# EDGAR Filing Document

**Accession Number:** 0001528811
**File Stem:** 0000940400-25-005509
**Filing Date:** 2025-10
**Character Count:** 333543
**Document Hash:** aae6b3bc9522be0df7ecb94d28776a52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005509.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005509

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Global Multi-Sector Income Fund
- **CENTRAL INDEX KEY:** 0001528811

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22608
- **FILM NUMBER:** 251428619

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

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus-Newfleet Global Multi-Sector Income Fund
- **DATE OF NAME CHANGE:** 20110909

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Newfleet Global Multi-Sector Income Fund
- **DATE OF NAME CHANGE:** 20110829

## Nport-Ex

#### VIRTUS Global Multi-Sector Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Securities—5.6%** | **U.S. Government Securities—5.6%** | **U.S. Government Securities—5.6%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/54 | $925 | $881 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp; 990 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/15/55 | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 652 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 1/31/30 | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/15/34 | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 331 |
| **Total U.S. Government Securities<br> (Identified Cost $5,324)** | **Total U.S. Government Securities<br> (Identified Cost $5,324)** | &nbsp;&nbsp;&nbsp;&nbsp; **5225** |
| **Foreign Government Securities—47.0%** | **Foreign Government Securities—47.0%** | **Foreign Government Securities—47.0%** |
| Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 4/30/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.125%, 9/30/49<sup>(2)(3)</sup> | &nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp; 437 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 2/16/31<sup>(2)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.500%, 1/31/47<sup>(2)</sup> | &nbsp;&nbsp; 1163 | &nbsp;&nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 9/30/51<sup>(2)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 348 |
| Benin Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.960%, 2/13/38<sup>(2)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.375%, 1/23/41<sup>(2)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 247 |
| Bolivarian Republic of Venezuela RegS<br> 7.650%, 4/21/25<sup>(4)(5)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp; 267 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(5)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 116 |
| Brazil Notas do Tesouro Nacional Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 3460<sup>BRL</sup> | &nbsp;&nbsp;&nbsp; 555 |
| Czech Republic Government Bond<br> 1.750%, 6/23/32 | &nbsp;&nbsp;13310<sup>CZK</sup> | &nbsp;&nbsp;&nbsp; 548 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(2)</sup> | $104 | $109 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.850%, 1/27/45<sup>(2)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.950%, 3/15/37<sup>(5)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 448 |
| Dubai Government International Bonds RegS<br> 3.900%, 9/9/50<sup>(3)(5)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 152 |
| Eagle Funding Luxco S.a.r.l. 144A<br> 5.500%, 8/17/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 323 |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(2)(4)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 361 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 11/6/30 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/35 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54<sup>(3)</sup> | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 814 |
| Honduras Government 144A<br> 8.625%, 11/27/34<sup>(2)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 190 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 859 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 6/16/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.000%, 9/26/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(2)(3)</sup> | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1160 |
| Kingdom of Jordan 144A<br> 5.850%, 7/7/30<sup>(2)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 439 |
| Kyrgyz Republic International Bond 144A<br> 7.750%, 6/3/30<sup>(2)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 320 |
| Lebanon Government International Bond RegS<br> 7.000%, 3/23/32<sup>(4)(5)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 73 |
| Malaysia Government Bond<br> 2.632%, 4/15/31<sup>(3)</sup> | &nbsp;&nbsp; 2360<sup>MYR</sup> | &nbsp;&nbsp; 541 |
| Mex Bonos Desarr |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 5/31/29 | &nbsp;&nbsp; 6150<sup>MXN</sup> | &nbsp;&nbsp; 332 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;7.750%, 11/13/42 | &nbsp;&nbsp; 4700<sup>MXN</sup> | $214 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(2)</sup> | $343 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 490 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 7/9/30<sup>(6)</sup> | &nbsp;&nbsp; 1751 | &nbsp;&nbsp; 1322 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/35<sup>(6)</sup> | &nbsp;&nbsp; 834 | &nbsp;&nbsp; 529 |
| Republic of Armenia 144A<br> 3.600%, 2/2/31<sup>(2)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 134 |
| Republic of Cameroon RegS<br> 9.500%, 7/31/31<sup>(5)</sup> | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 418 |
| Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 1/31/34 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;5.330%, 1/5/54<sup>(3)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;3.250%, 9/21/71 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 153 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;3.250%, 4/22/32 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;8.500%, 4/25/35 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 115 |
| Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.900%, 7/31/30<sup>(5)(6)</sup> | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 908 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/31/40<sup>(5)(6)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 67 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/28/29<sup>(2)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 4/10/32<sup>(2)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.250%, 4/17/30<sup>(5)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 6/15/35<sup>(5)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.625%, 2/1/41<sup>(5)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 70 |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 2/6/31<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.000%, 11/24/31<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 118 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 7/3/26<sup>(2)(7)</sup> | $5 | $5 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 1/3/30<sup>(2)(7)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 7/3/26<sup>(5)(7)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 1/3/30<sup>(5)(7)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 474 |
| Republic of Guatemala 144A<br> 6.875%, 8/15/55<sup>(2)</sup> | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 646 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, 2/14/30<sup>(3)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;1.850%, 3/12/31<sup>(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;4.200%, 10/15/50<sup>(3)</sup> | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;5.100%, 2/10/54 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;3.200%, 9/23/61 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 40 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(2)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(2)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 1/30/37<sup>(2)</sup> | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 150 |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(2)</sup> | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 501 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.375%, 9/28/33<sup>(2)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;144A<br> 10.375%, 12/9/34<sup>(2)</sup> | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 603 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 3/1/31 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;8.000%, 3/1/38 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 672 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;2.783%, 1/23/31 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;3.000%, 1/15/34<sup>(3)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/8/35<sup>(3)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;5.875%, 8/8/54<sup>(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;3.600%, 1/15/72 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 250 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35<sup>(3)</sup> | $922 | $917 |
| &nbsp;&nbsp;&nbsp;3.700%, 3/1/41<sup>(3)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 566 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 2/12/30<sup>(3)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;5.750%, 11/16/32<sup>(3)</sup> | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;4.875%, 10/4/33<sup>(3)</sup> | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;5.125%, 9/18/34<sup>(3)</sup> | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35<sup>(3)</sup> | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp;5.500%, 4/4/53 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 79 |
| Republic of Senegal RegS<br> 7.750%, 6/10/31<sup>(5)</sup> | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 368 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(2)</sup> | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 333 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp;8.750%, 2/28/48 | &nbsp;&nbsp;11300<sup>ZAR</sup> | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(2)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 345 |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(2)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(2)(6)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(2)(6)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 81 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, 4/26/29 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/3/35 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;4.875%, 4/16/43 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 568 |
| Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 6/30/33<sup>(2)(6)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.500%, 12/31/53<sup>(2)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 113 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50<sup>(3)</sup> | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55<sup>(3)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 211 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(2)</sup> | $227 | $232 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 1/30/34<sup>(2)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 3/24/35<sup>(2)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 5/16/36<sup>(2)</sup> | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 986 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 885 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(2)(3)</sup> | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.625%, 1/13/35<sup>(3)(5)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 577 |
| State of Qatar 144A<br> 4.400%, 4/16/50<sup>(2)(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 311 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.400%, 6/26/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 6/26/34<sup>(5)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 183 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/29<sup>(2)(6)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/34<sup>(2)(6)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/36<sup>(2)(6)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/36<sup>(2)(6)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/29<sup>(5)(6)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 33 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/30<sup>(5)(6)</sup> | $9 | $5 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/34<sup>(5)(6)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/34<sup>(5)(6)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(5)(6)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/36<sup>(5)(6)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 4 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/19/33<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;3.500%, 2/12/34<sup>(3)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;6.350%, 2/9/35 | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;3.750%, 4/19/71 | &nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 547 |
| Uzbekistan International Bond 144A<br> 6.900%, 2/28/32<sup>(2)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp; 389 |
| **Total Foreign Government Securities<br> (Identified Cost $44,121)** | **Total Foreign Government Securities<br> (Identified Cost $44,121)** | &nbsp;&nbsp;&nbsp;&nbsp; **43802** |
| **Mortgage-Backed Securities—19.7%** | **Mortgage-Backed Securities—19.7%** | **Mortgage-Backed Securities—19.7%** |
| **Agency—10.0%** | **Agency—10.0%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD6322<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp;Pool #SD8494<br> 5.500%, 1/1/55 | &nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; 1416 |
| &nbsp;&nbsp;&nbsp;Pool #SL0627<br> 6.000%, 10/1/54 | &nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp; 1300 |
| &nbsp;&nbsp;&nbsp;Pool #SL1127<br> 6.000%, 12/1/54 | &nbsp;&nbsp; 1279 | &nbsp;&nbsp;&nbsp; 1307 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #FA0685<br> 6.000%, 1/1/55 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 631 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #FA1728<br> 6.000%, 10/1/53 | $1281 | $1310 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | &nbsp;&nbsp; 1301 | &nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 590 |
|  |  | &nbsp;&nbsp;&nbsp; 9343 |
| **Non-Agency—9.7%** | **Non-Agency—9.7%** |  |
| A&D Mortgage Trust 2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 98 |
| Ajax Mortgage Loan Trust 2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 427 |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.107%, 6/15/40<sup>(2)(8)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 271 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 131 |
| Arroyo Mortgage Trust 2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.283%, 3/15/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 233 |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56<sup>(3)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 169 |
| BX Trust 2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 388 |
| CENT 2025-CITY, A 144A<br> 5.091%, 7/10/40<sup>(2)(8)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 334 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Chase Home Lending Mortgage Trust 2023-RPL1, A1 144A<br> 3.500%, 6/25/62<sup>(2)(8)</sup> | $427 | $396 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 156 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 254 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 363 |
| EFMT 2025-NQM2, A1 144A<br> 5.596%, 6/25/70<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 184 |
| Ellington Financial Mortgage Trust 2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 284 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 363 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.649%, 1/13/40<sup>(2)(8)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 259 |
| JPMorgan Chase Mortgage Trust 2014-5, B2 144A<br> 2.607%, 10/25/29<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 155 |
| MFA Trust 2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 541 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 178 |
| NYC Commercial Mortgage Trust 2025-300P, A 144A<br> 4.879%, 7/13/42<sup>(2)(8)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 428 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(2)(3)(8)</sup> | $24 | $23 |
| PRET Trust 2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 243 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 353 |
| ROCK Trust 2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 223 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.987%, 7/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 199 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 147 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(2)(3)(8)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;2022-6, A3 144A<br> 4.910%, 6/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 189 |
|  |  | &nbsp;&nbsp;&nbsp; 8980 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $18,356)** | **Total Mortgage-Backed Securities<br> (Identified Cost $18,356)** | &nbsp;&nbsp;&nbsp;&nbsp; **18323** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Asset-Backed Securities—10.1%** | **Asset-Backed Securities—10.1%** | **Asset-Backed Securities—10.1%** |
| **Automobiles—3.2%** | **Automobiles—3.2%** |  |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(2)</sup> | $396 | $407 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 4.920%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 331 |
| DT Auto Owner Trust 2023-1A, D 144A<br> 6.440%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 458 |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(2)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 152 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 373 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 321 |
| U.S. Bank N.A. 2023-1, B 144A<br> 6.789%, 8/25/32<sup>(2)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 115 |
| Veros Auto Receivables Trust 2024-1, C 144A<br> 7.570%, 12/15/28<sup>(2)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 362 |
|  |  | &nbsp;&nbsp;&nbsp; 2988 |
| **Consumer Loans—0.4%** | **Consumer Loans—0.4%** |  |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 350 |
| **Other—6.5%** | **Other—6.5%** |  |
| Amur Equipment Finance Receivables XV LLC 2025-1A, D 144A<br> 5.680%, 8/20/32<sup>(2)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 347 |
| Aqua Finance Trust 2024-A, B 144A<br> 5.060%, 4/18/50<sup>(2)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 359 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Auxilior Term Funding LLC 2023-1A, D 144A<br> 7.270%, 12/16/30<sup>(2)</sup> | $240 | $253 |
| BXG Receivables Note Trust 2023-A, A 144A<br> 5.770%, 11/15/38<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 209 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(2)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 210 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(2)</sup> | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 403 |
| Hardee's Funding LLC 2024-1A, A2 144A<br> 7.253%, 3/20/54<sup>(2)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 409 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(2)</sup> | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 426 |
| Libra Solutions LLC 2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(2)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 333 |
| MVW LLC 2024-1A, A 144A<br> 5.320%, 2/20/43<sup>(2)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 269 |
| NBC Funding LLC 2025-1A, A2 144A<br> 6.209%, 7/30/55<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 408 |
| NMEF Funding LLC 2025-A, B 144A<br> 5.180%, 7/15/32<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 349 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(2)</sup> | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 425 |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 424 |
| Reach ABS Trust 2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 429 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Trinity Rail Leasing LLC 2019-1A, A 144A<br> 3.820%, 4/17/49<sup>(2)</sup> | $263 | $261 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(2)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; 344 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 238 |
|  |  | &nbsp;&nbsp;&nbsp; 6097 |
| **Total Asset-Backed Securities<br> (Identified Cost $9,355)** | **Total Asset-Backed Securities<br> (Identified Cost $9,355)** | &nbsp;&nbsp;&nbsp;&nbsp; **9435** |
| **Corporate Bonds and Notes—48.4%** | **Corporate Bonds and Notes—48.4%** | **Corporate Bonds and Notes—48.4%** |
| **Communication Services—2.8%** | **Communication Services—2.8%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(2)(3)(4)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 67 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 7/15/29<sup>(2)(3)(9)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 10/15/29<sup>(2)(3)(9)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 159 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 186 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 1/31/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 183 |
| DIRECTV Financing LLC 144A<br> 8.875%, 2/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 149 |
| Gray Media, Inc. 144A<br> 9.625%, 7/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 186 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 93 |
| IHS Holding Ltd. 144A<br> 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 180 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 238 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Communication<br> Services—continued** | **Communication<br> Services—continued** |  |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(2)</sup> | $275 | $71 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 3/1/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 3/15/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 85 |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| Univision Communications, Inc. 144A<br> 8.000%, 8/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp;&nbsp; 2619 |
| **Consumer Discretionary—2.4%** | **Consumer Discretionary—2.4%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54<sup>(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 273 |
| Ashtead Capital, Inc. 144A<br> 5.550%, 5/30/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 316 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 75 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52<sup>(3)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 206 |
| Ford Motor Credit Co. LLC<br> 7.350%, 3/6/30<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 179 |
| New Home Co., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 10/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 11/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Newell Brands, Inc.<br> 6.625%, 9/15/29<sup>(3)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 127 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Consumer<br> Discretionary—continued** | **Consumer<br> Discretionary—continued** |  |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(2)(3)</sup> | $175 | $176 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
| Under Armour, Inc. 144A<br> 7.250%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 263 |
|  |  | &nbsp;&nbsp;&nbsp; 2270 |
| **Consumer Staples—0.7%** | **Consumer Staples—0.7%** |  |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33<sup>(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 227 |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp;&nbsp; 614 |
| **Energy—10.5%** | **Energy—10.5%** |  |
| Adnoc Murban Rsc Ltd. 144A<br> 4.500%, 9/11/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 260 |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
| BP Capital Markets plc<br> 4.875% <sup>(3)(10)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 372 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
| Caturus Energy LLC 144A<br> 8.500%, 2/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 161 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 228 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 124 |
| Ecopetrol S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/2/31<sup>(3)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 171 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp;8.875%, 1/13/33 | $97 | $103 |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(2)(5)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 108 |
| Energy Transfer LP Series H<br> 6.500% <sup>(10)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 246 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 265 |
| Genesis Energy LP<br> 8.875%, 4/15/30<sup>(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 139 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 279 |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 192 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35<sup>(3)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 283 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(2)(3)(5)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 163 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/26<sup>(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; —<sup>(11)</sup> |
| Nabors Industries Ltd. 144A<br> 7.500%, 1/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 10/1/34<sup>(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;6.200%, 3/15/40<sup>(3)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 138 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 2/9/31<sup>(2)(3)</sup> | $245 | $217 |
| &nbsp;&nbsp;&nbsp;RegS 6.450%, 5/30/44<sup>(3)(5)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 245 |
| Petroleos de Venezuela S.A. RegS<br> 6.000%, 5/16/24<sup>(4)(5)</sup> | &nbsp;&nbsp; 2386 | &nbsp;&nbsp; 358 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 1/23/29<sup>(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;6.375%, 1/23/45 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;6.350%, 2/12/48 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 389 |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/21/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;144A 5.848%, 4/3/55<sup>(2)(3)</sup> | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 437 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 192 |
| South Bow Canadian Infrastructure Holdings Ltd.<br> 7.500%, 3/1/55 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 246 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 122 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(2)(3)(10)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 207 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 134 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(2)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 174 |
|  |  | &nbsp;&nbsp;&nbsp; 9776 |
| **Financials—17.7%** | **Financials—17.7%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 142 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55<sup>(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56<sup>(3)</sup> | $235 | $242 |
| Albion Financing 1 S.a.r.l. 144A<br> 7.000%, 5/21/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |
| Allianz SE 144A<br> 6.350%, 9/6/53<sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 290 |
| American Express Co.<br> 5.625%, 7/28/34<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |
| American National Group, Inc.<br> 7.000%, 12/1/55 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 42 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29<sup>(3)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 179 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54<sup>(3)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 274 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 7/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 88 |
| Azorra Finance Ltd. 144A<br> 7.250%, 1/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 108 |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 177 |
| Banco de Credito del Peru S.A. 144A<br> 6.450%, 7/30/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 248 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(2)(3)(10)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 244 |
| Banco Mercantil del Norte S.A. 144A<br> 8.375% <sup>(2)(10)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 220 |
| Banco Nacional de Comercio Exterior SNC 144A<br> 4.375%, 10/14/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 510 |
| Bank of America Corp.<br> 5.518%, 10/25/35<sup>(3)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 358 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(3)(10)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Barclays plc<br> 7.437%, 11/2/33<sup>(3)</sup> | $295 | $337 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 153 |
| Blackstone Private Credit Fund<br> 6.000%, 11/22/34<sup>(3)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 222 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 5/15/32<sup>(3)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55<sup>(3)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 159 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32<sup>(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34<sup>(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 140 |
| Capital Power U.S. Holdings, Inc. 144A<br> 6.189%, 6/1/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(10)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 197 |
| Chobani Holdco II LLC 144A<br> 8.750%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; —<sup>(11)</sup> | &nbsp;&nbsp; —<sup>(11)</sup> |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33<sup>(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34<sup>(3)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(3)(10)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 153 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 170 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54<sup>(3)</sup> | &nbsp;&nbsp; 331 | &nbsp;&nbsp; 335 |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 197 |
| Deutsche Bank AG<br> 5.403%, 9/11/35<sup>(3)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 282 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(2)(3)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 578 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(2)</sup> | $130 | $138 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29<sup>(3)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 240 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33<sup>(3)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 237 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Froneri Lux FinCo S.a.r.l. 144A<br> 6.000%, 8/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| FS Luxembourg S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/12/31<sup>(2)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;144A 8.625%, 6/25/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(2)(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 74 |
| Goldman Sachs Group, Inc. (The)<br> 6.450%, 5/1/36<sup>(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 147 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 170 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.375%, 7/1/34<sup>(3)</sup> | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 264 |
| Huntington Bancshares, Inc.<br> 5.709%, 2/2/35<sup>(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 279 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34<sup>(3)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 275 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 274 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, 6/1/34<sup>(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;6.254%, 10/23/34<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 219 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(2)(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 152 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(2)</sup> | $275 | $265 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 369 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, 10/18/33<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38<sup>(3)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 181 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(2)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 249 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.482%, 4/30/43<sup>(3)(8)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| NatWest Group plc<br> 6.475%, 6/1/34<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55<sup>(3)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 |
| Nippon Life Insurance Co. 144A<br> 6.250%, 9/13/53<sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 211 |
| OneMain Finance Corp.<br> 7.125%, 11/15/31<sup>(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 296 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Phoenix Aviation Capital Ltd. 144A<br> 9.250%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 95 |
| Prudential Financial, Inc.<br> 6.750%, 3/1/53 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 232 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55<sup>(3)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 229 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 40 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| SGUS LLC 144A<br> 11.000%, 12/15/29<sup>(2)(3)</sup> | $65 | $57 |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 382 |
| South Bow USA Infrastructure Holdings LLC<br> 5.584%, 10/1/34<sup>(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 119 |
| State Street Corp. Series I<br> 6.700% <sup>(3)(10)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 176 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(2)(3)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 262 |
| Synchrony Financial<br> 3.700%, 8/4/26<sup>(3)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 92 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82<sup>(3)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 248 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(2)(3)(10)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;144A 4.988%, 8/5/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 312 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.389%, 4/24/34<sup>(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;Series BB<br> 3.900%<sup>(10)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 262 |
|  |  | &nbsp;&nbsp;&nbsp; 16470 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| Amneal Pharmaceuticals LLC 144A<br> 6.875%, 8/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 206 |
| CVS Health Corp.<br> 6.750%, 12/10/54<sup>(3)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 131 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30<sup>(3)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 308 |
| HCA, Inc.<br> 5.500%, 6/1/33<sup>(3)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 226 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 6/1/32<sup>(2)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 88 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(2)(3)</sup> | $65 | $67 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, 1/15/32<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;5.050%, 10/15/34<sup>(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp;&nbsp; 1537 |
| **Industrials—4.3%** | **Industrials—4.3%** |  |
| Adani Ports & Special Economic Zone Ltd. 144A<br> 4.375%, 7/3/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 289 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 272 |
| Boeing Co. (The)<br> 5.930%, 5/1/60<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 154 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(2)(3)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 303 |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 202 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 367 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 151 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 276 |
| Herc Holdings, Inc. 144A<br> 7.250%, 6/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 47 |
| Icahn Enterprises LP 144A<br> 10.000%, 11/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 84 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 229 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(2)(3)</sup> | $200 | $199 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 350 |
| TransDigm, Inc. 144A<br> 6.625%, 3/1/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 230 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 224 |
|  |  | &nbsp;&nbsp;&nbsp; 4012 |
| **Information Technology—0.6%** | **Information Technology—0.6%** |  |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 141 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 141 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(2)(3)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 87 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  |  | &nbsp;&nbsp;&nbsp; 562 |
| **Materials—3.3%** | **Materials—3.3%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(2)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 149 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 361 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Capstone Copper Corp. 144A<br> 6.750%, 3/31/33<sup>(2)(3)</sup> | $215 | $221 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.950%, 1/8/34<sup>(2)(3)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;RegS 6.440%, 1/26/36<sup>(5)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 62 |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 320 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 220 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 258 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 214 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(2)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(2)</sup> | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/2/54<sup>(2)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 183 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(2)(12)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 184 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| Trivium Packaging Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 7/15/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;144A 12.250%, 1/15/31<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 75 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 161 |
|  |  | &nbsp;&nbsp;&nbsp; 3050 |
| **Real Estate—0.5%** | **Real Estate—0.5%** |  |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| Port of Spain Waterfront Development RegS<br> 7.875%, 2/19/40<sup>(3)(5)</sup> | $131 | $130 |
|  |  | &nbsp;&nbsp;&nbsp; 499 |
| **Utilities—4.0%** | **Utilities—4.0%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55<sup>(3)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 139 |
| CMS Energy Corp.<br> 4.750%, 6/1/50<sup>(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 276 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa 144A<br> 8.650%, 1/24/33<sup>(2)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 135 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55<sup>(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54<sup>(3)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 123 |
| Electricite de France S.A. 144A<br> 6.900%, 5/23/53<sup>(2)(3)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 193 |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 183 |
| Entergy Corp.<br> 7.125%, 12/1/54<sup>(3)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 219 |
| Eskom Holdings 144A<br> 8.450%, 8/10/28<sup>(2)</sup> | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 553 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 157 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 175 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A<br> 4.125%, 5/15/27<sup>(2)(3)</sup> | $534 | $532 |
| Southern California Edison Co.<br> 6.000%, 1/15/34<sup>(3)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 213 |
| Vistra Corp. 144A<br> 8.000% <sup>(2)(3)(10)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 127 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp;&nbsp; 3734 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $45,310)** | **Total Corporate Bonds and Notes<br> (Identified Cost $45,310)** | &nbsp;&nbsp;&nbsp;&nbsp; **45143** |
| **Leveraged Loans—8.8%** | **Leveraged Loans—8.8%** | **Leveraged Loans—8.8%** |
| **Aerospace—0.1%** | **Aerospace—0.1%** |  |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.316%, 1/27/32<sup>(8)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 50 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.566%, 2/18/30<sup>(8)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 32 |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 2.500%)<br> 6.816%, 12/31/29<sup>(8)</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 79 |
| Nouryon Finance B.V. 2024, Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.601%, 4/3/28<sup>(8)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 58 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| USALCO LLC 2025 (1 month Term SOFR + 3.500%)<br> 7.816%, 9/30/31<sup>(8)</sup> | $83 | $83 |
|  |  | &nbsp;&nbsp;&nbsp; 252 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Gloves Buyer, Inc. (1 month Term SOFR + 4.000%)<br> 8.316%, 5/21/32<sup>(8)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(8)(13)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp;&nbsp; 124 |
| **Consumer Non-Durables—0.2%** | **Consumer Non-Durables—0.2%** |  |
| AI Aqua Merger Sub, Inc. 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.351%, 7/31/28<sup>(8)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 137 |
| Albion Financing 3 S.a.r.l. 2025 (3 month Term SOFR + 3.000%)<br> 7.215%, 5/21/31<sup>(8)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 84 |
|  |  | &nbsp;&nbsp;&nbsp; 221 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| CVR CHC LP Tranche B (3 month Term SOFR + 4.000%)<br> 8.296%, 12/30/27<sup>(8)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 2.500%)<br> 6.828%, 10/15/31<sup>(8)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 121 |
| M6 ETX Holdings II Midco LLC (1 month Term SOFR + 3.000%)<br> 7.316%, 4/1/32<sup>(8)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Traverse Midstream Partners LLC Tranche B (3 month Term SOFR + 2.500%)<br> 6.808%, 2/16/28<sup>(8)</sup> | $138 | $138 |
|  |  | &nbsp;&nbsp;&nbsp; 430 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.316%, 11/6/30<sup>(8)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 99 |
| Dynamo U.S. Bidco, Inc. Tranche B (1 month Term SOFR + 3.500%)<br> 7.854%, 10/1/31<sup>(8)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp;&nbsp; 129 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + 3.500%)<br> 7.831%, 12/23/30<sup>(8)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| Del Monte Foods Corp. II, Inc. (1 month Term SOFR + 9.600%)<br> 13.961% - 13.966%, 4/2/26<sup>(8)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month PRIME + 8.500%)<br> 16.000%, 4/2/26<sup>(8)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.210%, 8/2/28<sup>(9)(14)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.474%, 8/2/28<sup>(9)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;(3-6 month Term SOFR + 4.400%)<br> 8.710% - 8.724%, 8/2/28<sup>(9)(14)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 3 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.610%, 3/15/32<sup>(8)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Sigma Holdco B.V. Tranche B-12 (3 month Term SOFR + 3.910%)<br> 8.297%, 1/3/28<sup>(8)</sup> | $132 | $128 |
|  |  | &nbsp;&nbsp;&nbsp; 383 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Dechra Pharmaceuticals Holdings Ltd. Tranche B-1 (6 month Term SOFR + 3.250%)<br> 7.447%, 1/27/32<sup>(8)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| **Forest Prod / Containers—0.2%** | **Forest Prod / Containers—0.2%** |  |
| Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 3.175%)<br> 7.491%, 4/13/29<sup>(8)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Klockner Pentaplast of America, Inc. Tranche B (5 month Term SOFR + 4.975%)<br> 9.019%, 2/12/26<sup>(8)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 93 |
|  |  | &nbsp;&nbsp;&nbsp; 143 |
| **Gaming / Leisure—0.3%** | **Gaming / Leisure—0.3%** |  |
| Catawba Nation Gaming Authority Tranche B (3 month Term SOFR + 4.750%)<br> 9.046%, 3/28/32<sup>(8)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| ECL Entertainment LLC 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.316%, 8/30/30<sup>(8)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 108 |
| Motion Finco LLC Tranche B-3 (3 month Term SOFR + 3.500%)<br> 7.796%, 11/12/29<sup>(8)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 72 |
| Peninsula Pacific Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 8/13/32<sup>(8)(13)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B<br> 0.000%, 8/14/32<sup>(8)(13)</sup> | $24 | $24 |
|  |  | &nbsp;&nbsp;&nbsp; 317 |
| **Health Care—1.4%** | **Health Care—1.4%** |  |
| Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)<br> 8.316%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 98 |
| Cotiviti, Inc. (1 month Term SOFR + 2.750%)<br> 7.104%, 5/1/31<sup>(8)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 133 |
| Endo Finance Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.316%, 4/23/31<sup>(8)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Financiere Mendel (3 month Term SOFR + 2.750%)<br> 6.976%, 11/8/30<sup>(8)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)<br> 8.396%, 10/1/27<sup>(8)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 142 |
| Grifols Worldwide Operations USA, Inc. Tranche B (1 month Term SOFR + 2.100%)<br> 6.416%, 11/15/27<sup>(8)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.816%, 10/23/31<sup>(8)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.816%, 10/23/31<sup>(8)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| Lannett Co., Inc. First Lien<br> 2.000%, 6/16/30<sup>(14)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.068%, 5/16/31<sup>(8)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 118 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.819%, 5/16/31<sup>(8)</sup> | $25 | $25 |
| Modivcare, Inc. (3 month Term SOFR + 4.750%)<br> 9.046%, 7/1/31<sup>(4)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 15 |
| One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)<br> 10.075%, 4/22/27<sup>(8)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 145 |
| Radiology Partners, Inc. Tranche B (3 month Term SOFR + 4.500%)<br> 8.796%, 6/30/32<sup>(8)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)<br> 8.820%, 11/20/26<sup>(8)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 150 |
|  |  | &nbsp;&nbsp;&nbsp; 1313 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Chariot Buyer LLC (1 month Term SOFR + 3.350%)<br> 7.666%, 11/3/28<sup>(8)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 119 |
| Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.546%, 1/17/32<sup>(8)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp;&nbsp; 208 |
| **Information Technology—1.3%** | **Information Technology—1.3%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024, Second Lien (3 month Term SOFR + 4.500%)<br> 8.796%, 2/23/32<sup>(8)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.250%)<br> 6.446%, 2/24/31<sup>(8)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.546%, 7/6/29<sup>(8)</sup> | $142 | $119 |
| Cloud Software Group, Inc. Tranche B-2 (1 month Term SOFR + 3.250%)<br> 7.483%, 3/21/31<sup>(8)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 140 |
| ConnectWise LLC (3 month Term SOFR + 3.762%)<br> 8.057%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 82 |
| Delivery Hero SE Tranche B (3 month Term SOFR + 5.000%)<br> 9.226%, 12/12/29<sup>(8)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 139 |
| Epicor Software Corp. Tranche F (1 month Term SOFR + 2.500%)<br> 6.816%, 5/30/31<sup>(8)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 91 |
| ION Trading Finance Ltd. 2024 (3 month Term SOFR + 3.500%)<br> 7.796%, 4/1/28<sup>(8)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 121 |
| Proofpoint, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.316%, 8/31/28<sup>(8)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 104 |
| Rocket Software, Inc. (1 month Term SOFR + 3.750%)<br> 8.066%, 11/28/28<sup>(8)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 103 |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.320%, 2/10/31<sup>(8)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp;&nbsp; 1193 |
| **Manufacturing—0.5%** | **Manufacturing—0.5%** |  |
| CPM Holdings, Inc. (1 month Term SOFR + 4.500%)<br> 8.854%, 9/28/28<sup>(8)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 87 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Glatfelter Corp. Tranche B (3 month Term SOFR + 4.250%)<br> 8.449%, 11/4/31<sup>(8)</sup> | $139 | $139 |
| LSF12 Crown U.S. Commercial Bidco LLC 2025 (1 month Term SOFR + 3.500%)<br> 7.856%, 12/2/31<sup>(8)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| TK Elevator Midco GmbH Tranche B (3 month Term SOFR + 3.000%)<br> 7.237%, 4/30/30<sup>(8)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp;&nbsp; 486 |
| **Media / Telecom -<br> Broadcasting—0.3%** | **Media / Telecom -<br> Broadcasting—0.3%** |  |
| CMG Media Corp. (3 month Term SOFR + 3.600%)<br> 7.896%, 6/18/29<sup>(8)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 125 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.930%, 1/31/29<sup>(8)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 128 |
|  |  | &nbsp;&nbsp;&nbsp; 253 |
| **Media / Telecom - Cable/Wireless<br> Video—0.3%** | **Media / Telecom - Cable/Wireless<br> Video—0.3%** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.566%, 9/18/30<sup>(8)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.863%, 1/18/28<sup>(8)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 131 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Media / Telecom - Cable/Wireless<br> Video—continued** | **Media / Telecom - Cable/Wireless<br> Video—continued** |  |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.820%, 8/2/29<sup>(8)</sup> | $37 | $38 |
|  |  | &nbsp;&nbsp;&nbsp; 268 |
| **Media / Telecom - Diversified<br> Media—0.3%** | **Media / Telecom - Diversified<br> Media—0.3%** |  |
| Century DE Buyer LLC 2025 (1 month Term SOFR + 3.000%)<br> 7.301%, 10/30/30<sup>(8)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 107 |
| McGraw-Hill Education, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.566%, 8/6/31<sup>(8)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 69 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.429%, 4/11/29<sup>(8)</sup> | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 113 |
|  |  | &nbsp;&nbsp;&nbsp; 289 |
| **Media / Telecom -<br> Telecommunications—0.3%** | **Media / Telecom -<br> Telecommunications—0.3%** |  |
| Level 3 Financing, Inc. Tranche B-3 (1 month Term SOFR + 4.250%)<br> 8.566%, 3/27/32<sup>(8)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (3 month PRIME + 1.750%)<br> 9.250%, 9/30/25<sup>(9)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month PRIME + 2.688%)<br> 10.188%, 1/31/26<sup>(9)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
|  |  | &nbsp;&nbsp;&nbsp; 325 |
| **Media / Telecom - Wireless<br> Communications—0.1%** | **Media / Telecom - Wireless<br> Communications—0.1%** |  |
| Viasat, Inc. (1 month Term SOFR + 4.614%)<br> 8.930%, 3/2/29<sup>(8)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 137 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Retail—0.3%** | **Retail—0.3%** |  |
| CNT Holdings I Corp. 2025 (3 month Term SOFR + 2.250%)<br> 6.558%, 11/8/32<sup>(8)</sup> | $118 | $118 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.566%, 6/11/31<sup>(8)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73 |
| Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%)<br> 7.807%, 3/3/28<sup>(8)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 101 |
|  |  | &nbsp;&nbsp;&nbsp; 292 |
| **Service—1.3%** | **Service—1.3%** |  |
| Acuren Delaware Holdco, Inc. (1 month Term SOFR + 2.750%)<br> 7.066%, 7/30/31<sup>(8)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Ascend Learning LLC (1 month Term SOFR + 3.000%)<br> 7.316%, 12/11/28<sup>(8)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 106 |
| BIFM U.S. Finance LLC 2024, Tranche B (1 month Term SOFR + 3.750%)<br> 8.066%, 5/31/28<sup>(8)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 99 |
| DG Investment Intermediate Holdings 2, Inc. (1 month Term SOFR + 3.750%)<br> 8.102%, 7/9/32<sup>(8)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 121 |
| Ensemble RCM LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.308%, 8/1/29<sup>(8)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 60 |
| Garda World Security Corp. (1 month Term SOFR + 3.000%)<br> 7.362%, 2/1/29<sup>(8)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 108 |
| Grant Thornton Advisors LLC 2025 (1 month Term SOFR + 2.500%)<br> 6.816%, 6/2/31<sup>(8)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 69 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Kuehg Corp. (3 month Term SOFR + 2.750%)<br> 7.041%, 6/12/30<sup>(8)</sup> | $92 | $92 |
| Omnia Partners LLC (3 month Term SOFR + 2.500%)<br> 6.814%, 7/25/30<sup>(8)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 74 |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.577%, 3/4/28<sup>(8)</sup> | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 129 |
| TMF Sapphire Bidco B.V. Tranche B-4 (3 month Term SOFR + 2.750%)<br> 7.029% - 7.035%, 5/3/28<sup>(8)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 69 |
| Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)<br> 8.416%, 11/2/27<sup>(8)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 143 |
| WCG Intermediate Corp. Tranche B (1 month Term SOFR + 3.000%)<br> 7.316%, 2/25/32<sup>(8)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp;&nbsp; 1175 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| First Brands Group LLC 2022 (3 month Term SOFR + 5.262%)<br> 9.570%, 3/30/27<sup>(8)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 140 |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Hamilton Projects Acquiror LLC (1 month Term SOFR + 2.500%)<br> 6.816%, 5/30/31<sup>(8)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 29 |
| **Total Leveraged Loans<br> (Identified Cost $8,506)** | **Total Leveraged Loans<br> (Identified Cost $8,506)** | &nbsp;&nbsp;&nbsp;&nbsp; **8237** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—0.3%** | **Preferred Stock—0.3%** | **Preferred Stock—0.3%** |
| **Financials—0.3%** | **Financials—0.3%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275<sup>(15)</sup> | $272 |
| **Total Preferred Stock<br> (Identified Cost $275)** | **Total Preferred Stock<br> (Identified Cost $275)** | &nbsp;&nbsp;&nbsp;&nbsp; **272** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(14)(16)</sup> | &nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp; — |
| MYT Holding LLC Class B<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp;&nbsp; 8 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc.<sup>(14)(16)</sup> | &nbsp;&nbsp;&nbsp; 1663 | &nbsp;&nbsp;&nbsp; — |
| **Total Common Stocks<br> (Identified Cost $104)** | **Total Common Stocks<br> (Identified Cost $104)** | &nbsp;&nbsp;&nbsp;&nbsp; **8** |
| **Total Long-Term Investments—139.9%<br> (Identified Cost $131,351)** | **Total Long-Term Investments—139.9%<br> (Identified Cost $131,351)** | &nbsp;&nbsp;&nbsp;&nbsp;**130445** |
| **TOTAL INVESTMENTS—139.9%<br> (Identified Cost $131,351)** | **TOTAL INVESTMENTS—139.9%<br> (Identified Cost $131,351)** | &nbsp;&nbsp;&nbsp;**$130445** |
| Other assets and liabilities, net—(39.9)% | Other assets and liabilities, net—(39.9)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37219) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;&nbsp; **$93226** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

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

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2025, these securities amounted to a value of $65,636 or 70.4% of net assets. |
| <sup>(3)</sup> | All or a portion of securities is segregated as collateral for margin loan financing. The value of securities segregated as collateral is $52,330. |
| <sup>(4)</sup> | Security in default; no interest payments are being received. |
| <sup>(5)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |

---

<sup>(6)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of August 31, 2025.

<sup>(7)</sup> Issued with a zero coupon. Income is recognized through the accretion of discount.

<sup>(8)</sup> Variable rate security. Rate disclosed is as of August 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(9)</sup> Security in default; interest payments are being received.

<sup>(10)</sup> No contractual maturity date.

<sup>(11)</sup> Amount is less than $500 (not in thousands).

<sup>(12)</sup> 100% of the income received was in PIK.

<sup>(13)</sup> This loan will settle after August 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(14)</sup> 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>(15)</sup> Value shown as par value.

<sup>(16)</sup> Non-income producing.

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;52% |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;35 |
| Total | 100% |
| <sup>†</sup> % of total investments as of August 31, 2025. | <sup>†</sup> % of total investments as of August 31, 2025. |

---

As of August 31, 2025, the Fund has the following unfunded loan commitments:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** |
| Hanger, Inc., 10/23/31 | $15 | $15 | $15&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| USALCO LLC, 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;9&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total | $24 | $24 | $24 &nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

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

See Notes to Schedule of Investments

------

#### VIRTUS Global Multi-Sector Income Fund

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

#### August 31, 2025
($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 |

---

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

<sup>(2)</sup> Amount is less than $500 (not in thousands).

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

There were no securities valued using quoted prices (Level 1) at August 31, 2025.

Security held by the Fund with an end of period value of $7 was transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

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

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

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 August 31, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS GLOBAL MULTI-SECTOR INCOME FUND

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

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

&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;• 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

------

#### VIRTUS GLOBAL MULTI-SECTOR INCOME FUND

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

#### August 31, 2025
categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Virtus Global Multi-Sector Income Fund

- **b. Investment Company Act file number:** 811-22608

- **c. CIK number of Registrant:** 0001528811

- **d. LEI of Registrant:** 5493008J77OQDENT5651

- **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:** 866-270-7788

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

- **a. Name of Series:** Virtus Global Multi-Sector Income Fund

- **c. LEI of Series:** 5493008J77OQDENT5651

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-29

**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:** $133063204.05

**Total Liabilities:** $39835919.50

**Net Assets:** $93227284.55

**Cash Not Reported:** $177083.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5.95742242 | **1-Year:** -33.42806026 | **5-Year:** -1774.98959500 | **10-Year:** -12167.45801000 | **30-Year:** -24182.75654000

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

- **3-Month:** -0.11652454 | **1-Year:** -54.58871182 | **5-Year:** -5749.38901700 | **10-Year:** -8993.50249200 | **30-Year:** -9360.99623400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 2.65%                | 1.01%                | 1.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-129938.58              | $2074356.41                                |
| Month 2  | $96889.30                | $287718.93                                 |
| Month 3  | $-988914.83              | $1941098.59                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BXG Receivables Note Trust          | BXG Receivables Note Trust 2023-A                                               | CUSIP: 123919AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205100 | PA      | $209116.12    | 0.22%             | 2038-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CENT Trust                          | CENT 2025-CITY                                                                  | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $334344.29    | 0.36%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust            | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    312403 | PA      | $309619.48    | 0.33%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| KLOECKNER PENTAPLAST OF AME         | Kloeckner Pentaplast of America Inc                                             | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    156904 | PA      | $93619.87     | 0.10%             | 2026-02-09      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC            | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    155000 | PA      | $152015.59    | 0.16%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL            | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   3460000 | PA      | $555346.57    | 0.60%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VIASAT INC                          | Viasat Inc                                                                      | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    137868 | PA      | $136814.71    | 0.15%             | 2029-03-05      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR             | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    211000 | PA      | $226626.66    | 0.24%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES               | Mexico Government International Bond                                            | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    948000 | PA      | $546882.24    | 0.59%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA               | Indonesia Government International Bond                                         | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    281000 | PA      | $227610.00    | 0.24%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT              | Egypt Government International Bond                                             | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1163000 | PA      | $965103.92    | 1.04%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139373.66    | 0.15%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                 | LBM Acquisition LLC                                                             | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229345.70    | 0.25%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND            | Saudi Government International Bond                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    550000 | PA      | $577502.75    | 0.62%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne      | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240562 | PA      | $242635.97    | 0.26%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC            | Saks Global Enterprises LLC                                                     | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    100000 | PA      | $39500.00     | 0.04%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    295000 | PA      | $237601.68    | 0.25%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA               | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     59000 | PA      | $55165.00     | 0.06%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS             | VistaJet Malta Finance PLC / Vista Management Holding Inc                       | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    215000 | PA      | $223594.62    | 0.24%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                    | Peruvian Government International Bond                                          | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    411000 | PA      | $250196.25    | 0.27%             | 2072-01-15      | Fixed         | 3.60%                 | 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        |    396000 | PA      | $406902.32    | 0.44%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $125568.75    | 0.13%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                       | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    145000 | PA      | $151232.26    | 0.16%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                     | NBC Funding LLC                                                                 | CUSIP: 62878YAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $407840.16    | 0.44%             | 2055-07-30      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT              | Egypt Government International Bond                                             | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    280000 | PA      | $251020.00    | 0.27%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DYNAMO US BIDCO INC                 | DYNAMO US BIDCO INC                                                             | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29775 | PA      | $29923.88     | 0.03%             | 2031-09-26      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    670000 | PA      | $666074.22    | 0.71%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                             | Romanian Government International Bond                                          | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    158000 | PA      | $158219.62    | 0.17%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RED SPV LLC                         | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135000 | PA      | $134662.50    | 0.14%             | 2032-03-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| ROMANIA                             | Romanian Government International Bond                                          | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    566000 | PA      | $537100.04    | 0.58%             | 2035-03-24      | Fixed         | 5.75%                 | 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        |       985 | PA      | $980.64       | 0.00%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                  | Dominican Republic International Bond                                           | CUSIP: 25714PCW6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    305000 | PA      | $309231.88    | 0.33%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC               | ECL ENTERTAINMENT LLC                                                           | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    107796 | PA      | $107769.16    | 0.12%             | 2030-08-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    145000 | PA      | $157146.12    | 0.17%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC              | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    190000 | PA      | $206887.01    | 0.22%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD            | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    270000 | PA      | $272891.18    | 0.29%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA            | Altice France Holding SA                                                        | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    185000 | PA      | $66594.31     | 0.07%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MSCI INC                            | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    261000 | PA      | $248835.02    | 0.27%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST             | Office Properties Income Trust                                                  | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    539000 | PA      | $369543.79    | 0.40%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC              | RADIOLOGY PARTNERS INC                                                          | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |    125000 | PA      | $124947.50    | 0.13%             | 2032-06-30      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS               | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     41000 | PA      | $35289.74     | 0.04%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                 | Rocket Software Inc                                                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102955.50    | 0.11%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                          | Affirm Asset Securitization Trust 2023-B                                        | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $350284.45    | 0.38%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| FLORA FOOD MANAG                    | FLORA FOOD MANAG                                                                | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | LON              | CORP              | US        |    131941 | PA      | $128313.06    | 0.14%             | 2028-01-03      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    174000 | PA      | $180797.35    | 0.19%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2             | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    120000 | PA      | $120278.66    | 0.13%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING            | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    270000 | PA      | $274043.25    | 0.29%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                    | Teine Energy Ltd                                                                | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $246031.20    | 0.26%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    103221 | PA      | $85802.06     | 0.09%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT              | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    215000 | PA      | $214014.40    | 0.23%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust           | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171400 | PA      | $162667.20    | 0.17%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA               | Indonesia Government International Bond                                         | CUSIP: 455780CV6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    125000 | PA      | $109262.50    | 0.12%             | 2031-03-12      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                 | Turkiye Government International Bond                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    154000 | PA      | $173327.00    | 0.19%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING             | Herbalife Nutrition Ltd / HLF Financing Inc                                     | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    140000 | PA      | $140000.00    | 0.15%             | 2025-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    355000 | PA      | $358164.19    | 0.38%             | 2035-10-25      | Fixed         | 5.52%                 | 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        |    230000 | PA      | $239695.90    | 0.26%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust           | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215000 | PA      | $198570.07    | 0.21%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    101624 | PA      | $93493.82     | 0.10%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL            | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl             | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $87203.20     | 0.09%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                     | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263599 | PA      | $269391.06    | 0.29%             | 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        |    235000 | PA      | $247488.14    | 0.27%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    629000 | PA      | $436938.00    | 0.47%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HARBOR FREIGHT TOOLS                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |     73877 | PA      | $72896.53     | 0.08%             | 2031-06-11      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | GARDA WORLD SECURITY                                                            | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    107788 | PA      | $107652.96    | 0.12%             | 2029-02-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LIFEPOINT HEALTH INC                                                            | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     24813 | PA      | $24524.74     | 0.03%             | 2031-05-19      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| DECHRA FINANCE US                   | DECHRA FINANCE US                                                               | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79800 | PA      | $79999.50     | 0.09%             | 2032-01-27      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                | Samarco Mineracao SA                                                            | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    184968 | PA      | $183663.87    | 0.20%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EPICOR SOFTWARE CORP                | EPICOR SOFTWARE CORP                                                            | CUSIP: 29426NAZ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |     91242 | PA      | $91433.39     | 0.10%             | 2031-05-30      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                 | ASCEND LEARNING LLC                                                             | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    106602 | PA      | $106501.34    | 0.11%             | 2028-12-11      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CATAWBA NATION GAMING AU            | CATAWBA NATION GAMING AUTHORITY                                                 | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    105000 | PA      | $107001.30    | 0.11%             | 2032-03-29      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM             | International Petroleum Corp                                                    | CUSIP: 000000000<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $507890.16    | 0.54%             | 2027-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                 | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    387000 | PA      | $406659.60    | 0.44%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS               | Universal Health Services Inc                                                   | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    145000 | PA      | $139688.02    | 0.15%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                  | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    343000 | PA      | $324563.75    | 0.35%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                       | MODIVCARE INC                                                                   | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |     34651 | PA      | $15159.74     | 0.02%             | 2031-07-01      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                    | Taseko Mines Ltd                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $105137.50    | 0.11%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | MCGRAW-HILL EDUCATION INC                                                       | CUSIP: 58063DAF0<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |     68609 | PA      | $68833.92     | 0.07%             | 2031-08-06      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226081.02    | 0.24%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                 | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    538000 | PA      | $555485.00    | 0.60%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183447.66    | 0.20%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                 | Benin Government International Bond                                             | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    125000 | PA      | $122673.75    | 0.13%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND            | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   1051000 | PA      | $880533.06    | 0.94%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S            | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2386000 | PA      | $357900.00    | 0.38%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                | Rackspace Technology Global Inc                                                 | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    275000 | PA      | $71500.00     | 0.08%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                   | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    113000 | PA      | $112915.25    | 0.12%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)              | Pertamina Persero PT                                                            | CUSIP: 69370PAL5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    245000 | PA      | $217513.45    | 0.23%             | 2031-02-09      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust       | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23593 | PA      | $23503.65     | 0.03%             | 2026-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                      | Qatar Government International Bond                                             | CUSIP: 74727PBE0<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    365000 | PA      | $311331.93    | 0.33%             | 2050-04-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                        | QatarEnergy                                                                     | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    216000 | PA      | $191702.87    | 0.21%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association      | US Bank NA                                                                      | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113832 | PA      | $115185.04    | 0.12%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                         | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127597.00    | 0.14%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II             | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19396 | PA      | $15128.65     | 0.02%             | 2026-04-02      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG               | Illuminate Buyer LLC / Illuminate Holdings IV Inc                               | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $220077.66    | 0.24%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                      | Azorra Finance Ltd                                                              | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    105000 | PA      | $108447.36    | 0.12%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                                  | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $185945.85    | 0.20%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                           | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35932.77     | 0.04%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP             | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41952.84     | 0.05%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust          | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    187655 | PA      | $189521.81    | 0.20%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     35000 | PA      | $41103.62     | 0.04%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                   | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    145000 | PA      | $146087.50    | 0.16%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                   | Trinidad & Tobago Government International Bond                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    183000 | PA      | $182862.75    | 0.20%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     49177 | PA      | $46779.71     | 0.05%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS              | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    157000 | PA      | $153075.00    | 0.16%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN            | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $116737.19    | 0.13%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC            | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    331000 | PA      | $335046.14    | 0.36%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                          | USALCO LLC                                                                      | CUSIP: 91732NAP8<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |      8620 | PA      | $8603.74      | 0.01%             | 2031-09-30      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     50477 | PA      | $32684.03     | 0.04%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE               | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $210758.37    | 0.23%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                  | Angolan Government International Bond                                           | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    533000 | PA      | $490053.10    | 0.53%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC               | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10166.67     | 0.01%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47204.37     | 0.05%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                             | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    227000 | PA      | $231560.43    | 0.25%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    780567 | PA      | $773399.60    | 0.83%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE             | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    115000 | PA      | $108208.10    | 0.12%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing L.P.           | Trinity Rail Leasing 2019-1 LLC                                                 | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263114 | PA      | $261043.56    | 0.28%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2023-B38 Mortgage Trust                                               | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165000 | PA      | $169365.12    | 0.18%             | 2056-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                            | SGUS LLC                                                                        | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64545 | PA      | $56733.99     | 0.06%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                 | Benin Government International Bond                                             | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    247000 | PA      | $247540.93    | 0.27%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES               | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    270000 | PA      | $279003.44    | 0.30%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR            | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $368835.72    | 0.40%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS              | Emirate of Dubai Government International Bonds                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    205000 | PA      | $152148.95    | 0.16%             | 2050-09-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    171000 | PA      | $171801.99    | 0.18%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210062.27    | 0.23%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1272055 | PA      | $1299843.05   | 1.39%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II             | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22204 | PA      | $21167.49     | 0.02%             | 2026-04-02      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| ALA Trust                           | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $271181.25    | 0.29%             | 2040-06-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC               | LEVEL 3 FINANCING INC                                                           | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    120000 | PA      | $120475.20    | 0.13%             | 2032-03-29      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    172000 | PA      | $160928.50    | 0.17%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES            | ION TRADING TECHNOLOGIES SA                                                     | CUSIP: 000000000<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | LON              | CORP              | LU        |    120804 | PA      | $121080.87    | 0.13%             | 2028-04-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    129000 | PA      | $130768.33    | 0.14%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    670000 | PA      | $651784.38    | 0.70%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    318926 | PA      | $171422.87    | 0.18%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD            | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125658.11    | 0.13%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                                  | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    130000 | PA      | $122144.57    | 0.13%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    160000 | PA      | $174841.76    | 0.19%             | 2033-03-15      | Fixed         | 7.00%                 | 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        |    416850 | PA      | $425121.97    | 0.46%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL              | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    517000 | PA      | $529408.00    | 0.57%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING            | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $93067.91     | 0.10%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA               | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1380000 | PA      | $266641.94    | 0.29%             | 2025-04-21      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS            | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    135000 | PA      | $140120.15    | 0.15%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HANGER INC                          | HANGER INC                                                                      | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |     18132 | PA      | $18165.66     | 0.02%             | 2031-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                 | Turkiye Government International Bond                                           | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     59000 | PA      | $57303.75     | 0.06%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU            | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $577708.59    | 0.62%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE            | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    212000 | PA      | $219557.80    | 0.24%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245000 | PA      | $232763.13    | 0.25%             | 2037-03-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN            | Weekley Homes LLC / Weekley Finance Corp                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $262873.27    | 0.28%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                 | MESQUITE ENERGY INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $13.50        | 0.00%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO              | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73660.72     | 0.08%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                           | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113974.18    | 0.12%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                    | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    401000 | PA      | $367488.29    | 0.39%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                   | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    507000 | PA      | $501139.08    | 0.54%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    155000 | PA      | $153191.46    | 0.16%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                      | Czech Republic Government Bond                                                  | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |  13310000 | PA      | $548529.40    | 0.59%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $124751.53    | 0.13%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                                  | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $33856.92     | 0.04%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    205000 | PA      | $214716.39    | 0.23%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECTWISE LLC                     | ConnectWise LLC                                                                 | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     81346 | PA      | $81571.45     | 0.09%             | 2028-09-29      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                 | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     15000 | PA      | $15345.00     | 0.02%             | 2032-02-23      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL              | Brazilian Government International Bond                                         | CUSIP: 105756CM0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    262000 | PA      | $267502.00    | 0.29%             | 2030-11-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                 | Nigeria Government International Bond                                           | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    463000 | PA      | $434557.91    | 0.47%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                     | DAE Funding LLC                                                                 | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    205000 | PA      | $197447.80    | 0.21%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR             | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    160000 | PA      | $168550.40    | 0.18%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    295000 | PA      | $336869.21    | 0.36%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR            | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138270.96    | 0.15%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LIFEPOINT HEALTH INC                                                            | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    119124 | PA      | $118126.54    | 0.13%             | 2031-05-19      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                         | Corp Nacional del Cobre de Chile                                                | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     59000 | PA      | $62422.00     | 0.07%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES            | Banco de Credito e Inversiones SA                                               | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    226000 | PA      | $244080.00    | 0.26%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora      | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168046 | PA      | $156500.09    | 0.17%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR            | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69656.66     | 0.07%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                                  | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    168750 | PA      | $178653.26    | 0.19%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL              | Brazilian Government International Bond                                         | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    837000 | PA      | $813564.00    | 0.87%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                      | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103772.51    | 0.11%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DG INVESTMENT INTERMEDI             | DG INVESTMENT INTERMEDI                                                         | CUSIP: 23344MAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    120628 | PA      | $120929.21    | 0.13%             | 2032-07-12      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust            | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131398 | PA      | $130539.23    | 0.14%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                 | Ashtead Capital Inc                                                             | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    310000 | PA      | $315836.33    | 0.34%             | 2033-05-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP               | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30601.71     | 0.03%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                   | Chile Government International Bond                                             | CUSIP: 168863EA2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    505000 | PA      | $474700.00    | 0.51%             | 2054-01-05      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS            | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119040.10    | 0.13%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT             | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   4700000 | PA      | $214001.25    | 0.23%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE               | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    275000 | PA      | $265375.00    | 0.28%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                 | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    183000 | PA      | $178782.34    | 0.19%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    336698 | PA      | $240738.78    | 0.26%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC               | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262238.57    | 0.28%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                | Colombia Government International Bond                                          | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    622000 | PA      | $517659.50    | 0.56%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP            | Graham Packaging Co Inc                                                         | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |    320000 | PA      | $320099.52    | 0.34%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO              | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    137000 | PA      | $156941.15    | 0.17%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                          | USALCO LLC                                                                      | CUSIP: 91732NAN3<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |     83245 | PA      | $83089.36     | 0.09%             | 2031-09-30      | Floating      | 7.81%                 | 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       |      5000 | PA      | $5181.10      | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONE CALL CORP                       | One Call Corp                                                                   | CUSIP: 68235XAB7<br>LEI: 549300WUCCV86ZQHG041 | Long             | LON              | CORP              | US        |    148837 | PA      | $145488.36    | 0.16%             | 2027-04-22      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| CENTURY DE BUYER LLC                | CENTURY DE BUYER LLC                                                            | CUSIP: 15651FAE6<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |    106923 | PA      | $106922.70    | 0.11%             | 2030-10-30      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    660000 | PA      | $675546.10    | 0.72%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust          | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164888 | PA      | $165252.94    | 0.18%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                            | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    285000 | PA      | $296060.00    | 0.32%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS            | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    128549 | PA      | $128121.37    | 0.14%             | 2029-01-31      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP               | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $157459.08    | 0.17%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL            | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    318000 | PA      | $322630.08    | 0.35%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    160000 | PA      | $174884.97    | 0.19%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                  | Republic of Poland Government International Bond                                | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    258000 | PA      | $272930.46    | 0.29%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL             | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    300000 | PA      | $288750.00    | 0.31%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                                             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153661.80    | 0.16%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1060000 | PA      | $989485.15    | 1.06%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198898.00    | 0.21%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      8413 | PA      | $4437.79      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA            | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    180000 | PA      | $192624.31    | 0.21%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                    | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114390 | PA      | $114936.42    | 0.12%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    116381 | PA      | $112889.94    | 0.12%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| GAINWELL ACQUISITION COR            | Gainwell Acquisition Corp                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    144840 | PA      | $142196.36    | 0.15%             | 2027-10-01      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                | Libra Solutions 2024-1 LLC                                                      | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $333339.74    | 0.36%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC              | Nationstar Mortgage Holdings Inc                                                | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $141331.54    | 0.15%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                | Adnoc Murban Rsc Ltd                                                            | CUSIP: 00723L2B4<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |    263000 | PA      | $259878.19    | 0.28%             | 2034-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                 | Malaysia Government Bond                                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |   2360000 | PA      | $541263.91    | 0.58%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION               | CMG MEDIA CORP                                                                  | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130087 | PA      | $124818.62    | 0.13%             | 2029-06-18      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust        | Veros Auto Receivables Trust 2024-1                                             | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $362661.29    | 0.39%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC            | Prime Security Services Borrower LLC / Prime Finance Inc                        | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $214934.27    | 0.23%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO            | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     20000 | PA      | $18305.60     | 0.02%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA                                                                | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    185000 | PA      | $158637.50    | 0.17%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                  | Republic of Poland Government International Bond                                | CUSIP: 857524AF9<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    142000 | PA      | $145692.00    | 0.16%             | 2030-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                   | Lebanon Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    370000 | PA      | $72705.00     | 0.08%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BIFM CA BUYER INC                   | BIFM CA BUYER INC                                                               | CUSIP: 000000000<br>LEI: 5493004RP2P0NY84N260 | Long             | LON              | CORP              | US        |     99127 | PA      | $99467.88     | 0.11%             | 2028-05-31      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                | Constellation Oil Services Holding SA                                           | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |    167000 | PA      | $170423.50    | 0.18%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust           | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $253412.15    | 0.27%             | 2056-07-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR             | El Salvador Government International Bond                                       | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    181000 | PA      | $187211.92    | 0.20%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SPIN HOLDCO INC                     | Spin Holdco Inc                                                                 | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |    152367 | PA      | $128655.66    | 0.14%             | 2028-03-06      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $218488.32    | 0.23%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                    | GLOVES BUYER INC                                                                | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     90000 | PA      | $88537.50     | 0.09%             | 2032-05-24      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $84140.14     | 0.09%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    280000 | PA      | $282053.78    | 0.30%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE             | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp        | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $158516.10    | 0.17%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc        | Hardee's Funding LLC                                                            | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395000 | PA      | $409368.92    | 0.44%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS            | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                         | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    175000 | PA      | $176268.75    | 0.19%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                  | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    454000 | PA      | $454490.32    | 0.49%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND            | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    843000 | PA      | $885154.22    | 0.95%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COGECO COMMUNICATIONS US            | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |     99854 | PA      | $99409.00     | 0.11%             | 2030-09-30      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                 | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    245000 | PA      | $244571.25    | 0.26%             | 2031-02-24      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | GOAT HOLDCO LLC                                                                 | CUSIP: 38021CAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49875 | PA      | $49916.40     | 0.05%             | 2032-01-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    585528 | PA      | $590333.72    | 0.63%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA/France                                                         | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    211751 | PA      | $186764.06    | 0.20%             | 2025-07-31      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| ESC NMG Parent LLC                  | ESC NMG Parent LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       618 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LAD Auto Receivables Trust          | LAD Auto Receivables Trust 2023-2                                               | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $372984.67    | 0.40%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO            | OCP SA                                                                          | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    177000 | PA      | $182892.33    | 0.20%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP              | Millennium Escrow Corp                                                          | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $238277.75    | 0.26%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                    | COLT 2022-5 Mortgage Loan Trust                                                 | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360068 | PA      | $362857.43    | 0.39%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC               | Chobani Holdco II LLC                                                           | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       210 | PA      | $226.44       | 0.00%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                         | Geopark Ltd                                                                     | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    153000 | PA      | $138656.25    | 0.15%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                      | PROOFPOINT INC                                                                  | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    104072 | PA      | $104541.16    | 0.11%             | 2028-08-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L            | Amneal Pharmaceuticals LLC                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5144.58      | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                    | Under Armour Inc                                                                | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94852.46     | 0.10%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL              | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    215000 | PA      | $216290.00    | 0.23%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT            | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    275000 | PA      | $273569.67    | 0.29%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HANGER INC                          | HANGER INC                                                                      | CUSIP: 41043BAH1<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |    140522 | PA      | $140786.65    | 0.15%             | 2031-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     34346 | PA      | $13652.37     | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    158000 | PA      | $156617.50    | 0.17%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                 | DT Auto Owner Trust 2023-1                                                      | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $457921.35    | 0.49%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      4016 | PA      | $3855.36      | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP             | ASP Unifrax Holdings Inc                                                        | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    455000 | PA      | $149012.50    | 0.16%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA                                                                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    125000 | PA      | $106875.00    | 0.11%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PENINSULA PACIFIC ENTERT            | PENINSULA PACIFIC ENTERTAINMENT DEVELOPMENT LLC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      5696 | PA      | $5681.96      | 0.01%             | 2032-08-16      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance        | Commercial Equipment Finance 2024-1 LLC                                         | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    207858 | PA      | $210131.06    | 0.23%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                  | FS Luxembourg Sarl                                                              | CUSIP: 30315XAD6<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     54000 | PA      | $55089.72     | 0.06%             | 2033-06-25      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                  | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    313000 | PA      | $332562.50    | 0.36%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL            | Aston Martin Capital Holdings Ltd                                               | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |     90000 | PA      | $87551.69     | 0.09%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust          | LAD Auto Receivables Trust 2021-1                                               | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $469049.61    | 0.50%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                        | Ecopetrol SA                                                                    | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     97000 | PA      | $103159.50    | 0.11%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| LANNETT CO INC                      | LANNETT CO INC                                                                  | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |      7634 | PA      | $2748.18      | 0.00%             | 2030-06-16      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| DICK'S SPORTING GOODS               | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    290000 | PA      | $205715.35    | 0.22%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR             | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    332000 | PA      | $325974.20    | 0.35%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS               | Endo Finance Holdings Inc                                                       | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $138398.91    | 0.15%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                        | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    135000 | PA      | $138716.02    | 0.15%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| AGGREKO HOLDINGS INC                | AGGREKO HOLDINGS INC                                                            | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     84152 | PA      | $84336.41     | 0.09%             | 2031-05-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| UKG INC                             | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     33945 | PA      | $33917.07     | 0.04%             | 2031-02-10      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                 | Turkiye Government International Bond                                           | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    780000 | PA      | $568230.00    | 0.61%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                        | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    210000 | PA      | $218705.23    | 0.23%             | 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        |    425000 | PA      | $429249.24    | 0.46%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      9191 | PA      | $4641.49      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    115000 | PA      | $123077.60    | 0.13%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                  | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    106000 | PA      | $111142.06    | 0.12%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /            | Albion Financing 1 SARL / Aggreko Holdings Inc                                  | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    130000 | PA      | $134147.39    | 0.14%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                     | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    285000 | PA      | $275621.08    | 0.30%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust          | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360733 | PA      | $358438.69    | 0.38%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     11377 | PA      | $9542.26      | 0.01%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1278640 | PA      | $1306506.88   | 1.40%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     43266 | PA      | $28014.88     | 0.03%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                             | Hungary Government International Bond                                           | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    108000 | PA      | $108270.00    | 0.12%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| USQ Rail                            | USQ Rail III LLC                                                                | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343346 | PA      | $343486.46    | 0.37%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    151000 | PA      | $150010.95    | 0.16%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD               | Nabors Industries Ltd                                                           | CUSIP: 629571AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    100000 | PA      | $100378.40    | 0.11%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC              | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $142100.90    | 0.15%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                          | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $212230.20    | 0.23%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora      | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62877 | PA      | $58115.22     | 0.06%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                  | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $146659.28    | 0.16%             | 2038-07-17      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT             | Mexican Bonos                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   6150000 | PA      | $332184.25    | 0.36%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS WORLDWIDE OPERAT            | Grifols Worldwide Operations USA Inc                                            | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    160000 | PA      | $159633.60    | 0.17%             | 2027-11-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                 | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252480 | PA      | $237646.24    | 0.25%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                | YPF SA                                                                          | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    167000 | PA      | $174105.85    | 0.19%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    299024 | PA      | $154745.14    | 0.17%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC              | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    135000 | PA      | $140728.02    | 0.15%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    564000 | PA      | $560616.00    | 0.60%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS            | Hughes Satellite Systems Corp                                                   | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $92540.60     | 0.10%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                  | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    613000 | PA      | $618792.85    | 0.66%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock    | Lannett Company Inc Common Stock                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1663 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FRONERI LUX FINCO SARL              | Froneri Lux FinCo SARL                                                          | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     55000 | PA      | $55300.33     | 0.06%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                 | Senegal Government International Bond                                           | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    446000 | PA      | $367911.20    | 0.39%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $210182.07    | 0.23%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                 | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    335000 | PA      | $307692.28    | 0.33%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION               | CMG Media Corp                                                                  | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $186345.00    | 0.20%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UPSTREAM NEWCO INC                  | Upstream Newco Inc                                                              | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    183600 | PA      | $150001.18    | 0.16%             | 2026-11-20      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES             | Philippine Government International Bond                                        | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    680000 | PA      | $565760.00    | 0.61%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    497000 | PA      | $423836.63    | 0.45%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                 | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    150000 | PA      | $149592.75    | 0.16%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES             | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    922000 | PA      | $917390.00    | 0.98%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                   | Chile Government International Bond                                             | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    254000 | PA      | $152877.52    | 0.16%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO            | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    290000 | PA      | $265025.75    | 0.28%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora      | Chase Home Lending Mortgage Trust 2023-RPL1                                     | CUSIP: 16159LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    427279 | PA      | $395984.98    | 0.42%             | 2062-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $139840.10    | 0.15%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE            | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75482.74     | 0.08%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD            | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $88841.32     | 0.10%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                  | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    608000 | PA      | $672144.00    | 0.72%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                        | ACRISURE LLC                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |     99003 | PA      | $98848.69     | 0.11%             | 2030-11-06      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $330950.00    | 0.35%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                        | Ecopetrol SA                                                                    | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    195000 | PA      | $171030.60    | 0.18%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                  | A&D Mortgage Trust 2023-NQM3                                                    | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97549 | PA      | $98465.90     | 0.11%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA            | Republic of South Africa Government International Bond                          | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    343000 | PA      | $345401.00    | 0.37%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC            | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212931.54    | 0.23%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     94890 | PA      | $50529.00     | 0.05%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $361071.64    | 0.39%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC            | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    235000 | PA      | $242033.79    | 0.26%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS               | ENDO FINANCE HOLDINGS                                                           | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24812 | PA      | $24893.14     | 0.03%             | 2031-04-23      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                    | Peruvian Government International Bond                                          | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     59000 | PA      | $54014.50     | 0.06%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                  | Republic of Poland Government International Bond                                | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     85000 | PA      | $79526.85     | 0.09%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON PROJECTS ACQUIR            | HAMILTON PROJECTS ACQUIROR LLC                                                  | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |     28650 | PA      | $28721.63     | 0.03%             | 2031-05-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                   | Chile Government International Bond                                             | CUSIP: 168863DV7<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     37000 | PA      | $33633.00     | 0.04%             | 2034-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FINANCIERE MENDEL SASU              | FINANCIERE MENDEL SASU                                                          | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |     29850 | PA      | $29874.78     | 0.03%             | 2030-11-13      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC             | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141151.09    | 0.15%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA               | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     96784 | PA      | $81177.71     | 0.09%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                  | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    150000 | PA      | $148969.50    | 0.16%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                      | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    260000 | PA      | $257956.50    | 0.28%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS            | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    230000 | PA      | $206154.75    | 0.22%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER            | Kraken Oil & Gas Partners LLC                                                   | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    155000 | PA      | $154247.72    | 0.17%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP             | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81845.44     | 0.09%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                | Colombia Government International Bond                                          | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     51000 | PA      | $55437.00     | 0.06%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175945.41    | 0.19%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA             | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    392000 | PA      | $360640.00    | 0.39%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                  | Panama Government International Bond                                            | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     53000 | PA      | $57505.00     | 0.06%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    489000 | PA      | $475381.35    | 0.51%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                  | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    756000 | PA      | $774144.00    | 0.83%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1301357 | PA      | $1214715.67   | 1.30%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                 | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    205000 | PA      | $213550.89    | 0.23%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     59187 | PA      | $30481.32     | 0.03%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENSEMBLE RCM LLC                    | ENSEMBLE RCM LLC                                                                | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     59398 | PA      | $59634.89     | 0.06%             | 2029-08-01      | Floating      | 7.31%                 | 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        |    235000 | PA      | $241746.62    | 0.26%             | 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        |    429000 | PA      | $448305.00    | 0.48%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                        | COTIVITI INC                                                                    | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    133318 | PA      | $133234.91    | 0.14%             | 2031-05-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET            | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $208055.08    | 0.22%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA             | Capital Farm Credit ACA                                                         | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    275000 | PA      | $271562.50    | 0.29%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS            | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $157377.34    | 0.17%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    215000 | PA      | $226586.78    | 0.24%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS          | LUMMUS TECHNOLOGY HOLDINGS                                                      | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |     79127 | PA      | $79265.54     | 0.09%             | 2029-12-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                   | Ghana Government International Bond                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    580348 | PA      | $473709.06    | 0.51%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA            | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  11300000 | PA      | $527666.89    | 0.57%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                   | Gabon Government International Bond                                             | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    540000 | PA      | $441115.20    | 0.47%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    134000 | PA      | $141171.02    | 0.15%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES               | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    467000 | PA      | $398467.75    | 0.43%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                 | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1008290 | PA      | $908469.29    | 0.97%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    112000 | PA      | $114716.00    | 0.12%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OMNIA PARTNERS LLC                  | OMNIA PARTNERS LLC                                                              | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     74438 | PA      | $74464.30     | 0.08%             | 2030-07-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust          | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    243017 | PA      | $241935.77    | 0.26%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC           | FAT Brands Royalty LLC                                                          | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460800 | PA      | $403108.35    | 0.43%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO             | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    170000 | PA      | $162667.90    | 0.17%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                 | New Home Co Inc/The                                                             | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5185.84      | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                    | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     63000 | PA      | $63756.00     | 0.07%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC               | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     37720 | PA      | $37413.40     | 0.04%             | 2029-08-02      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                     | MYT Holding LLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29850 | NS      | $7462.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE              | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221571.02    | 0.24%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust            | Ajax Mortgage Loan Trust 2022-B                                                 | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    439710 | PA      | $426764.44    | 0.46%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    310000 | PA      | $311764.65    | 0.33%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| GRANT THORNTON ADVISORS             | GRANT THORNTON ADVISORS                                                         | CUSIP: 38821UAD2<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     69476 | PA      | $69280.65     | 0.07%             | 2031-05-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II             | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99698 | PA      | $1661.97      | 0.00%             | 2028-08-02      | Floating      | 7.63%                 | No            |                  3 | On Loan: No      |
| CIMPRESS PLC                        | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $150510.45    | 0.16%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC            | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    265000 | PA      | $275467.88    | 0.30%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC            | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    417900 | PA      | $426049.26    | 0.46%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| TRUGREEN LP                         | TruGreen LP                                                                     | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    147301 | PA      | $143158.70    | 0.15%             | 2027-11-02      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    367000 | PA      | $389001.65    | 0.42%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                 | New Home Co Inc/The                                                             | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73922.87     | 0.08%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL            | Phoenix Aviation Capital Ltd                                                    | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |     90000 | PA      | $95386.86     | 0.10%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                   | Newell Brands Inc                                                               | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    127000 | PA      | $127617.22    | 0.14%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                 | Synchrony Financial                                                             | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     93000 | PA      | $92329.24     | 0.10%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                 | Limak Yenilenebilir Enerji AS                                                   | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    150000 | PA      | $152020.01    | 0.16%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    265000 | PA      | $262451.34    | 0.28%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC              | AI AQUA MERGER SUB INC                                                          | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    137166 | PA      | $137172.95    | 0.15%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC               | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60426.72     | 0.06%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                  | Zambia Government International Bond                                            | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    169000 | PA      | $112626.67    | 0.12%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA               | Indonesia Government International Bond                                         | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     63000 | PA      | $39548.25     | 0.04%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS            | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $88802.14     | 0.10%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                    | Peruvian Government International Bond                                          | CUSIP: 715638EC2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    120000 | PA      | $116820.00    | 0.13%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                    | NMEF Funding 2025-A LLC                                                         | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $348913.89    | 0.37%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION            | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55209.28     | 0.06%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    160000 | PA      | $153635.51    | 0.16%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN            | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp              | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30821.46     | 0.03%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                    | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282961.28    | 0.30%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS              | Helix Energy Solutions Group Inc                                                | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    185000 | PA      | $192556.14    | 0.21%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC              | CLOUD SOFTWARE GRP INC                                                          | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    139300 | PA      | $139619.00    | 0.15%             | 2031-03-24      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                   | MOTION FINCO SARL                                                               | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | LON              | CORP              | LU        |     83943 | PA      | $72580.30     | 0.08%             | 2029-11-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS             | Petco Health & Wellness Co Inc                                                  | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    105000 | PA      | $101106.60    | 0.11%             | 2028-03-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    211000 | PA      | $113412.62    | 0.12%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    603000 | PA      | $637974.00    | 0.68%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD              | Eskom Holdings                                                                  | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    521000 | PA      | $553072.76    | 0.59%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DUAX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    827104 | PA      | $800990.50    | 0.86%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA            | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    118000 | PA      | $118699.74    | 0.13%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                       | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    235000 | PA      | $241978.09    | 0.26%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                          | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    542598 | PA      | $540807.33    | 0.58%             | 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        |    149525 | PA      | $151710.49    | 0.16%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC              | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79443.34     | 0.09%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN               | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $15932.27     | 0.02%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES               | Mexico Government International Bond                                            | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $95375.00     | 0.10%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC              | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $371733.96    | 0.40%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRAVERSE MIDSTREAM PARTN            | TRAVERSE MIDSTREAM PARTN                                                        | CUSIP: 000000000<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |    138583 | PA      | $138467.92    | 0.15%             | 2028-02-16      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA            | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    405000 | PA      | $349776.37    | 0.38%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER             | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    225000 | PA      | $229187.25    | 0.25%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN               | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $264592.50    | 0.28%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| M6 ETX HOLDINGS II MIDCO            | M6 ETX HOLDINGS II MIDCO LLC                                                    | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    105000 | PA      | $105543.90    | 0.11%             | 2032-04-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION            | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34956.25     | 0.04%             | 2026-10-15      | Fixed         | 6.00%                 | 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        |    270586 | PA      | $272018.91    | 0.29%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                                | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    131884 | PA      | $131368.37    | 0.14%             | 2028-01-18      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                   | Ghana Government International Bond                                             | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     14278 | PA      | $11975.80     | 0.01%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1407814 | PA      | $1416292.42   | 1.52%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                       | Tidewater Inc                                                                   | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106698.80    | 0.11%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU            | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122940.00    | 0.13%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AAL DELAWARE HOLDCO INC             | AAL DELAWARE HOLDCO INC                                                         | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34738 | PA      | $34737.94     | 0.04%             | 2031-07-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    161477 | PA      | $85986.65     | 0.09%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY            | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    238000 | PA      | $211522.50    | 0.23%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| LV Trust                            | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $284161.42    | 0.30%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     34239 | PA      | $31356.88     | 0.03%             | 2030-02-19      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    520000 | PA      | $389355.20    | 0.42%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CPM HOLDINGS INC                    | CPM HOLDINGS INC                                                                | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |     88889 | PA      | $86740.34     | 0.09%             | 2028-09-28      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                   | Gabon Government International Bond                                             | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    145000 | PA      | $118130.05    | 0.13%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA            | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    705000 | PA      | $536579.03    | 0.58%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    135000 | PA      | $146897.22    | 0.16%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                          | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215000 | PA      | $222899.19    | 0.24%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      2211 | PA      | $1166.32      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                          | Grifols SA                                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    175000 | PA      | $169578.13    | 0.18%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    370000 | PA      | $382080.74    | 0.41%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV                  | NOURYON FINANCE BV                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     57778 | PA      | $57850.23     | 0.06%             | 2028-04-03      | Floating      | 7.55%                 | 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        |    332486 | PA      | $303146.80    | 0.33%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD            | Coronado Finance Pty Ltd                                                        | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $123675.00    | 0.13%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                 | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    103000 | PA      | $67143.13     | 0.07%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc | CLYDESDALE ACQUISITION                                                          | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     50000 | PA      | $49931.00     | 0.05%             | 2029-04-13      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                          | Opal Bidco SAS                                                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     15000 | PA      | $15263.46     | 0.02%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASPIRE BAKERIES HOLDING             | ASPIRE BAKERIES HOLDING                                                         | CUSIP: 000000000<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |     69648 | PA      | $69866.24     | 0.07%             | 2030-12-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    530000 | PA      | $557162.50    | 0.60%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                 | ROCKET SOFTWARE INC                                                             | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    103240 | PA      | $103446.43    | 0.11%             | 2028-11-28      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES               | Mexico Government International Bond                                            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     39000 | PA      | $40365.00     | 0.04%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                         | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     97000 | PA      | $99813.00     | 0.11%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR             | Great Canadian Gaming Corp/Raptor LLC                                           | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     50000 | PA      | $47719.32     | 0.05%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1280681 | PA      | $1309993.99   | 1.41%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC               | Directv Financing LLC                                                           | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148904.53    | 0.16%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE            | Prime Healthcare Services Inc                                                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $67074.15     | 0.07%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT             | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    223913 | PA      | $230254.51    | 0.25%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC            | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    175000 | PA      | $176750.00    | 0.19%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HUNGARY                             | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1180000 | PA      | $1159904.60   | 1.24%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      7878 | PA      | $3978.42      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    160000 | PA      | $183554.58    | 0.20%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165285.60    | 0.18%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II             | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     43301 | PA      | $3139.30      | 0.00%             | 2028-08-02      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| REPUBLIC OF CAMEROON                | Republic of Cameroon International Bond                                         | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    439000 | PA      | $417734.84    | 0.45%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA               | Argentine Republic Government International Bond                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    834000 | PA      | $528756.00    | 0.57%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                | Cornerstone Building Brands Inc                                                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    210000 | PA      | $202118.30    | 0.22%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                 | Altice Financing SA                                                             | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    355000 | PA      | $289875.26    | 0.31%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA            | Comision Ejecutiva Hidroelectrica del Rio Lempa                                 | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |    132000 | PA      | $135021.48    | 0.14%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                     | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    175000 | PA      | $179998.00    | 0.19%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                  | Bolivian Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |    147000 | PA      | $115909.50    | 0.12%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                        | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $258880.63    | 0.28%             | 2040-01-13      | Variable      | 5.65%                 | 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        |    425000 | PA      | $427821.15    | 0.46%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC              | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $93484.53     | 0.10%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                  | BAUSCH + LOMB CORP                                                              | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     98250 | PA      | $98250.00     | 0.11%             | 2028-09-29      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                  | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $359460.15    | 0.39%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139882.29    | 0.15%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                 | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77898.30     | 0.08%             | 2030-02-01      | Fixed         | 6.75%                 | 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        |    330000 | PA      | $330812.82    | 0.35%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                | Capstone Copper Corp                                                            | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    215000 | PA      | $220787.59    | 0.24%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD            | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    170000 | PA      | $178872.95    | 0.19%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                 | CNT HOLDINGS I CORP                                                             | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    118204 | PA      | $118137.56    | 0.13%             | 2032-11-08      | Floating      | 6.75%                 | 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        |    150000 | PA      | $157048.25    | 0.17%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DEL MONTE FOODS CORP II             | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20017 | PA      | $9508.25      | 0.01%             | 2028-08-02      | Floating      | 12.45%                | No            |                  2 | On Loan: No      |
| SNAP INC                            | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141455.16    | 0.15%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CVR CHC LP                          | CVR CHC LP                                                                      | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     64627 | PA      | $64626.92     | 0.07%             | 2027-12-30      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                  | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    104000 | PA      | $108680.00    | 0.12%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HUNGARY                             | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    812000 | PA      | $858690.00    | 0.92%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RFR Trust                           | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345000 | PA      | $353352.14    | 0.38%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA               | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1751200 | PA      | $1322156.00   | 1.42%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1080000 | PA      | $1029375.00   | 1.10%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    145000 | PA      | $149216.15    | 0.16%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                  | Zambia Government International Bond                                            | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    170401 | PA      | $158722.14    | 0.17%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                  | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    275000 | PA      | $278890.70    | 0.30%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR             | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     76000 | PA      | $70087.20     | 0.08%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR            | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAC3<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    534000 | PA      | $531928.08    | 0.57%             | 2027-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KUEHG CORP                          | KUEHG CORP                                                                      | CUSIP: 50118YAH2<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |     92014 | PA      | $92090.19     | 0.10%             | 2030-06-12      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| HUNGARY                             | Hungary Government International Bond                                           | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    237000 | PA      | $242851.53    | 0.26%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC           | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $252780.36    | 0.27%             | 2030-12-16      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| SNAP INC                            | Snap Inc                                                                        | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65169.84     | 0.07%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                          | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $177606.31    | 0.19%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC            | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159119.73    | 0.17%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L            | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    180000 | PA      | $84994.02     | 0.09%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT            | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    130500 | PA      | $129837.71    | 0.14%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO            | OCP SA                                                                          | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    284000 | PA      | $282469.24    | 0.30%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                 | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    551000 | PA      | $603482.75    | 0.65%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                 | Republic of Armenia International Bond                                          | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    149000 | PA      | $133653.00    | 0.14%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CENTRAL PARENT INC                  | CENTRAL PARENT INC                                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    142322 | PA      | $118761.85    | 0.13%             | 2029-07-06      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAT7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     74000 | PA      | $78118.84     | 0.08%             | 2034-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY            | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   1074000 | PA      | $991839.00    | 1.06%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PENINSULA PACIFIC ENTERT            | PENINSULA PACIFIC ENTERTAINMENT DEVELOPMENT LLC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24304 | PA      | $24243.04     | 0.03%             | 2032-08-16      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES            | ION Trading Technologies Sarl                                                   | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    105000 | PA      | $109369.37    | 0.12%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA/France                                                         | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     19747 | PA      | $17496.19     | 0.02%             | 2026-02-02      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva      | Amur Equipment Finance Receivables XV LLC                                       | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $346501.92    | 0.37%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| HUNTER DOUGLAS INC                  | HUNTER DOUGLAS INC                                                              | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |     89411 | PA      | $89373.23     | 0.10%             | 2032-01-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    428000 | PA      | $436639.18    | 0.47%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                  | Ukraine Government International Bond                                           | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     20732 | PA      | $10676.87     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC              | First Brands Group LLC                                                          | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    147678 | PA      | $139987.09    | 0.15%             | 2027-03-30      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                   | Jordan Government International Bond                                            | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    445000 | PA      | $438560.85    | 0.47%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust               | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49129 | PA      | $48038.44     | 0.05%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| EPIC CRUDE SERVICES LP              | EPIC CRUDE SERVICES LP                                                          | CUSIP: 29428XAJ9<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    121008 | PA      | $121348.37    | 0.13%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                         | Ivory Coast Government International Bond                                       | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    464000 | PA      | $429923.84    | 0.46%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP            | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    165000 | PA      | $165029.12    | 0.18%             | 2043-04-30      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| CIM Trust                           | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265988 | PA      | $254191.67    | 0.27%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                | Kyrgyz Republic International Bond                                              | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    318000 | PA      | $319987.50    | 0.34%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LifePoint Health Inc                                                            | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87540.91     | 0.09%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust            | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163304 | PA      | $155383.10    | 0.17%             | 2029-10-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| BANCO NACIONAL COM EXT              | Banco Nacional de Comercio Exterior SNC/Cayman Islands                          | CUSIP: 05970AAA0<br>LEI: 4469000001BL6VG3DH44 | Long             | DBT              | CORP              | MX        |    510000 | PA      | $509683.80    | 0.55%             | 2025-10-14      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                 | Honduras Government International Bond                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    178000 | PA      | $189659.00    | 0.20%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                  | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $387769.19    | 0.42%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC             | DELIVERY HERO FINCO LLC                                                         | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    138064 | PA      | $139186.84    | 0.15%             | 2029-12-12      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER            | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    238000 | PA      | $248025.75    | 0.27%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                 | Petroleos Mexicanos                                                             | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    299000 | PA      | $227688.50    | 0.24%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                 | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    215000 | PA      | $196579.81    | 0.21%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                   | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121218.48    | 0.13%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC            | Caturus Energy LLC                                                              | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    155000 | PA      | $160812.81    | 0.17%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC            | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    220000 | PA      | $232037.30    | 0.25%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    617442 | PA      | $631008.00    | 0.68%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO            | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    265000 | PA      | $275855.73    | 0.30%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T      | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181865 | PA      | $183745.15    | 0.20%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| TREASURE HOLDCO INC                 | TREASURE HOLDCO INC                                                             | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |    139300 | PA      | $138662.01    | 0.15%             | 2031-11-04      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                         | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    361099 | PA      | $362686.76    | 0.39%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust           | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265000 | PA      | $260652.41    | 0.28%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                             | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    987000 | PA      | $986506.50    | 1.06%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA               | Guatemala Government Bond                                                       | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    644000 | PA      | $646405.34    | 0.69%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                   | Ghana Government International Bond                                             | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      5040 | PA      | $4838.40      | 0.01%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO             | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $227592.73    | 0.24%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     50000 | PA      | $50910.50     | 0.05%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T      | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18909 | PA      | $18033.28     | 0.02%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| CHARIOT BUYER LLC                   | Chariot Buyer LLC                                                               | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    118479 | PA      | $118437.71    | 0.13%             | 2028-11-03      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT              | Egypt Government International Bond                                             | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    410000 | PA      | $347602.10    | 0.37%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125940.84    | 0.14%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP              | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    266000 | PA      | $263694.54    | 0.28%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO             | BEACH ACQUISITION BIDCO                                                         | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     35000 | PA      | $35204.05     | 0.04%             | 2032-06-28      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| WCG INTERMEDIATE CORP               | WCG INTERMEDIATE CORP                                                           | CUSIP: 23343FAE4<br>LEI: 254900CEZYHAWVXDTS47 | Long             | LON              | CORP              | US        |     70000 | PA      | $69913.20     | 0.07%             | 2032-02-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                    | Peruvian Government International Bond                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    128000 | PA      | $109840.64    | 0.12%             | 2034-01-15      | Fixed         | 3.00%                 | 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        |    420000 | PA      | $423592.81    | 0.45%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN               | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     70000 | PA      | $75062.12     | 0.08%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT            | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    160000 | PA      | $133664.22    | 0.14%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    925000 | PA      | $881243.16    | 0.95%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    245000 | PA      | $236996.54    | 0.25%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LifePoint Health Inc                                                            | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    250000 | PA      | $270692.75    | 0.29%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| TMF SAPPHIRE BIDCO BV               | TMF SAPPHIRE BIDCO BV                                                           | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |     68955 | PA      | $68955.24     | 0.07%             | 2028-05-03      | Floating      | 7.08%                 | 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        |    320000 | PA      | $320667.26    | 0.34%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| LSF12 CROWN US COMMERCIA            | LSF12 CROWN US COMMERCIAL BIDCO LLC                                             | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    140000 | PA      | $140641.20    | 0.15%             | 2031-12-02      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)              | Pertamina Persero PT                                                            | CUSIP: 69370RAA5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    231000 | PA      | $245238.84    | 0.26%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC            | TK ELEVATOR US NEWCO INC                                                        | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    119700 | PA      | $120087.83    | 0.13%             | 2030-04-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA               | Indonesia Government International Bond                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    252000 | PA      | $237006.00    | 0.25%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                  | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    245000 | PA      | $245892.05    | 0.26%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                 | Turkiye Government International Bond                                           | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    775000 | PA      | $818834.00    | 0.88%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC            | Saks Global Enterprises LLC                                                     | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     50000 | PA      | $11375.00     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Virtus Global Multi-Sector Income Fund

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer