total Leveraged Loans<br> (Identified Cost $89,306)** | **Total Leveraged Loans<br> (Identified Cost $89,306)** | &nbsp;&nbsp;&nbsp;&nbsp; **88226** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.1%** | **Preferred Stock—0.1%** | **Preferred Stock—0.1%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525<sup>(14)</sup> | &nbsp;&nbsp; 512 |
| **Total Preferred Stock<br> (Identified Cost $525)** | **Total Preferred Stock<br> (Identified Cost $525)** | **512** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp; — |
| MYT Holding LLC Class B<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42729 | &nbsp;&nbsp; 12 |
| West Marine<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; —<sup>(16)</sup> |
|  |  | &nbsp;&nbsp; 12 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc.<sup>(12)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4574 | &nbsp;&nbsp; — |
| **Total Common Stocks<br> (Identified Cost $229)** | **Total Common Stocks<br> (Identified Cost $229)** | **12** |
| **Affiliated Exchange-Traded Fund—0.5%** | **Affiliated Exchange-Traded Fund—0.5%** | **Affiliated Exchange-Traded Fund—0.5%** |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp; 3854 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $3,818)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $3,818)** | **3854** |
| **Total Long-Term Investments—98.4%<br> (Identified Cost $792,474)** | **Total Long-Term Investments—98.4%<br> (Identified Cost $792,474)** | **792830** |
| **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** |
| **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2038883 | &nbsp;&nbsp; 2039 |
| **Total Short-Term Investment<br> (Identified Cost $2,039)** | **Total Short-Term Investment<br> (Identified Cost $2,039)** | **2039** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(18)(19)</sup> | 2896166 | $2896 |
| **Total Securities Lending Collateral<br> (Identified Cost $2,896)** | **Total Securities Lending Collateral<br> (Identified Cost $2,896)** | &nbsp;&nbsp;&nbsp;&nbsp; **2896** |
| **TOTAL INVESTMENTS—99.0%<br> (Identified Cost $797,409)** | **TOTAL INVESTMENTS—99.0%<br> (Identified Cost $797,409)** | &nbsp;&nbsp;**$797765** |
| Other assets and liabilities, net—1.0% | Other assets and liabilities, net—1.0% | &nbsp;&nbsp;&nbsp;&nbsp; 8307 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$806072** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee Corp. |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $433,914 or 53.8% of net assets. |
| <sup>(3)</sup> | Security in default; no interest payments are being received. |
| <sup>(4)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(5)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of June 30, 2025. |
| <sup>(6)</sup> | All or a portion of security is on loan. |
| <sup>(7)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(8)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(9)</sup> | No contractual maturity date. |

---

See Notes to Schedule of Investments

------

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

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

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

<sup>(10)</sup> Security in default; interest payments are being received.

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

<sup>(12)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(13)</sup> This loan will settle after June 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(14)</sup> Value shown as par value.

<sup>(15)</sup> Non-income producing.

<sup>(16)</sup> Amount is less than $500 (not in thousands).

<sup>(17)</sup> Affiliated investment.

<sup>(18)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(19)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;77% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;15 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

As of June 30, 2025, the Fund had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Hanger, Inc., 10/23/31 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$1 |
| USALCO LLC, 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total | $158 | $158 | $158 | &nbsp;&nbsp;$1 |

---

<sup>(1)</sup> Amount is less than $500 (not in thousands).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12<sup>(1)</sup> |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$797766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$788958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19 |

---

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

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

Security held by the Fund with an end of period value of $4 was transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

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

See Notes to Schedule of Investments

------

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

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

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

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

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

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

#### June 30, 2025

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

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

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

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

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

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

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

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

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet Multi-Sector Intermediate Bond Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $823057302.70

**Total Liabilities:** $19890028.58

**Net Assets:** $803167274.12

**Delayed Delivery Securities:** $320250.00

**Cash Not Reported:** $13512333.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -58.16502461 | **5-Year:** -11312.31689000 | **10-Year:** -65112.37678000 | **30-Year:** -130718.58900000

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

- **3-Month:** -15.93674036 | **1-Year:** -110.96935520 | **5-Year:** -29904.88106000 | **10-Year:** -47155.88209000 | **30-Year:** -27633.55361000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081781 | -0.15%               | 0.97%                | 1.60%                |
| Class ID C000049917 | -0.13%               | 0.86%                | 1.48%                |
| Class ID C000049915 | -0.18%               | 0.94%                | 1.67%                |
| Class ID C000148855 | -0.15%               | 1.07%                | 1.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-350600.00              | $-4529722.28                               |
| Month 2  | $-983534.58              | $4322293.01                                |
| Month 3  | $339802.09               | $8577622.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aqua Finance Trust                                                  | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1820000 | PA      | $1807991.28   | 0.23%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                             | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1100000 | PA      | $1208493.83   | 0.15%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BIFM US Finance LLC                                                 | BIFM CA BUYER INC                                                               | CUSIP: 000000000<br>LEI: 5493004RP2P0NY84N260 | Long             | LON              | CORP              | US        |    537079 | PA      | $539195.46    | 0.07%             | 2028-05-31      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                         | RCKT Mortgage Trust 2023-CES1                                                   | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    635021 | PA      | $638457.34    | 0.08%             | 2043-06-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                      | ACHV ABS TRUST 2024-1PL                                                         | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    366585 | PA      | $369813.24    | 0.05%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                          | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2098534 | PA      | $2088462.76   | 0.26%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                            | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222276 | PA      | $224135.48    | 0.03%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                    | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1260000 | PA      | $1252993.49   | 0.16%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                                                 | Republic of Armenia International Bond                                          | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    450000 | PA      | $388687.50    | 0.05%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   1024422 | PA      | $698783.86    | 0.09%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                   | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   1206000 | PA      | $1131529.50   | 0.14%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                      | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1510000 | PA      | $1546698.59   | 0.19%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                     | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    377000 | PA      | $380536.26    | 0.05%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                                          | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610275 | PA      | $604849.90    | 0.08%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                             | Philippine Government International Bond                                        | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    781000 | PA      | $633195.75    | 0.08%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDING Inc                                                | ELLUCIAN HOLDINGS INC                                                           | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     95000 | PA      | $96900.00     | 0.01%             | 2032-11-15      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                | LIFEPOINT HEALTH INC                                                            | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    769531 | PA      | $760512.21    | 0.09%             | 2031-05-16      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                            | CLOUD SOFTWARE GROUP INC                                                        | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    746250 | PA      | $747354.45    | 0.09%             | 2031-03-24      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1599209 | PA      | $1575000.37   | 0.20%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                              | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |    107292 | PA      | $104310.09    | 0.01%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                            | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   1755000 | PA      | $1810715.99   | 0.23%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                            | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   1431000 | PA      | $1342198.15   | 0.17%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                    | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |   1399407 | PA      | $1394008.13   | 0.17%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    179823 | PA      | $145207.19    | 0.02%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                                  | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    310000 | PA      | $305350.00    | 0.04%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                   | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    350920 | PA      | $335756.85    | 0.04%             | 2030-02-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                 | Dominion Energy Inc                                                             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    835000 | PA      | $847418.96    | 0.11%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                                               | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $789739.61    | 0.10%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                                    | ENSEMBLE RCM LLC                                                                | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |    247494 | PA      | $248394.60    | 0.03%             | 2029-08-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                                | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   1037000 | PA      | $938678.00    | 0.12%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                              | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    795000 | PA      | $792805.01    | 0.10%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                                    | Taseko Mines Ltd                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    515000 | PA      | $539142.24    | 0.07%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                          | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51528 | PA      | $49622.27     | 0.01%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    503000 | PA      | $496083.75    | 0.06%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                        | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1090000 | PA      | $1086450.89   | 0.14%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325499 | PA      | $301905.30    | 0.04%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                              | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1426714.56   | 0.18%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                 | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    510000 | PA      | $529398.82    | 0.07%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                               | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    545000 | PA      | $539414.13    | 0.07%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                                        | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1410000 | PA      | $1345848.38   | 0.17%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                             | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   1574000 | PA      | $1544094.00   | 0.19%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                | LIFEPOINT HEALTH INC                                                            | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    109176 | PA      | $107324.75    | 0.01%             | 2031-05-16      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                               | LEVEL 3 FINANCING INC                                                           | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    675000 | PA      | $681891.75    | 0.08%             | 2032-03-27      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    409000 | PA      | $393764.75    | 0.05%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                               | Petco Health & Wellness Co Inc                                                  | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    675000 | PA      | $620338.50    | 0.08%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $445510.85    | 0.06%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    980000 | PA      | $988520.37    | 0.12%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1070000 | PA      | $872718.75    | 0.11%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                 | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    365000 | PA      | $366460.00    | 0.05%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                    | Westgate Resorts 2024-1 LLC                                                     | CUSIP: 96034KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    862969 | PA      | $874386.19    | 0.11%             | 2038-01-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                          | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760000 | PA      | $777468.75    | 0.10%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                              | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    907000 | PA      | $1027323.74   | 0.13%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP                                             | ASP Unifrax Holdings Inc                                                        | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $464668.75    | 0.06%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS                                              | Emirate of Dubai Government International Bonds                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    480000 | PA      | $338865.60    | 0.04%             | 2050-09-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                       | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    615000 | PA      | $662214.79    | 0.08%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                           | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    325000 | PA      | $311675.26    | 0.04%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                     | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1485000 | PA      | $1443138.03   | 0.18%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                                     | TRAVERSE MIDSTREAM PARTN                                                        | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    489022 | PA      | $489633.16    | 0.06%             | 2028-02-16      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                                   | Chariot Buyer LLC                                                               | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    842485 | PA      | $843344.13    | 0.11%             | 2028-11-03      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                            | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $109450.00    | 0.01%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                      | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1487758.15   | 0.19%             | 2030-06-20      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                      | United Auto Credit Securitization Trust 2023-1                                  | CUSIP: 90945CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1102000 | PA      | $1108305.53   | 0.14%             | 2028-07-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                  | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1830800 | PA      | $1875598.03   | 0.23%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                   | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1185000 | PA      | $1240665.02   | 0.15%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                                                | Altice France SA/France                                                         | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    162915 | PA      | $142428.87    | 0.02%             | 2026-01-31      | Floating      | 10.19%                | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                            | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    905000 | PA      | $926520.90    | 0.12%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                                                | Republic of Cameroon International Bond                                         | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |   1647000 | PA      | $1529552.43   | 0.19%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Modivcare Inc                                                       | MODIVCARE INC                                                                   | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |    153839 | PA      | $111790.43    | 0.01%             | 2031-07-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5850000 | PA      | $5694609.38   | 0.71%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                      | Bridgecrest Lending Auto Securitization Trust 2025-1                            | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1675000 | PA      | $1682071.35   | 0.21%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    671000 | PA      | $647447.90    | 0.08%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                            | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1358259.83   | 0.17%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                          | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   2179944 | PA      | $2172517.34   | 0.27%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                                                 | ROCKET SOFTWARE INC                                                             | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    604752 | PA      | $605912.81    | 0.08%             | 2028-11-28      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus                                      | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                              | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1099999.78   | 0.14%             | 2039-12-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5231706 | PA      | $4866899.27   | 0.61%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                                                 | MESQUITE ENERGY INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $3750.00      | 0.00%             | 2023-02-15      | None          | 7.25%                 | No            |                  2 | On Loan: No      |
| Southern Veterinary Partners LLC                                    | SOUTHERN VETERINARY PART                                                        | CUSIP: 84410HAN0<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |    509601 | PA      | $509804.50    | 0.06%             | 2031-12-04      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                            | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1426899.60   | 0.18%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                                             | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1255846.03   | 0.16%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Century DE Buyer LLC                                                | CENTURY DE BUYE 10/30/30                                                        | CUSIP: 15651FAD8<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |    917738 | PA      | $922712.38    | 0.11%             | 2030-10-30      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| West Marine / Rising Tide - Common Stock                            | West Marine / Rising Tide - Common Stock                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       650 | NS      | $65.00        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CoreVest American Finance Ltd                                       | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $234878.85    | 0.03%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                               | Indonesia Government International Bond                                         | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    673000 | PA      | $543447.50    | 0.07%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                          | Allianz SE                                                                      | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    450000 | PA      | $448567.16    | 0.06%             | 2054-09-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                        | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    745238 | PA      | $729088.47    | 0.09%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                                        | QatarEnergy                                                                     | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |   1531000 | PA      | $1337114.16   | 0.17%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Cube Industrials Buyer Inc                                          | CUBE A&D BUYER INC                                                              | CUSIP: 22971EAB4<br>LEI: 25490058FG1NWDNJ5K52 | Long             | LON              | CORP              | US        |    490000 | PA      | $491989.40    | 0.06%             | 2031-10-17      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                               | Mexico Government International Bond                                            | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1027000 | PA      | $1070647.50   | 0.13%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Central Parent LLC                                                  | CENTRAL PARENT INC                                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    759178 | PA      | $632091.79    | 0.08%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                        | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    660000 | PA      | $679535.93    | 0.08%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                               | Wells Fargo & Co                                                                | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $338839.64    | 0.04%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                              | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1149975.55   | 0.14%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                            | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3311258 | PA      | $3284972.10   | 0.41%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Icon Parent I Inc                                                   | ICON PARENT INC                                                                 | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $201500.00    | 0.03%             | 2032-11-12      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                                 | Senegal Government International Bond                                           | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    534000 | PA      | $392324.46    | 0.05%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                         | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    902000 | PA      | $923871.70    | 0.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                                   | Gabon Government International Bond                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    753000 | PA      | $687293.22    | 0.09%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                            | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    485000 | PA      | $448912.17    | 0.06%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                  | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3087000 | PA      | $2885753.84   | 0.36%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1415473.50   | 0.18%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                                      | JP Morgan Seasoned Mortgage Trust Series 2024-1                                 | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1266275 | PA      | $1233048.20   | 0.15%             | 2063-01-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                   | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1644860.71   | 0.20%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Hanger Inc                                                          | HANGER INC                                                                      | CUSIP: 41043BAH1<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |    731686 | PA      | $732388.38    | 0.09%             | 2031-10-23      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    930000 | PA      | $930008.44    | 0.12%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                               | Universal Health Services Inc                                                   | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    895000 | PA      | $854024.73    | 0.11%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    464113 | PA      | $74258.09     | 0.01%             | 2028-08-02      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                                   | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   1029000 | PA      | $194481.00    | 0.02%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                      | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1007000 | PA      | $1105378.87   | 0.14%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                             | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    490000 | PA      | $502177.81    | 0.06%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                              | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    330000 | PA      | $343555.74    | 0.04%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                          | MFA 2022-INV1 Trust                                                             | CUSIP: 55284TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    445425 | PA      | $441966.61    | 0.06%             | 2066-04-25      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                      | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1403150 | PA      | $1352429.95   | 0.17%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                                                         | Geopark Ltd                                                                     | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    462000 | PA      | $404827.50    | 0.05%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                                 | Benin Government International Bond                                             | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    637000 | PA      | $610883.00    | 0.08%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                            | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    385000 | PA      | $384467.40    | 0.05%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                   | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    750000 | PA      | $760070.25    | 0.09%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                                | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10469.26     | 0.00%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                               | Indonesia Government International Bond                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   1050000 | PA      | $984049.50    | 0.12%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                 | DT Auto Owner Trust 2023-3                                                      | CUSIP: 23345WAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $492687.64    | 0.06%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                                                     | FinBe USA Trust 2025-1                                                          | CUSIP: 317967AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2025000 | PA      | $2033499.53   | 0.25%             | 2030-12-16      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Hunter Holdco 3 Limited                                             | Hunter US Bidco Inc                                                             | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |    610388 | PA      | $579868.13    | 0.07%             | 2028-08-19      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita                                      | MSSG Trust 2017-237P                                                            | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1951000 | PA      | $1834678.45   | 0.23%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   2513000 | PA      | $2528706.25   | 0.31%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                            | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    450000 | PA      | $475037.27    | 0.06%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                    | Peruvian Government International Bond                                          | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    831000 | PA      | $511796.28    | 0.06%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                 | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   2392543 | PA      | $2074334.78   | 0.26%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                                             | Great Canadian Gaming Corp/Raptor LLC                                           | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    345000 | PA      | $337692.66    | 0.04%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                               | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $166699.67    | 0.02%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                               | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1193325.80   | 0.15%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                  | Dominican Republic International Bond                                           | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    433000 | PA      | $433649.50    | 0.05%             | 2055-02-24      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    355000 | PA      | $379374.47    | 0.05%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT                                            | United Airlines 2024-1 Class AA Pass Through Trust                              | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    897124 | PA      | $905395.61    | 0.11%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    257376 | PA      | $258001.03    | 0.03%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                            | OCP SA                                                                          | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    605000 | PA      | $584959.38    | 0.07%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                             | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    600000 | PA      | $576385.10    | 0.07%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                       | Exeter Automobile Receivables Trust 2024-5                                      | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1810000 | PA      | $1807998.68   | 0.23%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                                            | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    665000 | PA      | $657192.57    | 0.08%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                 | DT Auto Owner Trust 2023-1                                                      | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    777000 | PA      | $790785.53    | 0.10%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                                         | CHG HEALTHCARE SERVICES INC                                                     | CUSIP: 12541HAW3<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |    543358 | PA      | $545020.40    | 0.07%             | 2028-09-29      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    229000 | PA      | $206466.40    | 0.03%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM                                             | International Petroleum Corp                                                    | CUSIP: 000000000<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |   1200000 | PA      | $1213082.03   | 0.15%             | 2027-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                  | Republic of Poland Government International Bond                                | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    207000 | PA      | $192561.75    | 0.02%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                                        | Peraton Corp                                                                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    730065 | PA      | $642683.34    | 0.08%             | 2028-02-01      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                           | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1528485.75   | 0.19%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                   | Trinidad & Tobago Government International Bond                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    400000 | PA      | $392800.00    | 0.05%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                             | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   1280000 | PA      | $1297654.09   | 0.16%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                                            | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    320000 | PA      | $317020.00    | 0.04%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                         | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54598 | PA      | $52203.75     | 0.01%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                                    | Teine Energy Ltd                                                                | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    415000 | PA      | $412714.76    | 0.05%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                        | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    774150 | PA      | $756731.63    | 0.09%             | 2031-06-11      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                          | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $658449.86    | 0.08%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Lsf12 Crown Us Commercial Bidco, LLC                                | LSF12 CROWN US COMMERCIAL BIDCO LLC                                             | CUSIP: 50221UAC5<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    830000 | PA      | $833635.40    | 0.10%             | 2031-12-02      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                                    | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92712.24     | 0.01%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                 | Reach ABS Trust 2023-1                                                          | CUSIP: 75525AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    404341 | PA      | $406345.05    | 0.05%             | 2031-02-18      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| AAL Delaware Holdco Inc                                             | AAL DELAWARE HOLDCO INC                                                         | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    143914 | PA      | $143825.09    | 0.02%             | 2031-07-30      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                          | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $807112.72    | 0.10%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                  | Angolan Government International Bond                                           | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   1174000 | PA      | $1035174.50   | 0.13%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Sigma Holdco BV                                                     | FLORA FOOD MANAG                                                                | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | LON              | CORP              | US        |    617362 | PA      | $617287.65    | 0.08%             | 2028-01-03      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                                 | LBM ACQUISITION LLC                                                             | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    653400 | PA      | $608478.75    | 0.08%             | 2031-06-06      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                               | Directv Financing LLC                                                           | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1019813.38   | 0.13%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                              | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1506092 | PA      | $1515642.72   | 0.19%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                             | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    535000 | PA      | $546507.98    | 0.07%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                            | Republic of South Africa Government International Bond                          | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    856000 | PA      | $847226.00    | 0.11%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                               | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163273 | PA      | $158064.33    | 0.02%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                  | ADMT 2024-NQM6                                                                  | CUSIP: 00249YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1235444 | PA      | $1239397.93   | 0.15%             | 2070-01-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc.                                                | LANNETT CO INC                                                                  | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |     24786 | PA      | $7182.99      | 0.00%             | 2030-06-16      | Floating      | 2.00%                 | No            |                  3 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1538186 | PA      | $1543827.70   | 0.19%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                            | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1135026.53   | 0.14%             | 2030-03-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                       | Exeter Automobile Receivables Trust 2023-3                                      | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    920000 | PA      | $939379.34    | 0.12%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                            | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    450000 | PA      | $458156.25    | 0.06%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                      | Transocean Inc                                                                  | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    320000 | PA      | $329070.08    | 0.04%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                        | Business Jet Securities 2024-2 LLC                                              | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1425254 | PA      | $1428549.84   | 0.18%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste                                      | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570000 | PA      | $570537.62    | 0.07%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                                      | Qatar Government International Bond                                             | CUSIP: 74727PBB6<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |   1139000 | PA      | $1020828.75   | 0.13%             | 2049-03-14      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $102268.02    | 0.01%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                       | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1149575.31   | 0.14%             | 2053-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                            | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1290872.73   | 0.16%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    236740 | PA      | $212473.90    | 0.03%             | 2028-08-02      | Floating      | 12.47%                | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER                                          | Elara HGV Timeshare Issuer 2023-A LLC                                           | CUSIP: 28415AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536694 | PA      | $553229.41    | 0.07%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1230174 | PA      | $1231830.69   | 0.15%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                  | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    655000 | PA      | $668181.88    | 0.08%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                             | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    956000 | PA      | $879520.00    | 0.11%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                              | First Brands Group LLC                                                          | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    735377 | PA      | $692327.63    | 0.09%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                                | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAT7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    607000 | PA      | $627789.75    | 0.08%             | 2034-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                            | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    450000 | PA      | $451971.00    | 0.06%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                              | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1176000 | PA      | $1166004.00   | 0.15%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2127090 | PA      | $2037964.82   | 0.25%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                              | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    404000 | PA      | $388599.52    | 0.05%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    724520 | PA      | $560307.54    | 0.07%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                    | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1142979.76   | 0.14%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      5760 | PA      | $5573.45      | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                 | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1377000 | PA      | $1326783.98   | 0.17%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                           | Gainwell Acquisition Corp                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    842175 | PA      | $809961.97    | 0.10%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                            | Merlin Entertainments Group US Holdings Inc                                     | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1429782.72   | 0.18%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WSTN Trust                                                          | WSTN Trust 2023-MAUI                                                            | CUSIP: 92943AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2150000 | PA      | $2177065.71   | 0.27%             | 2037-07-05      | Variable      | 7.96%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                                      | Qatar Government International Bond                                             | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    402000 | PA      | $392906.76    | 0.05%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                            | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1554162 | PA      | $1555619.44   | 0.19%             | 2041-03-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                               | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    182000 | PA      | $169032.50    | 0.02%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| TORONTO-DOMINION BANK                                               | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $626644.20    | 0.08%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                            | Kraken Oil & Gas Partners LLC                                                   | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1183823.21   | 0.15%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                            | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   2423000 | PA      | $2522657.99   | 0.31%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                                  | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |   1555000 | PA      | $1545864.84   | 0.19%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                            | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    560000 | PA      | $586631.92    | 0.07%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                            | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   9400000 | PA      | $1518410.30   | 0.19%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                       | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1805000 | PA      | $1780150.10   | 0.22%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                        | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1115000 | PA      | $1241405.32   | 0.15%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                      | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $393932.20    | 0.05%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                                            | Prime Healthcare Services Inc                                                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $818812.50    | 0.10%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                         | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |   1900106 | PA      | $1916978.30   | 0.24%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1591206.40   | 0.20%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                      | PMT Loan Trust 2024-INV1                                                        | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1344098 | PA      | $1354603.80   | 0.17%             | 2059-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                                 | Benin Government International Bond                                             | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    247000 | PA      | $232797.50    | 0.03%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                               | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     69172 | PA      | $67487.27     | 0.01%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                                             | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp        | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1195737.75   | 0.15%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                               | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    631000 | PA      | $535606.95    | 0.07%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                                               | Illuminate Buyer LLC / Illuminate Holdings IV Inc                               | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2130409.20   | 0.27%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                                     | STAR PARENT INC                                                                 | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    627062 | PA      | $620597.49    | 0.08%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Madison Safety & Flow LLC                                           | MADISON SAFETY & FLOW                                                           | CUSIP: 55822DAM3<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |    645125 | PA      | $645931.41    | 0.08%             | 2031-09-26      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                       | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    748284 | PA      | $747819.62    | 0.09%             | 2028-12-21      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Holding BV                                           | HUNTER DOUGLAS INC                                                              | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |    434230 | PA      | $432241.48    | 0.05%             | 2032-01-17      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                            | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    227000 | PA      | $231403.80    | 0.03%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                              | Egypt Government International Bond                                             | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1064000 | PA      | $862638.00    | 0.11%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                      | Prestige Auto Receivables Trust 2025-1                                          | CUSIP: 74113UAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1815000 | PA      | $1822400.84   | 0.23%             | 2030-02-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                          | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1294049 | PA      | $1265688.80   | 0.16%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison Iaq LLC                                                     | MADISON IAQ LLC                                                                 | CUSIP: 55759VAD0<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    710000 | PA      | $711498.10    | 0.09%             | 2032-05-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                            | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $762689.93    | 0.09%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                  | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    441461 | PA      | $431232.37    | 0.05%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                                   | Gabon Government International Bond                                             | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    846000 | PA      | $670987.98    | 0.08%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                             | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    310000 | PA      | $300932.50    | 0.04%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                                  | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204875.00    | 0.03%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                                  | FS Luxembourg Sarl                                                              | CUSIP: 30315XAD6<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $147656.25    | 0.02%             | 2033-06-25      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                                                     | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    955972 | PA      | $926007.35    | 0.12%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $443521.14    | 0.06%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                               | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    205000 | PA      | $211524.33    | 0.03%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                            | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1000472.82   | 0.12%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                                          | CENT Trust 2023-CITY                                                            | CUSIP: 12516WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1501864.35   | 0.19%             | 2038-09-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5272870 | PA      | $5052782.93   | 0.63%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                  | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1616000 | PA      | $1648522.00   | 0.21%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                                      | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   1726950 | PA      | $1751215.37   | 0.22%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                  | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |   1530000 | PA      | $1551797.91   | 0.19%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                          | PacifiCorp                                                                      | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1071679.90   | 0.13%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company                          | MAUSER PACKAGING SOLUTIONS HOLDING CO                                           | CUSIP: 57763TAE3<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |    750203 | PA      | $749737.93    | 0.09%             | 2027-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                 | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    861438 | PA      | $796143.21    | 0.10%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                                            | Purchasing Power Funding 2024-A LLC                                             | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1580000 | PA      | $1590931.23   | 0.20%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA Inc                                | Grifols Worldwide Operations USA Inc                                            | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1270000 | PA      | $1265415.30   | 0.16%             | 2027-11-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                             | Romanian Government International Bond                                          | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    355000 | PA      | $347545.00    | 0.04%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                              | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   2060000 | PA      | $2038652.30   | 0.25%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                        | MH SUB I LLC                                                                    | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    179148 | PA      | $167895.45    | 0.02%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                     | MYT Holding LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42729 | NS      | $11750.48     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 3140XQM53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3682541 | PA      | $3688923.31   | 0.46%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                              | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $393242.00    | 0.05%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                          | LAD Auto Receivables Trust 2023-2                                               | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $767620.28    | 0.10%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                                         | Merchants Fleet Funding LLC                                                     | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    486712 | PA      | $490702.81    | 0.06%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                              | Eskom Holdings SOC Ltd                                                          | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    595000 | PA      | $623262.50    | 0.08%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    585000 | PA      | $666915.33    | 0.08%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                            | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $799757.01    | 0.10%             | 2029-08-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     12087 | PA      | $10050.17     | 0.00%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp                                   | PROJECT RUBY ULTIMATE PARENT CORP                                               | CUSIP: 74339UAZ3<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |    855677 | PA      | $856387.23    | 0.11%             | 2028-03-10      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                             | HCA Inc                                                                         | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185877.18    | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                                        | COTIVITI INC                                                                    | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    493769 | PA      | $490993.77    | 0.06%             | 2031-05-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Catawba Nation Gaming Authority                                     | CATAWBA NATION GAMING AUTHORITY                                                 | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    575000 | PA      | $580991.50    | 0.07%             | 2032-03-28      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    775000 | PA      | $776234.35    | 0.10%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WCG Intermediate Corp                                               | WCG INTERMEDIATE CORP                                                           | CUSIP: 23343FAE4<br>LEI: 254900CEZYHAWVXDTS47 | Long             | LON              | CORP              | US        |    395000 | PA      | $390181.00    | 0.05%             | 2032-02-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    600000 | PA      | $617292.95    | 0.08%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                                      | Onemain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1220331.23   | 0.15%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                               | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1517300.71   | 0.19%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                 | Turkiye Government International Bond                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1463000 | PA      | $1618904.60   | 0.20%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                              | Egypt Government International Bond                                             | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1106000 | PA      | $1023603.00   | 0.13%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1925000 | PA      | $1747633.39   | 0.22%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2140000 | PA      | $1871580.46   | 0.23%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Inc                                         | GLOBAL MEDICAL RESPONSE                                                         | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |    679144 | PA      | $679523.90    | 0.08%             | 2028-10-31      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                              | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    350000 | PA      | $359977.50    | 0.04%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                                | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1542250 | PA      | $1521980.21   | 0.19%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                               | CCG Receivables Trust 2023-1                                                    | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232298 | PA      | $233501.17    | 0.03%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    620000 | PA      | $625855.46    | 0.08%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Dechra Pharmaceuticals Holdings Limited (f/k/a Freya Bidco Limited) | DECHRA FINANCE US                                                               | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    678300 | PA      | $679527.72    | 0.08%             | 2032-01-27      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                 | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    571829 | PA      | $572109.66    | 0.07%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Creative Artists Agency, LLC                                        | CREATIVE ARTISTS AGENCY LLC                                                     | CUSIP: 22526WAS7<br>LEI: 5493008FV5TCFL3KHH96 | Long             | LON              | CORP              | US        |    713350 | PA      | $715126.24    | 0.09%             | 2031-10-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                                      | HAMILTON PROJECTS ACQUIROR LLC                                                  | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    370000 | PA      | $371080.40    | 0.05%             | 2031-05-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                    | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1275000 | PA      | $1313191.39   | 0.16%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                      | Upgrade Master Pass-Thru Trust Series 2025-ST3                                  | CUSIP: 91534LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1497625 | PA      | $1509047.32   | 0.19%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Ontario Gaming Gta Ltd Partnership                                  | ONTARIO GAMING GTA LP                                                           | CUSIP: 000000000<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |    817550 | PA      | $808606.00    | 0.10%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                            | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298452.48    | 0.04%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13955000 | PA      | $13809453.68  | 1.72%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                              | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1241957.45   | 0.15%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                                                 | Honduras Government International Bond                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    297000 | PA      | $310736.25    | 0.04%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                        | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1245000 | PA      | $1413012.63   | 0.18%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1181394.66   | 0.15%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                                               | CMG Media Corp                                                                  | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2092712.59   | 0.26%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                              | Switch ABS Issuer LLC                                                           | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $394569.08    | 0.05%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                                             | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    562680 | PA      | $573937.55    | 0.07%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock                                    | Lannett Company Inc Common Stock                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4574 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| A&D Mortgage Trust                                                  | A&D Mortgage Trust 2025-NQM2                                                    | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   1059724 | PA      | $1065963.35   | 0.13%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                                       | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1430000 | PA      | $1442593.30   | 0.18%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Tr                                      | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    119792 | PA      | $116924.15    | 0.01%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                              | Marlette Funding Trust 2023-2                                                   | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199865 | PA      | $200236.66    | 0.02%             | 2033-06-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                            | Altice France Holding SA                                                        | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    660000 | PA      | $231000.00    | 0.03%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                                    | Maxam Prill Sarl                                                                | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    720000 | PA      | $720132.29    | 0.09%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                               | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    575000 | PA      | $587613.17    | 0.07%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                            | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2870000 | PA      | $2898307.10   | 0.36%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                            | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   1964000 | PA      | $1810808.00   | 0.23%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                            | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    237532 | PA      | $224776.12    | 0.03%             | 2029-10-25      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT                                               | Gaci First Investment Co                                                        | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    775000 | PA      | $758531.25    | 0.09%             | 2035-02-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                    | Altice France SA                                                                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    730000 | PA      | $603363.25    | 0.08%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                               | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    530000 | PA      | $568125.02    | 0.07%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                      | PRET 2024-NPL4 LLC                                                              | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |    529162 | PA      | $529989.78    | 0.07%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                       | New Residential Mortgage Loan Trust 2021-NQM2R                                  | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    323629 | PA      | $308127.37    | 0.04%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                         | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    594130 | PA      | $600325.84    | 0.07%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                                            | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $736488.72    | 0.09%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                                | Cornerstone Building Brands Inc                                                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1241083.49   | 0.15%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc                           | DG Investment Intermediate Holdings 2 Inc                                       | CUSIP: 23344MAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    753749 | PA      | $752987.56    | 0.09%             | 2028-03-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                                             | AGGREKO HOLDINGS INC                                                            | CUSIP: 00847NAE6<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |    580284 | PA      | $580649.58    | 0.07%             | 2029-08-16      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                              | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1985000 | PA      | $1923072.66   | 0.24%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                    | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1568276.09   | 0.20%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ESC NMG Parent LLC                                                  | ESC NMG Parent LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       836 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Aqua Finance Trust                                                  | Aqua Finance Issuer Trust 2025-A                                                | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1755276 | PA      | $1765958.09   | 0.22%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                         | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306220 | PA      | $1325981.18   | 0.17%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                                                  | Infinite Bidco LLC                                                              | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    728788 | PA      | $685060.59    | 0.09%             | 2028-03-02      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     11747 | PA      | $5491.72      | 0.00%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                   | Chile Government International Bond                                             | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    709000 | PA      | $431781.00    | 0.05%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                      | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1730382 | PA      | $1735895.61   | 0.22%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                                 | Rocket Software Inc                                                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1803908.91   | 0.22%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                            | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl             | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $442317.35    | 0.06%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     65000 | PA      | $65487.50     | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                                         | Houston Galleria Mall Trust 2025-HGLR                                           | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1487722.48   | 0.19%             | 2045-02-05      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    665000 | PA      | $634829.95    | 0.08%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                      | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    606158 | PA      | $525330.79    | 0.07%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                                            | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1511459.87   | 0.19%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                                           | BAUSCH + LOMB CORP                                                              | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    275100 | PA      | $274756.13    | 0.03%             | 2028-09-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                               | Venezuela Government International Bond                                         | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   2011000 | PA      | $451343.81    | 0.06%             | 2034-01-13      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                                            | Graham Packaging Co Inc                                                         | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |   1493000 | PA      | $1490242.88   | 0.19%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                              | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1640625 | PA      | $1640599.24   | 0.20%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                                            | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1325976.74   | 0.17%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                             | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   2185000 | PA      | $2192415.61   | 0.27%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming (fka Raptor Acquisition) (11/24) 1st Lien     | GREAT CANADIAN G 11/01/29                                                       | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |    293693 | PA      | $286350.33    | 0.04%             | 2029-11-01      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                      | Transocean Inc                                                                  | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    615000 | PA      | $548978.64    | 0.07%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                            | Prudential Financial Inc                                                        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    610000 | PA      | $626621.89    | 0.08%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152264 | PA      | $140105.08    | 0.02%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                 | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    630000 | PA      | $675947.16    | 0.08%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                               | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1482200.15   | 0.18%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                                             | AGGREKO HOLDINGS INC                                                            | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |    440000 | PA      | $440277.20    | 0.05%             | 2031-05-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Klockner Pentaplast of America Inc                                  | Kloeckner Pentaplast of America Inc                                             | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    811912 | PA      | $743564.89    | 0.09%             | 2026-02-12      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Proofpoint/Project Kafka Merger Sub                                 | PROOFPOINT INC                                                                  | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    145000 | PA      | $145015.95    | 0.02%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                      | Transocean Inc                                                                  | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    175000 | PA      | $161794.87    | 0.02%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                             | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    441000 | PA      | $467874.54    | 0.06%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Dynamo Us Bidco Inc.                                                | DYNAMO US BIDCO INC                                                             | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    158800 | PA      | $159098.54    | 0.02%             | 2031-10-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                | Bank of America Corp                                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1535150.79   | 0.19%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                             | NYMT Loan Trust 2024-CP1                                                        | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2241573 | PA      | $2072202.15   | 0.26%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                            | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    419000 | PA      | $385899.00    | 0.05%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                            | Fortress Transportation and Infrastructure Investors LLC                        | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1559117.26   | 0.19%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                              | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    935000 | PA      | $914291.78    | 0.11%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                                     | Eagle Broadband Investments LLC                                                 | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    703672 | PA      | $700154.08    | 0.09%             | 2027-11-12      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                            | PetSmart Inc / PetSmart Finance Corp                                            | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1433000 | PA      | $1392506.43   | 0.17%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services, Inc.                           | SEDGWICK CMS INC                                                                | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    745000 | PA      | $747331.85    | 0.09%             | 2031-06-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    486000 | PA      | $482598.00    | 0.06%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1798000 | PA      | $1623624.57   | 0.20%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     13440 | PA      | $13004.71     | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                                          | Viasat Inc                                                                      | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    678370 | PA      | $650387.70    | 0.08%             | 2029-03-02      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                                | Capstone Copper Corp                                                            | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    925000 | PA      | $947162.08    | 0.12%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                                | Rackspace Technology Global Inc                                                 | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    555000 | PA      | $127650.00    | 0.02%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                 | Meritage Homes Corp                                                             | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    450000 | PA      | $451278.00    | 0.06%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                 | COMM 2013-300P Mortgage Trust                                                   | CUSIP: 12625XAA5<br>LEI: 549300NMFC2YLCA2NF13 | Long             | ABS-MBS          | CORP              | US        |   1810000 | PA      | $1807633.06   | 0.23%             | 2030-08-10      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                                            | Phoenix Aviation Capital Ltd                                                    | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    515000 | PA      | $533404.79    | 0.07%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Icon Parent I Inc                                                   | ICON PARENT INC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    670000 | PA      | $670549.40    | 0.08%             | 2031-11-13      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                             | Romanian Government International Bond                                          | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    370000 | PA      | $342390.60    | 0.04%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    510520 | PA      | $476698.05    | 0.06%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1148224.64   | 0.14%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                                                  | Bolivian Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |    356000 | PA      | $247420.00    | 0.03%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                        | Huntington Bank Auto Credit-Linked Notes Series 2024-1                          | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680898 | PA      | $692471.85    | 0.09%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                             | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   1230000 | PA      | $1236150.00   | 0.15%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                               | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36057.07     | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                              | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1077392.52   | 0.13%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Sazerac Company, Inc.                                               | SAZERAC CO INC                                                                  | CUSIP: 000000000<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |    395000 | PA      | $394506.25    | 0.05%             | 2032-06-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                            | Kronos Acquisition Holdings Inc                                                 | CUSIP: 50106GAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $726548.60    | 0.09%             | 2032-06-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BPCE SA                                                             | BPCE SA                                                                         | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    235000 | PA      | $245085.66    | 0.03%             | 2046-01-14      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    273000 | PA      | $140595.00    | 0.02%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                            | BROADSTREET PARTNERS INC                                                        | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    833872 | PA      | $834688.84    | 0.10%             | 2031-06-13      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                                     | DAE Funding LLC                                                                 | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |   1072000 | PA      | $1026075.52   | 0.13%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                              | Brazilian Government International Bond                                         | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1068000 | PA      | $1020474.00   | 0.13%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                                        | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1395000 | PA      | $1397514.07   | 0.17%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                            | OBX 2025-NQM4 Trust                                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   1656642 | PA      | $1657261.02   | 0.21%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                   | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    345000 | PA      | $361491.44    | 0.05%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                  | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    980000 | PA      | $953209.89    | 0.12%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                          | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   1098881 | PA      | $1108570.10   | 0.14%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                            | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     50000 | PA      | $51989.35     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                            | JP Morgan Mortgage Trust Series 2025-CES2                                       | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1833627 | PA      | $1843558.62   | 0.23%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                        | UBS Group AG                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    290000 | PA      | $335359.19    | 0.04%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                            | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    658000 | PA      | $655368.00    | 0.08%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Financiere Mendel                                                   | FINANCIERE MENDEL SASU                                                          | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |    179550 | PA      | $179474.59    | 0.02%             | 2030-11-08      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                                | LifePoint Health Inc                                                            | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    425000 | PA      | $438457.63    | 0.05%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                           | Auxilior Term Funding 2024-1 LLC                                                | CUSIP: 05335FAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1520000 | PA      | $1557644.32   | 0.19%             | 2031-07-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                  | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   1386000 | PA      | $1388772.00   | 0.17%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                         | VFI ABS 2023-1 LLC                                                              | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188039 | PA      | $189025.48    | 0.02%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| Terrier Media Buyer Inc                                             | CMG MEDIA CORP                                                                  | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    812753 | PA      | $785436.30    | 0.10%             | 2029-06-18      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                            | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    865000 | PA      | $846376.64    | 0.11%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                             | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    415000 | PA      | $442682.37    | 0.06%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| South Field Energy LLC                                              | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 000000000<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |    203403 | PA      | $204166.24    | 0.03%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                             | Hungary Government International Bond                                           | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    457000 | PA      | $447745.75    | 0.06%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                            | OBX 2024-NQM9 Trust                                                             | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |    778455 | PA      | $785189.16    | 0.10%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                      | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGU2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    841000 | PA      | $851474.07    | 0.11%             | 2028-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Potomac Energy Center, LLC                                          | POTOMAC ENERGY CENTER LLC                                                       | CUSIP: 000000000<br>LEI: 549300BHYFK6M9HVNA29 | Long             | LON              | CORP              | US        |    780000 | PA      | $778050.00    | 0.10%             | 2032-03-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                           | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    793164 | PA      | $754537.60    | 0.09%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    640000 | PA      | $579833.48    | 0.07%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                     | CVS Health Corp                                                                 | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1027232.01   | 0.13%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                      | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1875000 | PA      | $1772172.38   | 0.22%             | 2037-03-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Radiology Partners Inc                                              | RADIOLOGY PARTNERS INC                                                          | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |    775000 | PA      | $768218.75    | 0.10%             | 2032-06-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                             | Philippine Government International Bond                                        | CUSIP: 718286DG9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    623000 | PA      | $647446.52    | 0.08%             | 2035-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5135120 | PA      | $5142035.18   | 0.64%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                      | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REQ3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    720000 | PA      | $718043.98    | 0.09%             | 2026-08-20      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                 | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2055637 | PA      | $1701123.72   | 0.21%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                          | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1595000 | PA      | $1652033.85   | 0.21%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                               | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    405000 | PA      | $412248.94    | 0.05%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                            | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    890000 | PA      | $873288.11    | 0.11%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                                 | Churchill Downs Inc                                                             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    515000 | PA      | $529328.33    | 0.07%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                          | Verus Securitization Trust 2022-5                                               | CUSIP: 924921AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722831 | PA      | $700077.58    | 0.09%             | 2067-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                                              | Republic of Uzbekistan International Bond                                       | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    304000 | PA      | $270180.00    | 0.03%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                                      | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JAG3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1754000 | PA      | $1792342.79   | 0.22%             | 2054-04-20      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                                | Libra Solutions 2024-1 LLC                                                      | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1720000 | PA      | $1708154.53   | 0.21%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                                                | Constellation Oil Services Holding SA                                           | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |    334000 | PA      | $339364.88    | 0.04%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                                      | Azorra Finance Ltd                                                              | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    510000 | PA      | $520670.41    | 0.06%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Goat Holdco LLC                                                     | GOAT HOLDCO LLC                                                                 | CUSIP: 38021CAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    793012 | PA      | $793805.51    | 0.10%             | 2032-01-27      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| TIC Home Improvement Trust                                          | TIC Home Improvement Trust 2024-A                                               | CUSIP: 87252DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    765120 | PA      | $783062.68    | 0.10%             | 2046-10-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                        | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1216456.08   | 0.15%             | 2030-01-18      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                      | United Auto Credit Securitization Trust 2023-1                                  | CUSIP: 90945CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53352 | PA      | $53373.76     | 0.01%             | 2028-07-10      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                               | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    115000 | PA      | $121611.01    | 0.02%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                          | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1949811 | PA      | $1962707.25   | 0.24%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                       | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1095829 | PA      | $1059155.58   | 0.13%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    820000 | PA      | $891209.23    | 0.11%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DWJ38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6114440 | PA      | $6004413.93   | 0.75%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                            | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    680000 | PA      | $602988.30    | 0.08%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                      | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    352000 | PA      | $362119.07    | 0.05%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                                                 | Limak Yenilenebilir Enerji AS                                                   | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    300000 | PA      | $296343.00    | 0.04%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                               | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1335000 | PA      | $1373675.96   | 0.17%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                            | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1314604.17   | 0.16%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    168610 | PA      | $137354.08    | 0.02%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3148724 | PA      | $3203667.79   | 0.40%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1446947 | PA      | $1329737.18   | 0.17%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1209984.96   | 0.15%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                            | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    288599 | PA      | $289581.29    | 0.04%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                              | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407568.81    | 0.05%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                    | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1312595.00   | 0.16%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                    | Peruvian Government International Bond                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   1560000 | PA      | $1311180.00   | 0.16%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                             | KeyCorp                                                                         | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    680000 | PA      | $662907.66    | 0.08%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Lernen Bidco Limited                                                | LERNEN US FINCO LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    606954 | PA      | $610492.35    | 0.08%             | 2031-10-27      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                             | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    733181 | PA      | $752416.81    | 0.09%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                                                | Altice France SA/France                                                         | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |   1030909 | PA      | $893798.35    | 0.11%             | 2025-07-31      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDING Inc                                                | ELLUCIAN HOLDINGS INC                                                           | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    706491 | PA      | $707818.89    | 0.09%             | 2029-10-09      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                         | Oracle Corp                                                                     | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    760000 | PA      | $776838.31    | 0.10%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                              | PAR PHARMACEUTICAL INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| Ellington Financial Mortgage T                                      | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1560000 | PA      | $1564505.41   | 0.19%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                          | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1290000 | PA      | $1342518.61   | 0.17%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    178016 | PA      | $83222.48     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                  | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    345000 | PA      | $351439.08    | 0.04%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                               | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $807356.35    | 0.10%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     58080 | PA      | $54232.20     | 0.01%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                            | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $467723.96    | 0.06%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                          | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $518812.94    | 0.06%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4515000 | PA      | $4118526.56   | 0.51%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                             | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1332589.21   | 0.17%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Fugue Finance LLC                                                   | FUGUE FINANCE LLC                                                               | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | HK        |    150000 | PA      | $150813.00    | 0.02%             | 2032-01-09      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                                      | NCR Atleos Corp                                                                 | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    510000 | PA      | $558635.13    | 0.07%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                            | Kronos Acquisition Holdings Inc                                                 | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $817274.16    | 0.10%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                      | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18707 | PA      | $17771.39     | 0.00%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1127414.46   | 0.14%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                    | Peruvian Government International Bond                                          | CUSIP: 715638EC2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    417000 | PA      | $402655.20    | 0.05%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                               | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1703433.71   | 0.21%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers                                       | Retained Vantage Data Centers Issuer LLC                                        | CUSIP: 76134KAH7<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   1755000 | PA      | $1738572.32   | 0.22%             | 2049-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                                 | Senegal Government International Bond                                           | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    463000 | PA      | $301413.00    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                             | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    700000 | PA      | $655375.00    | 0.08%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                      | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    875000 | PA      | $827936.11    | 0.10%             | 2034-10-17      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                            | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $324639.22    | 0.04%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                                | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    709000 | PA      | $727391.46    | 0.09%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                 | Nigeria Government International Bond                                           | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1891000 | PA      | $1690554.00   | 0.21%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                       | New Residential Mortgage Loan Trust 2022-NQM2                                   | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1396377 | PA      | $1314777.75   | 0.16%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                        | Commercial Equipment Finance 2024-1 LLC                                         | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    905676 | PA      | $914464.92    | 0.11%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| One Call Corporation                                                | One Call Corp                                                                   | CUSIP: 68235XAB7<br>LEI: 549300WUCCV86ZQHG041 | Long             | LON              | CORP              | US        |    783876 | PA      | $778647.53    | 0.10%             | 2027-04-22      | Floating      | 10.04%                | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                            | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1895250 | PA      | $1924826.32   | 0.24%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                             | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   2134000 | PA      | $2217802.18   | 0.28%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                    | CSC Holdings LLC                                                                | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    712437 | PA      | $701757.42    | 0.09%             | 2028-01-18      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                             | Office Properties Income Trust                                                  | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    844000 | PA      | $608881.94    | 0.08%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                   | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    700000 | PA      | $747765.84    | 0.09%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                            | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1572394.29   | 0.20%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                             | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    530000 | PA      | $542268.09    | 0.07%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                                         | EPICOR SOFTWARE CORP                                                            | CUSIP: 29426NAZ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |    632710 | PA      | $633981.61    | 0.08%             | 2031-05-30      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP                                        | SCIENTIFIC GAMES HOLDINGS LP                                                    | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |    318797 | PA      | $318379.37    | 0.04%             | 2029-04-04      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                      | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26012 | PA      | $23727.97     | 0.00%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                   | Newell Brands Inc                                                               | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    892000 | PA      | $882962.52    | 0.11%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                  | Panama Government International Bond                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    655000 | PA      | $635350.00    | 0.08%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                      | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    570000 | PA      | $579831.46    | 0.07%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                       | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    719000 | PA      | $752669.95    | 0.09%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                      | BEACH ACQUISITION BIDCO                                                         | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    270000 | PA      | $271350.00    | 0.03%             | 2032-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Epic Crude Services LP                                              | EPIC CRUDE SERVICES LP                                                          | CUSIP: 29428XAG5<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    678300 | PA      | $679853.31    | 0.08%             | 2031-10-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan                                      | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   1400000 | PA      | $1422783.60   | 0.18%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                       | Exeter Automobile Receivables Trust 2023-2                                      | CUSIP: 30168CAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    163185 | PA      | $163290.95    | 0.02%             | 2027-09-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                                            | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1910980.50   | 0.24%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    570000 | PA      | $594109.61    | 0.07%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                             | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    426000 | PA      | $391361.94    | 0.05%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7190000 | PA      | $7331833.97   | 0.91%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |   1209000 | PA      | $1222504.53   | 0.15%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                         | Allied Universal Holdco LLC                                                     | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    754124 | PA      | $757456.95    | 0.09%             | 2028-05-12      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                              | Nationstar Mortgage Holdings Inc                                                | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $985124.24    | 0.12%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                            | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    668160 | PA      | $585471.09    | 0.07%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                            | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1773000 | PA      | $1794680.24   | 0.22%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                                            | New Enterprise Stone & Lime Co Inc                                              | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    591000 | PA      | $592379.39    | 0.07%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                                            | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    814000 | PA      | $693329.90    | 0.09%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Entain PLC                                                          | ENTAIN PLC                                                                      | CUSIP: 36270BAC6<br>LEI: 213800GNI3K45LQR8L28 | Long             | LON              | CORP              | IM        |    415800 | PA      | $417055.72    | 0.05%             | 2029-10-31      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                              | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1696000 | PA      | $1696105.20   | 0.21%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                           | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1140053.92   | 0.14%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                            | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1207700.53   | 0.15%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                              | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    505000 | PA      | $523445.33    | 0.07%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                 | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1103618.81   | 0.14%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1346643 | PA      | $1290639.94   | 0.16%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2248000 | PA      | $2159990.80   | 0.27%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                            | Safehold GL Holdings LLC                                                        | CUSIP: 785931AB2<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1138943.44   | 0.14%             | 2035-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                            | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    960000 | PA      | $1022019.27   | 0.13%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC                                            | Kimmeridge Texas Gas LLC                                                        | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    845000 | PA      | $874525.99    | 0.11%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                                 | WHITE CAP BUYER LLC                                                             | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    761175 | PA      | $755846.78    | 0.09%             | 2029-10-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                            | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    720000 | PA      | $610578.98    | 0.08%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                      | Chase Home Lending Mortgage Trust 2023-RPL1                                     | CUSIP: 16159LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2226226 | PA      | $2043958.60   | 0.25%             | 2062-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                                    | GLOVES BUYER INC                                                                | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    505000 | PA      | $494268.75    | 0.06%             | 2032-05-21      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                            | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |   2074574 | PA      | $2108617.18   | 0.26%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                   | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    187000 | PA      | $183634.00    | 0.02%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                                   | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1002587 | PA      | $998253.14    | 0.12%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                            | Univision Communications Inc                                                    | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1181767.31   | 0.15%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                     | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1083061 | PA      | $1102577.19   | 0.14%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                                                 | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |   1415000 | PA      | $1388171.60   | 0.17%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    909000 | PA      | $940360.50    | 0.12%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     98070 | PA      | $60435.71     | 0.01%             | 2029-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                                      | PAI Holdco Inc                                                                  | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |    741595 | PA      | $567319.93    | 0.07%             | 2027-10-28      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                      | Chase Home Lending Mortgage Trust 2024-RPL4                                     | CUSIP: 16160NAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1654923 | PA      | $1479146.77   | 0.18%             | 2064-12-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                               | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1640451.65   | 0.20%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CVR CHC LP                                                          | CVR CHC LP                                                                      | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    389808 | PA      | $389156.71    | 0.05%             | 2027-12-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                            | Ajax Mortgage Loan Trust 2022-B                                                 | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1202991 | PA      | $1160621.59   | 0.14%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                          | Grifols SA                                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $769061.60    | 0.10%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                            | Petroleos de Venezuela SA                                                       | CUSIP: 716558AG6<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1580000 | PA      | $198290.00    | 0.02%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                                               | Chobani Holdco II LLC                                                           | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       629 | PA      | $673.97       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                          | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    870538 | PA      | $857269.35    | 0.11%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                                     | Cornerstone Building Brands Inc                                                 | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    583918 | PA      | $519686.59    | 0.06%             | 2028-04-12      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                            | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1190000 | PA      | $1201828.70   | 0.15%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     85673 | PA      | $80275.31     | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                 | Oportun Issuance Trust 2024-2                                                   | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1810000 | PA      | $1815789.65   | 0.23%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| QXO Building Products Inc (f/k/a Beacon Roofing Supply Inc.)        | QXO INC                                                                         | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |     51000 | PA      | $51303.96     | 0.01%             | 2032-04-30      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Glatfelter Corporation                                              | TREASURE HOLDCO INC                                                             | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |    691525 | PA      | $676830.09    | 0.08%             | 2031-11-04      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                      | Gray Media Inc                                                                  | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    970000 | PA      | $969565.63    | 0.12%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                 | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    953000 | PA      | $805799.62    | 0.10%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                                | Samarco Mineracao SA                                                            | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    361745 | PA      | $354736.19    | 0.04%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                            | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $962176.28    | 0.12%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                            | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1504000 | PA      | $1499007.02   | 0.19%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                    | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    628000 | PA      | $626932.40    | 0.08%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                            | Prime Security Services Borrower LLC / Prime Finance Inc                        | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1131769.58   | 0.14%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                 | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1193404.54   | 0.15%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                 | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1560000 | PA      | $1577053.14   | 0.20%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited                                           | TITAN ACQUISITION LTD                                                           | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |    620949 | PA      | $622165.62    | 0.08%             | 2029-02-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                       | Starwood Mortgage Residential Trust 2021-5                                      | CUSIP: 85573QAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1935572 | PA      | $1652393.03   | 0.21%             | 2066-09-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                      | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1019101.30   | 0.13%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                      | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |  40000000 | PA      | $1650857.78   | 0.21%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| HUNTERSTOWN GENERATION LLC                                          | KESTREL ACQUISITION LLC                                                         | CUSIP: 44579UAB8<br>LEI: 549300ER0JUHJLPPMH08 | Long             | LON              | CORP              | US        |    708316 | PA      | $706785.87    | 0.09%             | 2031-11-06      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    113339 | PA      | $43408.84     | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                               | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1835000 | PA      | $1870604.87   | 0.23%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                                    | Lummus Technolog 12/31/29                                                       | CUSIP: 45232UAG3<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |    442246 | PA      | $443249.67    | 0.06%             | 2029-12-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                 | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1496000 | PA      | $1572296.00   | 0.20%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                              | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    378000 | PA      | $387450.00    | 0.05%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust                                       | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70717 | PA      | $70404.13     | 0.01%             | 2026-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                                               | Tricon American Homes 2019-SFR1 Trust                                           | CUSIP: 89612LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $600152.59    | 0.07%             | 2038-03-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                          | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480526 | PA      | $474922.56    | 0.06%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                          | Affirm Asset Securitization Trust 2024-B                                        | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $450055.53    | 0.06%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3835000 | PA      | $3872301.36   | 0.48%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                                                | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1093607.90   | 0.14%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings Inc                                           | ENDO FINANCE HOLDINGS                                                           | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    198500 | PA      | $198053.38    | 0.02%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                               | Argentine Republic Government International Bond                                | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   2544000 | PA      | $1578552.00   | 0.20%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Radiology Partners Inc                                              | RADIOLOGY PARTNERS INC                                                          | CUSIP: 000000000<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |    800329 | PA      | $798776.55    | 0.10%             | 2029-01-31      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                   | Ghana Government International Bond                                             | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     28202 | PA      | $23450.18     | 0.00%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                                              | Millennium Escrow Corp                                                          | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1609528.05   | 0.20%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                               | HUB International Ltd                                                           | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    155000 | PA      | $162180.91    | 0.02%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                                  | NOURYON FINANCE BV                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    558521 | PA      | $560615.25    | 0.07%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Omnia Partners, LLC                                                 | OMNIA PARTNERS LLC                                                              | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |    734832 | PA      | $735905.24    | 0.09%             | 2030-07-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                            | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    778566 | PA      | $712384.67    | 0.09%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                         | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325521 | PA      | $326752.38    | 0.04%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Aspire Bakeries Holdings LLC                                        | ASPIRE BAKERIES HOLDINGS LLC                                                    | CUSIP: 000000000<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |    779083 | PA      | $780298.29    | 0.10%             | 2030-12-23      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                         | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    755000 | PA      | $753112.50    | 0.09%             | 2032-03-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                            | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1069792.54   | 0.13%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    705000 | PA      | $687000.81    | 0.09%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                               | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    870524 | PA      | $862210.86    | 0.11%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| Sapphire Bidco BV                                                   | TMF SAPPHIRE BIDCO BV                                                           | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |    326216 | PA      | $326728.26    | 0.04%             | 2028-05-03      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                               | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1333993.99   | 0.17%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                            | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1628423.08   | 0.20%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                               | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    680000 | PA      | $637955.60    | 0.08%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                            | OCP SA                                                                          | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    270000 | PA      | $204862.50    | 0.03%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                              | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1540919.82   | 0.19%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                      | Upgrade Master Pass-Thru Trust Series 2025-ST4                                  | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.25%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                 | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   2125000 | PA      | $2178125.00   | 0.27%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $353659.85    | 0.04%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3100000 | PA      | $2954203.13   | 0.37%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                                 | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   6970000 | PA      | $1589169.93   | 0.20%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BMC Software (Boxer/ Bladelogic)                                    | BMC SOFTWARE INC                                                                | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    802115 | PA      | $796548.00    | 0.10%             | 2031-07-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                       | Sierra Timeshare 2023-2 Receivables Funding LLC                                 | CUSIP: 82650BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    296375 | PA      | $304397.18    | 0.04%             | 2040-04-20      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                   | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    315000 | PA      | $312637.50    | 0.04%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Motion Finco LLC                                                    | MOTION FINCO SARL                                                               | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | LON              | CORP              | LU        |    656729 | PA      | $623485.34    | 0.08%             | 2029-11-12      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                                 | Altice Financing SA                                                             | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2260000 | PA      | $1700183.99   | 0.21%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                         | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1922468 | PA      | $1898688.20   | 0.24%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                      | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2296000 | PA      | $2240465.73   | 0.28%             | 2037-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                            | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAE2<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    525000 | PA      | $519466.51    | 0.06%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                          | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2244653 | PA      | $2233746.27   | 0.28%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                            | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    344000 | PA      | $332690.49    | 0.04%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                            | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    308614 | PA      | $308621.70    | 0.04%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                            | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2C0<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |   1337000 | PA      | $1337000.00   | 0.17%             | 2030-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                                   | Jordan Government International Bond                                            | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |   1150000 | PA      | $1101125.00   | 0.14%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                               | Truist Financial Corp                                                           | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    390000 | PA      | $407429.10    | 0.05%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| IVC Acquisition Ltd                                                 | VETSTRATEGY CANADA HOLDINGS INC                                                 | CUSIP: 000000000<br>LEI: 254900WZMD2JOGND1Z32 | Long             | LON              | CORP              | CA        |    343262 | PA      | $344871.86    | 0.04%             | 2028-12-12      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                            | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1591013.45   | 0.20%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                            | JP Morgan Mortgage Trust Series 2024-NQM1                                       | CUSIP: 465983AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    915809 | PA      | $920690.60    | 0.11%             | 2064-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                      | RIDE 2025-SHRE                                                                  | CUSIP: 765692AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1521307.50   | 0.19%             | 2047-02-14      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| Kuehg Corp.                                                         | KUEHG CORP                                                                      | CUSIP: 50118YAG4<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    394357 | PA      | $394356.56    | 0.05%             | 2030-06-12      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                                              | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $327589.44    | 0.04%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP LTD                                                  | ARDONAGH GROUP FINCO PTY LTD                                                    | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |    693262 | PA      | $687196.45    | 0.09%             | 2031-02-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                                          | USALCO LLC                                                                      | CUSIP: 91732NAL7<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |    748344 | PA      | $751666.82    | 0.09%             | 2031-09-30      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                                                 | CNT HOLDINGS I CORP                                                             | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    468774 | PA      | $469701.80    | 0.06%             | 2032-11-08      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    796000 | PA      | $624860.00    | 0.08%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                                 | Gray Television Inc                                                             | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |    684315 | PA      | $660986.38    | 0.08%             | 2028-12-01      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                              | Pertamina Persero PT                                                            | CUSIP: 69370PAL5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    591000 | PA      | $513431.25    | 0.06%             | 2031-02-09      | Fixed         | 2.30%                 | No            |                  2 | On Loan: —       |
| CODELCO INC                                                         | Corp Nacional del Cobre de Chile                                                | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |   1087000 | PA      | $1134284.50   | 0.14%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                            | FOCUS FINANCIAL PARTNERS LLC                                                    | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    817945 | PA      | $816006.33    | 0.10%             | 2031-09-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                              | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $2004652.66   | 0.25%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                    | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    945075 | PA      | $941808.08    | 0.12%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                            | FHF Issuer Trust 2024-3                                                         | CUSIP: 30339EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1690855.87   | 0.21%             | 2031-03-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                                                 | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     80000 | PA      | $81860.00     | 0.01%             | 2032-02-23      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    455000 | PA      | $445558.75    | 0.06%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| South Field Energy LLC                                              | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 000000000<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |     13003 | PA      | $13051.27     | 0.00%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                                             | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    743046 | PA      | $743541.24    | 0.09%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                        | ACRISURE LLC                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    599750 | PA      | $597609.38    | 0.07%             | 2030-11-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                  | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    569000 | PA      | $514945.00    | 0.06%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                         | Wayfair LLC                                                                     | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10004.48     | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                            | Service Properties Trust                                                        | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    455000 | PA      | $449108.84    | 0.06%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                            | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    650000 | PA      | $639922.53    | 0.08%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                              | Philip Morris International Inc                                                 | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1453048.69   | 0.18%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                                            | Coronado Finance Pty Ltd                                                        | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |   1305000 | PA      | $973073.90    | 0.12%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| PETROLEOS DE VENEZUELA S                                            | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   7054000 | PA      | $885277.00    | 0.11%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DWF65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2005424 | PA      | $2011224.33   | 0.25%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                                     | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |   1020000 | PA      | $936740.07    | 0.12%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                                    | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $218187.50    | 0.03%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                      | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    253408 | PA      | $232209.62    | 0.03%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                | Enel Finance International NV                                                   | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    585000 | PA      | $596167.49    | 0.07%             | 2034-06-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                      | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    710000 | PA      | $770852.51    | 0.10%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Trugreen Limited Partnership                                        | TruGreen LP                                                                     | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    732340 | PA      | $693438.54    | 0.09%             | 2027-11-02      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                | OneMain Finance Corp                                                            | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1638747.84   | 0.20%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                                | LifePoint Health Inc                                                            | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1206103.31   | 0.15%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                               | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103875.10    | 0.01%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                         | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    919931 | PA      | $925194.39    | 0.12%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                          | GLS Auto Receivables Issuer Trust 2021-3                                        | CUSIP: 36263LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1960000 | PA      | $1920313.14   | 0.24%             | 2028-10-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                                | YPF SA                                                                          | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    353000 | PA      | $369767.50    | 0.05%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                            | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    450000 | PA      | $447780.86    | 0.06%             | 2043-04-30      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                            | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1606234.34   | 0.20%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                                     | Sealed Air Corp                                                                 | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    345000 | PA      | $357510.74    | 0.04%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| WEEKLEY HOMES LLC/ FINAN                                            | Weekley Homes LLC / Weekley Finance Corp                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1070281.89   | 0.13%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                  | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    660000 | PA      | $662948.83    | 0.08%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                               | Wells Fargo & Co                                                                | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    595000 | PA      | $625231.94    | 0.08%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                      | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    852176 | PA      | $858634.02    | 0.11%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                                          | USALCO LLC                                                                      | CUSIP: 91732NAM5<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |     77490 | PA      | $77833.63     | 0.01%             | 2031-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      8086 | PA      | $4012.80      | 0.00%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      4464 | PA      | $2134.97      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                 | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1487789.07   | 0.19%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                  | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   2529000 | PA      | $2577051.00   | 0.32%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1562794.82   | 0.19%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                                              | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1105517 | PA      | $995710.99    | 0.12%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC                                           | FAT Brands Royalty LLC                                                          | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800950 | PA      | $700800.09    | 0.09%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hanger Inc                                                          | HANGER INC                                                                      | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |     94409 | PA      | $94499.81     | 0.01%             | 2031-10-23      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     95604 | PA      | $48566.72     | 0.01%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                             | El Salvador Government International Bond                                       | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    644000 | PA      | $652372.00    | 0.08%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                               | Argentine Republic Government International Bond                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1971000 | PA      | $1322541.00   | 0.16%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                                  | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    851000 | PA      | $894192.51    | 0.11%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                                        | NY Commercial Mortgage Trust 2025-299P                                          | CUSIP: 62957FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1210000 | PA      | $1257314.27   | 0.16%             | 2047-02-10      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                      | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1285000 | PA      | $1310958.29   | 0.16%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                 | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    720000 | PA      | $667914.60    | 0.08%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                            | Mill City Mortgage Loan Trust 2017-1                                            | CUSIP: 59981HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280348 | PA      | $275986.09    | 0.03%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     24518 | PA      | $15108.93     | 0.00%             | 2029-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub Inc FKA Osmosis Buyer Limited                    | AI AQUA MERGER SUB INC                                                          | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    671413 | PA      | $670023.29    | 0.08%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                                      | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |   1980000 | PA      | $1965575.30   | 0.24%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                        | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1546277.25   | 0.19%             | 2040-01-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                       | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |    369512 | PA      | $362555.86    | 0.05%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                            | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   2277000 | PA      | $2017422.00   | 0.25%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                          | Flagship Credit Auto Trust 2023-1                                               | CUSIP: 337955AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1780000 | PA      | $1788824.88   | 0.22%             | 2029-05-15      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                            | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $956235.19    | 0.12%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ascend Learning LLC                                                 | ASCEND LEARNING LLC                                                             | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    632783 | PA      | $632390.90    | 0.08%             | 2028-12-11      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING                                             | Herbalife Nutrition Ltd / HLF Financing Inc                                     | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1049000 | PA      | $1049322.04   | 0.13%             | 2025-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                 | COMM 2024-WCL1 MORTGAGE TRUST                                                   | CUSIP: 20047DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1930000 | PA      | $1922159.38   | 0.24%             | 2041-06-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $801137.84    | 0.10%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                               | Mexico Government International Bond                                            | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    496000 | PA      | $501208.00    | 0.06%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                        | Ecopetrol SA                                                                    | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    539000 | PA      | $453568.50    | 0.06%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                               | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1183000 | PA      | $1062061.56   | 0.13%             | 2055-03-25      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Viant Medical Holdings Inc                                          | VIANT MEDICAL HOLDINGS                                                          | CUSIP: 000000000<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |    733953 | PA      | $726840.61    | 0.09%             | 2031-10-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                       | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    885000 | PA      | $918265.17    | 0.11%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fugue Finance LLC                                                   | FUGUE FINANCE LLC                                                               | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | HK        |    294262 | PA      | $295857.40    | 0.04%             | 2032-01-09      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                                        | COTIVITI INC                                                                    | CUSIP: 22164MAF4<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    570000 | PA      | $566676.90    | 0.07%             | 2032-03-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                 | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    965000 | PA      | $921192.65    | 0.11%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                      | Westlake Automobile Receivables Trust 2024-2                                    | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1860000 | PA      | $1878704.53   | 0.23%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                               | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    425000 | PA      | $434880.03    | 0.05%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                  | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1130000 | PA      | $1065232.47   | 0.13%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                            | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   2040000 | PA      | $1986549.35   | 0.25%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                               | Mexico Government International Bond                                            | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1210000 | PA      | $1112595.00   | 0.14%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                            | Builders FirstSource Inc                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51480.76     | 0.01%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    485000 | PA      | $469682.68    | 0.06%             | 2056-07-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                               | Indonesia Government International Bond                                         | CUSIP: 455780DX1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    720000 | PA      | $706500.00    | 0.09%             | 2034-09-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     62015 | PA      | $30774.91     | 0.00%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                                    | Under Armour Inc                                                                | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212668.18    | 0.03%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WEC Us Holdings Ltd.                                                | WEC US HOLDINGS INC                                                             | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    577093 | PA      | $577046.57    | 0.07%             | 2031-01-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                             | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1226684.61   | 0.15%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Hamilton Projects Acquiror LLC                                      | HAMILTON PROJECTS ACQUIR                                                        | CUSIP: 40444KAD7<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    152800 | PA      | $153246.18    | 0.02%             | 2031-05-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7850245 | PA      | $7988866.14   | 0.99%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDICOR LLC                                                         | ROPER INDUSTRIAL PRODUCT                                                        | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |    695453 | PA      | $693498.41    | 0.09%             | 2029-11-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    176677 | PA      | $157331.89    | 0.02%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Javelin Buyer Inc (f/k/a S2P Acquisition Borrower Inc)              | JAGGAER LLC                                                                     | CUSIP: 000000000<br>LEI: 254900GL30A9G6Z7OW50 | Long             | LON              | CORP              | US        |    648375 | PA      | $651007.40    | 0.08%             | 2031-12-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                          | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $490059.10    | 0.06%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                         | Freddie Mac Pool                                                                | CUSIP: 3132DWG23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1016294 | PA      | $1036045.05   | 0.13%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association                                      | US Bank NA                                                                      | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    414788 | PA      | $419693.06    | 0.05%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                                       | Tidewater Inc                                                                   | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    315000 | PA      | $324090.74    | 0.04%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                              | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |    670316 | PA      | $668224.72    | 0.08%             | 2030-09-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                                               | ECL ENTERTAINMENT LLC                                                           | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    512795 | PA      | $512154.25    | 0.06%             | 2030-08-31      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                                          | Opal Bidco SAS                                                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    120000 | PA      | $122473.56    | 0.02%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| M6 Etx Holdings Ii Midco LLC                                        | M6 ETX HOLDINGS II MIDCO LLC                                                    | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    595000 | PA      | $597124.15    | 0.07%             | 2032-03-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                      | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGN8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2177000 | PA      | $2191188.60   | 0.27%             | 2027-10-20      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                            | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   1570000 | PA      | $1517445.82   | 0.19%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                           | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2211690.58   | 0.28%             | 2040-06-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                    | COLT 2022-5 Mortgage Loan Trust                                                 | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1227765 | PA      | $1230273.37   | 0.15%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1378337 | PA      | $700195.44    | 0.09%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                                 | New Home Co Inc/The                                                             | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50923.27     | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Arcline FM Holdings, LLC                                            | ARCLINE FM HOLDINGS LLC                                                         | CUSIP: 000000000<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    594986 | PA      | $597324.40    | 0.07%             | 2030-06-24      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                           | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1288011.48   | 0.16%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                                            | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp              | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1560960.05   | 0.19%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                 | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    600000 | PA      | $582410.89    | 0.07%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                            | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1474183 | PA      | $1479479.59   | 0.18%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                    | ENDEAVOR OPERATING CO LLC                                                       | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    510000 | PA      | $510158.10    | 0.06%             | 2032-03-24      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                            | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    195000 | PA      | $196992.20    | 0.02%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                  | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    464000 | PA      | $460455.04    | 0.06%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    577000 | PA      | $599612.30    | 0.07%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                                | Garda World Security Corp                                                       | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    945000 | PA      | $970712.51    | 0.12%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                            | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2916999 | PA      | $2881652.43   | 0.36%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                               | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1014301.83   | 0.13%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                            | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   1015000 | PA      | $1083098.85   | 0.13%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Belron Finance US LLC                                               | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    764225 | PA      | $766884.50    | 0.10%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                                     | TricorBraun Holdings Inc                                                        | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |    820360 | PA      | $819064.30    | 0.10%             | 2028-03-03      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                            | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $631765.50    | 0.08%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Grant Thornton Advisors LLC                                         | GRANT THORNTON ADVISORS                                                         | CUSIP: 38821UAD2<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |    441127 | PA      | $440354.71    | 0.05%             | 2031-06-02      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| PEX Holdings LLC                                                    | PEX HOLDINGS LLC                                                                | CUSIP: 69381MAB1<br>LEI: 2138006XMWHEBFQ55Z05 | Long             | LON              | CORP              | US        |    648375 | PA      | $648375.00    | 0.08%             | 2031-11-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES                                             | Saks Global Enterprises LLC                                                     | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1320000 | PA      | $495000.00    | 0.06%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                       | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1865000 | PA      | $1875852.81   | 0.23%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                         | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1009756.31   | 0.13%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                         | Visio 2022-1 Trust                                                              | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    786226 | PA      | $783241.96    | 0.10%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                      | COOPR Residential Mortgage Trust 2025-CES2                                      | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1590000 | PA      | $1597941.38   | 0.20%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                            | Virgin Media Bristol LLC                                                        | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   1130000 | PA      | $1114349.50   | 0.14%             | 2028-01-31      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                                      | THPT 2023-THL Mortgage Trust                                                    | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1617102 | PA      | $1644802.90   | 0.20%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                            | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    945000 | PA      | $917217.39    | 0.11%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                               | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    140000 | PA      | $144926.04    | 0.02%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                                 | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57884.79     | 0.01%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                             | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1448000 | PA      | $1392642.96   | 0.17%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1268836 | PA      | $594568.50    | 0.07%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                   | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    755000 | PA      | $755475.65    | 0.09%             | 2032-01-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                                            | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   1695000 | PA      | $1732255.10   | 0.22%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                            | ION Trading Technologies Sarl                                                   | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |   1745000 | PA      | $1792116.75   | 0.22%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                                      | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2896166 | NS      | $2896166.29   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HIN Timeshare Trust 2020-A                                          | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    404053 | PA      | $393277.84    | 0.05%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                          | Affirm Asset Securitization Trust 2023-B                                        | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1172000 | PA      | $1176204.43   | 0.15%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                             | HCA Inc                                                                         | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    305000 | PA      | $307639.56    | 0.04%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                             | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    638706 | PA      | $640953.99    | 0.08%             | 2031-02-10      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                  | Panama Government International Bond                                            | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   1884000 | PA      | $1073880.00   | 0.13%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| CE Intermediate I LLC                                               | CE INTERMEDIATE I LLC                                                           | CUSIP: 12523EAD4<br>LEI: 2549000GTXAQSR1SRO50 | Long             | LON              | CORP              | US        |    805950 | PA      | $804942.56    | 0.10%             | 2032-03-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                              | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1288163.41   | 0.16%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                              | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1162000 | PA      | $1173039.00   | 0.15%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                                            | Hughes Satellite Systems Corp                                                   | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1015000 | PA      | $722743.95    | 0.09%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                      | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    345000 | PA      | $353418.87    | 0.04%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                 | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    890000 | PA      | $910874.84    | 0.11%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                                  | AGILITI HEALTH INC                                                              | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    689767 | PA      | $666487.35    | 0.08%             | 2030-05-01      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                            | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $394000.00    | 0.05%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                                | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $515325.20    | 0.06%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                            | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   2181000 | PA      | $1792520.28   | 0.22%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                 | CLYDESDALE ACQUISITION                                                          | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    555000 | PA      | $553662.45    | 0.07%             | 2029-04-13      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                    | CSC Holdings LLC                                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    710000 | PA      | $527026.26    | 0.07%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                            | Banco de Credito e Inversiones SA                                               | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    496000 | PA      | $523617.28    | 0.07%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                      | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1959000 | PA      | $1988153.05   | 0.25%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                                           | MCGRAW-HILL EDUCATION INC                                                       | CUSIP: 58063DAF0<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |    325698 | PA      | $326580.27    | 0.04%             | 2031-08-06      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                            | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  32300000 | PA      | $1463536.88   | 0.18%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                             | Hungary Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    315000 | PA      | $261218.48    | 0.03%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                      | Morgan Stanley Residential Mortgage Loan Trust 2024-INV4                        | CUSIP: 61776XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    823582 | PA      | $829524.53    | 0.10%             | 2054-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Spin Holdco Inc                                                     | Spin Holdco Inc                                                                 | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |    945616 | PA      | $827414.26    | 0.10%             | 2028-03-04      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                               | Truist Financial Corp                                                           | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    770000 | PA      | $770481.71    | 0.10%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                            | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    795000 | PA      | $777391.70    | 0.10%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                            | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $478688.60    | 0.06%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                            | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971V2C8<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    238000 | PA      | $238000.00    | 0.03%             | 2030-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Grant Thornton Advisors LLC                                         | GRANT THORNTON ADVISORS                                                         | CUSIP: 38821UAE0<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     20006 | PA      | $19970.66     | 0.00%             | 2031-06-02      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                    | DELIVERY HERO FINCO LLC                                                         | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    854188 | PA      | $860064.31    | 0.11%             | 2029-12-12      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                          | LAD Auto Receivables Trust 2022-1                                               | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116585 | PA      | $116669.60    | 0.01%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                            | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    225000 | PA      | $201825.00    | 0.03%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WIN Waste Innovations Holdings Inc                                  | Win Waste Innovations Holdings Inc                                              | CUSIP: 38723BAJ0<br>LEI: 549300DJBUN7Z75R2S83 | Long             | LON              | CORP              | US        |    821817 | PA      | $812316.50    | 0.10%             | 2028-03-24      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                            | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    574289 | PA      | $598578.52    | 0.07%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                 | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    988000 | PA      | $917259.20    | 0.11%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| USQ Rail                                                            | USQ Rail III LLC                                                                | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1723194 | PA      | $1732477.19   | 0.22%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                 | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    645000 | PA      | $782443.16    | 0.10%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                      | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1719000 | PA      | $1737133.56   | 0.22%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                            | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    335000 | PA      | $251920.00    | 0.03%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                       | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    630000 | PA      | $652297.91    | 0.08%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                        | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1278379 | PA      | $1152449.78   | 0.14%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                                          | Upstart Pass-Through Trust Series 2021-ST2                                      | CUSIP: 91682CAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8273 | PA      | $8260.69      | 0.00%             | 2027-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc                                     | KRONOS ACQUISITION HOLDINGS INC                                                 | CUSIP: 50106JAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    388081 | PA      | $346265.52    | 0.04%             | 2031-07-08      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                               | Argentine Republic Government International Bond                                | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1732705 | PA      | $1132322.42   | 0.14%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                          | LAD Auto Receivables Trust 2023-1                                               | CUSIP: 505710AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $797531.36    | 0.10%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                                    | GARDA WORLD SECURITY                                                            | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    760355 | PA      | $760773.47    | 0.09%             | 2029-02-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                                                 | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    327749 | PA      | $328977.89    | 0.04%             | 2031-02-24      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |   1142000 | PA      | $1097187.92   | 0.14%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                              | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1925000 | PA      | $1939331.63   | 0.24%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Ion Trading Finance Limited                                         | ION TRADING TECHNOLOGIES SA                                                     | CUSIP: 000000000<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | LON              | CORP              | LU        |    600732 | PA      | $600347.76    | 0.07%             | 2028-04-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                      | BHG Securitization Trust 2024-1CON                                              | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    539154 | PA      | $552213.24    | 0.07%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                            | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                         | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    630000 | PA      | $632096.64    | 0.08%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                  | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1475444.86   | 0.18%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| CPM Holdings Inc                                                    | CPM HOLDINGS INC                                                                | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |    770666 | PA      | $751761.24    | 0.09%             | 2028-09-28      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                              | TK ELEVATOR US NEWCO INC                                                        | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    674600 | PA      | $676057.30    | 0.08%             | 2030-04-30      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1092000 | PA      | $993042.96    | 0.12%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     30329 | PA      | $14504.54     | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                             | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    300000 | PA      | $276600.00    | 0.03%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                        | Veros Auto Receivables Trust 2024-1                                             | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1645195.68   | 0.20%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                        | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $381090.74    | 0.05%             | 2055-04-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2023-1                                                | CUSIP: 89181JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1436808 | PA      | $1388200.08   | 0.17%             | 2063-01-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                     | United States Treasury Note/Bond                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1010000 | PA      | $922335.15    | 0.11%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                              | WESCO Distribution Inc                                                          | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    435000 | PA      | $452038.95    | 0.06%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                              | Egypt Government International Bond                                             | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    717000 | PA      | $724528.50    | 0.09%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                                                  | Zambia Government International Bond                                            | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    506000 | PA      | $342815.00    | 0.04%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                      | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     40000 | PA      | $39991.60     | 0.00%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                  | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    475000 | PA      | $365248.44    | 0.05%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                                                    | WAND NEWCO 3 INC                                                                | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |    507526 | PA      | $504927.19    | 0.06%             | 2031-01-30      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                           | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27040 | PA      | $26761.45     | 0.00%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                  | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1713000 | PA      | $1808592.77   | 0.23%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                             | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  36100000 | PA      | $1595834.70   | 0.20%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                              | Helix Energy Solutions Group Inc                                                | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    700000 | PA      | $740520.77    | 0.09%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                                                | Georgian Railway JSC                                                            | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |   1201000 | PA      | $1077897.50   | 0.13%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                  | A&D Mortgage Trust 2023-NQM3                                                    | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1684873 | PA      | $1699243.87   | 0.21%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                                                  | Upstream Newco Inc                                                              | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    340800 | PA      | $264120.06    | 0.03%             | 2026-11-20      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                              | Egypt Government International Bond                                             | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    484000 | PA      | $395307.00    | 0.05%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                 | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    620000 | PA      | $627893.51    | 0.08%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                                                 | LBM Acquisition LLC                                                             | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1470412.50   | 0.18%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                 | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2172996.97   | 0.27%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                             | VistaJet Malta Finance PLC / Vista Management Holding Inc                       | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1645000 | PA      | $1690718.66   | 0.21%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| ENDO FINANCE HOLDINGS                                               | Endo Finance Holdings Inc                                                       | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1593129.79   | 0.20%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                               | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    567500 | PA      | $535373.86    | 0.07%             | 2029-04-11      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159431.81    | 0.02%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                             | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    248000 | PA      | $229015.60    | 0.03%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                           | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $778319.57    | 0.10%             | 2030-12-16      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                        | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1469212.17   | 0.18%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                               | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    201572 | PA      | $110864.70    | 0.01%             | 2028-08-02      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                          | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $1046939.00   | 0.13%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming LLC                                             | J&J VENTURES GAMING LLC                                                         | CUSIP: 46604BAH1<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |    706571 | PA      | $697576.76    | 0.09%             | 2030-04-26      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                                            | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    365000 | PA      | $135091.95    | 0.02%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                                      | PROOFPOINT INC                                                                  | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    843681 | PA      | $843773.36    | 0.11%             | 2028-08-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                                          | Applebee's Funding LLC / IHOP Funding LLC                                       | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1926000 | PA      | $1953863.83   | 0.24%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                            | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1279428 | PA      | $1288900.89   | 0.16%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                       | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |     21772 | PA      | $21480.77     | 0.00%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Connectwise, LLC                                                    | ConnectWise LLC                                                                 | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    440587 | PA      | $442424.17    | 0.06%             | 2028-09-29      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                   | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    550000 | PA      | $574360.61    | 0.07%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA                                             | Capital Farm Credit ACA                                                         | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    525000 | PA      | $511875.00    | 0.06%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF                                         | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |    157000 | NS      | $3854350.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                                                             | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    740000 | PA      | $757620.48    | 0.09%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                            | Aston Martin Capital Holdings Ltd                                               | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   1690000 | PA      | $1600241.57   | 0.20%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer