# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044734
**Filing Date:** 2023-2
**Character Count:** 225537
**Document Hash:** 316bf346d1718fd3c72b09ca61496bf1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044734.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044734

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23679959

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

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

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

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

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

## Series and Classes Contracts Data

### Virtus Newfleet Core Plus Bond Fund (Series ID: S000001336)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003572 | CLASS A      | SAVAX           |
| C000003574 | CLASS C      | SAVCX           |
| C000003575 | CLASS I      | SAVYX           |
| C000176707 | Class R6     | VBFRX           |

## Nport-Ex

#### VIRTUS Newfleet Core Plus Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—13.2%** | **U.S. Government Securities—13.2%** | **U.S. Government Securities—13.2%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 2/15/42 | $1555 | $1187 |
| &nbsp;&nbsp;&nbsp;3.000%, 8/15/48 | &nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp; 2558 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/51 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/52 | &nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp; 789 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 4/30/24 | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;0.625%, 12/31/27 | &nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp;1.500%, 2/15/30 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 408 |
| **Total U.S. Government Securities<br> (Identified Cost $14,109)** | **Total U.S. Government Securities<br> (Identified Cost $14,109)** | &nbsp;&nbsp;&nbsp;&nbsp;**11319** |
| **Municipal Bonds—5.4%** | **Municipal Bonds—5.4%** | **Municipal Bonds—5.4%** |
| **California—0.2%** | **California—0.2%** |  |
| Santa Clara Valley Water District Series B, Taxable<br> 2.967%, 6/1/50 | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 164 |
| **Florida—1.2%** | **Florida—1.2%** |  |
| Broward County, Water & Sewer Utility Revenue Series A<br> 4.000%, 10/1/47 | &nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp; 1007 |
| **Idaho—0.2%** | **Idaho—0.2%** |  |
| Idaho Health Facilities Authority St. Luke's Health System Revenue Taxable<br> 5.020%, 3/1/48 | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 152 |
| **Illinois—0.0%** | **Illinois—0.0%** |  |
| Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)<br> 3.411%, 1/1/43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 22 |
| **New York—3.0%** | **New York—3.0%** |  |
| Metropolitan Transportation Authority Revenue Taxable Series A<br> 5.000%, 11/15/45 | &nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp; 1386 |
| New York State Environmental Facilities Corp. Revenue Taxable<br> 5.000%, 6/15/51 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 1161 |
|  |  | &nbsp;&nbsp;&nbsp; 2547 |
| **Texas—0.5%** | **Texas—0.5%** |  |
| City of San Antonio, General Obligation Taxable<br> 1.963%, 2/1/33 | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 195 |
| State of Texas, General Obligation Taxable<br> 3.211%, 4/1/44 | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 63 |
| Texas Public Finance Authority Revenue Taxable<br> 2.140%, 2/1/35 | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 146 |
| Texas Transportation Commission State Highway Fund Revenue Taxable<br> 4.000%, 10/1/33 | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 73 |
|  |  | &nbsp;&nbsp;&nbsp; 477 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Virginia—0.3%** | **Virginia—0.3%** |  |
| City of Bristol, General Obligation Taxable (State AID Withholding Insured)<br> 4.210%, 1/1/42 | $285 | $242 |
| **Total Municipal Bonds<br> (Identified Cost $5,254)** | **Total Municipal Bonds<br> (Identified Cost $5,254)** | &nbsp;&nbsp;&nbsp;&nbsp; **4611** |
| **Foreign Government Securities—1.0%** | **Foreign Government Securities—1.0%** | **Foreign Government Securities—1.0%** |
| Dominican Republic 144A<br> 4.875%, 9/23/32<sup>(1)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 347 |
| Emirate of Dubai Government International Bonds RegS<br> 5.250%, 1/30/43<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 180 |
| United Mexican States<br> 2.659%, 5/24/31 | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 344 |
| **Total Foreign Government Securities<br> (Identified Cost $985)** | **Total Foreign Government Securities<br> (Identified Cost $985)** | &nbsp;&nbsp;&nbsp;&nbsp; **871** |
| **Mortgage-Backed Securities—22.8%** | **Mortgage-Backed Securities—22.8%** | **Mortgage-Backed Securities—22.8%** |
| **Agency—0.2%** | **Agency—0.2%** |  |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #323702<br> 6.000%, 5/1/29 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #535371<br> 6.500%, 5/1/30 | &nbsp;&nbsp; —<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; —<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #590108<br> 7.000%, 7/1/31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;Pool #880117<br> 5.500%, 4/1/36 | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;Pool #909092<br> 6.000%, 9/1/37 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;Pool #909220<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Pool #938574<br> 5.500%, 9/1/36 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;Pool #986067<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Government National Mortgage Association I Pool #443000<br> 6.500%, 9/15/28 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp;&nbsp; 207 |
| **Non-Agency—22.6%** | **Non-Agency—22.6%** |  |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.065%, 9/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 160 |
| American Homes 4 Rent Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-SFR1, A 144A<br> 3.467%, 4/17/52<sup>(1)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;2015-SFR2, C 144A<br> 4.691%, 10/17/52<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 119 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 2.120%, 4/17/37<sup>(1)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, C 144A<br> 2.533%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 90 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | $250 | $228 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;2022-SFR1, C 144A<br> 3.740%, 3/17/39<sup>(1)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 455 |
| Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A<br> 2.068%, 5/25/50<sup>(1)(4)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 186 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.175%, 10/25/48<sup>(1)(4)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 238 |
| BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A<br> 5.568%, 2/15/29<sup>(1)(4)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 350 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A<br> 5.700%, 10/15/36<sup>(1)(4)</sup> | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.296%, 2/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 281 |
| BX Trust 2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 570 |
| Cascade MH Asset Trust 2021-MH1, A1 144A<br> 1.753%, 2/25/46<sup>(1)</sup> | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 366 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 155 |
| CHL Mortgage Pass-Through Trust 2004-6, 1A2<br> 3.065%, 5/25/34<sup>(4)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NR4, A1 144A<br> 2.816%, 10/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 106 |
| COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A<br> 0.857%, 5/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 38 |
| COMM Mortgage Trust 2020-CBM, B 144A<br> 3.099%, 2/10/37<sup>(1)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 191 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, C 144A<br> 3.265%, 10/15/52<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 1.832%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;2020-4, A 144A<br> 1.174%, 12/15/52<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 247 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A<br> 5.298%, 5/15/36<sup>(1)(4)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 366 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 1.208%, 5/25/65<sup>(1)(4)</sup> | $39 | $35 |
| &nbsp;&nbsp;&nbsp;2021-NQM1, A1 144A<br> 0.809%, 5/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 68 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 85 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 766 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 281 |
| Flagstar Mortgage Trust 2017-1, 1A3 144A<br> 3.500%, 3/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 37 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, A21 144A<br> 3.500%, 7/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| GCAT Trust 2020-NQM1, A1 144A<br> 2.247%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 2/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 366 |
| Imperial Fund Mortgage Trust 2021-NQM4, A1 144A<br> 2.091%, 1/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 480 |
| INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A<br> 6.825%, 8/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 303 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, A2 144A<br> 3.449%, 1/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 3.211%, 10/26/48<sup>(1)(4)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28 |
| KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A<br> 5.318%, 12/15/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 135 |
| KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 5/15/36<sup>(1)(4)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 212 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RTL1, A1 144A<br> 2.090%, 2/25/26<sup>(1)(4)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;2021-RTL2, A1 144A<br> 2.090%, 6/25/26<sup>(1)(4)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 103 |
| MetLife Securitization Trust 2017-1A, M1 144A<br> 3.441%, 4/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 265 |
| MFA Trust 2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 235 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;2017-3, M2 144A<br> 3.250%, 1/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 131 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13, AS<br> 4.266%, 11/15/46 | $360 | $351 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;2016-1A, A1 144A<br> 3.750%, 3/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;2016-3A, B1 144A<br> 4.000%, 9/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;2016-4A, B1A 144A<br> 4.500%, 11/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;2019-NQM4, A1 144A<br> 2.492%, 9/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;2019-RPL2, M2 144A<br> 3.750%, 2/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;2020-1A, A1B 144A<br> 3.500%, 10/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;2022-RTL1, A1F 144A<br> 4.336%, 12/25/26<sup>(1)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 97 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 133 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-INV1, A3 144A<br> 4.500%, 11/25/48<sup>(1)(4)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;2021-NQM3, A2 144A<br> 1.260%, 7/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 153 |
| Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 2.363%, 11/25/25<sup>(1)(4)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 2.115%, 3/25/26<sup>(1)(4)</sup> | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;2021-9, A1 144A<br> 2.363%, 10/25/26<sup>(1)(4)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;2021-RPL1, A1 144A<br> 1.319%, 7/25/51<sup>(1)(4)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 60 |
| PRET LLC 2021-RN3, A1 144A<br> 1.843%, 9/25/51<sup>(1)(4)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 290 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A<br> 2.240%, 9/27/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 143 |
| Progress Residential Trust 2019-SFR3, B 144A<br> 2.571%, 9/17/36<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 223 |
| Provident Funding Mortgage Trust 2019-1, A2 144A<br> 3.000%, 12/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 79 |
| RCKT Mortgage Trust 2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(4)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 103 |
| RCO VI Mortgage LLC 2022-1, A1 144A<br> 3.000%, 1/25/27<sup>(1)(4)</sup> | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 191 |
| RCO VII Mortgage LLC 2021-2, A1 144A<br> 2.116%, 9/25/26<sup>(1)(4)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 110 |
| Residential Mortgage Loan Trust 2019-2, A1 144A<br> 2.913%, 5/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.488%, 6/25/43<sup>(4)</sup> | $25 | $24 |
| SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, A1 144A<br> 2.703%, 9/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;2021-1, A3 144A<br> 1.560%, 7/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 150 |
| Starwood Mortgage Residential Trust 2021-3, A3 144A<br> 1.518%, 6/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 49 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.890%, 7/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.722%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 278 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 255 |
| TVC Mortgage Trust 2020-RTL1, A1 144A<br> 3.474%, 9/25/24<sup>(1)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 123 |
| VCAT LLC 2021-NPL2, A1 144A<br> 2.115%, 3/27/51<sup>(1)(4)</sup> | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 114 |
| Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A<br> 1.992%, 5/25/51<sup>(1)(4)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 48 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4, M1 144A<br> 3.207%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;2019-INV2, A1 144A<br> 2.913%, 7/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 207 |
| Visio Trust 2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 72 |
| Wells Fargo Commercial Mortgage Trust 2014-C24, AS<br> 3.931%, 11/15/47 | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 191 |
|  |  | &nbsp;&nbsp;&nbsp;19363 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $22,015)** | **Total Mortgage-Backed Securities<br> (Identified Cost $22,015)** | &nbsp;&nbsp;&nbsp;&nbsp;**19570** |
| **Asset-Backed Securities—11.5%** | **Asset-Backed Securities—11.5%** | **Asset-Backed Securities—11.5%** |
| **Automobiles—3.9%** | **Automobiles—3.9%** |  |
| ACM Auto Trust 2022-1A, B 144A<br> 4.470%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 248 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| American Credit Acceptance Receivables Trust 2022-1, D 144A<br> 2.460%, 3/13/28<sup>(1)</sup> | $270 | $243 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2A, D 144A<br> 3.280%, 1/15/25<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;2019-3A, D 144A<br> 3.040%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 198 |
| CPS Auto Receivables Trust 2019-D, E 144A<br> 3.860%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 258 |
| Credit Acceptance Auto Loan Trust 2020-3A, B 144A<br> 1.770%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 252 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 252 |
| Flagship Credit Auto Trust 2019-2, C 144A<br> 3.090%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 96 |
| Foursight Capital Automobile Receivables Trust 2022-1, B 144A<br> 2.150%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 200 |
| GLS Auto Receivables Trust 2018-3A, C 144A<br> 4.180%, 7/15/24<sup>(1)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| LAD Auto Receivables Trust 2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 243 |
| Lendbuzz Securitization Trust 2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 242 |
| Skopos Auto Receivables Trust 2019-1A, C 144A<br> 3.630%, 9/16/24<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| United Auto Credit Securitization Trust 2021-1, C 144A<br> 0.840%, 6/10/26<sup>(1)</sup> | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 207 |
| Westlake Automobile Receivables Trust 2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 240 |
|  |  | &nbsp;&nbsp; 3368 |
| **Consumer Loans—0.6%** | **Consumer Loans—0.6%** |  |
| OneMain Financial Issuance Trust 2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 255 |
| Oportun Issuance Trust 2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 236 |
| Upstart Securitization Trust 2021-1, A 144A<br> 0.870%, 3/20/31<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp; 500 |
| **Credit Card—0.6%** | **Credit Card—0.6%** |  |
| Avant Credit Card Master Trust 2021-1A, A 144A<br> 1.370%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 256 |
| Genesis Sales Finance Master Trust 2021-AA, A 144A<br> 1.200%, 12/21/26<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 262 |
|  |  | &nbsp;&nbsp; 518 |
| **Equipment—0.4%** | **Equipment—0.4%** |  |
| NMEF Funding LLC 2021-A, B 144A<br> 1.850%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—5.9%** | **Other—5.9%** |  |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 3.720%, 11/15/35<sup>(1)</sup> | $22 | $22 |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 237 |
| Bankers Healthcare Group Securitization Trust 2020-A, A 144A<br> 2.560%, 9/17/31<sup>(1)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 69 |
| BHG Securitization Trust 2021-A, A 144A<br> 1.420%, 11/17/33<sup>(1)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 224 |
| Cajun Global LLC 2021-1, A2 144A<br> 3.931%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 138 |
| CCG Receivables Trust 2021-1, C 144A<br> 0.840%, 6/14/27<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 264 |
| Diamond Resorts Owner Trust 2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 84 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A 144A<br> 3.860%, 11/15/34<sup>(1)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 126 |
| Jack in the Box Funding LLC 2022-1A, A2I 144A<br> 3.445%, 2/26/52<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 277 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 174 |
| MAPS Trust 2021-1A, A 144A<br> 2.521%, 6/15/46<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 182 |
| MVW LLC 2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 218 |
| MVW Owner Trust 2019-1A, A 144A<br> 2.890%, 11/20/36<sup>(1)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 62 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 177 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 188 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 3.300%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 236 |
| Octane Receivables Trust 2020-1A, A 144A<br> 1.710%, 2/20/25<sup>(1)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |
| Orange Lake Timeshare Trust 2019-A, B 144A<br> 3.360%, 4/9/38<sup>(1)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 257 |
| Pawneee Equipment Receivables Series LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 290 |
| Purchasing Power Funding LLC 2021-A, A 144A<br> 1.570%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 326 |
| TRP LLC 2021-1, A 144A<br> 2.070%, 6/19/51<sup>(1)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 119 |
| VFI ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 2.230%, 3/24/28<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 3.040%, 7/24/28<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 400 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| ZAXBY'S Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | $390 | $314 |
|  |  | &nbsp;&nbsp;&nbsp; 5058 |
| **Student Loan—0.1%** | **Student Loan—0.1%** |  |
| Commonbond Student Loan Trust 2019-AGS, A1 144A<br> 2.540%, 1/25/47<sup>(1)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 78 |
| **Total Asset-Backed Securities<br> (Identified Cost $10,681)** | **Total Asset-Backed Securities<br> (Identified Cost $10,681)** | &nbsp;&nbsp;&nbsp;&nbsp; **9891** |
| **Corporate Bonds and Notes—32.3%** | **Corporate Bonds and Notes—32.3%** | **Corporate Bonds and Notes—32.3%** |
| **Communication Services—0.4%** | **Communication Services—0.4%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 103 |
| Telecomunicaciones Digitales S.A. 144A<br> 4.500%, 1/30/30<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp;&nbsp; 303 |
| **Consumer Discretionary—1.4%** | **Consumer Discretionary—1.4%** |  |
| Ashtead Capital, Inc. 144A<br> 4.375%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 285 |
| Carriage Services, Inc. 144A<br> 4.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 64 |
| Dick's Sporting Goods, Inc.<br> 3.150%, 1/15/32 | &nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 282 |
| Ford Motor Co.<br> 4.750%, 1/15/43 | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 79 |
| M/I Homes, Inc.<br> 4.950%, 2/1/28 | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 173 |
| PulteGroup, Inc.<br> 6.375%, 5/15/33 | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 354 |
|  |  | &nbsp;&nbsp;&nbsp; 1237 |
| **Consumer Staples—1.1%** | **Consumer Staples—1.1%** |  |
| Bacardi Ltd. 144A<br> 4.700%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 277 |
| BAT Capital Corp.<br> 7.750%, 10/19/32 | &nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 331 |
| Central American Bottling Corp. 144A<br> 5.250%, 4/27/29<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 84 |
| Church & Dwight Co., Inc.<br> 5.000%, 6/15/52 | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 276 |
|  |  | &nbsp;&nbsp;&nbsp; 968 |
| **Energy—4.2%** | **Energy—4.2%** |  |
| Aker BP ASA 144A<br> 2.000%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 252 |
| Alliance Resource Operating Partners LP 144A<br> 7.500%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 184 |
| BP Capital Markets plc<br> 4.875% <sup>(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 206 |
| Chesapeake Energy Corp. 144A<br> 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 106 |
| CrownRock LP 144A<br> 5.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 121 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| DT Midstream, Inc. 144A<br> 4.125%, 6/15/29<sup>(1)</sup> | $170 | $146 |
| Enbridge, Inc.<br> 7.625%, 1/15/83 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 316 |
| Energy Transfer LP Series H<br> 6.500% <sup>(5)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 198 |
| EQM Midstream Partners LP 144A<br> 7.500%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 188 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 277 |
| HF Sinclair Corp.<br> 5.875%, 4/1/26 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 255 |
| Kinder Morgan Energy Partners LP<br> 7.500%, 11/15/40 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 234 |
| Pertamina Persero PT 144A<br> 6.450%, 5/30/44<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 493 |
| Petroleos Mexicanos<br> 7.690%, 1/23/50 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 190 |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 204 |
| Transocean Guardian Ltd. 144A<br> 5.875%, 1/15/24<sup>(1)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32 |
| USA Compression Partners LP<br> 6.875%, 4/1/26 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 120 |
| Venture Global Calcasieu Pass LLC 144A<br> 3.875%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 3631 |
| **Financials—10.6%** | **Financials—10.6%** |  |
| Allstate Corp. (The) Series B<br> 5.750%, 8/15/53 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 291 |
| Ally Financial, Inc. Series B<br> 4.700% <sup>(5)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 227 |
| Ares Finance Co. LLC 144A<br> 4.000%, 10/8/24<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 258 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 232 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(1)(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 194 |
| Bank of America Corp.<br> 2.687%, 4/22/32 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 780 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(5)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 413 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210 |
| BBVA Bancomer S.A. 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 179 |
| Blackstone Private Credit Fund<br> 2.625%, 12/15/26 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 119 |
| Blue Owl Finance LLC 144A<br> 3.125%, 6/10/31<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 130 |
| Brookfield Finance, Inc.<br> 2.724%, 4/15/31 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 176 |
| Capital One Financial Corp.<br> 2.359%, 7/29/32 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 196 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(5)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 267 |
| Citadel LP 144A<br> 4.875%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 214 |
| Citigroup, Inc.<br> 3.980%, 3/20/30 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 248 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Corebridge Financial, Inc. 144A<br> 6.875%, 12/15/52<sup>(1)</sup> | $290 | $268 |
| Discover Financial Services<br> 6.700%, 11/29/32 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 179 |
| Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A<br> 5.250%, 5/30/23<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 252 |
| Goldman Sachs Group, Inc. (The)<br> 1.992%, 1/27/32 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 251 |
| Jefferies Financial Group, Inc.<br> 2.625%, 10/15/31 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 122 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 287 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 130 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 248 |
| Lincoln National Corp. (3 month LIBOR + 2.040%)<br> 6.283%, 4/20/67<sup>(4)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 227 |
| MetLife, Inc. Series G<br> 3.850% <sup>(5)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 172 |
| Morgan Stanley<br> 6.375%, 7/24/42 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 282 |
| Northern Trust Corp.<br> 6.125%, 11/2/32 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 253 |
| OneMain Finance Corp.<br> 6.875%, 3/15/25 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 149 |
| OWL Rock Core Income Corp.<br> 4.700%, 2/8/27 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 167 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 6/15/43 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;6.000%, 9/1/52 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 43 |
| State Street Corp.<br> 4.164%, 8/4/33 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 139 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 293 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 244 |
| Wells Fargo & Co. Series BB<br> 3.900% <sup>(5)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 320 |
| Zions Bancorp NA<br> 3.250%, 10/29/29 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 204 |
|  |  | &nbsp;&nbsp; 9107 |
| **Health Care—2.4%** | **Health Care—2.4%** |  |
| Bio-Rad Laboratories, Inc.<br> 3.700%, 3/15/32 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 167 |
| CVS Health Corp.<br> 4.300%, 3/25/28 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 208 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 253 |
| GE HealthCare Technologies, Inc. 144A<br> 5.857%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 210 |
| HCA, Inc.<br> 5.250%, 6/15/49 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 145 |
| Illumina, Inc.<br> 2.550%, 3/23/31 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 299 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(6)</sup> | $70 | $53 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 3.150%, 10/1/26 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 152 |
| Universal Health Services, Inc. 144A<br> 2.650%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 279 |
| Utah Acquisition Sub, Inc.<br> 3.950%, 6/15/26 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 100 |
| Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 6/22/27 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 2060 |
| **Industrials—3.8%** | **Industrials—3.8%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 389 |
| Aviation Capital Group LLC 144A<br> 3.500%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 214 |
| Avolon Holdings Funding Ltd. 144A<br> 4.375%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 237 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 187 |
| Boeing Co. (The)<br> 5.930%, 5/1/60 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 199 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 3/15/35<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 228 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 196 |
| Ferguson Finance plc 144A<br> 4.650%, 4/20/32<sup>(1)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 337 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 170 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 292 |
| Masco Corp.<br> 3.125%, 2/15/51 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 115 |
| Pentair Finance S.a.r.l.<br> 5.900%, 7/15/32 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 139 |
| Sempra Global 144A<br> 3.250%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 270 |
| TransDigm, Inc.<br> 5.500%, 11/15/27 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp; 3268 |
| **Information Technology—2.3%** | **Information Technology—2.3%** |  |
| CDW LLC<br> 3.569%, 12/1/31 | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 236 |
| Consensus Cloud Solutions, Inc. 144A<br> 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 115 |
| Dell International LLC<br> 8.100%, 7/15/36 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 221 |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 194 |
| HP, Inc.<br> 5.500%, 1/15/33 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 244 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Kyndryl Holdings, Inc.<br> 2.700%, 10/15/28 | $198 | $149 |
| Leidos, Inc.<br> 2.300%, 2/15/31 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 276 |
| Motorola Solutions, Inc.<br> 4.600%, 5/23/29 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 171 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/9/32 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;3.850%, 4/1/60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 1986 |
| **Materials—2.8%** | **Materials—2.8%** |  |
| Albemarle Corp.<br> 5.050%, 6/1/32 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 217 |
| ArcelorMittal S.A.<br> 6.800%, 11/29/32 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| Avient Corp. 144A<br> 7.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 152 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 271 |
| Celanese U.S. Holdings LLC<br> 6.165%, 7/15/27 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 118 |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 200 |
| Glencore Funding LLC 144A<br> 2.850%, 4/27/31<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 155 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;144A 3.468%, 12/1/50<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 78 |
| Inversiones CMPC S.A. 144A<br> 3.850%, 1/13/30<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 262 |
| Suzano Austria GmbH<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 92 |
| Teck Resources Ltd.<br> 6.125%, 10/1/35 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 262 |
|  |  | &nbsp;&nbsp; 2416 |
| **Real Estate—2.0%** | **Real Estate—2.0%** |  |
| EPR Properties<br> 4.750%, 12/15/26 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 166 |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 6/1/28 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;3.250%, 1/15/32 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 26 |
| Kite Realty Group Trust<br> 4.750%, 9/15/30 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 225 |
| MPT Operating Partnership LP<br> 3.500%, 3/15/31 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 130 |
| Office Properties Income Trust<br> 4.500%, 2/1/25 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 172 |
| Ontario Teachers' Cadillac Fairview Properties Trust 144A<br> 2.500%, 10/15/31<sup>(1)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 252 |
| Phillips Edison Grocery Center Operating Partnership I LP<br> 2.625%, 11/15/31 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 260 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 2/15/30 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 167 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;5.125%, 5/15/32 | $175 | $162 |
|  |  | &nbsp;&nbsp;&nbsp; 1693 |
| **Utilities—1.3%** | **Utilities—1.3%** |  |
| Brooklyn Union Gas Co. (The) 144A<br> 4.866%, 8/5/32<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 178 |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 211 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.379%, 6/15/28 | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;4.224%, 3/15/32 | &nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 140 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 290 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(5)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 95 |
|  |  | &nbsp;&nbsp;&nbsp; 1088 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $31,205)** | **Total Corporate Bonds and Notes<br> (Identified Cost $31,205)** | &nbsp;&nbsp;&nbsp;&nbsp;**27757** |
| **Leveraged Loans—5.0%** | **Leveraged Loans—5.0%** | **Leveraged Loans—5.0%** |
| **Aerospace—0.6%** | **Aerospace—0.6%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(4)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 29 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(4)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 91 |
| Delta Air Lines, Inc. (3 month LIBOR + 3.750%)<br> 7.993%, 10/20/27<sup>(4)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 122 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(4)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 111 |
| TransDigm, Inc. Tranche E (3 month LIBOR + 2.250%)<br> 6.980%, 5/30/25<sup>(4)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp;&nbsp; 473 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(4)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 274 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.500% - 6.880%, 2/11/28<sup>(4)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 121 |
| **Energy—0.2%** | **Energy—0.2%** |  |
| Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%)<br> 7.743%, 12/21/28<sup>(4)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 118 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(4)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp;&nbsp; 214 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%)<br> 7.077%, 6/15/25<sup>(4)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 85 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Citadel Securities LP Tranche B (1 month Term SOFR + 3.114%)<br> 7.438%, 2/2/28<sup>(4)</sup> | $71 | $70 |
|  |  | &nbsp;&nbsp; 155 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%)<br> 6.634% - 6.665%, 8/3/25<sup>(4)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 168 |
| **Forest Prod / Containers—0.2%** | **Forest Prod / Containers—0.2%** |  |
| Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%)<br> 6.024%, 7/1/26<sup>(4)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 146 |
| **Gaming / Leisure—0.6%** | **Gaming / Leisure—0.6%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 12/23/24<sup>(4)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 169 |
| Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.173%, 6/22/26<sup>(4)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 124 |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)<br> 7.417%, 4/13/29<sup>(4)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64 |
| Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)<br> 6.640%, 2/8/27<sup>(4)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 119 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(4)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 80 |
|  |  | &nbsp;&nbsp; 556 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| Agiliti Health, Inc. (1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(4)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 62 |
| LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)<br> 8.165%, 11/16/25<sup>(4)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 98 |
| Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%)<br> 6.923%, 4/20/29<sup>(4)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp; 254 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Standard Industries, Inc. (3 month LIBOR + 2.250%)<br> 6.425%, 9/22/28<sup>(4)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 122 |
| **Information Technology—0.8%** | **Information Technology—0.8%** |  |
| Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%)<br> 9.080%, 9/18/26<sup>(4)</sup> | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 222 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 9/21/28<sup>(4)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 123 |
| Open Text Corp. (3 month LIBOR + 3.750%)<br> 0.000%, 8/25/29<sup>(4)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 78 |
| Sophia LP Tranche B (1 month LIBOR + 3.500%)<br> 8.230%, 10/7/27<sup>(4)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 117 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(4)</sup> | $122 | $116 |
|  |  | &nbsp;&nbsp;&nbsp; 656 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)<br> 7.409%, 10/8/27<sup>(4)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 82 |
| NCR Corp. (3 month LIBOR + 2.500%)<br> 6.920%, 8/28/26<sup>(4)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp;&nbsp; 187 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)<br> 6.884%, 9/18/26<sup>(4)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 73 |
| **Media / Telecom - Cable/Wireless Video—0.1%** | **Media / Telecom - Cable/Wireless Video—0.1%** |  |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(4)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 110 |
| **Media / Telecom - Wireless Communications—0.3%** | **Media / Telecom - Wireless Communications—0.3%** |  |
| SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)<br> 6.140%, 4/11/25<sup>(4)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 220 |
| **Service—0.4%** | **Service—0.4%** |  |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(4)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 119 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(4)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 120 |
| Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 2/1/28<sup>(4)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 83 |
|  |  | &nbsp;&nbsp;&nbsp; 322 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<br> 6.384%, 11/2/23<sup>(4)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 136 |
| **Utilities—0.1%** | **Utilities—0.1%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 8/1/25<sup>(4)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 121 |
| **Total Leveraged Loans<br> (Identified Cost $4,349)** | **Total Leveraged Loans<br> (Identified Cost $4,349)** | &nbsp;&nbsp;&nbsp;&nbsp; **4308** |

---

---

| | |
|:---|:---|
| **Preferred Stocks—1.0%** | **Preferred Stocks—1.0%** |
| **Financials—0.6%** |  |
| JPMorgan Chase & Co. Series HH, 4.600%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106<sup>(7)</sup> | &nbsp;&nbsp; 93 |
| MetLife, Inc. Series D, 5.875%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108<sup>(7)</sup> | &nbsp;&nbsp; 103 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Truist Financial Corp. Series Q, 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310<sup>(7)</sup> | $287 |
|  |  | &nbsp;&nbsp;&nbsp; 483 |
| **Industrials—0.4%** | **Industrials—0.4%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.099%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351<sup>(7)</sup> | &nbsp;&nbsp;&nbsp; 345 |
| **Total Preferred Stocks<br> (Identified Cost $848)** | **Total Preferred Stocks<br> (Identified Cost $848)** | &nbsp;&nbsp;&nbsp;&nbsp; **828** |
| **Total Long-Term Investments—92.2%<br> (Identified Cost $89,446)** | **Total Long-Term Investments—92.2%<br> (Identified Cost $89,446)** | &nbsp;&nbsp;&nbsp;&nbsp;**79155** |
| **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** |
| **Money Market Mutual Fund—2.3%** | **Money Market Mutual Fund—2.3%** | **Money Market Mutual Fund—2.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1978590 | &nbsp;&nbsp;&nbsp; 1979 |
| **Total Short-Term Investment<br> (Identified Cost $1,979)** | **Total Short-Term Investment<br> (Identified Cost $1,979)** | &nbsp;&nbsp;&nbsp;&nbsp; **1979** |
| **TOTAL INVESTMENTS—94.5%<br> (Identified Cost $91,425)** | **TOTAL INVESTMENTS—94.5%<br> (Identified Cost $91,425)** | &nbsp;&nbsp;**$81134** |
| Other assets and liabilities, net—5.5% | Other assets and liabilities, net—5.5% | &nbsp;&nbsp;&nbsp;&nbsp; 4748 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$85882** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BAM | Build America Municipal Insured |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| NA | National Association |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $39,593 or 46.1% of net assets. |
| <sup>(2)</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>(3)</sup> | Amount is less than $500. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | No contractual maturity date. |
| <sup>(6)</sup> | Security in default, interest payments are being received during the bankruptcy proceedings. |
| <sup>(7)</sup> | Value shown as par value. |
| <sup>(8)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

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

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9891 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27757 |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19570 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11319 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79155 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

Security held by the Fund with an end of period value of $343 was transferred from Level 3 to Level 2 due to a increase in trading activities at period end.

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET CORE PLUS BOND FUND

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

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000001336

- **c. LEI of Series:** 549300U1U6DG3SZD7A72

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $82077830.45

**Total Liabilities:** $425008.69

**Net Assets:** $81652821.76

**Cash Not Reported:** $700009.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -1572.00000000 | **10-Year:** -8567.00000000 | **30-Year:** -19341.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -15.00000000 | **5-Year:** -1312.00000000 | **10-Year:** -2270.00000000 | **30-Year:** -2383.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003572 | -5.15%               | -0.69%               | -3.84%               |
| Class ID C000176707 | -1.40%               | 3.16%                | -0.06%               |
| Class ID C000003575 | -1.41%               | 3.26%                | -0.17%               |
| Class ID C000003574 | -2.54%               | 2.19%                | -1.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3217897.30             | $1704236.95                                |
| Month 2  | $-323547.37              | $2595104.43                                |
| Month 3  | $-446247.08              | $122707.47                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bankers Healthcare Group Secur            | BHG Securitization Trust 2021-A                                                 | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240835 | PA      | $223690.17    | 0.27%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS                    | Discover Financial Services                                                     | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    176000 | PA      | $178899.87    | 0.22%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    375000 | PA      | $286846.55    | 0.35%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                      | OneMain Finance Corp                                                            | CUSIP: 85172FAM1<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    155000 | PA      | $148904.63    | 0.18%             | 2025-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                        | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    110000 | PA      | $78957.22     | 0.10%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Funding, LLC              | Jack in the Box Funding LLC                                                     | CUSIP: 466365AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320125 | PA      | $277530.45    | 0.34%             | 2052-02-26      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $181153.83    | 0.22%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting Inc                  | Nexstar Media Inc                                                               | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |     73863 | PA      | $73179.30     | 0.09%             | 2026-09-18      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1335000 | PA      | $848455.08    | 1.04%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    325000 | PA      | $340151.78    | 0.42%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $84507.73     | 0.10%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13                     | CUSIP: 61763BAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $351411.16    | 0.43%             | 2046-11-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                            | CPS Auto Receivables Trust 2019-D                                               | CUSIP: 12655KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $257967.91    | 0.32%             | 2025-10-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC              | Alliance Laundry Systems LLC                                                    | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |     84164 | PA      | $82417.26     | 0.10%             | 2027-10-08      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                        | Agiliti Health Inc                                                              | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |     64167 | PA      | $62482.28     | 0.08%             | 2026-01-04      | Floating      | 6.88%                 | 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        |    310000 | PA      | $283351.07    | 0.35%             | 2056-07-25      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                                                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $315619.50    | 0.39%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora            | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88985 | PA      | $74550.00     | 0.09%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2021-NQM1                                                                  | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80790 | PA      | $67589.20     | 0.08%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31411JDZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106518 | PA      | $109959.94    | 0.13%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                    | BBVA Bancomer SA/Texas                                                          | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $179412.50    | 0.22%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                  | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $119911.25    | 0.15%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    275000 | PA      | $190093.75    | 0.23%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                          | ArcelorMittal SA                                                                | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $198868.98    | 0.24%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| PERTAMINA PERSERO PT                      | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    500000 | PA      | $493218.75    | 0.60%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                  | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261004 | PA      | $234323.10    | 0.29%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                      | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $270903.72    | 0.33%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                    | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAG8<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209789.15    | 0.26%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31409VYN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21264 | PA      | $21677.56     | 0.03%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora            | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177550 | PA      | $154597.35    | 0.19%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | Credit Suisse Mortgage Capital Certificates 2019-ICE4                           | CUSIP: 12653VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $365917.68    | 0.45%             | 2036-05-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                                        | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     44000 | PA      | $42524.94     | 0.05%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                  | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    305000 | PA      | $248453.01    | 0.30%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GCT Commercial Mortgage Trust             | GCT Commercial Mortgage Trust 2021-GCT                                          | CUSIP: 36167RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    395000 | PA      | $366505.57    | 0.45%             | 2038-02-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                    | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    235000 | PA      | $205625.00    | 0.25%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    258158 | PA      | $235471.22    | 0.29%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168659 | PA      | $132608.65    | 0.16%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,            | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36416UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5792 | PA      | $5341.39      | 0.01%             | 2056-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                               | VFI ABS 2022-1 LLC                                                              | CUSIP: 91824CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $400349.83    | 0.49%             | 2028-07-24      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80001 | PA      | $73482.56     | 0.09%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31374TRX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6084 | PA      | $6290.59      | 0.01%             | 2029-05-01      | Fixed         | 6.00%                 | 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        |    600000 | PA      | $512715.48    | 0.63%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                     | Citadel Securities LP                                                           | CUSIP: 17288YAE2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |     71000 | PA      | $70134.51     | 0.09%             | 2028-02-02      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    230000 | PA      | $197800.00    | 0.24%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hostess Brands LLC                        | Hostess Brands LLC                                                              | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |    169003 | PA      | $168298.64    | 0.21%             | 2025-08-03      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CHURCH & DWIGHT CO INC                    | Church & Dwight Co Inc                                                          | CUSIP: 17136MAB8<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    295000 | PA      | $275875.13    | 0.34%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                          | Berry Global Inc                                                                | CUSIP: 08579JBG6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | LON              | CORP              | US        |    147076 | PA      | $145739.29    | 0.18%             | 2026-07-01      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE            | Metropolitan Transportation Authority                                           | CUSIP: 59260XAW8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1386028.37   | 1.70%             | 2045-11-15      | Fixed         | 5.00%                 | 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        |    430000 | PA      | $412855.90    | 0.51%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                  | OBX 2019-INV1 Trust                                                             | CUSIP: 67098AAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16649 | PA      | $15914.68     | 0.02%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                              | Illumina Inc                                                                    | CUSIP: 452327AM1<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    373000 | PA      | $298611.78    | 0.37%             | 2031-03-23      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2019-4                                                | CUSIP: 89178BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $201793.70    | 0.25%             | 2059-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28024 | PA      | $24362.93     | 0.03%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $39866.07     | 0.05%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                | Flagship Credit Auto Trust 2019-2                                               | CUSIP: 33845WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96120 | PA      | $95646.01     | 0.12%             | 2025-05-15      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                            | Albemarle Corp                                                                  | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    230000 | PA      | $216772.20    | 0.27%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                       | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187907 | PA      | $150032.73    | 0.18%             | 2061-07-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123331 | PA      | $102658.31    | 0.13%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                          | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $196005.52    | 0.24%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Sophia LP                                 | Sophia LP                                                                       | CUSIP: 83578BAN3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    121770 | PA      | $117279.95    | 0.14%             | 2027-10-07      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R            | Foursight Capital Automobile Receivables Trust 2022-1                           | CUSIP: 35105JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215000 | PA      | $199711.33    | 0.24%             | 2027-05-17      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2021-9 LLC                                                                 | CUSIP: 69360XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122460 | PA      | $110240.15    | 0.14%             | 2026-10-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                   | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    250000 | PA      | $204145.00    | 0.25%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                  | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    330000 | PA      | $292853.75    | 0.36%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr            | Credit Acceptance Auto Loan Trust 2020-3                                        | CUSIP: 22536BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $251512.43    | 0.31%             | 2029-12-17      | Fixed         | 1.77%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                       | Inversiones CMPC SA                                                             | CUSIP: 46128MAN1<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    290000 | PA      | $261507.50    | 0.32%             | 2030-01-13      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                               | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95506.68     | 0.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40429 | PA      | $37563.54     | 0.05%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                        | Ally Financial Inc                                                              | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    339000 | PA      | $226706.25    | 0.28%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                               | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    359000 | PA      | $289875.06    | 0.36%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                      | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $211353.54    | 0.26%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                | Citadel LP                                                                      | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    230000 | PA      | $213765.93    | 0.26%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                       | Applied Systems Inc                                                             | CUSIP: 03827FAX9<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    223073 | PA      | $222098.07    | 0.27%             | 2024-09-19      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC            | VCAT 2021-NPL2 LLC                                                              | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126009 | PA      | $113861.48    | 0.14%             | 2051-03-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                      | Blue Owl Finance LLC                                                            | CUSIP: 09581JAA4<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    175000 | PA      | $129975.03    | 0.16%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                     | Truist Financial Corp                                                           | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    310000 | PA      | $286750.00    | 0.35%             | N/A             | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2020-SFR1 Trust                                                            | CUSIP: 00180AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $232568.85    | 0.28%             | 2037-04-17      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33189 | PA      | $30699.27     | 0.04%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Brookfield WEC Holdings Inc               | Brookfield WEC Holdings Inc                                                     | CUSIP: 11284EAM5<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    122674 | PA      | $120770.56    | 0.15%             | 2025-08-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                  | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118359.15    | 0.14%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                | Navient Private Education Refi Loan Trust 2021-E                                | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    211859 | PA      | $177478.05    | 0.22%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive Inc            | Cooper-Standard Automotive Inc                                                  | CUSIP: 21676TAC9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | LON              | CORP              | US        |    139431 | PA      | $136119.69    | 0.17%             | 2023-11-02      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                            | Open Text Corp                                                                  | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |     80000 | PA      | $78060.00     | 0.10%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $198502.44    | 0.24%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Orange Lake Timeshare Trust               | Orange Lake Timeshare Trust 2019-A                                              | CUSIP: 68504UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272784 | PA      | $256702.11    | 0.31%             | 2038-04-09      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                 | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112833 | PA      | $106106.20    | 0.13%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $408187.50    | 0.50%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru            | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    256000 | PA      | $254864.36    | 0.31%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables              | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $290042.49    | 0.36%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                     | Mexico Government International Bond                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    425000 | PA      | $343400.00    | 0.42%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST                   | Kite Realty Group Trust                                                         | CUSIP: 76131VAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $224485.69    | 0.27%             | 2030-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $243616.54    | 0.30%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2021-RPL1 LLC                                                              | CUSIP: 69360GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67478 | PA      | $60030.03     | 0.07%             | 2051-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                | Leidos Inc                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    360000 | PA      | $275779.97    | 0.34%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                    | Chesapeake Energy Corp                                                          | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106147.25    | 0.13%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                    | Cascade MH Asset Trust 2021-MH1                                                 | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430733 | PA      | $365948.45    | 0.45%             | 2046-02-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                              | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AQ1<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    195000 | PA      | $167021.58    | 0.20%             | 2032-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                          | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    308000 | PA      | $331277.09    | 0.41%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62076 | PA      | $58446.53     | 0.07%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                     | American Homes 4 Rent 2015-SFR2 Trust                                           | CUSIP: 02666BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $119166.95    | 0.15%             | 2052-10-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                    | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    245000 | PA      | $213992.15    | 0.26%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31384VW81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       299 | PA      | $305.95       | 0.00%             | 2030-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                   | Office Properties Income Trust                                                  | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $172169.04    | 0.21%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    275000 | PA      | $248018.58    | 0.30%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                     | Tricon American Homes 2019-SFR1 Trust                                           | CUSIP: 89612LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $171212.74    | 0.21%             | 2038-03-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2019-1                                                | CUSIP: 89177BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130947 | PA      | $123209.03    | 0.15%             | 2058-03-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                       | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    287000 | PA      | $236498.39    | 0.29%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)        | Dun & Bradstreet Corp/The                                                       | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    120774 | PA      | $119458.96    | 0.15%             | 2026-02-06      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                                               | CUSIP: 857477BV4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138559.77    | 0.17%             | 2033-08-04      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | Corevest American Finance 2020-4 Trust                                          | CUSIP: 21873AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279756 | PA      | $246945.29    | 0.30%             | 2052-12-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                    | CHL Mortgage Pass-Through Trust 2004-6                                          | CUSIP: 12669FVE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57788 | PA      | $52459.63     | 0.06%             | 2034-05-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                      | LHOME Mortgage Trust 2021-RTL1                                                  | CUSIP: 501894AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $255600.93    | 0.31%             | 2026-02-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC              | Hilton Worldwide Finance LLC                                                    | CUSIP: 43289DAH6<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |    125000 | PA      | $124502.50    | 0.15%             | 2026-06-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-1                                      | CUSIP: 64829FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31690 | PA      | $29067.29     | 0.04%             | 2056-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                          | RCO VII Mortgage LLC 2021-2                                                     | CUSIP: 74938JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120248 | PA      | $109920.81    | 0.13%             | 2026-09-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| KNDL Mortgage Trust                       | KNDL 2019-KNSQ Mortgage Trust                                                   | CUSIP: 482598AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215000 | PA      | $212486.78    | 0.26%             | 2036-05-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                             | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    310000 | PA      | $291400.00    | 0.36%             | 2053-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                           | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223312 | PA      | $187780.13    | 0.23%             | 2051-07-30      | Fixed         | 2.99%                 | 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        |    200000 | PA      | $180225.00    | 0.22%             | 2043-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                               | Aker BP ASA                                                                     | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    285000 | PA      | $251743.58    | 0.31%             | 2026-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust               | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91695 | PA      | $84505.66     | 0.10%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| ARES FINANCE CO LLC                       | Ares Finance Co LLC                                                             | CUSIP: 04015CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $257706.27    | 0.32%             | 2024-10-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1840000 | PA      | $1279518.74   | 1.57%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                          | RCO VI Mortgage LLC 2022-1                                                      | CUSIP: 74934VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203366 | PA      | $190797.00    | 0.23%             | 2027-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $130241.88    | 0.16%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                            | PulteGroup Inc                                                                  | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $354131.43    | 0.43%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                          | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $235894.75    | 0.29%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Air Canada                                | Air Canada                                                                      | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |     29925 | PA      | $29513.53     | 0.04%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T            | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    916165 | PA      | $766441.78    | 0.94%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust              | Upstart Securitization Trust 2021-1                                             | CUSIP: 91681NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8375 | PA      | $8348.60      | 0.01%             | 2031-03-20      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                          | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    158000 | PA      | $140216.85    | 0.17%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru            | First Investors Auto Owner Trust 2021-1                                         | CUSIP: 32059FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $284086.83    | 0.35%             | 2027-03-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                  | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    576178 | PA      | $467632.84    | 0.57%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CADILLAC FAIRVIEW PRP TR                  | Ontario Teachers' Cadillac Fairview Properties Trust                            | CUSIP: 68327LAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    330000 | PA      | $251554.99    | 0.31%             | 2031-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                  | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    260000 | PA      | $236897.84    | 0.29%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                          | NMEF Funding 2021-A LLC                                                         | CUSIP: 62919TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385000 | PA      | $369299.20    | 0.45%             | 2027-12-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| CAJUN GLOBAL LLC                          | Cajun Global LLC                                                                | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162525 | PA      | $137644.86    | 0.17%             | 2051-11-20      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec            | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $242930.96    | 0.30%             | 2028-03-13      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                      | Entegris Escrow Corp                                                            | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $194242.64    | 0.24%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                   | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    355000 | PA      | $259778.71    | 0.32%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2022-SFR1 Trust                                                            | CUSIP: 00179WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    515000 | PA      | $454887.35    | 0.56%             | 2039-03-17      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                          | NMEF Funding 2019-A LLC                                                         | CUSIP: 65489MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166132 | PA      | $165009.79    | 0.20%             | 2026-08-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                  | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    140484 | PA      | $125643.90    | 0.15%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                       | Resideo Funding Inc                                                             | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |    122750 | PA      | $121446.40    | 0.15%             | 2028-02-11      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2019-NQM4                                   | CUSIP: 64828EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45780 | PA      | $41243.25     | 0.05%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    110000 | PA      | $92262.50     | 0.11%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                          | NAB Holdings LLC                                                                | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |    123576 | PA      | $119930.79    | 0.15%             | 2028-11-23      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                   | UKG Inc                                                                         | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    122308 | PA      | $116192.36    | 0.14%             | 2026-05-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197000 | PA      | $220761.77    | 0.27%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management        | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1229378 | NS      | $1229378.41   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31412YFP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45145 | PA      | $46590.54     | 0.06%             | 2036-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405000 | PA      | $343198.70    | 0.42%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne            | Pretium Mortgage Credit Partners I 2021-NPL1 LLC                                | CUSIP: 741389AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    156768 | PA      | $142782.39    | 0.17%             | 2060-09-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $90413.50     | 0.11%             | 2037-07-17      | Fixed         | 2.53%                 | 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        |    270000 | PA      | $243252.15    | 0.30%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                | Progress Residential 2019-SFR3 Trust                                            | CUSIP: 74332WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $222746.42    | 0.27%             | 2036-09-17      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                      | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    190000 | PA      | $155481.77    | 0.19%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                               | Avient Corp                                                                     | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    155000 | PA      | $151517.45    | 0.19%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2019-INV2                                            | CUSIP: 92537HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50659 | PA      | $48857.21     | 0.06%             | 2059-07-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                         | Imperial Fund Mortgage Trust 2021-NQM4                                          | CUSIP: 45276JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    583058 | PA      | $480278.89    | 0.59%             | 2057-01-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur            | Bankers Healthcare Group Securitization Trust 2020-A                            | CUSIP: 06616PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70847 | PA      | $69212.19     | 0.08%             | 2031-09-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31387PR53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3065 | PA      | $3120.74      | 0.00%             | 2031-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                     | American Homes 4 Rent 2015-SFR1 Trust                                           | CUSIP: 02666AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192891 | PA      | $183683.07    | 0.22%             | 2052-04-17      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                          | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    225000 | PA      | $186750.00    | 0.23%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                  | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155371 | PA      | $144322.82    | 0.18%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                   | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    175000 | PA      | $151834.38    | 0.19%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2019-4                                               | CUSIP: 92537KAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $84373.45     | 0.10%             | 2059-11-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190878 | PA      | $173460.14    | 0.21%             | 2056-09-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                    | Motorola Solutions Inc                                                          | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    180000 | PA      | $171310.98    | 0.21%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                  | Purchasing Power Funding 2021-A LLC                                             | CUSIP: 74615JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $325583.42    | 0.40%             | 2025-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                      | Pentair Finance Sarl                                                            | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $196014.35    | 0.24%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                       | ZAXBY'S FUNDING LLC                                                             | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390062 | PA      | $313952.72    | 0.38%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                       | Northern Trust Corp                                                             | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    240000 | PA      | $253066.13    | 0.31%             | 2032-11-02      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                  | Foundation Finance Trust 2019-1                                                 | CUSIP: 35041JAA3<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |     36685 | PA      | $35923.81     | 0.04%             | 2034-11-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| INTOWN 2022-STAY                          | INTOWN 2022-STAY Mortgage Trust                                                 | CUSIP: 46117NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $302994.50    | 0.37%             | 2039-08-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings, LLC                | Mileage Plus Holdings LLC                                                       | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    108000 | PA      | $110943.00    | 0.14%             | 2027-06-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| COLT Funding LLC                          | COLT 2021-1RMortgage Pass-Through Certificates                                  | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44968 | PA      | $37713.63     | 0.05%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                     | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $255352.52    | 0.31%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| GCAT                                      | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10804 | PA      | $10170.85     | 0.01%             | 2060-01-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                      | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    335000 | PA      | $281217.79    | 0.34%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| SEMPRA GLOBAL                             | Sempra Global                                                                   | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    339000 | PA      | $270269.51    | 0.33%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215235 | PA      | $206784.70    | 0.25%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2021-NQM2R                                  | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400712 | PA      | $346400.66    | 0.42%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                       | SkyMiles IP Ltd                                                                 | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |    120000 | PA      | $122160.00    | 0.15%             | 2027-10-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                  | Corebridge Financial Inc                                                        | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    290000 | PA      | $267970.05    | 0.33%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                  | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $130204.53    | 0.16%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92511 | PA      | $72626.17     | 0.09%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A            | Ginnie Mae I Pool                                                               | CUSIP: 36207VDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7955 | PA      | $8176.76      | 0.01%             | 2028-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                      | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140350.00    | 0.17%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                    | Par Pharmaceutical Inc                                                          | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |     70000 | PA      | $53198.23     | 0.07%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU            | WFRBS Commercial Mortgage Trust 2014-C24                                        | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $190591.42    | 0.23%             | 2047-11-15      | Fixed         | 3.93%                 | 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        |    340000 | PA      | $316943.55    | 0.39%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TVC Mortgage Trust 2020-RTL1              | TVC Mortgage Trust 2020-RTL1                                                    | CUSIP: 90114YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123555 | PA      | $123136.54    | 0.15%             | 2024-09-25      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2019-2                                           | CUSIP: 14686UAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179725 | PA      | $178293.96    | 0.22%             | 2025-01-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust             | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252668 | PA      | $241809.41    | 0.30%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage            | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98944 | PA      | $85385.62     | 0.10%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Ccc Intelligent Solutions Inc.            | CCC Intelligent Solutions Inc                                                   | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |    123651 | PA      | $122414.24    | 0.15%             | 2028-09-21      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Visio Trust                               | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     79995 | PA      | $72065.52     | 0.09%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra            | VOLT C LLC                                                                      | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53287 | PA      | $47579.08     | 0.06%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                   | Brown Group Holding LLC                                                         | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     92357 | PA      | $90523.14     | 0.11%             | 2028-06-07      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    990000 | PA      | $838676.96    | 1.03%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP             | Sales Tax Securitization Corp                                                   | CUSIP: 79467BDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $22039.97     | 0.03%             | 2043-01-01      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                       | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    305000 | PA      | $285037.38    | 0.35%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                            | ACM Auto Trust 2022-1                                                           | CUSIP: 00091QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248399.68    | 0.30%             | 2029-04-20      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                              | Peraton Corp                                                                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |     84597 | PA      | $82464.27     | 0.10%             | 2028-02-01      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                 | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    219000 | PA      | $199496.78    | 0.24%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                  | Angel Oak SB Commercial Mortgage Trust 2020-SBC1                                | CUSIP: 03465BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195037 | PA      | $185637.26    | 0.23%             | 2050-05-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                       | General Electric Co                                                             | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    351000 | PA      | $344837.32    | 0.42%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213057 | PA      | $195651.75    | 0.24%             | 2056-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU            | Idaho Health Facilities Authority                                               | CUSIP: 451295A25<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    170000 | PA      | $152042.37    | 0.19%             | 2048-03-01      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.      | Scientific Games International Inc                                              | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |     64675 | PA      | $63635.67     | 0.08%             | 2029-04-13      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                    | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     25185 | PA      | $23717.63     | 0.03%             | 2043-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                       | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40941 | PA      | $39208.05     | 0.05%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                           | CVS Health Corp                                                                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    215000 | PA      | $207957.18    | 0.25%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    630000 | PA      | $512760.94    | 0.63%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust            | Carvana Auto Receivables Trust 2019-3                                           | CUSIP: 14686XAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199401 | PA      | $196743.19    | 0.24%             | 2025-04-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    505000 | PA      | $490639.06    | 0.60%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    975000 | PA      | $780374.49    | 0.96%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    940000 | PA      | $595357.82    | 0.73%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,            | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7211 | PA      | $6513.90      | 0.01%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 64830TAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220170 | PA      | $202792.25    | 0.25%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                  | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    215000 | PA      | $170187.38    | 0.21%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                               | VFI ABS 2022-1 LLC                                                              | CUSIP: 91824CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130368 | PA      | $126593.17    | 0.16%             | 2028-03-24      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN GUARDIAN LTD                   | Transocean Guardian Ltd                                                         | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     32568 | PA      | $31802.99     | 0.04%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DORIC NIMROD 2013-1 CL A                  | Doric Nimrod Air Alpha 2013-1 Class A Pass Through Trust                        | CUSIP: 233283AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GG        |     90489 | PA      | $89800.04     | 0.11%             | 2023-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                  | Octane Receivables Trust 2020-1                                                 | CUSIP: 67592LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44076 | PA      | $43620.25     | 0.05%             | 2025-02-20      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209560.25    | 0.26%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru            | First Investors Auto Owner Trust 2022-1                                         | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $252060.82    | 0.31%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2017-1                                                 | CUSIP: 46648CAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54227 | PA      | $46738.76     | 0.06%             | 2047-01-25      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                  | CrownRock LP / CrownRock Finance Inc                                            | CUSIP: 228701AG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $121299.63    | 0.15%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2020-6 LLC                                                                 | CUSIP: 693587AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    236890 | PA      | $218589.50    | 0.27%             | 2025-11-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                  | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    340000 | PA      | $269746.58    | 0.33%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST             | Skopos Auto Receivables Trust 2019-1                                            | CUSIP: 83085DAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7906 | PA      | $7896.26      | 0.01%             | 2024-09-16      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     88000 | PA      | $80080.00     | 0.10%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                          | Zions Bancorp NA                                                                | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $204300.11    | 0.25%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                       | Station Casinos LLC                                                             | CUSIP: 85769EAZ4<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    122404 | PA      | $119279.83    | 0.15%             | 2027-02-08      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST             | Commonbond Student Loan Trust 2019-A-GS                                         | CUSIP: 20268CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86412 | PA      | $77663.40     | 0.10%             | 2047-01-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.           | Blackhawk Network Holdings Inc                                                  | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |     87882 | PA      | $85525.83     | 0.10%             | 2025-06-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $412563.24    | 0.51%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Genesis Sales Finance Master T            | Genesis Sales Finance Master Trust                                              | CUSIP: 37186XAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $262205.72    | 0.32%             | 2026-12-21      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3115000 | PA      | $2557950.41   | 3.13%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1265000 | PA      | $1078017.19   | 1.32%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1320000 | PA      | $733476.56    | 0.90%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne            | PRET 2021-RN3 LLC                                                               | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325053 | PA      | $289671.84    | 0.35%             | 2051-09-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                  | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109375.00    | 0.13%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                     | Universal Health Services Inc                                                   | CUSIP: 913903AY6<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    365000 | PA      | $278739.68    | 0.34%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                        | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    420000 | PA      | $347235.00    | 0.43%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                  | EQM Midstream Partners LP                                                       | CUSIP: 26885BAN0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    195000 | PA      | $187886.40    | 0.23%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential             | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61587 | PA      | $48965.72     | 0.06%             | 2056-06-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| BRISTOL VA                                | City of Bristol VA                                                              | CUSIP: 110331PQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $242142.38    | 0.30%             | 2042-01-01      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31415QMQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1622 | PA      | $1658.16      | 0.00%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag            | PRPM 2021-2 LLC                                                                 | CUSIP: 69359UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    322288 | PA      | $296724.72    | 0.36%             | 2026-03-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                      | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5026.45      | 0.01%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                                        | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    330000 | PA      | $324225.00    | 0.40%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                   | Jefferies Financial Group Inc                                                   | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    160000 | PA      | $122054.32    | 0.15%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2019-RPL2                                   | CUSIP: 64830HAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $543201.36    | 0.67%             | 2059-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                          | UFC Holdings LLC                                                                | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |     81529 | PA      | $80352.08     | 0.10%             | 2026-04-29      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                    | Brookfield Finance Inc                                                          | CUSIP: 11271LAH5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $176455.89    | 0.22%             | 2031-04-15      | Fixed         | 2.72%                 | 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        |    408963 | PA      | $389239.80    | 0.48%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2017-A                                                       | CUSIP: 03837PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22449 | PA      | $22115.51     | 0.03%             | 2035-11-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $21614.02     | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                          | HF Sinclair Corp                                                                | CUSIP: 403949AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $255214.11    | 0.31%             | 2026-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                  | OWL Rock Core Income Corp                                                       | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $166816.09    | 0.20%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                     | Carriage Services Inc                                                           | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $63527.85     | 0.08%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1555000 | PA      | $1187266.79   | 1.45%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                  | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $114971.07    | 0.14%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                  | Ajax Mortgage Loan Trust 2021-A                                                 | CUSIP: 00971AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183172 | PA      | $159679.97    | 0.20%             | 2065-09-25      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Maps LTD                                  | MAPS 2021-1 Trust                                                               | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    219767 | PA      | $182348.24    | 0.22%             | 2046-06-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                        | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    715000 | PA      | $569794.51    | 0.70%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                     | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    235000 | PA      | $244400.00    | 0.30%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                    | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    215000 | PA      | $200278.42    | 0.25%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                      | LifePoint Health Inc                                                            | CUSIP: 75915TAD4<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    103889 | PA      | $97707.33     | 0.12%             | 2025-11-16      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                           | MVW Owner Trust 2019-1                                                          | CUSIP: 55389PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66343 | PA      | $62508.69     | 0.08%             | 2036-11-20      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                  | State of Texas                                                                  | CUSIP: 882724QP5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     80000 | PA      | $63396.70     | 0.08%             | 2044-04-01      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                     | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    190000 | PA      | $177519.00    | 0.22%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                 | BPR Trust 2021-KEN                                                              | CUSIP: 05591QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $350143.27    | 0.43%             | 2029-02-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust              | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38864 | PA      | $35233.70     | 0.04%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                      | LHOME Mortgage Trust 2021-RTL2                                                  | CUSIP: 501895AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $103423.19    | 0.13%             | 2026-06-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                           | NCR Corp                                                                        | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |    108115 | PA      | $104601.56    | 0.13%             | 2026-08-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                     | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    361000 | PA      | $281756.41    | 0.35%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus            | Residential Mortgage Loan Trust 2019-2                                          | CUSIP: 76119DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20453 | PA      | $19856.29     | 0.02%             | 2059-05-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                   | Standard Industries Inc/NJ                                                      | CUSIP: 85350EAB2<br>LEI: 54930064UHXCIUWVI755 | Long             | LON              | CORP              | US        |    123907 | PA      | $122269.94    | 0.15%             | 2028-09-22      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP             | Freeport LNG Investments LLLP                                                   | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    123943 | PA      | $117590.65    | 0.14%             | 2028-12-21      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                      | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    198000 | PA      | $148589.69    | 0.18%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat            | United Auto Credit Securitization Trust                                         | CUSIP: 90943UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208704 | PA      | $207200.89    | 0.25%             | 2026-06-10      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2021-1                                                | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355000 | PA      | $277752.04    | 0.34%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                 | CIM Trust 2021-NR4                                                              | CUSIP: 12566DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103984 | PA      | $96115.09     | 0.12%             | 2061-10-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable            | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $239904.79    | 0.29%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TRP LLC                                   | TRP 2021 LLC                                                                    | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141530 | PA      | $118577.07    | 0.15%             | 2051-06-19      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                    | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    144000 | PA      | $119192.35    | 0.15%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                    | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     90000 | PA      | $84082.50     | 0.10%             | 2029-04-27      | Fixed         | 5.25%                 | 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        |    280000 | PA      | $252364.31    | 0.31%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE            | Texas Public Finance Authority                                                  | CUSIP: 882669CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $146172.71    | 0.18%             | 2035-02-01      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru            | Provident Funding Mortgage Trust 2019-1                                         | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94533 | PA      | $78621.92     | 0.10%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    255000 | PA      | $248893.63    | 0.30%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                       | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    305000 | PA      | $253199.38    | 0.31%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC                      | Ferguson Finance PLC                                                            | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |    370000 | PA      | $336723.18    | 0.41%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                  | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    355000 | PA      | $277049.03    | 0.34%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                  | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154715 | PA      | $131376.50    | 0.16%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |    116419 | PA      | $111781.95    | 0.14%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust            | KKR Industrial Portfolio Trust 2021-KDIP                                        | CUSIP: 48254CAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142500 | PA      | $135210.98    | 0.17%             | 2037-12-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    106000 | PA      | $93412.50     | 0.11%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                  | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    272000 | PA      | $195641.64    | 0.24%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                               | MetLife Inc                                                                     | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    108000 | PA      | $102693.70    | 0.13%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL WTR & SWR UTIL            | Broward County FL Water & Sewer Utility Revenue                                 | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1006616.38   | 1.23%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST WT            | Santa Clara Valley Water District                                               | CUSIP: 80168ADF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $163811.40    | 0.20%             | 2050-06-01      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                             | M/I Homes Inc                                                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    195000 | PA      | $173249.70    | 0.21%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSIONS            | Texas Transportation Commission State Highway Fund                              | CUSIP: 88283LKV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $72731.18     | 0.09%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                     | Directv Financing LLC                                                           | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    113491 | PA      | $110252.04    | 0.14%             | 2027-08-02      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                     | CCG Receivables Trust 2021-1                                                    | CUSIP: 12510KAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $263733.04    | 0.32%             | 2027-06-14      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                     | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $238479.26    | 0.29%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| HCA INC                                   | HCA Inc                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $144790.83    | 0.18%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                     | Lincoln National Corp                                                           | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    315000 | PA      | $226800.00    | 0.28%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                            | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246244 | PA      | $224244.45    | 0.27%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                        | VICI Properties LP                                                              | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    175000 | PA      | $166585.53    | 0.20%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    335000 | PA      | $267145.75    | 0.33%             | N/A             | Fixed         | 4.00%                 | 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        |     21063 | PA      | $19724.83     | 0.02%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                 | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $165659.10    | 0.20%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $227893.55    | 0.28%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| CABLE ONDA SA                             | Telecomunicaciones Digitales SA                                                 | CUSIP: 12686LAA7<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $178125.00    | 0.22%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX                            | City of San Antonio TX                                                          | CUSIP: 79623PEY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $194549.88    | 0.24%             | 2033-02-01      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                               | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    185000 | PA      | $171818.75    | 0.21%             | N/A             | Fixed         | 3.85%                 | 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        |    280446 | PA      | $228290.64    | 0.28%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                   | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $26379.70     | 0.03%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                 | SBA Senior Finance II LLC                                                       | CUSIP: 78404XAH8<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |    221078 | PA      | $220096.34    | 0.27%             | 2025-04-11      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    301727 | PA      | $280961.48    | 0.34%             | 2039-02-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                  | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138749.70    | 0.17%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR            | New York State Environmental Facilities Corp                                    | CUSIP: 64986DMK8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1161584.62   | 1.42%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                   | Kinder Morgan Energy Partners LP                                                | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    215000 | PA      | $234464.78    | 0.29%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                           | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    985000 | PA      | $789231.25    | 0.97%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MASCO CORP                                | Masco Corp                                                                      | CUSIP: 574599BR6<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    185000 | PA      | $114747.98    | 0.14%             | 2051-02-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                  | OBX 2021-NQM3 Trust                                                             | CUSIP: 67114JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205573 | PA      | $153311.94    | 0.19%             | 2061-07-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| HP INC                                    | HP Inc                                                                          | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    260000 | PA      | $244256.44    | 0.30%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                    | Teck Resources Ltd                                                              | CUSIP: 878742AE5<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    265000 | PA      | $261836.07    | 0.32%             | 2035-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                  | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    354000 | PA      | $291783.93    | 0.36%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                   | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41967 | PA      | $37253.90     | 0.05%             | 2047-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31411H7D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8371 | PA      | $8678.14      | 0.01%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                | GLS Auto Receivables Trust 2018-3                                               | CUSIP: 36255XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22337 | PA      | $22330.04     | 0.03%             | 2024-07-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                            | EPR Properties                                                                  | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    185000 | PA      | $166225.76    | 0.20%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                  | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    235000 | PA      | $193845.63    | 0.24%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                        | VICI Properties LP                                                              | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    175000 | PA      | $162041.25    | 0.20%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                | Jersey Mike's Funding                                                           | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193538 | PA      | $173802.48    | 0.21%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust              | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $265317.94    | 0.32%             | 2055-04-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc                                                                   | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93905.00     | 0.12%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | CoreVest American Finance 2020-3 Trust                                          | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198154 | PA      | $174753.49    | 0.21%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                   | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $133352.02    | 0.16%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                               | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |      1541 | PA      | $1316.71      | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56859 | PA      | $53375.15     | 0.07%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB                      | Utah Acquisition Sub Inc                                                        | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |    107000 | PA      | $100030.53    | 0.12%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                      | INEOS US Finance LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    279375 | PA      | $274586.29    | 0.34%             | 2027-11-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $103489.80    | 0.13%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Perrigo Investments, LLC                  | Perrigo Investments LLC                                                         | CUSIP: 000000000<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | IE        |     94326 | PA      | $93618.06     | 0.11%             | 2029-04-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    330000 | PA      | $251399.46    | 0.31%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection LLC             | Caesars Resort Collection LLC                                                   | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |    169083 | PA      | $168546.77    | 0.21%             | 2024-12-23      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd             | Corevest American Finance 2020-1 Trust                                          | CUSIP: 21872UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311074 | PA      | $289529.11    | 0.35%             | 2050-03-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                       | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $236199.56    | 0.29%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                               | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    226000 | PA      | $193105.69    | 0.24%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103635 | PA      | $97189.27     | 0.12%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28939 | PA      | $27514.78     | 0.03%             | 2048-10-26      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Avant Credit Card Master Trust            | Avant Credit Card Master Trust                                                  | CUSIP: 05351KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $256164.83    | 0.31%             | 2027-04-15      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                               | Bacardi Ltd                                                                     | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    290000 | PA      | $276789.05    | 0.34%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                          | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    204000 | PA      | $173578.40    | 0.21%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                          | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $146048.70    | 0.18%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                       | COMM 2020-CBM Mortgage Trust                                                    | CUSIP: 20049AAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $191114.47    | 0.23%             | 2037-02-10      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust 2            | BX Commercial Mortgage Trust 2019-XL                                            | CUSIP: 056054AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    144500 | PA      | $140861.35    | 0.17%             | 2036-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                             | TransDigm Inc                                                                   | CUSIP: 89364MBQ6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    121764 | PA      | $120328.56    | 0.15%             | 2025-05-30      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan             | New Residential Mortgage Loan Trust 2022-RTL1                                   | CUSIP: 64831LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    255000 | PA      | $241956.39    | 0.30%             | 2026-12-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    365000 | PA      | $319471.73    | 0.39%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC                                       | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |     97757 | PA      | $96459.10     | 0.12%             | 2028-10-05      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                           | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    270000 | PA      | $232241.19    | 0.28%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                   | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp        | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $183612.50    | 0.22%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                  | International Flavors & Fragrances Inc                                          | CUSIP: 459506AS0<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    115000 | PA      | $77842.25     | 0.10%             | 2050-12-01      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                        | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $237549.27    | 0.29%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 617482V92<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    260000 | PA      | $282003.79    | 0.35%             | 2042-07-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer