# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-26-008195
**Filing Date:** 2026-2
**Character Count:** 361654
**Document Hash:** 377e645e562cf3f2b2966580064cd4b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008195.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008195

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26683431

**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 Low Duration Core Plus Bond Fund (Series ID: S000055179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173503 | Class A      | HIMZX           |
| C000173504 | Class C      | PCMZX           |
| C000173505 | Class I      | HIBIX           |
| C000210350 | Class R6     | VLDRX           |

## Nport-Ex

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—8.0%** | **U.S. Government Securities—8.0%** | **U.S. Government Securities—8.0%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 6/30/26 | $10590 | &nbsp;&nbsp; $10645 |
| &nbsp;&nbsp;&nbsp; 4.375%, 8/15/26 | 11350 | &nbsp;&nbsp; 11404 |
| &nbsp;&nbsp;&nbsp; 3.500%, 10/31/27 | 6815 | &nbsp;&nbsp; 6816 |
| &nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 | 3790 | &nbsp;&nbsp; 3839 |
| **Total U.S. Government Securities** <br>**(Identified Cost $32,535)** | **Total U.S. Government Securities** <br>**(Identified Cost $32,535)** | &nbsp;&nbsp; **32704** |
| **Foreign Government Securities—0.7%** | **Foreign Government Securities—0.7%** | **Foreign Government Securities—0.7%** |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 2/22/29<sup>(1)</sup> <br>| 287 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; RegS <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 311 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil <br>6.625%, 3/15/35<br>| 386 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 86 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 3/5/30 | 140 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 3/5/35 | 140 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa 144A <br>6.125%, 12/11/37<sup>(1)</sup> <br>| 208 | &nbsp;&nbsp; 205 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 223 | &nbsp;&nbsp; 243 |
| **Total Foreign Government Securities** <br>**(Identified Cost $2,795)** | **Total Foreign Government Securities** <br>**(Identified Cost $2,795)** | &nbsp;&nbsp; **2878** |
| **Mortgage-Backed Securities—27.0%** | **Mortgage-Backed Securities—27.0%** | **Mortgage-Backed Securities—27.0%** |
| **Agency—8.0%** | **Agency—8.0%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #SB8269 <br>6.000%, 10/1/38<br>| 2107 | &nbsp;&nbsp; 2188 |
| &nbsp;&nbsp;&nbsp; Pool #SD3238 <br>5.500%, 12/1/52<br>| 980 | &nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; Pool #SD8309 <br>6.000%, 3/1/53<br>| 2788 | &nbsp;&nbsp; 2872 |
| &nbsp;&nbsp;&nbsp; Pool #SD8492 <br>5.000%, 1/1/55<br>| 1600 | &nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp; Pool #SD8494 <br>5.500%, 1/1/55<br>| 4477 | &nbsp;&nbsp; 4541 |
| &nbsp;&nbsp;&nbsp; Pool #SL1127 <br>6.000%, 12/1/54<br>| 3894 | &nbsp;&nbsp; 3998 |
| &nbsp;&nbsp;&nbsp; Pool #SL2922 <br>5.500%, 10/1/55<br>| 2010 | &nbsp;&nbsp; 2042 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #AC3654 <br>5.000%, 10/1/39<br>| 46 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Pool #AD3841 <br>4.500%, 4/1/40<br>| 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Pool #AL7532 <br>3.000%, 11/1/27<br>| 28 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Pool #AO5149 <br>3.000%, 6/1/27<br>| 9 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Pool #AS5730 <br>3.000%, 9/1/30<br>| 158 | &nbsp;&nbsp; 155 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| $2289 | &nbsp;&nbsp; $2352 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 4286 | &nbsp;&nbsp; 4404 |
| &nbsp;&nbsp;&nbsp; Pool #FS4438 <br>5.000%, 11/1/52<br>| 1833 | &nbsp;&nbsp; 1835 |
| &nbsp;&nbsp;&nbsp; Pool #FS8791 <br>6.000%, 8/1/54<br>| 1639 | &nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp; Pool #MA0908 <br>4.000%, 11/1/31<br>| 51 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Pool #MA3663 <br>3.500%, 5/1/49<br>| 137 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 1886 | &nbsp;&nbsp; 1848 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 1696 | &nbsp;&nbsp; 1725 |
|  |  | &nbsp;&nbsp; 32517 |
| **Non-Agency—19.0%** | **Non-Agency—19.0%** |  |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(1)(3)</sup> <br>| 694 | &nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp; ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, <br> Cap N/A, Floor 1.743%) 144A <br>5.494%, 6/15/40<sup>(1)(3)</sup> <br>| 1525 | &nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp; AMSR Trust 2021-SFR2, C 144A <br>1.877%, 8/17/38<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 991 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(1)(3)</sup> <br>| 361 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp; 2020-R1, A2 144A <br>1.247%, 4/25/53<sup>(1)(3)</sup> <br>| 272 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(1)(3)</sup> <br>| 1650 | &nbsp;&nbsp; 1485 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(1)(3)</sup> <br>| 781 | &nbsp;&nbsp; 764 |
| &nbsp;&nbsp;&nbsp; 2020-1, A1B 144A <br>2.100%, 3/25/55<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp; BBCMS Trust 2018-CBM, A (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor 1.250%) 144A <br>5.048%, 7/15/37<sup>(1)(3)</sup> <br>| 1350 | &nbsp;&nbsp; 1319 |
| &nbsp;&nbsp;&nbsp; Bunker Hill Loan Depositary Trust 2019-2, A1 144A <br>2.879%, 7/25/49<sup>(1)(3)</sup> <br>| 131 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust 2024-XL5, A (1 month <br> Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A <br>5.142%, 3/15/41<sup>(1)(3)</sup> <br>| 841 | &nbsp;&nbsp; 842 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-OC11, D 144A <br>3.944%, 12/9/41<sup>(1)(3)</sup> <br>| 710 | &nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp; 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(1)</sup> <br>| 1721 | &nbsp;&nbsp; 1727 |
| &nbsp;&nbsp;&nbsp; 2025-ROIC, C (1 month Term SOFR + 1.543%, Cap <br> N/A, Floor 1.543%) 144A <br>5.293%, 3/15/30<sup>(1)(3)</sup> <br>| 892 | &nbsp;&nbsp; 888 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp. 2016-SH2, M2 144A <br>3.701%, 12/25/45<sup>(1)(3)</sup> <br>| 268 | &nbsp;&nbsp; 253 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2019-RP1, A1 144A <br>3.500%, 1/25/66<sup>(1)(3)</sup> <br>| 1350 | &nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp; 2025-INV1, A2 144A <br>6.000%, 1/25/55<sup>(1)(3)</sup> <br>| 680 | &nbsp;&nbsp; 693 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(1)(3)</sup> <br>| $1129 | &nbsp;&nbsp; $1112 |
| &nbsp;&nbsp;&nbsp; 2023-3, A1 144A <br>7.180%, 9/25/68<sup>(1)(3)</sup> <br>| 689 | &nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp; 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(1)(3)</sup> <br>| 618 | &nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp; 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(1)(3)</sup> <br>| 892 | &nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust 2018-1, D 144A <br>4.920%, 6/15/51<sup>(1)</sup> <br>| 708 | &nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(1)(3)</sup> <br>| 69 | &nbsp;&nbsp; 65 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(1)(3)</sup> <br>| 101 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; 2020-2, A1 144A <br>1.178%, 10/25/65<sup>(1)(3)</sup> <br>| 833 | &nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp; 2021-1, A2 144A <br>1.003%, 2/25/66<sup>(1)(3)</sup> <br>| 346 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; ELM Trust 2024-ELM, A10 144A <br>5.801%, 6/10/39<sup>(1)(3)</sup> <br>| 907 | &nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(1)</sup> <br>| 540 | &nbsp;&nbsp; 531 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(1)(3)</sup> <br>| 29 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; 2019-2, A52 144A <br>3.500%, 6/25/59<sup>(1)(3)</sup> <br>| 250 | &nbsp;&nbsp; 228 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-NQM1, A1 144A <br>3.247%, 1/25/60<sup>(1)(3)</sup> <br>| 849 | &nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; 2023-NQM2, A1 144A <br>5.837%, 11/25/67<sup>(1)(3)</sup> <br>| 801 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp; Homes Trust 2023-NQM2, A1 144A <br>6.456%, 2/25/68<sup>(1)(3)</sup> <br>| 1235 | &nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust 2025-SPRL, A 144A <br>5.467%, 1/13/40<sup>(1)(3)</sup> <br>| 1720 | &nbsp;&nbsp; 1783 |
| &nbsp;&nbsp;&nbsp; JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 <br> 144A <br>4.377%, 1/25/63<sup>(1)(3)</sup> <br>| 664 | &nbsp;&nbsp; 651 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(1)(3)</sup> <br>| 83 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; 2015-1, AM1 144A <br>5.506%, 12/25/44<sup>(1)(3)</sup> <br>| 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; 2015-5, A2 144A <br>5.599%, 5/25/45<sup>(1)(3)</sup> <br>| 111 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(1)(3)</sup> <br>| 126 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; 2017-5, A1 144A <br>4.746%, 10/26/48<sup>(1)(3)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(1)(3)</sup> <br>| 514 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(1)(3)</sup> <br>| 665 | &nbsp;&nbsp; 670 |
| &nbsp;&nbsp;&nbsp; 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(1)(3)</sup> <br>| 831 | &nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(1)(3)</sup> <br>| 823 | &nbsp;&nbsp; 830 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(1)(3)</sup> <br>| 650 | &nbsp;&nbsp; 652 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; MetLife Securitization Trust 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(1)(3)</sup> <br>| $1019 | &nbsp;&nbsp; $1009 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(1)(3)</sup> <br>| 1099 | &nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(1)(3)</sup> <br>| 813 | &nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp; 2020-NQM3, A1 144A <br>1.014%, 1/26/65<sup>(1)(3)</sup> <br>| 327 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(1)(3)</sup> <br>| 192 | &nbsp;&nbsp; 186 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(1)(3)</sup> <br>| 537 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(1)(3)</sup> <br>| 933 | &nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp; 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(1)(3)</sup> <br>| 281 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; MIRA Trust 2023-MILE, A 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 775 | &nbsp;&nbsp; 805 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1A, B2 144A <br>5.884%, 6/25/44<sup>(1)(3)</sup> <br>| 78 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(1)(3)</sup> <br>| 402 | &nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; MSSG Trust 2017-237P, A 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1200 | &nbsp;&nbsp; 1145 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(1)(3)</sup> <br>| 306 | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(1)(3)</sup> <br>| 326 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(1)(3)</sup> <br>| 828 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp; 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(1)(3)</sup> <br>| 534 | &nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp; 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(1)(3)</sup> <br>| 419 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp; 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(1)(3)</sup> <br>| 1306 | &nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(1)(3)</sup> <br>| 1600 | &nbsp;&nbsp; 1606 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust 2022-CP1, A1 144A <br>2.042%, 7/25/61<sup>(1)</sup> <br>| 1399 | &nbsp;&nbsp; 1318 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(1)(3)</sup> <br>| 280 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(1)(3)</sup> <br>| 824 | &nbsp;&nbsp; 828 |
| &nbsp;&nbsp;&nbsp; 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(1)(3)</sup> <br>| 1487 | &nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; 2024-HYB1, A1 144A <br>3.637%, 3/25/53<sup>(1)(3)</sup> <br>| 785 | &nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; 2024-HYB2, A1 144A <br>3.695%, 4/25/53<sup>(1)(3)</sup> <br>| 756 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp; 2024-NQM1, A1 144A <br>5.928%, 11/25/63<sup>(1)(3)</sup> <br>| 290 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp; 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(1)(3)</sup> <br>| 629 | &nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp; 2018-1, A2 (1 month Term SOFR + 0.764%) 144A <br>4.496%, 6/25/57<sup>(1)(3)</sup> <br>| 57 | &nbsp;&nbsp; 56 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(1)(3)</sup> <br>| $673 | &nbsp;&nbsp; $684 |
| &nbsp;&nbsp;&nbsp; 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(1)(3)</sup> <br>| 1037 | &nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; PRET Trust 2025-NPL1, A1 144A <br>6.063%, 2/25/55<sup>(1)(3)</sup> <br>| 506 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust 2022-AFC1, A1A 144A <br>4.100%, 4/25/57<sup>(1)(3)</sup> <br>| 2066 | &nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust 2021-SFR3, C 144A <br>2.088%, 5/17/26<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust 2025-1, A3 144A <br>5.500%, 2/25/55<sup>(1)(3)</sup> <br>| 489 | &nbsp;&nbsp; 492 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(1)(3)</sup> <br>| 343 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; 2024-CES8, A1A 144A <br>5.490%, 11/25/44<sup>(1)(3)</sup> <br>| 546 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; 2024-CES9, A1A 144A <br>5.582%, 12/25/44<sup>(1)(3)</sup> <br>| 768 | &nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(1)(3)</sup> <br>| 1008 | &nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(1)(3)</sup> <br>| 203 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; RFR Trust 2025-SGRM, A 144A <br>5.379%, 3/11/41<sup>(1)(3)</sup> <br>| 1150 | &nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; RIDE 2025-SHRE, B 144A <br>5.826%, 2/14/47<sup>(1)(3)</sup> <br>| 900 | &nbsp;&nbsp; 923 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| 1155 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 483 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, A1 144A <br>2.275%, 2/25/50<sup>(1)(3)</sup> <br>| 48 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; 2021-3, A1 144A <br>1.127%, 6/25/56<sup>(1)(3)</sup> <br>| 748 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; THPT Mortgage Trust 2023-THL, A 144A <br>6.994%, 12/10/34<sup>(1)(3)</sup> <br>| 1405 | &nbsp;&nbsp; 1423 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2016-2, M2 144A <br>3.000%, 8/25/55<sup>(1)(3)</sup> <br>| 3370 | &nbsp;&nbsp; 3267 |
| &nbsp;&nbsp;&nbsp; 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(1)(3)</sup> <br>| 1565 | &nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp; 2018-3, A1 144A <br>3.750%, 5/25/58<sup>(1)(3)</sup> <br>| 1148 | &nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(1)(3)</sup> <br>| 218 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(1)(3)</sup> <br>| 189 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; 2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap <br> N/A, Floor 1.600%) 144A <br>5.446%, 5/25/58<sup>(1)(3)</sup> <br>| 1450 | &nbsp;&nbsp; 1453 |
| &nbsp;&nbsp;&nbsp; 2024-1, A1 144A <br>4.859%, 3/25/64<sup>(1)(3)</sup> <br>| 673 | &nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(1)(3)</sup> <br>| 257 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; 2017-6, A2 144A <br>3.000%, 10/25/57<sup>(1)(3)</sup> <br>| 1170 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 840 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A1 144A <br>5.850%, 12/25/67<sup>(1)(3)</sup> <br>| $707 | &nbsp;&nbsp; $705 |
| &nbsp;&nbsp;&nbsp; 2024-3, A1 144A <br>6.338%, 4/25/69<sup>(1)(3)</sup> <br>| 888 | &nbsp;&nbsp; 898 |
| &nbsp;&nbsp;&nbsp; 2025-11, A1 144A <br>4.914%, 11/25/70<sup>(1)(3)</sup> <br>| 398 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; 2021-R1, A1 144A <br>0.820%, 10/25/63<sup>(1)(3)</sup> <br>| 295 | &nbsp;&nbsp; 286 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(1)(3)</sup> <br>| 176 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(1)</sup> <br>| 773 | &nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage Backed Securities Trust 2020-4, <br> A1 144A <br>3.000%, 7/25/50<sup>(1)(3)</sup> <br>| 221 | &nbsp;&nbsp; 194 |
|  |  | &nbsp;&nbsp; 77920 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $110,581)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $110,581)** | &nbsp;&nbsp; **110437** |
| **Asset-Backed Securities—31.2%** | **Asset-Backed Securities—31.2%** | **Asset-Backed Securities—31.2%** |
| **Automobiles—15.3%** | **Automobiles—15.3%** |  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>6.060%, 2/20/29<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(1)</sup> <br>| 899 | &nbsp;&nbsp; 898 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-4, C 144A <br>4.910%, 8/12/31<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1320 | &nbsp;&nbsp; 1331 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(1)</sup> <br>| 117 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 1169 | &nbsp;&nbsp; 1194 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(1)</sup> <br>| 1130 | &nbsp;&nbsp; 1129 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; (AESOP) 2020-2A, A 144A <br>2.020%, 2/20/27<sup>(1)</sup> <br>| 133 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2021-1A, D 144A <br>4.080%, 2/20/28<sup>(1)</sup> <br>| 1185 | &nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2023-3A, A 144A <br>5.440%, 2/22/28<sup>(1)</sup> <br>| 1181 | &nbsp;&nbsp; 1195 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1, C <br>5.150%, 12/17/29<br>| 955 | &nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp; 2025-2, D <br>5.620%, 3/17/31<br>| 1150 | &nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp; Carmax Select Receivables Trust 2025-B, C <br>4.830%, 6/16/31<br>| 1300 | &nbsp;&nbsp; 1304 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-N1, C <br>1.300%, 1/10/28<br>| 120 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; 2021-N2, C <br>1.070%, 3/10/28<br>| 165 | &nbsp;&nbsp; 162 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; 2021-N3, D <br>1.580%, 6/12/28<br>| $187 | &nbsp;&nbsp; $182 |
| &nbsp;&nbsp;&nbsp; 2021-P3, B <br>1.420%, 8/10/27<br>| 700 | &nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp; 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(1)</sup> <br>| 172 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; 2022-N1, D 144A <br>4.130%, 12/11/28<sup>(1)</sup> <br>| 188 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; 2023-N1, C 144A <br>5.920%, 7/10/29<sup>(1)</sup> <br>| 1109 | &nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; 2024-N1, B 144A <br>5.630%, 5/10/30<sup>(1)</sup> <br>| 1330 | &nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp; 2024-N2, A3 144A <br>5.710%, 7/10/28<sup>(1)</sup> <br>| 899 | &nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust 2025-A, C 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1011 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-D, C 144A <br>7.170%, 1/15/30<sup>(1)</sup> <br>| 972 | &nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp; 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 990 | &nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; 2024-C, C 144A <br>5.760%, 10/15/30<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1058 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, A 144A <br>5.920%, 5/16/33<sup>(1)</sup> <br>| 233 | &nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| 800 | &nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust 2024-1, C <br>5.430%, 11/17/31<br>| 1035 | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(1)</sup> <br>| 1095 | &nbsp;&nbsp; 1104 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-5A, B <br>6.580%, 4/17/28<br>| 204 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; 2024-5A, B <br>4.480%, 4/16/29<br>| 1085 | &nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; 2025-4A, B <br>4.400%, 5/15/30<br>| 1130 | &nbsp;&nbsp; 1136 |
| &nbsp;&nbsp;&nbsp; Exeter Select Automobile Receivables Trust 2025-2, C <br>4.910%, 12/15/31<br>| 1135 | &nbsp;&nbsp; 1145 |
| FHF Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, A2 144A <br>5.690%, 2/15/30<sup>(1)</sup> <br>| 564 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.260%, 3/15/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; FinBe USA Trust 2025-1A, A 144A <br>5.700%, 12/15/28<sup>(1)</sup> <br>| 804 | &nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust 2021-2A, C 144A <br>1.470%, 11/15/27<sup>(1)</sup> <br>| 600 | &nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust 2024-3, B 144A <br>5.350%, 7/16/29<sup>(1)</sup> <br>| 1070 | &nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; Foursight Capital Automobile Receivables Trust 2023-2, <br> A2 144A <br>5.990%, 5/15/28<sup>(1)</sup> <br>| 98 | &nbsp;&nbsp; 99 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(1)</sup> <br>| 1180 | &nbsp;&nbsp; 1174 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; 2025-1A, D 144A <br>5.610%, 11/15/30<sup>(1)</sup> <br>| $1150 | &nbsp;&nbsp; $1166 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(1)</sup> <br>| 1315 | &nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp; 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(1)</sup> <br>| 805 | &nbsp;&nbsp; 818 |
| &nbsp;&nbsp;&nbsp; 2024-3A, B 144A <br>5.640%, 8/15/30<sup>(1)</sup> <br>| 840 | &nbsp;&nbsp; 860 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes 2024-1, B1 <br> 144A <br>6.153%, 5/20/32<sup>(1)</sup> <br>| 369 | &nbsp;&nbsp; 376 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(1)</sup> <br>| 825 | &nbsp;&nbsp; 840 |
| &nbsp;&nbsp;&nbsp; 2023-3A, D 144A <br>6.920%, 12/16/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 1023 | &nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; 2024-3A, C 144A <br>4.930%, 3/15/30<sup>(1)</sup> <br>| 1295 | &nbsp;&nbsp; 1311 |
| &nbsp;&nbsp;&nbsp; 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(1)</sup> <br>| 1225 | &nbsp;&nbsp; 1249 |
| &nbsp;&nbsp;&nbsp; Lendbuzz Auto Receivables Trust <br>5.570%, 11/15/27<br>| 846 | &nbsp;&nbsp; 848 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, A2 144A <br>6.190%, 8/15/29<sup>(1)</sup> <br>| 341 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 576 | &nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp; 2024-3A, A2 144A <br>4.970%, 10/15/29<sup>(1)</sup> <br>| 648 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(1)</sup> <br>| 772 | &nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp; 2025-1A, B 144A <br>5.470%, 11/15/30<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC 2023-1A, A 144A <br>7.210%, 5/20/36<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 301 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>4.250%, 2/20/31<sup>(1)</sup> <br>| 1160 | &nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp; 2025-RVM1, A 144A <br>4.480%, 12/20/46<sup>(1)</sup> <br>| 1030 | &nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(1)</sup> <br>| 1210 | &nbsp;&nbsp; 1212 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(1)</sup> <br>| 696 | &nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust 2023-2A, B 144A <br>6.640%, 12/15/27<sup>(1)</sup> <br>| 433 | &nbsp;&nbsp; 433 |
| SAFCO Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 798 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>5.460%, 9/10/29<sup>(1)</sup> <br>| 862 | &nbsp;&nbsp; 860 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-5, C <br>4.740%, 10/16/28<br>| 275 | &nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; 2025-4, C <br>4.520%, 1/15/32<br>| 850 | &nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust 2024-A, C 144A <br>5.590%, 1/15/30<sup>(1)</sup> <br>| 722 | &nbsp;&nbsp; 735 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust 2022-2, D 144A <br>6.840%, 1/10/28<sup>(1)</sup> <br>| $503 | &nbsp;&nbsp; $504 |
| &nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust 2025-1, B 144A <br>5.540%, 7/16/29<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1149 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, C 144A <br>5.740%, 8/15/28<sup>(1)</sup> <br>| 881 | &nbsp;&nbsp; 885 |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 1182 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp; 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A3 144A <br>4.220%, 6/15/29<sup>(1)</sup> <br>| 1150 | &nbsp;&nbsp; 1154 |
|  |  | &nbsp;&nbsp; 62622 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 9 Ltd. 2021-9A, <br> AR (3 month Term SOFR + 1.500%, Cap N/A, Floor <br> 1.500%) 144A <br>5.384%, 4/20/37<sup>(1)(3)</sup> <br>| 1300 | &nbsp;&nbsp; 1303 |
| **Consumer Loans—1.3%** | **Consumer Loans—1.3%** |  |
| ACHV ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1PL, A 144A <br>5.900%, 4/25/31<sup>(1)</sup> <br>| 137 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; 2025-1PL, B 144A <br>5.040%, 4/26/32<sup>(1)</sup> <br>| 542 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust 2024-1A, B 144A <br>6.070%, 7/17/34<sup>(1)</sup> <br>| 690 | &nbsp;&nbsp; 694 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-3A, A 144A <br>5.940%, 5/15/34<sup>(1)</sup> <br>| 264 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; 2025-1A, B 144A <br>5.050%, 7/14/38<sup>(1)</sup> <br>| 1130 | &nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 670 | &nbsp;&nbsp; 659 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 1085 | &nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(1)</sup> <br>| 556 | &nbsp;&nbsp; 558 |
|  |  | &nbsp;&nbsp; 5095 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Post Road Equipment Finance LLC 2024-1A, A2 144A <br>5.590%, 11/15/29<sup>(1)</sup> <br>| 364 | &nbsp;&nbsp; 365 |
| **Other—14.2%** | **Other—14.2%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(1)</sup> <br>| 58 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; 2025-X1, A 144A <br>5.080%, 4/15/30<sup>(1)</sup> <br>| 418 | &nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Affirm Master Trust Series 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XII LLC 2023-1A, <br> A2 144A <br>6.090%, 12/20/29<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 353 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-A, A 144A <br>3.140%, 7/16/40<sup>(1)</sup> <br>| $150 | &nbsp;&nbsp; $147 |
| &nbsp;&nbsp;&nbsp; 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 881 | &nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp; 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust 2021-B, B 144A <br>1.670%, 10/17/34<sup>(1)</sup> <br>| 632 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC 2024-2A, A 144A <br>5.364%, 9/15/39<sup>(1)</sup> <br>| 880 | &nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust 2020-A, B 144A <br>2.490%, 2/28/36<sup>(1)</sup> <br>| 229 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Castlelake Aircraft Structured Trust 2025-1A, A 144A <br>5.783%, 2/15/50<sup>(1)</sup> <br>| 1248 | &nbsp;&nbsp; 1268 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, B 144A <br>5.080%, 3/15/32<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1274 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>4.890%, 10/14/32<sup>(1)</sup> <br>| 1165 | &nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; COOPR Residential Mortgage Trust 2025-CES3, A1A <br> 144A <br>4.840%, 9/25/60<sup>(1)(3)</sup> <br>| 884 | &nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC 2025-1A, A2I 144A <br>4.891%, 8/20/55<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 651 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 129 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; 2023-2, B 144A <br>6.410%, 5/15/34<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; 2025-1, B 144A <br>4.980%, 8/15/35<sup>(1)</sup> <br>| 1170 | &nbsp;&nbsp; 1186 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC 2023-A, A 144A <br>6.160%, 2/25/38<sup>(1)</sup> <br>| 459 | &nbsp;&nbsp; 475 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 507 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(1)</sup> <br>| 681 | &nbsp;&nbsp; 682 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2, A2 144A <br>5.250%, 10/27/59<sup>(1)</sup> <br>| 133 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; 2025-3A, B 144A <br>4.660%, 12/27/60<sup>(1)</sup> <br>| 1240 | &nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(1)</sup> <br>| 461 | &nbsp;&nbsp; 470 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-A, A 144A <br>5.490%, 3/15/43<sup>(1)</sup> <br>| 835 | &nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp; 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 796 | &nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(1)</sup> <br>| 992 | &nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust 2025-3A, A 144A <br>4.510%, 5/21/35<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(1)</sup> <br>| 1120 | &nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; MMP Capital LLC 2025-A, B 144A <br>5.720%, 12/15/31<sup>(1)</sup> <br>| 1365 | &nbsp;&nbsp; 1393 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, A 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| 482 | &nbsp;&nbsp; 475 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; 2021-1WA, B 144A <br>1.440%, 1/22/41<sup>(1)</sup> <br>| $233 | &nbsp;&nbsp; $225 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.320%, 2/20/43<sup>(1)</sup> <br>| 664 | &nbsp;&nbsp; 677 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-A, B 144A <br>6.830%, 6/17/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 563 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp; 2025-A, B 144A <br>5.180%, 7/15/32<sup>(1)</sup> <br>| 1160 | &nbsp;&nbsp; 1174 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 1179 | &nbsp;&nbsp; 1195 |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.660%, 5/20/30<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; OWN Equipment Fund I LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1080 |
| PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp; 2025-1A, C 144A <br>5.490%, 7/20/32<sup>(1)</sup> <br>| 800 | &nbsp;&nbsp; 812 |
| &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC 2024-1A, A2I 144A <br>5.765%, 6/5/54<sup>(1)</sup> <br>| 1037 | &nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; PowerPay Issuance Trust 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 484 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding LLC 2024-A, B 144A <br>6.430%, 8/15/28<sup>(1)</sup> <br>| 1290 | &nbsp;&nbsp; 1295 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(1)(3)</sup> <br>| 1117 | &nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp; 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(1)(3)</sup> <br>| 1195 | &nbsp;&nbsp; 1213 |
| &nbsp;&nbsp;&nbsp; 2024-CES6, A1A 144A <br>5.344%, 9/25/44<sup>(1)(3)</sup> <br>| 1155 | &nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp; RCKT Trust 2025-1A, B 144A <br>4.990%, 7/25/34<sup>(1)</sup> <br>| 1365 | &nbsp;&nbsp; 1373 |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(1)</sup> <br>| 1135 | &nbsp;&nbsp; 1146 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust 2024-2, A 144A <br>5.110%, 12/15/33<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust 2025-CES1, <br> A1A 144A <br>5.036%, 9/25/55<sup>(1)(3)</sup> <br>| 733 | &nbsp;&nbsp; 733 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, B 144A <br>6.280%, 4/20/40<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>5.140%, 6/20/41<sup>(1)</sup> <br>| 397 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A 144A <br>4.440%, 8/22/44<sup>(1)</sup> <br>| 895 | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust 2025-1, A 144A <br>4.800%, 2/27/34<sup>(1)</sup> <br>| 525 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(1)</sup> <br>| 1039 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| 1355 | &nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1145 | &nbsp;&nbsp; 1139 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; TIC Home Improvement Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(1)</sup> <br>| $522 | &nbsp;&nbsp; $527 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(1)(3)</sup> <br>| 1059 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp; Upgrade Receivables Trust 2024-1A, B 144A <br>5.770%, 2/18/31<sup>(1)</sup> <br>| 880 | &nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust 2025-2, A2 144A <br>5.220%, 6/20/35<sup>(1)</sup> <br>| 1066 | &nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust 2025-1, A 144A <br>5.160%, 1/25/47<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp; VFI ABS LLC 2025-1A, A 144A <br>4.780%, 6/24/30<sup>(1)</sup> <br>| 382 | &nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC 2022-1A, B 144A <br>2.288%, 8/20/36<sup>(1)</sup> <br>| 152 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC 2025-1A, A2 144A <br>4.330%, 9/20/33<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; Wingstop Funding LLC 2020-1A, A2 144A <br>2.841%, 12/5/50<sup>(1)</sup> <br>| 1256 | &nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp; Zaxby's Funding LLC 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(1)</sup> <br>| 1269 | &nbsp;&nbsp; 1197 |
|  |  | &nbsp;&nbsp; 58153 |
| **Student Loan—0.0%** | **Student Loan—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust 2017-AGS, A1 144A <br>2.550%, 5/25/41<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 43 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $126,780)** | **Total Asset-Backed Securities** <br>**(Identified Cost $126,780)** | &nbsp;&nbsp; **127581** |
| **Corporate Bonds and Notes—25.1%** | **Corporate Bonds and Notes—25.1%** | **Corporate Bonds and Notes—25.1%** |
| **Communication Services—1.0%** | **Communication Services—1.0%** |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 9/1/29<sup>(1)</sup> <br>| 616 | &nbsp;&nbsp; 624 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 8/15/27<sup>(1)</sup> <br>| 207 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 7/15/27<sup>(1)</sup> <br>| 580 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 435 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>3.875%, 4/15/30<br>| 1092 | &nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 673 |
|  |  | &nbsp;&nbsp; 4024 |
| **Consumer Discretionary—1.3%** | **Consumer Discretionary—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 570 | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 8/15/27<sup>(1)</sup> <br>| 933 | &nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>7.350%, 11/4/27<br>| 464 | &nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 952 | &nbsp;&nbsp; 935 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. <br>6.375%, 9/15/27<br>| $515 | &nbsp;&nbsp; $518 |
| &nbsp;&nbsp;&nbsp; Sodexo, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.150%, 8/15/30<sup>(1)</sup> <br>| 791 | &nbsp;&nbsp; 811 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 11/15/32<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. <br>1.750%, 11/1/30<br>| 920 | &nbsp;&nbsp; 815 |
|  |  | &nbsp;&nbsp; 5141 |
| **Consumer Staples—0.5%** | **Consumer Staples—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 3/31/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Coty, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 395 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.800%, 3/1/30<sup>(1)</sup> <br>| 640 | &nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 2/15/32<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 502 |
|  |  | &nbsp;&nbsp; 1966 |
| **Energy—2.0%** | **Energy—2.0%** |  |
| &nbsp;&nbsp;&nbsp; Adnoc Murban Rsc Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 9/11/29<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(4)</sup> <br>| 799 | &nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.375%, 7/1/28<sup>(1)</sup> <br>| 325 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>7.375%, 1/15/83<br>| 710 | &nbsp;&nbsp; 729 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, 5/15/54 | 115 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; Series G 7.125%<sup>(4)</sup> <br>| 325 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>5.750%, 1/15/31<br>| 626 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp; Korea National Oil Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 4/3/28<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 8/15/27<sup>(1)</sup> <br>| 853 | &nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.200%, 8/1/29<br>| 946 | &nbsp;&nbsp; 970 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 6.840%, 1/23/30 | 81 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; 5.950%, 1/28/31 | 704 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp; 7.690%, 1/23/50 | 88 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC <br>4.500%, 5/15/30<br>| 955 | &nbsp;&nbsp; 959 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. <br>7.625%, 3/1/55<br>| 560 | &nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.125%, 8/15/31<sup>(1)</sup> <br>| 635 | &nbsp;&nbsp; 578 |
|  |  | &nbsp;&nbsp; 8349 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financial & Lease—0.1%** | **Financial & Lease—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial <br>2.875%, 10/28/31<br>| $340 | &nbsp;&nbsp; $305 |
| **Financials—11.4%** | **Financials—11.4%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp; 6.450%, 4/15/27 | 215 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; 6.950%, 3/10/55 | 367 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp; 6.500%, 1/31/56 | 427 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) Series B (3 month Term SOFR + <br> 3.200%) <br>7.051%, 8/15/53<sup>(3)</sup> <br>| 435 | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>5.543%, 1/17/31<br>| 746 | &nbsp;&nbsp; 763 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.085%, 1/30/31 | 354 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.750%) 4.658%, 4/23/27<sup>(3)</sup> <br>| 368 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.930%) 4.828%, 7/26/28<sup>(3)</sup> <br>| 86 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc. <br>7.000%, 12/1/55<br>| 171 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.200%, 12/8/28<sup>(1)</sup> <br>| 410 | &nbsp;&nbsp; 410 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.750%, 11/15/29<sup>(1)</sup> <br>| 704 | &nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.375%, 5/30/30<sup>(1)</sup> <br>| 212 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.700%, 1/30/31<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 70 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%<sup>(4)</sup> <br>| 445 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; 1.734%, 7/22/27 | 1045 | &nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; 2.551%, 2/4/28 | 413 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Barclays plc <br>7.385%, 11/2/28<br>| 318 | &nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>5.950%, 7/16/29<br>| 520 | &nbsp;&nbsp; 531 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 5/15/32 | 540 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.625%, 8/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 1029 | &nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.975%, 1/18/27<sup>(1)</sup> <br>| 610 | &nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>4.493%, 9/11/31<br>| 817 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) Series H <br>4.000% <sup>(4)</sup> <br>| 947 | &nbsp;&nbsp; 884 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.503%, 9/11/31 | 704 | &nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.280%) 5.067%, 2/24/28<sup>(3)</sup> <br>| 861 | &nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp; Series X 3.875%<sup>(4)</sup> <br>| 625 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.841%, 1/23/30<br>| 384 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>6.875%, 12/15/52<br>| 870 | &nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp; DBR Land Holdings LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 225 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp; 2.311%, 11/16/27 | 147 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; 6.819%, 11/20/29 | 136 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; 4.999%, 9/11/30 | 593 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 770 | &nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 776 | &nbsp;&nbsp; 808 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.055%, 4/25/28 | $226 | &nbsp;&nbsp; $226 |
| &nbsp;&nbsp;&nbsp; 4.895%, 9/6/30 | 569 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.900%, 1/25/30<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.950%, 10/15/54<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>4.875%, 11/15/30<br>| 820 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) (3 month Term SOFR + <br> 2.012%) <br>5.871%, 10/28/27<sup>(3)</sup> <br>| 1551 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. <br>6.150%, 1/15/31<br>| 420 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 6/15/27<sup>(1)</sup> <br>| 295 | &nbsp;&nbsp; 306 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.208%, 8/21/29 | 331 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; 5.272%, 1/15/31 | 454 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 2/1/30<sup>(1)</sup> <br>| 586 | &nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 1/31/31<sup>(1)</sup> <br>| 875 | &nbsp;&nbsp; 893 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.578%, 4/22/27 | 460 | &nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp; 2.956%, 5/13/31 | 696 | &nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.180%) 4.967%, 2/24/28<sup>(3)</sup> <br>| 1447 | &nbsp;&nbsp; 1460 |
| &nbsp;&nbsp;&nbsp; KeyCorp <br>5.121%, 4/4/31<br>| 804 | &nbsp;&nbsp; 826 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 2/1/27<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 1385 | &nbsp;&nbsp; 1366 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 2.475%, 1/21/28 | 906 | &nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp; 5.123%, 2/1/29 | 1062 | &nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 884 | &nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.375%, 8/15/55<br>| 779 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. <br>3.375%, 5/8/32<br>| 695 | &nbsp;&nbsp; 685 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 185 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/15/32 | 340 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <br>5.222%, 1/29/31<br>| 1019 | &nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.600%, 11/25/30<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.125%, 8/1/30<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Societe Generale S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.634%, 1/19/30<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br>5.026%, 10/1/29<br>| 693 | &nbsp;&nbsp; 703 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.684%, 11/21/29 | 394 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; Series I 6.700%<sup>(4)</sup> <br>| 390 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 3/18/30<sup>(1)</sup> <br>| 633 | &nbsp;&nbsp; 653 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. <br>4.000%, 5/6/31<br>| $1020 | &nbsp;&nbsp; $1008 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br>8.125%, 10/31/82<br>| 771 | &nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; Truist Bank <br>4.632%, 9/17/29<br>| 641 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. <br>7.161%, 10/30/29<br>| 540 | &nbsp;&nbsp; 583 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 5.046%, 2/12/31 | 604 | &nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp; 4.967%, 7/22/33 | 439 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; UBS AG <br>5.650%, 9/11/28<br>| 535 | &nbsp;&nbsp; 558 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.526%, 3/24/28 | 342 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; 6.303%, 10/23/29 | 647 | &nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp; 5.150%, 4/23/31 | 399 | &nbsp;&nbsp; 412 |
|  |  | &nbsp;&nbsp; 46821 |
| **Health Care—2.3%** | **Health Care—2.3%** |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 10/15/29<sup>(1)</sup> <br>| 940 | &nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. <br>4.900%, 12/15/30<br>| 825 | &nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 5/15/30<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>7.000%, 3/10/55<br>| 555 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| 952 | &nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp; Genmab A/S 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 12/15/32<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.450%, 4/1/31<br>| 857 | &nbsp;&nbsp; 894 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 | 493 | &nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 | 391 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 6/1/32<sup>(1)</sup> <br>| 440 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc <br>5.150%, 9/2/29<br>| 919 | &nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>2.032%, 10/14/30<br>| 1121 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 11/15/32<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>1.650%, 9/1/26<br>| 1034 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.300%, 6/22/27<sup>(1)</sup> <br>| — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
|  |  | &nbsp;&nbsp; 9362 |
| **Industrials—1.8%** | **Industrials—1.8%** |  |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 1012 | &nbsp;&nbsp; 1018 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.375%, 7/15/29<sup>(1)</sup> <br>| 544 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 184 | &nbsp;&nbsp; 197 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.259%, 5/1/27 | $283 | &nbsp;&nbsp; $290 |
| &nbsp;&nbsp;&nbsp; 6.388%, 5/1/31 | 292 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust 2021-1, A 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 726 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 2/1/32<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 3/1/34<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 975 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. <br>3.500%, 10/1/30<br>| 690 | &nbsp;&nbsp; 658 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.000%, 6/15/30<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.750%, 3/15/31<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. <br>4.200%, 2/15/27<br>| 1075 | &nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 9/15/33<sup>(1)</sup> <br>| 480 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. <br>2.043%, 8/16/28<br>| 420 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp; 7538 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.000%, 7/1/29<sup>(1)(6)</sup> <br>| 832 | &nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.350%, 2/15/30<br>| 764 | &nbsp;&nbsp; 769 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. <br>2.700%, 10/15/28<br>| 613 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>6.250%, 11/9/32<br>| 409 | &nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. <br>2.400%, 4/1/28<br>| 732 | &nbsp;&nbsp; 702 |
|  |  | &nbsp;&nbsp; 4649 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.743%, 4/14/27<sup>(1)</sup> <br>| 1051 | &nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>5.800%, 6/15/31<br>| 827 | &nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 4/15/30<sup>(1)</sup> <br>| 308 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.625%, 3/15/29<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.400%, 4/1/26<sup>(1)</sup> <br>| 1038 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC <br>5.200%, 1/15/30<br>| 789 | &nbsp;&nbsp; 814 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>4.600%, 9/1/29<br>| $967 | &nbsp;&nbsp; $975 |
|  |  | &nbsp;&nbsp; 5448 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| &nbsp;&nbsp;&nbsp; EPR Properties <br>4.950%, 4/15/28<br>| 652 | &nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 7/15/30<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 8/1/30<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 297 |
|  |  | &nbsp;&nbsp; 1423 |
| **Retail Food & Drug—0.2%** | **Retail Food & Drug—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 2/15/30<sup>(1)</sup> <br>| 665 | &nbsp;&nbsp; 659 |
| **Utilities—1.7%** | **Utilities—1.7%** |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) <br>7.600%, 1/15/55<br>| 395 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.700%, 5/23/28<sup>(1)</sup> <br>| 626 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 760 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp; Ferrellgas LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 4/1/29<sup>(1)</sup> <br>| 520 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; National Grid plc <br>5.602%, 6/12/28<br>| 611 | &nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. <br>6.950%, 11/30/54<br>| 464 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>2.379%, 6/15/28<br>| 735 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. <br>5.450%, 6/1/31<br>| 606 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) Series 21-A <br>3.750%, 9/15/51<br>| 1108 | &nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. <br>6.250%, 6/1/56<br>| 125 | &nbsp;&nbsp; 124 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.500%, 5/1/33<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.500%, 1/15/34<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.875%, 4/15/32<sup>(1)</sup> <br>| 705 | &nbsp;&nbsp; 743 |
|  |  | &nbsp;&nbsp; 6875 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $101,034)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $101,034)** | &nbsp;&nbsp; **102560** |
| **Leveraged Loans—3.0%** | **Leveraged Loans—3.0%** | **Leveraged Loans—3.0%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. (3 month Term SOFR + 2.250%) <br>6.134%, 4/20/28<sup>(3)</sup> <br>| 324 | &nbsp;&nbsp; 324 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B-1 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(3)</sup> <br>| 195 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Tranche B-2 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(3)</sup> <br>| 74 | &nbsp;&nbsp; 74 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. Tranche J (1 month Term SOFR + <br> 2.500%) <br>6.216%, 2/28/31<sup>(3)</sup> <br>| $350 | &nbsp;&nbsp; $352 |
|  |  | &nbsp;&nbsp; 946 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Ineos Finance plc 2030 (1 month Term SOFR + 3.250%) <br>6.966%, 2/18/30<sup>(3)</sup> <br>| 113 | &nbsp;&nbsp; 91 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. (3 month Term SOFR + 2.000%) <br>5.723%, 8/13/32<sup>(3)</sup> <br>| 274 | &nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc. Tranche B-1 (3 month Term SOFR + <br> 3.250%) <br>6.922%, 9/13/32<sup>(3)</sup> <br>| 125 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp; 401 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Blackfin Pipeline LLC (1 month Term SOFR + 3.000%) <br>6.750%, 9/30/30<sup>(3)</sup> <br>| 425 | &nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLP 2025, Tranche B (3 month <br> Term SOFR + 3.250%) <br>7.120%, 12/21/28<sup>(3)</sup> <br>| 122 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP (3 month Term SOFR + <br> 2.000%) <br>5.935%, 10/4/30<sup>(3)</sup> <br>| 311 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP Tranche B (1 month Term SOFR + <br> 2.000%) <br>5.736%, 2/11/30<sup>(3)</sup> <br>| 159 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC Tranche B <br> (1 month Term SOFR + 2.250%) <br>5.977%, 10/5/28<sup>(3)</sup> <br>| 227 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Paragon Offshore Finance Co. Escrow <br>3.750%, <sup>(7)(8)</sup> <br>| — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1246 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP 2024 (3 month Term SOFR + <br> 2.000%) <br>5.672%, 10/31/31<sup>(3)</sup> <br>| 381 | &nbsp;&nbsp; 382 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd. Tranche B-4 (6 month Term <br> SOFR + 2.250%) <br>6.447%, 9/30/31<sup>(3)</sup> <br>| 302 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Red SPV LLC (1 month Term SOFR + 2.250%) <br>5.984%, 3/15/32<sup>(3)</sup> <br>| 359 | &nbsp;&nbsp; 358 |
|  |  | &nbsp;&nbsp; 660 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 2/6/30<sup>(3)</sup> <br>| 211 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Flutter Entertainment plc 2024, Tranche B (3 month Term <br> SOFR + 1.750%) <br>5.422%, 11/30/30<sup>(3)</sup> <br>| 464 | &nbsp;&nbsp; 463 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| &nbsp;&nbsp;&nbsp; Life Time, Inc. 2025, Tranche B, First Lien (1 month Term <br> SOFR + 2.000%) <br>5.784%, 11/5/31<sup>(3)</sup> <br>| $332 | &nbsp;&nbsp; $333 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.734%, 10/21/32<sup>(3)</sup> <br>| 345 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp. Tranche B-1 (1 month Term SOFR <br> + 2.864%) <br>6.581%, 3/13/28<sup>(3)</sup> <br>| 412 | &nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC Tranche B-5 (3 month Term SOFR + <br> 2.000%) <br>5.868%, 11/21/31<sup>(3)</sup> <br>| 320 | &nbsp;&nbsp; 322 |
|  |  | &nbsp;&nbsp; 2069 |
| **Health Care—0.2%** | **Health Care—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP 2030 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 10/23/30<sup>(3)</sup> <br>| 348 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; Phoenix Guarantor, Inc. Tranche B-5 (1 month Term <br> SOFR + 2.500%) <br>6.216%, 2/21/31<sup>(3)</sup> <br>| 328 | &nbsp;&nbsp; 329 |
|  |  | &nbsp;&nbsp; 679 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 2029, Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 3/19/29<sup>(3)</sup> <br>| 363 | &nbsp;&nbsp; 364 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management LLC Tranche B <br> (1 month Term SOFR + 2.000%) <br>5.716%, 1/31/31<sup>(3)</sup> <br>| 327 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. Tranche B-8 (1 month <br> Term SOFR + 2.000%) <br>5.716%, 5/9/31<sup>(3)</sup> <br>| 214 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; UKG, Inc. Tranche B (3 month Term SOFR + 2.500%) <br>6.338%, 2/10/31<sup>(3)</sup> <br>| 300 | &nbsp;&nbsp; 300 |
|  |  | &nbsp;&nbsp; 842 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. (1 month Term SOFR + <br> 2.500%) <br>6.216%, 11/3/31<sup>(3)</sup> <br>| 246 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%) <br>5.466%, 6/4/31<sup>(3)</sup> <br>| 430 | &nbsp;&nbsp; 431 |
|  |  | &nbsp;&nbsp; 679 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 2024, First Lien (1 <br> month Term SOFR + 3.500%) <br>7.331%, 1/31/29<sup>(3)</sup> <br>| 359 | &nbsp;&nbsp; 357 |
| **Media / Telecom - Cable/Wireless Video—0.2%** | **Media / Telecom - Cable/Wireless Video—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC Tranche B-5 (3 <br> month Term SOFR + 2.250%) <br>6.235%, 12/15/31<sup>(3)</sup> <br>| 341 | &nbsp;&nbsp; 341 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless Video—continued** | **Media / Telecom - Cable/Wireless Video—continued** |  |
| &nbsp;&nbsp;&nbsp; Cogeco Communications Finance USA LP Tranche B-1 (1 <br> month Term SOFR + 3.250%) <br>6.966%, 9/18/30<sup>(3)</sup> <br>| $352 | &nbsp;&nbsp; $339 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC 2024, Tranche B (3 month Term <br> SOFR + 5.512%) <br>9.352%, 8/2/29<sup>(3)</sup> <br>| 237 | &nbsp;&nbsp; 237 |
|  |  | &nbsp;&nbsp; 917 |
| **Media / Telecom - Diversified Media—0.1%** | **Media / Telecom - Diversified Media—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Formula One Management Ltd. Tranche B-1 (3 month <br> Term SOFR + 1.750%) <br>5.422%, 9/30/31<sup>(3)</sup> <br>| 350 | &nbsp;&nbsp; 351 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, Inc. (1 month Term SOFR + <br> 2.250%) <br>5.966%, 6/11/31<sup>(3)</sup> <br>| 245 | &nbsp;&nbsp; 243 |
| **Service—0.2%** | **Service—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Amentum Holdings LLC (1 month Term SOFR + 2.000%) <br>5.716%, 9/29/31<sup>(3)</sup> <br>| 326 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp; NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%) <br>6.172%, 11/24/28<sup>(3)</sup> <br>| 430 | &nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC Tranche B-1 (6 <br> month Term SOFR + 2.000%) <br>6.129%, 10/13/30<sup>(3)</sup> <br>| 287 | &nbsp;&nbsp; 287 |
|  |  | &nbsp;&nbsp; 1024 |
| **Transportation - Automotive—0.0%** | **Transportation - Automotive—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC 2031 (3 month Term SOFR + <br> 2.250%) <br>6.120%, 10/16/31<sup>(3)</sup> <br>| 225 | &nbsp;&nbsp; 226 |
| **Utilities—0.2%** | **Utilities—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Astoria Energy LLC Tranche B (1 - 3 month Term SOFR + <br> 2.750%) <br>6.422% - 6.466%, 6/23/32<sup>(3)</sup> <br>| 251 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; Cornerstone Generation LLC Tranche B (2 month Term <br> SOFR + 3.250%) <br>7.093%, 8/11/32<sup>(3)</sup> <br>| 309 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.000%) <br>5.873%, 1/27/31<sup>(3)</sup> <br>| 312 | &nbsp;&nbsp; 312 |
|  |  | &nbsp;&nbsp; 876 |
| **Total Leveraged Loans** <br>**(Identified Cost $12,376)** | **Total Leveraged Loans** <br>**(Identified Cost $12,376)** | &nbsp;&nbsp; **12353** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.2%** | **Preferred Stock—0.2%** | **Preferred Stock—0.2%** |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Bank of New York Mellon Corp. (The) Series F, 4.625% | 930 <br><sup>(9)</sup><br>| &nbsp;&nbsp; 924 |
| **Total Preferred Stock** <br>**(Identified Cost $925)** | **Total Preferred Stock** <br>**(Identified Cost $925)** | &nbsp;&nbsp; **924** |
| **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** |
| **Financials—1.5%** | **Financials—1.5%** |  |
| Virtus Newfleet Securitized Income ETF<sup>(10)(11)</sup> <br>| 167104 | &nbsp;&nbsp; 4053 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Virtus Newfleet Short Duration High Yield Bond <br> ETF<sup>(10)(11)</sup> <br>| 103000 | &nbsp;&nbsp; $2246 |
|  |  | &nbsp;&nbsp; 6299 |
| **Total Affiliated Exchange-Traded Funds** <br>**(Identified Cost $6,341)** | **Total Affiliated Exchange-Traded Funds** <br>**(Identified Cost $6,341)** | &nbsp;&nbsp; **6299** |
| **Total Long-Term Investments—96.7%** <br>**(Identified Cost $393,367)** | **Total Long-Term Investments—96.7%** <br>**(Identified Cost $393,367)** | &nbsp;&nbsp; **395736** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.651%)<sup>(11)(12)</sup> <br>| 300210 | &nbsp;&nbsp; 300 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $300)** | **Total Securities Lending Collateral** <br>**(Identified Cost $300)** | &nbsp;&nbsp; **300** |
| **TOTAL INVESTMENTS—96.8%** <br>**(Identified Cost $393,667)** | **TOTAL INVESTMENTS—96.8%** <br>**(Identified Cost $393,667)** | &nbsp;&nbsp; **$396036** |
| Other assets and liabilities, net—3.2% | Other assets and liabilities, net—3.2% | &nbsp;&nbsp; 13040 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$409076** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, 2025, these securities <br> amounted to a value of $233,599 or 57.1% of net assets.<br>|
| <sup>(2)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(3)</sup> <br>| Variable rate security. Rate disclosed is as of December 31, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market <br> conditions, or, for mortgage-backed securities, are impacted by the individual <br> mortgages which are paying off over time. These securities do not indicate a <br> reference rate and spread in their descriptions.<br>|
| <sup>(4)</sup> <br>| No contractual maturity date. |
| <sup>(5)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(6)</sup> <br>| All or a portion of security is on loan. |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Low Duration Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

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

<sup>(7)</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>(8)</sup> Security in default; no interest payments are being received.

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

<sup>(10)</sup> Affiliated investment. 

<sup>(11)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(12)</sup> Represents security purchased with cash collateral received for securities on loan. 

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 95<br> %<br>|
| United Kingdom | 1 |
| Ireland | 1 |
| Cayman Islands | 1 |
| Canada | 1 |
| France | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $396036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $389437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2025.

See Notes to Schedule of Investments

------

**VIRTUS NEWFLEET LOW DURATION CORE PLUS BOND FUND**

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

**December 31, 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.

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

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

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

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

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

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

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

Listed derivatives, such as options, 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 Low Duration Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000055179

- **c. LEI of Series:** 549300INF8MRMW88KO98

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $409970035.72

**Total Liabilities:** $2202712.49

**Net Assets:** $407767323.23

**Cash Not Reported:** $11099553.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -24.84626660 | **1-Year:** -122.00117750 | **5-Year:** -19246.81393000 | **10-Year:** -13741.12733000 | **30-Year:** -40685.76257000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -4485.34234600 | **10-Year:** -5933.71999400 | **30-Year:** -3430.39525300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173503 | 0.29%                | 0.51%                | 0.37%                |
| Class ID C000173504 | 0.23%                | 0.45%                | 0.31%                |
| Class ID C000173505 | 0.32%                | 0.44%                | 0.40%                |
| Class ID C000210350 | 0.32%                | 0.44%                | 0.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $158601.65               | $-467251.76                                |
| Month 2  | $925.18                  | $528308.10                                 |
| Month 3  | $-17063.10               | $-66441.96                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACM Auto Trust                                                              | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140194 | PA      | $140292.90    | 0.03%             | 2029-02-20      | Fixed         | 6.06%                 | 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        |   1000000 | PA      | $1009276.40   | 0.25%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-3                                                | CUSIP: 89175MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1147545 | PA      | $1130666.92   | 0.28%             | 2058-05-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MMP Capital                                                                 | MMP Capital 2025-A LLC                                                          | CUSIP: 55317QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1365000 | PA      | $1393272.15   | 0.34%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |    813422 | PA      | $814653.64    | 0.20%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1365669.72   | 0.33%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2023-1                                    | CUSIP: 96042XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880838 | PA      | $885149.20    | 0.22%             | 2028-08-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                                               | FRONERI US INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    302139 | PA      | $301800.54    | 0.07%             | 2031-09-30      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                                                | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    732000 | PA      | $701554.95    | 0.17%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2021-1R Trust                                                             | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    773294 | PA      | $723509.63    | 0.18%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    414757 | PA      | $403837.93    | 0.10%             | 2055-03-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    648369 | PA      | $648488.79    | 0.16%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    544000 | PA      | $556879.41    | 0.14%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    563698 | PA      | $567143.93    | 0.14%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                                                 | CoreVest American Finance 2018-1 Trust                                          | CUSIP: 21872BAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    707522 | PA      | $709033.07    | 0.17%             | 2051-06-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                                              | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1064676 | PA      | $1079640.55   | 0.26%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    506211 | PA      | $507143.95    | 0.12%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                    | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAH6<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    410000 | PA      | $409923.05    | 0.10%             | 2028-12-08      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES9                                                   | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    768126 | PA      | $775987.02    | 0.19%             | 2044-12-25      | Variable      | 5.58%                 | 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        |   1169000 | PA      | $1194312.82   | 0.29%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES3                                                   | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1194928 | PA      | $1212676.48   | 0.30%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC                                   | ORYX MIDSTREAM SERVICES PERMIAN BASIN LLC                                       | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    226956 | PA      | $227829.30    | 0.06%             | 2028-10-05      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    368000 | PA      | $368550.86    | 0.09%             | 2027-04-23      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    520000 | PA      | $530545.17    | 0.13%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1398983 | PA      | $1317790.78   | 0.32%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87060.40     | 0.02%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6815000 | PA      | $6816597.30   | 1.67%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172408 | PA      | $170532.29    | 0.04%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    358200 | PA      | $358049.56    | 0.09%             | 2032-03-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                              | Galton Funding Mortgage Trust 2019-2                                            | CUSIP: 36418ABC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250151 | PA      | $227777.00    | 0.06%             | 2059-06-25      | Variable      | 3.50%                 | 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        |    992325 | PA      | $992327.08    | 0.24%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                    | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    420000 | PA      | $397779.44    | 0.10%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                    | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    570000 | PA      | $594511.96    | 0.15%             | 2054-12-15      | Fixed         | 6.88%                 | 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        |    401516 | PA      | $409400.51    | 0.10%             | 2054-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2024-N1                                          | CUSIP: 14687QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1330000 | PA      | $1341996.73   | 0.33%             | 2030-05-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2025-1                                                    | CUSIP: 12515XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1165000 | PA      | $1176787.59   | 0.29%             | 2032-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2024-3                                               | CUSIP: 505709AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1295000 | PA      | $1311482.24   | 0.32%             | 2030-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    147000 | PA      | $144616.77    | 0.04%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    884000 | PA      | $844370.78    | 0.21%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                                                 | Merchants Fleet Funding LLC                                                     | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    299811 | PA      | $301144.06    | 0.07%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                 | VFI ABS 2025-1 LLC                                                              | CUSIP: 91824UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    382454 | PA      | $384214.48    | 0.09%             | 2030-06-24      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    633000 | PA      | $653015.11    | 0.16%             | 2030-03-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    870000 | PA      | $890911.14    | 0.22%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    946000 | PA      | $969641.10    | 0.24%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188205 | PA      | $186754.42    | 0.05%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    345000 | PA      | $354478.83    | 0.09%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | Iron Mountain Inc                                                               | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    475000 | PA      | $469254.78    | 0.12%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO                                                           | Tractor Supply Co                                                               | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |    920000 | PA      | $814829.36    | 0.20%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                           | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |    311002 | PA      | $311338.20    | 0.08%             | 2030-10-04      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    257015 | PA      | $258409.33    | 0.06%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2024-A LLC                                                                | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    834689 | PA      | $850683.49    | 0.21%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions) | PRIME SECURITY SERVICES BOR                                                     | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |    286727 | PA      | $287013.35    | 0.07%             | 2030-10-13      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                              | United Auto Credit Securitization Trust 2022-2                                  | CUSIP: 90944KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    502893 | PA      | $504084.32    | 0.12%             | 2028-01-10      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1649699 | PA      | $1485110.73   | 0.36%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                                                 | SBNA Auto Receivables Trust 2024-A                                              | CUSIP: 78437PAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    722000 | PA      | $735292.74    | 0.18%             | 2030-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                                         | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   1038000 | PA      | $1029175.47   | 0.25%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1886004 | PA      | $1848102.84   | 0.45%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |   1487313 | PA      | $1505488.82   | 0.37%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                                                             | 180 Medical Inc                                                                 | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    940000 | PA      | $914938.28    | 0.22%             | 2029-10-15      | Fixed         | 3.88%                 | 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        |    776000 | PA      | $808421.56    | 0.20%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                              | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132607 | PA      | $132956.25    | 0.03%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    385000 | PA      | $402661.74    | 0.10%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                                          | RGA Global Funding                                                              | CUSIP: 76209PAK9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    815000 | PA      | $814651.49    | 0.20%             | 2030-11-25      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                              | Gray Media Inc                                                                  | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $408731.53    | 0.10%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                                    | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1102592.42   | 0.27%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HDM4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    817000 | PA      | $815801.68    | 0.20%             | 2031-09-11      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    857000 | PA      | $894450.02    | 0.22%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    560000 | PA      | $387870.87    | 0.10%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1062000 | PA      | $1084124.89   | 0.27%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                    | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    640000 | PA      | $654056.08    | 0.16%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325946 | PA      | $318011.47    | 0.08%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    664138 | PA      | $677026.97    | 0.17%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    771000 | PA      | $813053.29    | 0.20%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    764000 | PA      | $768987.92    | 0.19%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                       | QUIKRETE HOLDINGS INC                                                           | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    363156 | PA      | $364365.13    | 0.09%             | 2029-03-19      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    245163 | PA      | $242537.29    | 0.06%             | 2031-06-11      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-C                                               | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045000 | PA      | $1057552.44   | 0.26%             | 2030-10-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                       | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    380560 | PA      | $382417.09    | 0.09%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-1                                               | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    706986 | PA      | $704771.62    | 0.17%             | 2067-12-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50527.17     | 0.01%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1016642.50   | 0.25%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360616 | PA      | $348853.64    | 0.09%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2022-3 Mortgage Loan Trust                                                 | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1129374 | PA      | $1111528.42   | 0.27%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    798048 | PA      | $799558.66    | 0.20%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                                     | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    225305 | PA      | $226431.85    | 0.06%             | 2031-10-16      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1140000 | PA      | $1148984.80   | 0.28%             | 2029-07-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                       | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    323375 | PA      | $323940.91    | 0.08%             | 2028-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    779000 | PA      | $804120.41    | 0.20%             | 2055-08-15      | Fixed         | 6.38%                 | 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        |    879787 | PA      | $886698.26    | 0.22%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    746000 | PA      | $763296.00    | 0.19%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                                              | SoFi Consumer Loan Program 2025-1 Trust                                         | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525047 | PA      | $526964.61    | 0.13%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2024-1 LLC                                          | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    363764 | PA      | $365334.32    | 0.09%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    875000 | PA      | $893134.38    | 0.22%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                 | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1092311.50   | 0.27%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                                     | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    171000 | PA      | $171184.00    | 0.04%             | 2055-12-01      | Fixed         | 7.00%                 | 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        |    664416 | PA      | $651355.11    | 0.16%             | 2063-01-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1110000 | PA      | $1096395.40   | 0.27%             | 2030-11-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2023-2                                        | CUSIP: 22537EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232606 | PA      | $232997.29    | 0.06%             | 2033-05-16      | Fixed         | 5.92%                 | 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        |    822953 | PA      | $830295.19    | 0.20%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAA6<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |   1121000 | PA      | $1007994.94   | 0.25%             | 2030-10-14      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2025-3 Receivables Funding LLC                                 | CUSIP: 82650FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    894871 | PA      | $896338.44    | 0.22%             | 2044-08-22      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                              | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    482012 | PA      | $474843.65    | 0.12%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192345 | PA      | $185754.09    | 0.05%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    287000 | PA      | $290300.50    | 0.07%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMAZON HOLDCO INC                                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    326645 | PA      | $327154.77    | 0.08%             | 2031-09-29      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $734456.50    | 0.18%             | 2030-09-17      | Fixed         | 5.95%                 | 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        |    533494 | PA      | $519560.35    | 0.13%             | 2057-03-25      | Variable      | 4.00%                 | 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        |   1405023 | PA      | $1422563.17   | 0.35%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1005000 | PA      | $1029471.55   | 0.25%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    331000 | PA      | $347154.07    | 0.09%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1525000 | PA      | $1530716.01   | 0.38%             | 2040-06-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB2 Trust                                                             | CUSIP: 67118RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    756203 | PA      | $749890.30    | 0.18%             | 2053-04-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1833061 | PA      | $1835598.76   | 0.45%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    772029 | PA      | $772065.34    | 0.19%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet Short Duration High Yield Bond ETF                          | Virtus Newfleet Short Duration High Yield Bond ETF                              | CUSIP: 92790A207<br>LEI: 549300CTRZXMY9595O30 | Long             | EC               | RF                | US        |    103000 | NS      | $2245801.70   | 0.55%             |  |  |  | No            |                  1 | 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        |    500000 | PA      | $502416.96    | 0.12%             | 2029-04-01      | Fixed         | 6.25%                 | 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        |   1036875 | PA      | $1053890.02   | 0.26%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                                                        | Wingstop Funding LLC                                                            | CUSIP: 974153AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1255875 | PA      | $1216753.61   | 0.30%             | 2050-12-05      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-2                                        | CUSIP: 36269EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    805000 | PA      | $817949.15    | 0.20%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    386000 | PA      | $397966.00    | 0.10%             | 2035-03-15      | Fixed         | 6.62%                 | 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        |     69252 | PA      | $65126.00     | 0.02%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                                              | Provident Funding Mortgage Trust 2025-1                                         | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    489469 | PA      | $491850.32    | 0.12%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25371.09     | 0.01%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    891738 | PA      | $893450.21    | 0.22%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    650000 | PA      | $673188.75    | 0.17%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2020-2                                       | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    833436 | PA      | $790405.41    | 0.19%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    318000 | PA      | $336073.95    | 0.08%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-3                                               | CUSIP: 33843YAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1070000 | PA      | $1068946.05   | 0.26%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    693000 | PA      | $702965.78    | 0.17%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    540000 | PA      | $561524.40    | 0.14%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    350311 | PA      | $351502.17    | 0.09%             | 2031-02-28      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    195000 | PA      | $201332.82    | 0.05%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    454000 | PA      | $467144.22    | 0.11%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    975000 | PA      | $893668.07    | 0.22%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2016-2                                                | CUSIP: 89172PAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3370000 | PA      | $3266852.05   | 0.80%             | 2055-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    136000 | PA      | $145015.72    | 0.04%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                                    | Solstice Advanced Materials Inc                                                 | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25219.85     | 0.01%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3790000 | PA      | $3839003.53   | 0.94%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    625000 | PA      | $622820.31    | 0.15%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    555000 | PA      | $582221.68    | 0.14%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                           | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    580000 | PA      | $581560.81    | 0.14%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    122200 | PA      | $122557.22    | 0.03%             | 2028-12-21      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232723 | PA      | $224814.12    | 0.06%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company                                            | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |        51 | PA      | $0.00         | 0.00%             | 2027-07-19      | Floating      | 3.25%                 | No            |                  3 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1179000 | PA      | $1195107.14   | 0.29%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    354000 | PA      | $364886.63    | 0.09%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51016.10     | 0.01%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    212000 | PA      | $217802.44    | 0.05%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    129124 | PA      | $129853.13    | 0.03%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    283000 | PA      | $290362.62    | 0.07%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-5                                                          | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111119 | PA      | $110795.44    | 0.03%             | 2045-05-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                    | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    955000 | PA      | $958866.26    | 0.24%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345798 | PA      | $304826.08    | 0.07%             | 2066-02-25      | Variable      | 1.00%                 | 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        |   1170000 | PA      | $1128726.26   | 0.28%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327067 | PA      | $312495.65    | 0.08%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418291 | PA      | $418901.23    | 0.10%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    268470 | PA      | $252785.35    | 0.06%             | 2045-12-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-2                                      | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    418850 | PA      | $407928.78    | 0.10%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    342000 | PA      | $339776.66    | 0.08%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2024-N2                                          | CUSIP: 14687VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    899039 | PA      | $902169.87    | 0.22%             | 2028-07-10      | Fixed         | 5.71%                 | 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        |    217681 | PA      | $216673.05    | 0.05%             | 2058-03-25      | Variable      | 3.75%                 | 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        |     28929 | PA      | $26471.73     | 0.01%             | 2057-11-25      | Variable      | 3.50%                 | 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        |   1085000 | PA      | $1085773.17   | 0.27%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    470000 | PA      | $494641.37    | 0.12%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2106749 | PA      | $2187995.93   | 0.54%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    464000 | PA      | $484266.40    | 0.12%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                | NiSource Inc                                                                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    464000 | PA      | $482932.13    | 0.12%             | 2054-11-30      | Fixed         | 6.95%                 | 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        |    972000 | PA      | $982052.33    | 0.24%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $685807.78    | 0.17%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-1                                                | CUSIP: 89177BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    188810 | PA      | $184454.36    | 0.05%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    952000 | PA      | $935041.04    | 0.23%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    789000 | PA      | $813735.15    | 0.20%             | 2030-01-15      | Fixed         | 5.20%                 | 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       |     25000 | PA      | $26095.25     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                                              | Residential Mortgage Loan Trust 2020-1                                          | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    202685 | PA      | $201641.61    | 0.05%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    399000 | PA      | $411849.05    | 0.10%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    979788 | PA      | $996724.52    | 0.24%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    610000 | PA      | $610367.09    | 0.15%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    359366 | PA      | $358130.10    | 0.09%             | 2029-01-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2024-1 LLC                                           | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1078590.35   | 0.26%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                                 | UPX HIL 2025-1 Issuer Trust                                                     | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590279 | PA      | $594837.90    | 0.15%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $165388.66    | 0.04%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680989 | PA      | $681654.06    | 0.17%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    606000 | PA      | $626643.98    | 0.15%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2025-1                                               | CUSIP: 505712AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1225000 | PA      | $1248836.30   | 0.31%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-1                                                          | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    556020 | PA      | $557674.41    | 0.14%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    445000 | PA      | $451626.05    | 0.11%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus                                              | Carmax Select Receivables Trust 2025-B                                          | CUSIP: 14320BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1304390.23   | 0.32%             | 2031-06-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB1 Trust                                                             | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    784790 | PA      | $782636.47    | 0.19%             | 2053-03-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    292000 | PA      | $316876.52    | 0.08%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138WFLL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157460 | PA      | $154718.90    | 0.04%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    593000 | PA      | $602105.14    | 0.15%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                                              | Castlelake Aircraft Structured Trust 2025-1                                     | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1247743 | PA      | $1267838.72   | 0.31%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                                          | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAL7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    320354 | PA      | $321641.79    | 0.08%             | 2031-11-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-HY2                                              | CUSIP: 89177HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1452990.19   | 0.36%             | 2058-05-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                            | Westgate Resorts 2022-1 LLC                                                     | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    152512 | PA      | $151374.61    | 0.04%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    211900 | PA      | $209992.90    | 0.05%             | 2030-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2025-1 LLC                                           | CUSIP: 69392HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $812373.04    | 0.20%             | 2032-07-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150110 | PA      | $146761.48    | 0.04%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    360000 | PA      | $342796.09    | 0.08%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                     | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $296734.96    | 0.07%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2025-INV1                                         | CUSIP: 17332GAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    680415 | PA      | $692960.82    | 0.17%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    747536 | PA      | $663310.99    | 0.16%             | 2056-06-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                                        | Taylor Morrison Communities Inc                                                 | CUSIP: 87724RAK8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25722.30     | 0.01%             | 2032-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    540000 | PA      | $582539.56    | 0.14%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                                | Drive Auto Receivables Trust 2024-1                                             | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1035000 | PA      | $1049470.75   | 0.26%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2025-11                                              | CUSIP: 924935AC3<br>LEI: 213800H1O4C5SRNN4B66 | Long             | ABS-MBS          | CORP              | US        |    398301 | PA      | $398566.96    | 0.10%             | 2070-11-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1355000 | PA      | $1358956.74   | 0.33%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                                      | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |    352323 | PA      | $339360.65    | 0.08%             | 2030-09-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    704000 | PA      | $729344.00    | 0.18%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306351 | PA      | $298965.03    | 0.07%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1696412 | PA      | $1725520.82   | 0.42%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAA3<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    888134 | PA      | $898100.42    | 0.22%             | 2069-04-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2025-1                             | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1331398.20   | 0.33%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                                              | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221299 | PA      | $193954.42    | 0.05%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                                    | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    560000 | PA      | $583728.32    | 0.14%             | 2055-03-01      | Fixed         | 7.62%                 | 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        |    825000 | PA      | $839940.67    | 0.21%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138EQLN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28344 | PA      | $28118.57     | 0.01%             | 2027-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    933000 | PA      | $932147.69    | 0.23%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22362 | PA      | $22071.82     | 0.01%             | 2044-12-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1018991 | PA      | $1008889.39   | 0.25%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    185000 | PA      | $189960.78    | 0.05%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                                | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1065848 | PA      | $1071225.71   | 0.26%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                                                  | RCKT Trust 2025-PL1                                                             | CUSIP: 74939RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1365000 | PA      | $1373332.10   | 0.34%             | 2034-07-25      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2024-1                                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $807014.40    | 0.20%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |   1034000 | PA      | $1016450.14   | 0.25%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                                                                 | Hexcel Corp                                                                     | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1072673.52   | 0.26%             | 2027-02-15      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-A                                   | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1010883.00   | 0.25%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    340000 | PA      | $349151.10    | 0.09%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281301 | PA      | $271392.59    | 0.07%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                        | CHARTER COMMUNICATIONS OPERATING LLC                                            | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    340356 | PA      | $340546.26    | 0.08%             | 2031-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-3                                        | CUSIP: 37989EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $859790.74    | 0.21%             | 2030-08-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483927 | PA      | $499194.75    | 0.12%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125632 | PA      | $110111.60    | 0.03%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                        | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |   1029000 | PA      | $932522.14    | 0.23%             | 2031-06-10      | Fixed         | 3.12%                 | 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        |   1000000 | PA      | $1000079.60   | 0.25%             | 2030-03-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                                     | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    300204 | PA      | $300324.50    | 0.07%             | 2031-02-10      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    760000 | PA      | $797964.58    | 0.20%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1084524 | PA      | $1092058.42   | 0.27%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N2                                          | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165166 | PA      | $161622.03    | 0.04%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880704 | PA      | $864970.65    | 0.21%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    704000 | PA      | $681401.60    | 0.17%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS Trust 2025-1PL                                                         | CUSIP: 00112MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    542297 | PA      | $544647.44    | 0.13%             | 2032-04-26      | Fixed         | 5.04%                 | 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        |    395000 | PA      | $404631.68    | 0.10%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1185000 | PA      | $1167776.14   | 0.29%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3893806 | PA      | $3998109.01   | 0.98%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    576211 | PA      | $580017.78    | 0.14%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                                                        | Adnoc Murban Rsc Ltd                                                            | CUSIP: 00723L2A6<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |     90000 | PA      | $90414.00     | 0.02%             | 2029-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $122757.33    | 0.03%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                                                             | FinBe USA Trust 2025-1                                                          | CUSIP: 317967AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    803942 | PA      | $806967.21    | 0.20%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    848620 | PA      | $838268.87    | 0.21%             | 2060-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    208000 | PA      | $205244.00    | 0.05%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-2                                                          | CUSIP: 75525QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1135000 | PA      | $1145934.93   | 0.28%             | 2032-08-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418DB92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    137001 | PA      | $128088.99    | 0.03%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    460000 | PA      | $456549.90    | 0.11%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDY7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    133333 | PA      | $133062.52    | 0.03%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    420000 | PA      | $431721.50    | 0.11%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    395000 | PA      | $402271.16    | 0.10%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1268688 | PA      | $1197324.21   | 0.29%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                      | Lendmark Funding Trust 2025-3                                                   | CUSIP: 525951AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1249625.38   | 0.31%             | 2035-05-21      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427QG89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2009654 | PA      | $2041681.34   | 0.50%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                          | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1039500 | PA      | $1061363.60   | 0.26%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    515000 | PA      | $536377.85    | 0.13%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1051000 | PA      | $1052698.07   | 0.26%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     81000 | PA      | $82287.90     | 0.02%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM1 Trust                                                             | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |    289892 | PA      | $291732.05    | 0.07%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2025-1                                                 | CUSIP: 67580EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1160000 | PA      | $1160750.98   | 0.28%             | 2031-02-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-1                                                 | CUSIP: 67571FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045000 | PA      | $1060280.72   | 0.26%             | 2030-05-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2024-1                                                    | CUSIP: 12515PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1274145.50   | 0.31%             | 2032-03-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    967000 | PA      | $974756.36    | 0.24%             | 2029-09-01      | Fixed         | 4.60%                 | 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        |    522446 | PA      | $526852.86    | 0.13%             | 2046-10-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1007834.97   | 0.25%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    952000 | PA      | $879454.96    | 0.22%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-5                                      | CUSIP: 30168DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    203851 | PA      | $204224.45    | 0.05%             | 2028-04-17      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31417NBY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46406 | PA      | $47721.75     | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    616000 | PA      | $624467.42    | 0.15%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     88000 | PA      | $78877.92     | 0.02%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |    628922 | PA      | $635063.96    | 0.16%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670314 | PA      | $659241.23    | 0.16%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | Onemain Financial Issuance Trust 2025-1                                         | CUSIP: 68270DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1144600.28   | 0.28%             | 2038-07-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    140000 | PA      | $140350.00    | 0.03%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    919000 | PA      | $944444.83    | 0.23%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                                                   | Spire Inc                                                                       | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124378.48    | 0.03%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    710000 | PA      | $728895.23    | 0.18%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228084.98    | 0.06%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ AUTO RECEIVABLES TRUST                                             | LENDBUZZ AUTO RECEIVABLES TRUST                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    845864 | PA      | $848445.50    | 0.21%             | 2030-06-17      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2025-1                                        | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1166124.73   | 0.29%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $652419.69    | 0.16%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                              | GreenSky Home Improvement Issuer Trust 2025-3                                   | CUSIP: 39571WAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1240000 | PA      | $1243742.07   | 0.31%             | 2060-12-27      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                         | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    158800 | PA      | $158900.04    | 0.04%             | 2030-02-11      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                          | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $839538.12    | 0.21%             | 2038-07-17      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-A                                               | CUSIP: 22411CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $997007.12    | 0.24%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-1                                            | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340569 | PA      | $342473.38    | 0.08%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                                    | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    480000 | PA      | $491239.20    | 0.12%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                       | DB Master Finance LLC                                                           | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $651330.36    | 0.16%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2025-INV7                                                        | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1036755 | PA      | $1053377.14   | 0.26%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    832000 | PA      | $812886.66    | 0.20%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| DREYFUS GOVERNMENT CASH MANAGE                                              | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    300210 | NS      | $300210.43    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |    279891 | PA      | $282521.53    | 0.07%             | 2063-10-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                    | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    650000 | PA      | $610475.26    | 0.15%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    390000 | PA      | $406897.53    | 0.10%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    735000 | PA      | $703315.83    | 0.17%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                                                         | RESIDEO FUNDING INC                                                             | CUSIP: 76090LAM6<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |    275000 | PA      | $275343.75    | 0.07%             | 2032-08-13      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    626000 | PA      | $646892.34    | 0.16%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES6                                                   | CUSIP: 749410AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1155353 | PA      | $1160383.76   | 0.28%             | 2044-09-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    693477 | PA      | $673086.97    | 0.17%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    350000 | PA      | $350875.00    | 0.09%             | 2031-09-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2788240 | PA      | $2871843.03   | 0.70%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DE4<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    140000 | PA      | $142030.00    | 0.03%             | 2030-03-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                         | Synchrony Financial                                                             | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    340000 | PA      | $305034.46    | 0.07%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-1                                                | CUSIP: 89182NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    673004 | PA      | $684011.12    | 0.17%             | 2064-03-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                               | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    435000 | PA      | $435090.48    | 0.11%             | 2053-08-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    704000 | PA      | $706178.73    | 0.17%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1155000 | PA      | $1186621.47   | 0.29%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48219 | PA      | $46499.82     | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    342690 | PA      | $345655.49    | 0.08%             | 2043-09-25      | Variable      | 6.81%                 | 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        |    427000 | PA      | $440443.24    | 0.11%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    311000 | PA      | $334480.50    | 0.08%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES8                                                   | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546189 | PA      | $550133.38    | 0.13%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                                    | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    308000 | PA      | $316734.32    | 0.08%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                                       | GENMAB A/S/GENMAB FINANCE LLC                                                   | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     30000 | PA      | $30745.40     | 0.01%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                                              | First Investors Auto Owner Trust 2021-2                                         | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600455 | PA      | $598520.20    | 0.15%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $499669.84    | 0.12%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1565000 | PA      | $1531568.63   | 0.38%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    195158 | PA      | $195802.23    | 0.05%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                                            | SS&C TECHNOLOGIES INC                                                           | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    219568 | PA      | $220764.35    | 0.05%             | 2031-05-09      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS TRUST 2024-1PL                                                         | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137281 | PA      | $137947.41    | 0.03%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1085658.66   | 0.27%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    440000 | PA      | $459763.98    | 0.11%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2023-2                           | CUSIP: 35104AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98294 | PA      | $98627.02     | 0.02%             | 2028-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                                                       | DBR Land Holdings LLC                                                           | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $225033.60    | 0.06%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CF8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    394000 | PA      | $412593.26    | 0.10%             | 2029-11-21      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    243335 | PA      | $243873.11    | 0.06%             | 2029-08-02      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                                               | Commonbond Student Loan Trust 2017-A-GS                                         | CUSIP: 20267VAA5<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |     44485 | PA      | $42795.89     | 0.01%             | 2041-05-25      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86332.13     | 0.02%             | 2028-07-26      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    223000 | PA      | $242535.92    | 0.06%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2025-RVM1                                              | CUSIP: 67571HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1030000 | PA      | $1032135.19   | 0.25%             | 2046-12-20      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $496008.10    | 0.12%             | 2026-05-17      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline LLC                                                       | BLACKFIN PIPELINE LLC                                                           | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |    425000 | PA      | $425352.75    | 0.10%             | 2032-09-29      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    515000 | PA      | $517804.89    | 0.13%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                                                   | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $881765.10    | 0.22%             | 2031-02-18      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    215000 | PA      | $220857.68    | 0.05%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1639375 | PA      | $1687315.39   | 0.41%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                                                 | Truist Bank                                                                     | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    641000 | PA      | $642985.64    | 0.16%             | 2029-09-17      | Fixed         | 4.63%                 | 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        |    831088 | PA      | $837579.38    | 0.21%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2023-A LLC                                                         | CUSIP: 62890QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1019450.20   | 0.25%             | 2030-06-17      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                                        | Carpenter Technology Corp                                                       | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20314.50     | 0.00%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-A LLC                                                                | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    795550 | PA      | $809768.74    | 0.20%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    860000 | PA      | $815540.38    | 0.20%             | 2030-10-01      | Fixed         | 3.75%                 | 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        |    537431 | PA      | $533304.07    | 0.13%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    391000 | PA      | $412160.26    | 0.10%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    429869 | PA      | $409987.69    | 0.10%             | 2028-11-24      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2024-2                                       | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1065000 | PA      | $1073264.08   | 0.26%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | Berry Global Inc                                                                | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    827000 | PA      | $873025.49    | 0.21%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2025-A LLC                                                         | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1160000 | PA      | $1174155.48   | 0.29%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138LVWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9066 | PA      | $8990.26      | 0.00%             | 2027-06-01      | Fixed         | 3.00%                 | 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        |    955000 | PA      | $965364.14    | 0.24%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    439000 | PA      | $442295.78    | 0.11%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |   1007995 | PA      | $1020877.91   | 0.25%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    861000 | PA      | $867595.14    | 0.21%             | 2028-02-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59960 | PA      | $60629.39     | 0.01%             | 2048-10-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10590000 | PA      | $10644947.49  | 2.61%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1099462 | PA      | $1097220.70   | 0.27%             | 2057-07-25      | Variable      | 4.95%                 | 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        |    369332 | PA      | $375510.49    | 0.09%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    799000 | PA      | $794872.49    | 0.19%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229122 | PA      | $223019.85    | 0.05%             | 2036-02-28      | Fixed         | 2.49%                 | 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        |   1012418 | PA      | $1018260.84   | 0.25%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2014-1                           | CUSIP: 61763YAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77643 | PA      | $77655.18     | 0.02%             | 2044-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-3                                                           | CUSIP: 00161UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    898981 | PA      | $897721.18    | 0.22%             | 2030-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    560000 | PA      | $577691.11    | 0.14%             | 2030-01-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                               | Goldentree Loan Management US Clo 9 Ltd                                         | CUSIP: 38138JAN3<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1303049.80   | 0.32%             | 2037-04-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4477109 | PA      | $4540705.31   | 1.11%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    435000 | PA      | $454327.05    | 0.11%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2024-2 Receivables Funding LLC                                 | CUSIP: 82650DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    396706 | PA      | $402871.69    | 0.10%             | 2041-06-20      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                              | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    652000 | PA      | $656743.89    | 0.16%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                       | Flowserve Corp                                                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    690000 | PA      | $657882.11    | 0.16%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N1                                          | CUSIP: 14687DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119559 | PA      | $117935.71    | 0.03%             | 2028-01-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2024-2                                             | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460597 | PA      | $470553.98    | 0.12%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    113256 | PA      | $91312.31     | 0.02%             | 2030-02-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| KOREA NATIONAL OIL CORP                                                     | Korea National Oil Corp                                                         | CUSIP: 50065WAP1<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $203656.00    | 0.05%             | 2028-04-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                                              | Santander Drive Auto Receivables Trust 2022-5                                   | CUSIP: 80287HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275146 | PA      | $275323.38    | 0.07%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES3                                      | CUSIP: 216926AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    883924 | PA      | $881515.22    | 0.22%             | 2060-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                      | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    930000 | PA      | $923974.90    | 0.23%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                    | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    635000 | PA      | $577832.79    | 0.14%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $1073845.42   | 0.26%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                       | PHOENIX GUARANTOR INC                                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    327816 | PA      | $329176.77    | 0.08%             | 2031-02-21      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465000 | PA      | $483499.00    | 0.12%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    569000 | PA      | $578176.75    | 0.14%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1019000 | PA      | $1054336.22   | 0.26%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                                          | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176246 | PA      | $175266.06    | 0.04%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418AAJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50487 | PA      | $50302.59     | 0.01%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                                 | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       297 | PA      | $288.49       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1318563.77   | 0.32%             | 2037-07-15      | Floating      | 5.05%                 | 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        |    725980 | PA      | $663511.79    | 0.16%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation, LLC                                                 | CORNERSTONE GENERATION L                                                        | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |    310000 | PA      | $312436.60    | 0.08%             | 2032-08-11      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    506588 | PA      | $528648.35    | 0.13%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Wingspire Equipment Finance LL                                              | Wingspire Equipment Finance 2025-1 LLC                                          | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1140000 | PA      | $1141839.73   | 0.28%             | 2033-09-20      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-3 Mortgage Loan Trust                                                 | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |    688550 | PA      | $696149.45    | 0.17%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                        | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    613000 | PA      | $587470.35    | 0.14%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418RHT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13576 | PA      | $13682.53     | 0.00%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4286247 | PA      | $4403855.60   | 1.08%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                                               | LIVE NATION ENTERTAINMENT INC                                                   | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |    345000 | PA      | $345000.00    | 0.08%             | 2032-10-21      | Floating      | 5.73%                 | 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        |    130494 | PA      | $128407.18    | 0.03%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                                                          | ASTORIA ENERGY LLC                                                              | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |    250609 | PA      | $252253.14    | 0.06%             | 2032-06-23      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N1                                          | CUSIP: 14688FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1109000 | PA      | $1114597.79   | 0.27%             | 2029-07-10      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350154 | PA      | $1328944.94   | 0.33%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    493000 | PA      | $508677.41    | 0.12%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2022-2                             | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116953 | PA      | $117924.17    | 0.03%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Exeter Select Automobile Recei                                              | Exeter Select Automobile Receivables Trust 2025-2                               | CUSIP: 30185EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1135000 | PA      | $1145053.26   | 0.28%             | 2031-12-15      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                         | Affirm Master Trust Series 2025-3                                               | CUSIP: 00833BAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1003132.90   | 0.25%             | 2034-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    841267 | PA      | $841785.08    | 0.21%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1088927.60   | 0.27%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                      | Oscar US Funding XV LLC                                                         | CUSIP: 68785CAC5<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |    696080 | PA      | $700610.01    | 0.17%             | 2027-12-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2025-CES4                                             | CUSIP: 89170UAA8<br>LEI: 254900V1XGR6BSB30T32 | Long             | ABS-MBS          | CORP              | US        |   1059536 | PA      | $1063361.09   | 0.26%             | 2065-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                               | NYC Commercial Mortgage Trust 2025-300P                                         | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1606265.28   | 0.39%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1720000 | PA      | $1783278.28   | 0.44%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     80000 | PA      | $85901.60     | 0.02%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    290000 | PA      | $304427.79    | 0.07%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Ltd.                                                        | WEC US HLDG 01/27/31                                                            | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    311906 | PA      | $312317.59    | 0.08%             | 2031-01-27      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    891523 | PA      | $888181.59    | 0.22%             | 2030-03-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2025-1                             | CUSIP: 039962AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1129334.32   | 0.28%             | 2029-05-15      | Fixed         | 4.92%                 | 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        |    207000 | PA      | $208215.09    | 0.05%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                                      | HAT Holdings I LLC / HAT Holdings II LLC                                        | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $306202.20    | 0.08%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1721000 | PA      | $1726563.30   | 0.42%             | 2027-10-13      | Fixed         | 5.76%                 | 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        |    367000 | PA      | $384555.77    | 0.09%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                         | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    695000 | PA      | $685299.11    | 0.17%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                                    | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14908.67     | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    861721 | PA      | $860182.52    | 0.21%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Information Management LLC                                    | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |    326846 | PA      | $326437.33    | 0.08%             | 2031-01-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1176819.50   | 0.29%             | 2041-03-11      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                                              | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $530723.93    | 0.13%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                         | Global Payments Inc                                                             | CUSIP: 37940XAW2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    820000 | PA      | $820914.32    | 0.20%             | 2030-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    563486 | PA      | $566986.49    | 0.14%             | 2031-12-15      | Fixed         | 5.15%                 | 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        |   1180000 | PA      | $1173822.46   | 0.29%             | 2028-10-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                                               | UBS AG/London                                                                   | CUSIP: 902674ZW3<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    535000 | PA      | $558439.63    | 0.14%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2025-4                                      | CUSIP: 30167KAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1135955.21   | 0.28%             | 2030-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82787 | PA      | $78365.44     | 0.02%             | 2044-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita                                              | MSSG Trust 2017-237P                                                            | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1145247.84   | 0.28%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    464073 | PA      | $463298.42    | 0.11%             | 2030-11-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    626000 | PA      | $646852.72    | 0.16%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $990602.85    | 0.24%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |    791000 | PA      | $810548.86    | 0.20%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    413000 | PA      | $406244.37    | 0.10%             | 2028-02-04      | Fixed         | 2.55%                 | 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        |   1095000 | PA      | $1104186.50   | 0.27%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    775000 | PA      | $804890.12    | 0.20%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                                       | Playtika Holding Corp                                                           | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |    411407 | PA      | $396732.49    | 0.10%             | 2028-03-13      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-4 Mortgage Loan Trust                                                 | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |    617812 | PA      | $625400.52    | 0.15%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |     74232 | PA      | $74476.94     | 0.02%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    647000 | PA      | $683615.68    | 0.17%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    906000 | PA      | $891056.24    | 0.22%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1117274 | PA      | $1131665.89   | 0.28%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $1002043.12   | 0.25%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57636 | PA      | $57653.16     | 0.01%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    804000 | PA      | $825719.14    | 0.20%             | 2031-04-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    632439 | PA      | $626651.02    | 0.15%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-2                            | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1168078.58   | 0.29%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    828166 | PA      | $797540.10    | 0.20%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306109 | PA      | $1279963.60   | 0.31%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                              | RIDE 2025-SHRE                                                                  | CUSIP: 765692AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $923463.45    | 0.23%             | 2047-02-14      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                                        | GATES CORPORATION                                                               | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |    430050 | PA      | $430944.72    | 0.11%             | 2031-06-04      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                    | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    384000 | PA      | $400513.32    | 0.10%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-1                                    | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1182000 | PA      | $1187045.72   | 0.29%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    184000 | PA      | $196567.50    | 0.05%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                 | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2065561 | PA      | $2062116.51   | 0.51%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2020-R1                                                | CUSIP: 034651AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    272282 | PA      | $263595.19    | 0.06%             | 2053-04-25      | Variable      | 1.25%                 | 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        |    269587 | PA      | $277581.47    | 0.07%             | 2040-04-20      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    780697 | PA      | $763688.03    | 0.19%             | 2049-01-25      | Variable      | 3.81%                 | 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        |   1181000 | PA      | $1195142.00   | 0.29%             | 2028-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    710000 | PA      | $676304.96    | 0.17%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1599772 | PA      | $1596295.94   | 0.39%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57338 | PA      | $56216.56     | 0.01%             | 2057-06-25      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Construction Partners Inc                                                   | CONSTRUCTION PARTNERS INC                                                       | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |    246281 | PA      | $247820.42    | 0.06%             | 2031-11-03      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1551000 | PA      | $1570307.75   | 0.39%             | 2027-10-28      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    604000 | PA      | $620399.18    | 0.15%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1447000 | PA      | $1459905.24   | 0.36%             | 2028-02-24      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98883.60     | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2025-3                                    | CUSIP: 96043QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1153905.52   | 0.28%             | 2029-06-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2025-1 LLC                                                             | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1170000 | PA      | $1185733.22   | 0.29%             | 2035-08-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2024-1                                                   | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    690094 | PA      | $693818.68    | 0.17%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                                 | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    907000 | PA      | $911762.20    | 0.22%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    947000 | PA      | $884105.18    | 0.22%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    226000 | PA      | $225787.53    | 0.06%             | 2028-04-25      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                         | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    348516 | PA      | $349642.08    | 0.09%             | 2030-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                                             | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    853265 | PA      | $856528.05    | 0.21%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11350000 | PA      | $11403718.98  | 2.80%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187105 | PA      | $182236.78    | 0.04%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2289351 | PA      | $2351825.43   | 0.58%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    673103 | PA      | $684167.24    | 0.17%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                       | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    325000 | PA      | $334877.73    | 0.08%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                                              | Santander Drive Auto Receivables Trust 2025-4                                   | CUSIP: 802923AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $851882.92    | 0.21%             | 2032-01-15      | Fixed         | 4.52%                 | 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        |    459405 | PA      | $475168.68    | 0.12%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                              | Mariner Finance Issuance Trust 2025-A                                           | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1120000 | PA      | $1134226.02   | 0.28%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                              | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1235245 | PA      | $1237594.77   | 0.30%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1315000 | PA      | $1341585.62   | 0.33%             | 2029-03-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   1005000 | PA      | $1039170.00   | 0.25%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189922 | PA      | $190820.73    | 0.05%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                           | National Grid PLC                                                               | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    611000 | PA      | $630842.96    | 0.15%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2024-CES1                                       | CUSIP: 46658CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    513678 | PA      | $517657.29    | 0.13%             | 2054-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    696000 | PA      | $656581.39    | 0.16%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    930000 | PA      | $942927.00    | 0.23%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF                                                 | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |    167104 | NS      | $4053107.52   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101356 | PA      | $98591.80     | 0.02%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    665000 | PA      | $659513.88    | 0.16%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2023-2                                          | CUSIP: 74113VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432644 | PA      | $432680.09    | 0.11%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    705000 | PA      | $742661.27    | 0.18%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                    | Baxter International Inc                                                        | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    825000 | PA      | $831317.05    | 0.20%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    586000 | PA      | $607037.88    | 0.15%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                                               | LIFE TIME INC                                                                   | CUSIP: 50218KAN8<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |    331818 | PA      | $332856.40    | 0.08%             | 2031-11-05      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    325000 | PA      | $332784.73    | 0.08%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1145000 | PA      | $1138578.50   | 0.28%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-4                                               | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1023000 | PA      | $1052262.40   | 0.26%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITION BIDCO                                                         | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    125000 | PA      | $125860.00    | 0.03%             | 2032-09-13      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2023-NQM2 Trust                                                            | CUSIP: 36169DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800753 | PA      | $798029.18    | 0.20%             | 2067-11-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-3                                               | CUSIP: 50168BAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1030247.50   | 0.25%             | 2030-12-16      | Fixed         | 6.92%                 | 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        |   1290000 | PA      | $1295576.67   | 0.32%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-GS2                                          | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    932753 | PA      | $910258.71    | 0.22%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    824329 | PA      | $828519.95    | 0.20%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1031669.05   | 0.25%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295221 | PA      | $286207.58    | 0.07%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263817 | PA      | $264766.20    | 0.06%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    409000 | PA      | $426345.88    | 0.10%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABD2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     70000 | PA      | $69542.90     | 0.02%             | 2031-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei                                              | Santander Mortgage Asset Receivable Trust 2025-Ces1                             | CUSIP: 802650AB7<br>LEI: 254900WEZWXJLYHMU869 | Long             | ABS-MBS          | CORP              | US        |    732791 | PA      | $733184.19    | 0.18%             | 2055-09-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37817.54     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES1                                       | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |    664684 | PA      | $670445.62    | 0.16%             | 2055-05-25      | Variable      | 5.67%                 | 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        |   1210000 | PA      | $1212036.43   | 0.30%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                                              | Amur Equipment Finance Receivables XII LLC                                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |    349915 | PA      | $352816.79    | 0.09%             | 2029-12-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer