# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-26-008187
**Filing Date:** 2026-2
**Character Count:** 489606
**Document Hash:** ce330ee0bede4b6ccfbd72726436a45a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008187.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008187

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 26683416

**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, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—14.3%** | **U.S. Government Securities—14.3%** | **U.S. Government Securities—14.3%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 | $720 | &nbsp;&nbsp; $530 |
| &nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 | 1440 | &nbsp;&nbsp; 1292 |
| &nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 | 3115 | &nbsp;&nbsp; 2306 |
| &nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | 5910 | &nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 9840 | &nbsp;&nbsp; 4838 |
| &nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 1335 | &nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 940 | &nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp; 2.250%, 2/15/52 | 950 | &nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 985 | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 2800 | &nbsp;&nbsp; 2428 |
| &nbsp;&nbsp;&nbsp; 3.625%, 2/15/53 | 1420 | &nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 | 7550 | &nbsp;&nbsp; 6108 |
| &nbsp;&nbsp;&nbsp; 4.125%, 8/15/53 | 6110 | &nbsp;&nbsp; 5409 |
| &nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 1590 | &nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 | 9175 | &nbsp;&nbsp; 8295 |
| &nbsp;&nbsp;&nbsp; 4.625%, 5/15/54 | 5930 | &nbsp;&nbsp; 5711 |
| &nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 | 4155 | &nbsp;&nbsp; 3757 |
| &nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 3155 | &nbsp;&nbsp; 2976 |
| &nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 7090 | &nbsp;&nbsp; 6829 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 1/31/30 | 980 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 1265 | &nbsp;&nbsp; 1162 |
| &nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 2435 | &nbsp;&nbsp; 2341 |
| &nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 870 | &nbsp;&nbsp; 898 |
| &nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 4705 | &nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 4260 | &nbsp;&nbsp; 4194 |
| &nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 5055 | &nbsp;&nbsp; 5247 |
| &nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 5230 | &nbsp;&nbsp; 5273 |
| **Total U.S. Government Securities** <br>**(Identified Cost $90,616)** | **Total U.S. Government Securities** <br>**(Identified Cost $90,616)** | &nbsp;&nbsp; **83474** |
| **Foreign Government Securities—3.0%** | **Foreign Government Securities—3.0%** | **Foreign Government Securities—3.0%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond 144A <br>3.125%, 9/30/49<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 157 |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.550%, 4/3/34<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.300%, 11/13/54<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 73 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 2/22/29<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 9/23/32<sup>(1)</sup> <br>| 715 | &nbsp;&nbsp; 688 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 10/20/33 | 815 | &nbsp;&nbsp; 824 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 3/15/35 | 294 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 1/12/56 | 107 | &nbsp;&nbsp; 106 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>6.250%, 9/22/32<sup>(1)</sup> <br>| 804 | &nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.500%, 3/26/36<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(1)</sup> <br>| 311 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; Republic of Angola 144A <br>9.244%, 1/15/31<sup>(1)</sup> <br>| 238 | &nbsp;&nbsp; 240 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 4/25/30 | 155 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 11/14/35 | 226 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.750%, 11/7/36 | 235 | &nbsp;&nbsp; 245 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.750%, 11/14/53 | $130 | &nbsp;&nbsp; $143 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>8.625%, 2/28/29<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; RegS <br>7.650%, 6/15/35<sup>(2)</sup> <br>| 276 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 241 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.550%, 1/11/28 | 318 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.100%, 2/10/54<sup>(3)</sup> <br>| 513 | &nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp; Republic of Ivory Coast 144A <br>8.250%, 1/30/37<sup>(1)</sup> <br>| 472 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Republic of Kazakhstan 144A <br>5.500%, 7/1/37<sup>(1)</sup> <br>| 502 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 144A <br>7.875%, 10/9/33<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 380 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>10.375%, 12/9/34<sup>(1)</sup> <br>| 514 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; 144A <br>8.631%, 1/13/36<sup>(1)</sup> <br>| 294 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; Republic of Panama <br>8.000%, 3/1/38<br>| 268 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Republic of Peru <br>5.375%, 2/8/35<br>| 450 | &nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines <br>4.750%, 3/5/35<br>| 755 | &nbsp;&nbsp; 757 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 10/4/33 | 470 | &nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.125%, 9/18/34 | 164 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 2/12/35 | 204 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(1)</sup> <br>| 284 | &nbsp;&nbsp; 304 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/22/30 | 559 | &nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.650%, 9/27/47 | 60 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.125%, 12/11/37<sup>(1)</sup> <br>| 178 | &nbsp;&nbsp; 176 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 5/29/32 | 310 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.625%, 5/15/34 | 558 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 2/17/45 | 135 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 491 | &nbsp;&nbsp; 464 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 422 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp; 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 211 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; 144A <br>6.625%, 5/16/36<sup>(1)</sup> <br>| 402 | &nbsp;&nbsp; 419 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 144A <br>4.875%, 7/18/33<sup>(1)</sup> <br>| 552 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; 144A <br>5.625%, 1/13/35<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; 144A <br>4.500%, 10/26/46<sup>(1)</sup> <br>| 185 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; UAE International Government Bond 144A <br>4.050%, 7/7/32<sup>(1)</sup> <br>| 303 | &nbsp;&nbsp; 303 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 3/22/33 | 289 | &nbsp;&nbsp; 286 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%, 2/12/34 | $187 | &nbsp;&nbsp; $162 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.000%, 5/7/36 | 345 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; Uzbekistan International Bond 144A <br>6.900%, 2/28/32<sup>(1)</sup> <br>| 266 | &nbsp;&nbsp; 285 |
| **Total Foreign Government Securities** <br>**(Identified Cost $16,681)** | **Total Foreign Government Securities** <br>**(Identified Cost $16,681)** | &nbsp;&nbsp; **17293** |
| **Mortgage-Backed Securities—30.2%** | **Mortgage-Backed Securities—30.2%** | **Mortgage-Backed Securities—30.2%** |
| **Agency—15.8%** | **Agency—15.8%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp; Pool #SB8269 <br>6.000%, 10/1/38<br>| 290 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Pool #SD2026 <br>5.000%, 11/1/52<br>| 1352 | &nbsp;&nbsp; 1354 |
| &nbsp;&nbsp;&nbsp; Pool #SD3238 <br>5.500%, 12/1/52<br>| 117 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Pool #SD5594 <br>5.500%, 7/1/53<br>| 2691 | &nbsp;&nbsp; 2737 |
| &nbsp;&nbsp;&nbsp; Pool #SD5856 <br>3.500%, 1/1/54<br>| 4723 | &nbsp;&nbsp; 4377 |
| &nbsp;&nbsp;&nbsp; Pool #SD6881 <br>2.500%, 2/1/52<br>| 5232 | &nbsp;&nbsp; 4439 |
| &nbsp;&nbsp;&nbsp; Pool #SD8289 <br>5.500%, 1/1/53<br>| 2439 | &nbsp;&nbsp; 2483 |
| &nbsp;&nbsp;&nbsp; Pool #SD8309 <br>6.000%, 3/1/53<br>| 2187 | &nbsp;&nbsp; 2253 |
| &nbsp;&nbsp;&nbsp; Pool #SD8317 <br>6.000%, 4/1/53<br>| 303 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Pool #SD8343 <br>6.000%, 7/1/53<br>| 1042 | &nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp; Pool #SD8350 <br>6.000%, 8/1/53<br>| 589 | &nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Pool #SD8418 <br>4.500%, 4/1/54<br>| 5155 | &nbsp;&nbsp; 5034 |
| &nbsp;&nbsp;&nbsp; Pool #SD8492 <br>5.000%, 1/1/55<br>| 6693 | &nbsp;&nbsp; 6678 |
| &nbsp;&nbsp;&nbsp; Pool #SL0019 <br>5.500%, 1/1/55<br>| 1262 | &nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp; Pool #SL0298 <br>5.000%, 1/1/55<br>| 4836 | &nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;&nbsp; Pool #SL0627 <br>6.000%, 10/1/54<br>| 2387 | &nbsp;&nbsp; 2455 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; Pool #323702 <br>6.000%, 5/1/29<br>| 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Pool #535371 <br>6.500%, 5/1/30<br>| — <br><sup>(4)</sup><br>| &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pool #590108 <br>7.000%, 7/1/31<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #880117 <br>5.500%, 4/1/36<br>| 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Pool #909092 <br>6.000%, 9/1/37<br>| 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Pool #909220 <br>6.000%, 8/1/38<br>| 49 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Pool #938574 <br>5.500%, 9/1/36<br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Pool #986067 <br>6.000%, 8/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Pool #CB6857 <br>4.500%, 8/1/53<br>| 2303 | &nbsp;&nbsp; 2261 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; Pool #FA0685 <br>6.000%, 1/1/55<br>| $5350 | &nbsp;&nbsp; $5496 |
| &nbsp;&nbsp;&nbsp; Pool #FA1378 <br>4.000%, 3/1/55<br>| 5933 | &nbsp;&nbsp; 5648 |
| &nbsp;&nbsp;&nbsp; Pool #FA1728 <br>6.000%, 10/1/53<br>| 4760 | &nbsp;&nbsp; 4890 |
| &nbsp;&nbsp;&nbsp; Pool #FA2472 <br>5.000%, 4/1/54<br>| 5114 | &nbsp;&nbsp; 5117 |
| &nbsp;&nbsp;&nbsp; Pool #FS4438 <br>5.000%, 11/1/52<br>| 120 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Pool #FS4991 <br>3.000%, 3/1/52<br>| 1346 | &nbsp;&nbsp; 1191 |
| &nbsp;&nbsp;&nbsp; Pool #FS6679 <br>6.000%, 12/1/53<br>| 1838 | &nbsp;&nbsp; 1891 |
| &nbsp;&nbsp;&nbsp; Pool #FS7751 <br>4.000%, 3/1/53<br>| 5123 | &nbsp;&nbsp; 4880 |
| &nbsp;&nbsp;&nbsp; Pool #FS8360 <br>3.500%, 9/1/52<br>| 2248 | &nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp; Pool #FS8791 <br>6.000%, 8/1/54<br>| 3374 | &nbsp;&nbsp; 3473 |
| &nbsp;&nbsp;&nbsp; Pool #MA4785 <br>5.000%, 10/1/52<br>| 273 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; Pool #MA4805 <br>4.500%, 11/1/52<br>| 662 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; Pool #MA4839 <br>4.000%, 12/1/52<br>| 5179 | &nbsp;&nbsp; 4919 |
| &nbsp;&nbsp;&nbsp; Pool #MA4980 <br>6.000%, 4/1/53<br>| 1646 | &nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp; Pool #MA5072 <br>5.500%, 7/1/53<br>| 1497 | &nbsp;&nbsp; 1523 |
| &nbsp;&nbsp;&nbsp; Pool #MA5385 <br>4.000%, 6/1/54<br>| 3142 | &nbsp;&nbsp; 2981 |
| &nbsp;&nbsp;&nbsp; Pool #MA5791 <br>5.000%, 8/1/55<br>| 2930 | &nbsp;&nbsp; 2923 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association Pool <br> #443000 <br>6.500%, 9/15/28<br>| 3 | &nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp; 92451 |
| **Non-Agency—14.4%** | **Non-Agency—14.4%** |  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(1)(5)</sup> <br>| 868 | &nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(1)(5)</sup> <br>| 1062 | &nbsp;&nbsp; 1072 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(1)(5)</sup> <br>| 611 | &nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp; 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(1)(5)</sup> <br>| 626 | &nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp; ALA Trust 2025-OANA, A (1 month Term SOFR + <br> 1.743%, Cap N/A, Floor 1.743%) 144A <br>5.494%, 6/15/40<sup>(1)(5)</sup> <br>| 1345 | &nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp; AMSR Trust 2021-SFR2, C 144A <br>1.877%, 8/17/38<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 451 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(1)(5)</sup> <br>| 748 | &nbsp;&nbsp; 674 |
| &nbsp;&nbsp;&nbsp; 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(1)(5)</sup> <br>| 1409 | &nbsp;&nbsp; 1402 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(1)(5)</sup> <br>| $1924 | &nbsp;&nbsp; $1917 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(1)(5)</sup> <br>| 37 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(1)(5)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; 2020-1, A3 144A <br>3.328%, 3/25/55<sup>(1)</sup> <br>| 1410 | &nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp; 2022-1, A1B 144A <br>3.269%, 12/25/56<sup>(1)(5)</sup> <br>| 270 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust 2018-TALL, A (1 month Term <br> SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A <br>4.670%, 3/15/37<sup>(1)(5)</sup> <br>| 1045 | &nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp; BBCMS Trust 2018-CBM, A (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor 1.250%) 144A <br>5.048%, 7/15/37<sup>(1)(5)</sup> <br>| 1324 | &nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust 2023-B38, A2 <br>5.626%, 4/15/56<br>| 235 | &nbsp;&nbsp; 240 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-LP2, D (1 month Term SOFR + 1.961%, Cap <br> N/A, Floor 1.961%) 144A <br>5.711%, 2/15/39<sup>(1)(5)</sup> <br>| 228 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; 2024-XL5, A (1 month Term SOFR + 1.392%, Cap <br> N/A, Floor 1.392%) 144A <br>5.142%, 3/15/41<sup>(1)(5)</sup> <br>| 969 | &nbsp;&nbsp; 970 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(1)</sup> <br>| 875 | &nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp; 2019-OC11, D 144A <br>3.944%, 12/9/41<sup>(1)(5)</sup> <br>| 1135 | &nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(1)</sup> <br>| 1230 | &nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp; 2025-ROIC, C (1 month Term SOFR + 1.543%, Cap <br> N/A, Floor 1.543%) 144A <br>5.293%, 3/15/30<sup>(1)(5)</sup> <br>| 872 | &nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp; CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(1)(5)</sup> <br>| 1315 | &nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp; CIM Trust 2022-R2, A1 144A <br>3.750%, 12/25/61<sup>(1)(5)</sup> <br>| 463 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. 2019-RP1, A1 <br> 144A <br>3.500%, 1/25/66<sup>(1)(5)</sup> <br>| 185 | &nbsp;&nbsp; 182 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(1)(5)</sup> <br>| 934 | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp; 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(1)(5)</sup> <br>| 687 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp; COOPR Residential Mortgage Trust 2025-CES2, A1A <br> 144A <br>5.502%, 6/25/60<sup>(1)(5)</sup> <br>| 675 | &nbsp;&nbsp; 680 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-3, C 144A <br>3.265%, 10/15/52<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; 2020-3, A 144A <br>1.358%, 8/15/53<sup>(1)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 2022-1, A 144A <br>4.744%, 6/17/55<sup>(1)(5)</sup> <br>| 392 | &nbsp;&nbsp; 393 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-NQM1, A1 144A <br>2.208%, 5/25/65<sup>(1)(5)</sup> <br>| 156 | &nbsp;&nbsp; 150 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(1)(5)</sup> <br>| $818 | &nbsp;&nbsp; $744 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(1)(5)</sup> <br>| 306 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp; 2025-INV1, A1 144A <br>5.087%, 11/25/60<sup>(1)(5)</sup> <br>| 788 | &nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp; EFMT 2025-NQM2, A1 144A <br>5.596%, 6/25/70<sup>(1)(5)</sup> <br>| 881 | &nbsp;&nbsp; 889 |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(1)(5)</sup> <br>| 17 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; ELM Trust 2024-ELM, A10 144A <br>5.801%, 6/10/39<sup>(1)(5)</sup> <br>| 897 | &nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC 2024-SHOW, A 144A <br>5.104%, 10/10/41<sup>(1)(5)</sup> <br>| 2010 | &nbsp;&nbsp; 2040 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust 2017-1, 1A3 144A <br>3.500%, 3/25/47<sup>(1)(5)</sup> <br>| 31 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust <br> 2024-FBLU, A (1 month Term SOFR + 1.450%, Cap <br> N/A, Floor 1.450%) 144A <br>5.200%, 12/15/39<sup>(1)(5)</sup> <br>| 660 | &nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp; Galton Funding Mortgage Trust 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(1)(5)</sup> <br>| 275 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; GCAT Trust 2020-NQM1, A1 144A <br>3.247%, 1/25/60<sup>(1)(5)</sup> <br>| 394 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp; Homes Trust 2023-NQM2, A1 144A <br>6.456%, 2/25/68<sup>(1)(5)</sup> <br>| 1101 | &nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp; Houston Galleria Mall Trust 2025-HGLR, A 144A <br>5.462%, 2/5/45<sup>(1)(5)</sup> <br>| 1030 | &nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust 2022-NQM3, A1 144A <br>4.380%, 5/25/67<sup>(1)(5)</sup> <br>| 1353 | &nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp; JP Morgan Seasoned Mortgage Trust Series 2024-1, <br> A4 144A <br>4.377%, 1/25/63<sup>(1)(5)</sup> <br>| 673 | &nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities <br> Trust 2024-OMNI, A 144A <br>5.797%, 10/5/39<sup>(1)(5)</sup> <br>| 1115 | &nbsp;&nbsp; 1137 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(1)(5)</sup> <br>| 345 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; 2017-5, A1 144A <br>4.746%, 10/26/48<sup>(1)(5)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; 2021-INV2, A4 144A <br>2.500%, 12/25/51<sup>(1)(5)</sup> <br>| 2500 | &nbsp;&nbsp; 2251 |
| &nbsp;&nbsp;&nbsp; 2024-NQM1, A3 144A <br>5.947%, 2/25/64<sup>(1)(5)</sup> <br>| 433 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(1)(5)</sup> <br>| 628 | &nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp; 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(1)(5)</sup> <br>| 914 | &nbsp;&nbsp; 923 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(1)(5)</sup> <br>| 535 | &nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; 2024-RTL4, A1 144A <br>5.921%, 7/25/39<sup>(1)(5)</sup> <br>| 450 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; MetLife Securitization Trust 2017-1A, M1 144A <br>3.389%, 4/25/55<sup>(1)(5)</sup> <br>| 305 | &nbsp;&nbsp; 280 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(1)(5)</sup> <br>| 1271 | &nbsp;&nbsp; 1269 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(1)(5)</sup> <br>| $1445 | &nbsp;&nbsp; $1432 |
| &nbsp;&nbsp;&nbsp; 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(1)(5)</sup> <br>| 1620 | &nbsp;&nbsp; 1623 |
| &nbsp;&nbsp;&nbsp; 2020-NQM3, A1 144A <br>1.014%, 1/26/65<sup>(1)(5)</sup> <br>| 100 | &nbsp;&nbsp; 96 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(1)(5)</sup> <br>| 155 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(1)(5)</sup> <br>| 1081 | &nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(1)(5)</sup> <br>| 48 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; MIRA Trust 2023-MILE, A 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 800 | &nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp; MSSG Trust 2017-237P, A 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1427 | &nbsp;&nbsp; 1362 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(1)(5)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(1)(5)</sup> <br>| 654 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(1)(5)</sup> <br>| 578 | &nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(1)(5)</sup> <br>| 66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(1)(5)</sup> <br>| 499 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; 2022-NQM2, A1 144A <br>3.079%, 3/27/62<sup>(1)(5)</sup> <br>| 1366 | &nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp; 2024-NQM3, A1 144A <br>5.466%, 11/25/64<sup>(1)(5)</sup> <br>| 335 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(1)(5)</sup> <br>| 303 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; NLT Trust 2021-INV2, A1 144A <br>1.162%, 8/25/56<sup>(1)(5)</sup> <br>| 116 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust 2025-299P, A 144A <br>5.664%, 2/10/47<sup>(1)(5)</sup> <br>| 800 | &nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(1)(5)</sup> <br>| 1045 | &nbsp;&nbsp; 975 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-NQM1, A1 144A <br>2.305%, 11/25/61<sup>(1)(5)</sup> <br>| 1749 | &nbsp;&nbsp; 1584 |
| &nbsp;&nbsp;&nbsp; 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(1)(5)</sup> <br>| 375 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(1)(5)</sup> <br>| 635 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(1)(5)</sup> <br>| 549 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; 2024-HYB1, A1 144A <br>3.637%, 3/25/53<sup>(1)(5)</sup> <br>| 535 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; 2024-HYB2, A1 144A <br>3.695%, 4/25/53<sup>(1)(5)</sup> <br>| 636 | &nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp; 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(1)(5)</sup> <br>| 875 | &nbsp;&nbsp; 883 |
| &nbsp;&nbsp;&nbsp; 2025-NQM6, A1 144A <br>5.603%, 3/25/65<sup>(1)(5)</sup> <br>| 829 | &nbsp;&nbsp; 837 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-INV1, A2 144A <br>6.000%, 10/25/59<sup>(1)(5)</sup> <br>| 697 | &nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp; 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(1)(5)</sup> <br>| 388 | &nbsp;&nbsp; 395 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(1)(5)</sup> <br>| $1165 | &nbsp;&nbsp; $1183 |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-RPL1, A1 144A <br>3.900%, 10/25/63<sup>(1)(5)</sup> <br>| 389 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp; 2025-NPL1, A1 144A <br>6.063%, 2/25/55<sup>(1)(5)</sup> <br>| 841 | &nbsp;&nbsp; 843 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(1)(5)</sup> <br>| 91 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(1)(5)</sup> <br>| 323 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(1)(5)</sup> <br>| 541 | &nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp; 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(1)(5)</sup> <br>| 571 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(1)(5)</sup> <br>| 312 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(1)(5)</sup> <br>| 964 | &nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp; RFR Trust 2025-SGRM, A 144A <br>5.379%, 3/11/41<sup>(1)(5)</sup> <br>| 1140 | &nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp; RIDE 2025-SHRE, B 144A <br>5.826%, 2/14/47<sup>(1)(5)</sup> <br>| 900 | &nbsp;&nbsp; 923 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| 830 | &nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp; 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(1)</sup> <br>| 900 | &nbsp;&nbsp; 936 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust 2013-8, B1 <br>3.481%, 6/25/43<sup>(5)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust 2021-5, A2 <br> 144A <br>2.178%, 9/25/66<sup>(1)(5)</sup> <br>| 1279 | &nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp; THPT Mortgage Trust 2023-THL, A 144A <br>6.994%, 12/10/34<sup>(1)(5)</sup> <br>| 486 | &nbsp;&nbsp; 492 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2015-6, B2 144A <br>3.754%, 4/25/55<sup>(1)(5)</sup> <br>| 635 | &nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp; 2016-4, B1 144A <br>3.961%, 7/25/56<sup>(1)(5)</sup> <br>| 310 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(1)(5)</sup> <br>| 340 | &nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp; 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(1)(5)</sup> <br>| 1570 | &nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(1)(5)</sup> <br>| 670 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp; 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(1)(5)</sup> <br>| 600 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(1)(5)</sup> <br>| 80 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(1)(5)</sup> <br>| 990 | &nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp; 2019-4, A2 144A <br>3.250%, 10/25/59<sup>(1)(5)</sup> <br>| 770 | &nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp; 2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap <br> N/A, Floor 1.600%) 144A <br>5.446%, 5/25/58<sup>(1)(5)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(1)(5)</sup> <br>| 405 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp; 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(1)(5)</sup> <br>| 355 | &nbsp;&nbsp; 306 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A1 144A <br>3.750%, 1/25/63<sup>(1)</sup> <br>| $1171 | &nbsp;&nbsp; $1138 |
| &nbsp;&nbsp;&nbsp; 2024-1, A1 144A <br>4.859%, 3/25/64<sup>(1)(5)</sup> <br>| 680 | &nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust 2020-SFR2, D 144A <br>2.281%, 11/17/39<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(1)(5)</sup> <br>| 935 | &nbsp;&nbsp; 944 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(1)</sup> <br>| 24 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(1)</sup> <br>| 156 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(1)(5)</sup> <br>| 328 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp; WSTN Trust 2023-MAUI, C 144A <br>7.690%, 7/5/37<sup>(1)(5)</sup> <br>| 1350 | &nbsp;&nbsp; 1370 |
|  |  | &nbsp;&nbsp; 84426 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $175,842)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $175,842)** | &nbsp;&nbsp; **176877** |
| **Asset-Backed Securities—9.1%** | **Asset-Backed Securities—9.1%** | **Asset-Backed Securities—9.1%** |
| **Automobiles—2.8%** | **Automobiles—2.8%** |  |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>5.630%, 1/14/30<sup>(1)</sup> <br>| 379 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp; 2024-4, C 144A <br>4.910%, 8/12/31<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1320 | &nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan Receivables Trust <br> 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 704 | &nbsp;&nbsp; 719 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; (AESOP) 2020-2A, A 144A <br>2.020%, 2/20/27<sup>(1)</sup> <br>| 127 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2023-3A, A 144A <br>5.440%, 2/22/28<sup>(1)</sup> <br>| 402 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust 2025-1, <br> C <br>5.150%, 12/17/29<br>| 935 | &nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2021-N3, D <br>1.580%, 6/12/28<br>| 28 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust 2025-A, C <br> 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 1220 | &nbsp;&nbsp; 1233 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-D, C 144A <br>7.170%, 1/15/30<sup>(1)</sup> <br>| 429 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 540 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| 488 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 202 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-5A, B <br>6.580%, 4/17/28<br>| 92 | &nbsp;&nbsp; 92 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp; 2024-5A, B <br>4.480%, 4/16/29<br>| $1015 | &nbsp;&nbsp; $1016 |
| &nbsp;&nbsp;&nbsp; 2025-4A, B <br>4.400%, 5/15/30<br>| 1340 | &nbsp;&nbsp; 1347 |
| &nbsp;&nbsp;&nbsp; FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(1)</sup> <br>| 108 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Foursight Capital Automobile Receivables Trust <br> 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp; 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(1)</sup> <br>| 353 | &nbsp;&nbsp; 359 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(1)</sup> <br>| 265 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 466 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 303 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust 2025-1A, C 144A <br>5.520%, 2/15/30<sup>(1)</sup> <br>| 1179 | &nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp; SAFCO Auto Receivables Trust 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 437 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust 2024-A, C 144A <br>5.590%, 1/15/30<sup>(1)</sup> <br>| 452 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Veridian Auto Receivables Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(1)</sup> <br>| 315 | &nbsp;&nbsp; 318 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 700 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 870 | &nbsp;&nbsp; 878 |
|  |  | &nbsp;&nbsp; 16315 |
| **Consumer Loans—0.1%** | **Consumer Loans—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 92 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 607 | &nbsp;&nbsp; 612 |
|  |  | &nbsp;&nbsp; 702 |
| **Credit Card—0.1%** | **Credit Card—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust 2024-2A, <br> A 144A <br>6.560%, 7/20/29<sup>(1)</sup> <br>| 720 | &nbsp;&nbsp; 724 |
| **Equipment—0.0%** | **Equipment—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Post Road Equipment Finance LLC 2024-1A, A2 144A <br>5.590%, 11/15/29<sup>(1)</sup> <br>| 208 | &nbsp;&nbsp; 209 |
| **Other—6.1%** | **Other—6.1%** |  |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; ALLO Issuer LLC 2025-1A, A2 144A <br>5.528%, 4/20/55<sup>(1)</sup> <br>| 1200 | &nbsp;&nbsp; 1214 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XV LLC <br> 2025-1A, D 144A <br>5.680%, 8/20/32<sup>(1)</sup> <br>| $1340 | &nbsp;&nbsp; $1364 |
| &nbsp;&nbsp;&nbsp; Applebee's Funding LLC 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(1)</sup> <br>| 1044 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust 2025-A, A 144A <br>5.250%, 12/19/50<sup>(1)</sup> <br>| 891 | &nbsp;&nbsp; 907 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-A, A 144A <br>3.140%, 7/16/40<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 108 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(1)</sup> <br>| 185 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp; Auxilior Term Funding LLC 2023-1A, C 144A <br>6.500%, 11/15/30<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp; Bojangles Issuer LLC 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(1)</sup> <br>| 1047 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust 2023-A, A 144A <br>5.770%, 11/15/38<sup>(1)</sup> <br>| 148 | &nbsp;&nbsp; 151 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, B 144A <br>5.080%, 3/15/32<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp; 2025-1, C 144A <br>4.890%, 10/14/32<sup>(1)</sup> <br>| 1195 | &nbsp;&nbsp; 1207 |
| Commercial Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.970%, 7/16/29<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>4.830%, 5/15/31<sup>(1)</sup> <br>| 1200 | &nbsp;&nbsp; 1205 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; 2023-2, B 144A <br>6.410%, 5/15/34<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 473 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 207 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(1)</sup> <br>| 587 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Hardee's Funding LLC 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(1)</sup> <br>| 1562 | &nbsp;&nbsp; 1615 |
| &nbsp;&nbsp;&nbsp; HINNT LLC 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 809 | &nbsp;&nbsp; 824 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(1)</sup> <br>| 314 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(1)</sup> <br>| 1092 | &nbsp;&nbsp; 1114 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust 2025-3A, A 144A <br>4.510%, 5/21/35<sup>(1)</sup> <br>| 1175 | &nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; Libra Solutions LLC 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(1)</sup> <br>| 965 | &nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC 2025-2A, A2 144A <br>5.400%, 8/20/55<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp; Momnt Technologies Trust 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(1)</sup> <br>| 57 | &nbsp;&nbsp; 57 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; MVW LLC 2020-1A, A 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| $79 | &nbsp;&nbsp; $78 |
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust 2021-EA, A <br> 144A <br>0.970%, 12/16/69<sup>(1)</sup> <br>| 122 | &nbsp;&nbsp; 110 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-A, B 144A <br>6.830%, 6/17/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 480 | &nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 532 | &nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp; OWN Equipment Fund I LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 901 | &nbsp;&nbsp; 914 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 740 | &nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp; PowerPay Issuance Trust 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 304 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 202 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, B 144A <br>5.840%, 7/15/31<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(1)</sup> <br>| 1315 | &nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp; Scalelogix ABS U.S. Issuer LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(1)</sup> <br>| 1350 | &nbsp;&nbsp; 1354 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC 2023-2A, <br> B 144A <br>6.280%, 4/20/40<sup>(1)</sup> <br>| 98 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| 1260 | &nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1435 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp; Trafigura Securitisation Finance plc 2024-1A, A2 144A <br>5.980%, 11/15/27<sup>(1)</sup> <br>| 1205 | &nbsp;&nbsp; 1220 |
| &nbsp;&nbsp;&nbsp; TSC SPV Funding LLC 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(1)</sup> <br>| 866 | &nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust 2025-1, A 144A <br>5.160%, 1/25/47<sup>(1)</sup> <br>| 469 | &nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp; USQ Rail III LLC 2024-1A, A 144A <br>4.990%, 9/28/54<sup>(1)</sup> <br>| 942 | &nbsp;&nbsp; 942 |
| VFI ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, A 144A <br>7.270%, 3/26/29<sup>(1)</sup> <br>| 12 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; 2025-1A, C 144A <br>5.600%, 4/24/31<sup>(1)</sup> <br>| 1075 | &nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp; Zaxby's Funding LLC 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(1)</sup> <br>| 378 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 35613 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $53,068)** | **Total Asset-Backed Securities** <br>**(Identified Cost $53,068)** | &nbsp;&nbsp; **53563** |
| **Corporate Bonds and Notes—33.7%** | **Corporate Bonds and Notes—33.7%** | **Corporate Bonds and Notes—33.7%** |
| **Communication Services—1.4%** | **Communication Services—1.4%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.375%, 9/1/29<sup>(1)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.750%, 3/1/30<sup>(1)</sup> <br>| 670 | &nbsp;&nbsp; 640 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC <br>4.800%, 3/1/50<br>| $1790 | &nbsp;&nbsp; $1345 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>11.750%, 1/31/29<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 8/15/27<sup>(1)</sup> <br>| 296 | &nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 1780 | &nbsp;&nbsp; 1697 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.375%, 6/15/33<sup>(1)</sup> <br>| 790 | &nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 605 | &nbsp;&nbsp; 632 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 635 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1061 |
|  |  | &nbsp;&nbsp; 7967 |
| **Consumer Discretionary—1.6%** | **Consumer Discretionary—1.6%** |  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 815 | &nbsp;&nbsp; 850 |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.500%, 8/11/32<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.950%, 10/15/33<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.800%, 4/15/34<sup>(1)</sup> <br>| 530 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.625%, 4/1/30<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 1550 | &nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. <br>5.500%, 10/15/35<br>| 1260 | &nbsp;&nbsp; 1312 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. <br>4.750%, 1/15/43<br>| 110 | &nbsp;&nbsp; 87 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.800%, 5/12/28 | 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; 6.054%, 11/5/31 | 255 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 893 | &nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. <br>6.375%, 9/15/27<br>| 800 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000%, 8/1/30<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Sodexo, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.800%, 8/15/35<sup>(1)</sup> <br>| 1290 | &nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 11/15/32<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 9101 |
| **Consumer Staples—1.6%** | **Consumer Staples—1.6%** |  |
| Albertsons Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.875%, 2/15/30<sup>(1)</sup> <br>| 965 | &nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.750%, 3/31/34<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.077%, 9/29/35<sup>(1)</sup> <br>| 1495 | &nbsp;&nbsp; 1504 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.750%, 10/19/32 | 398 | &nbsp;&nbsp; 465 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| &nbsp;&nbsp;&nbsp; 4.390%, 8/15/37 | $245 | &nbsp;&nbsp; $226 |
| &nbsp;&nbsp;&nbsp; 4.758%, 9/6/49 | 245 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Coty, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.200%, 3/1/35<sup>(1)</sup> <br>| 1190 | &nbsp;&nbsp; 1223 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>4.900%, 11/1/34<br>| 1040 | &nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 1122 | &nbsp;&nbsp; 1199 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 2/15/32<sup>(1)</sup> <br>| 855 | &nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 530 | &nbsp;&nbsp; 533 |
|  |  | &nbsp;&nbsp; 9212 |
| **Energy—3.5%** | **Energy—3.5%** |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc <br>4.875% <sup>(6)</sup> <br>| 1290 | &nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 299 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.036%, 11/15/33<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.439%, 2/15/35<sup>(1)</sup> <br>| 675 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 955 | &nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 6/15/31<sup>(1)</sup> <br>| 1420 | &nbsp;&nbsp; 1390 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.500%, 1/15/84<br>| 759 | &nbsp;&nbsp; 870 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; Series G 7.125%<sup>(6)</sup> <br>| 215 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Series H 6.500%<sup>(6)</sup> <br>| 230 | &nbsp;&nbsp; 231 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.350%, 1/15/36 | 190 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; 5.650%, 12/1/54 | 995 | &nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.363%, 6/30/31<sup>(1)</sup> <br>| 1240 | &nbsp;&nbsp; 1141 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP <br>8.875%, 4/15/30<br>| 515 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 970 | &nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 1070 | &nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 4/19/47<sup>(1)</sup> <br>| 162 | &nbsp;&nbsp; 153 |
| Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.950%, 1/15/38 | 400 | &nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; 7.500%, 11/15/40 | 215 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%, 6/1/35<br>| 490 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 10/1/35<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 365 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.550%, 10/1/34<sup>(3)</sup> <br>| 635 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp; 6.200%, 3/15/40 | 610 | &nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 5/30/44<sup>(1)</sup> <br>| 630 | &nbsp;&nbsp; 672 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 6.840%, 1/23/30 | 84 | &nbsp;&nbsp; 85 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 1/28/31 | $580 | &nbsp;&nbsp; $562 |
| &nbsp;&nbsp;&nbsp; 7.690%, 1/23/50 | 93 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; 6.950%, 1/28/60 | 25 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.848%, 4/3/55<sup>(1)</sup> <br>| 346 | &nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.875%, 1/12/32<sup>(1)</sup> <br>| 530 | &nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 7/17/34<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Sempra Infrastructure Partners LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.250%, 1/15/32<sup>(1)</sup> <br>| 339 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. <br>7.500%, 3/1/55<br>| 610 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 1585 | &nbsp;&nbsp; 1357 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 1010 | &nbsp;&nbsp; 1027 |
|  |  | &nbsp;&nbsp; 20683 |
| **Financials—14.7%** | **Financials—14.7%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp; 3.300%, 1/30/32 | 470 | &nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp; 6.950%, 3/10/55 | 322 | &nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp; 6.500%, 1/31/56 | 485 | &nbsp;&nbsp; 500 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.350%, 9/6/53<sup>(1)</sup> <br>| 600 | &nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.600%, 9/3/54<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 389 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.737%, 5/15/29 | 105 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; 5.543%, 1/17/31 | 1045 | &nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.625%, 7/28/34<br>| 1785 | &nbsp;&nbsp; 1864 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc. <br>7.000%, 12/1/55<br>| 202 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC <br>6.900%, 4/13/29<br>| 810 | &nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 970 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 7/15/33<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%, 12/15/30<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.816%, 6/18/36<sup>(1)</sup> <br>| 1410 | &nbsp;&nbsp; 1458 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 11/15/29<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; Banco de Credito del Peru S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 7/30/35<sup>(1)</sup> <br>| 148 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.500% <sup>(1)(3)(6)</sup> <br>| 244 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.375% <sup>(1)(6)</sup> <br>| 211 | &nbsp;&nbsp; 221 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.687%, 4/22/32 | 455 | &nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp; 2.972%, 2/4/33 | 1270 | &nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp; 5.518%, 10/25/35 | 1345 | &nbsp;&nbsp; 1378 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) <br>5.834%, 10/25/33<br>| 200 | &nbsp;&nbsp; 216 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp; 7.437%, 11/2/33 | 945 | &nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; 5.335%, 9/10/35 | 260 | &nbsp;&nbsp; 264 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; BBVA Mexico S.A. Institucion De Banca Multiple <br> Grupo Financiero BBVA Mexico 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.125%, 1/8/39<sup>(1)</sup> <br>| $263 | &nbsp;&nbsp; $284 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| 1005 | &nbsp;&nbsp; 963 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 7/16/29 | 455 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp; 6.000%, 1/29/32 | 510 | &nbsp;&nbsp; 518 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 5/15/32 | 280 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.000%, 8/15/33<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 1575 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp; BNSF Funding Trust I <br>6.613%, 12/15/55<br>| 525 | &nbsp;&nbsp; 525 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.003%, 10/19/34<sup>(1)</sup> <br>| 820 | &nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.915%, 1/14/46<sup>(1)</sup> <br>| 565 | &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>5.795%, 4/24/35<br>| 1060 | &nbsp;&nbsp; 1109 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.359%, 7/29/32 | 752 | &nbsp;&nbsp; 658 |
| &nbsp;&nbsp;&nbsp; 6.377%, 6/8/34 | 810 | &nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.189%, 6/1/35<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1159 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.136%, 8/24/34 | 740 | &nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp; Series H 4.000%<sup>(6)</sup> <br>| 559 | &nbsp;&nbsp; 522 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.980%, 3/20/30 | 465 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; 6.270%, 11/17/33 | 705 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp; 6.174%, 5/25/34 | 503 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; 5.174%, 9/11/36 | 840 | &nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp; Series X 3.875%<sup>(6)</sup> <br>| 515 | &nbsp;&nbsp; 513 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.875%, 12/15/52 | 455 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp; 6.375%, 9/15/54 | 1035 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; DBR Land Holdings LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403%, 9/11/35<sup>(3)</sup> <br>| 1300 | &nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 1125 | &nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp; EMD Finance LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 10/15/35<sup>(1)</sup> <br>| 1485 | &nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 935 | &nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 910 | &nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 1360 | &nbsp;&nbsp; 1379 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.500%, 2/7/35<br>| 495 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 1/25/34<sup>(1)</sup> <br>| 995 | &nbsp;&nbsp; 1022 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.950%, 6/15/33<sup>(1)</sup> <br>| 606 | &nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.950%, 10/15/54<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>5.550%, 11/15/35<br>| 1175 | &nbsp;&nbsp; 1168 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.330%, 7/23/35 | 1215 | &nbsp;&nbsp; 1248 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; 6.450%, 5/1/36 | $145 | &nbsp;&nbsp; $159 |
| &nbsp;&nbsp;&nbsp; 4.939%, 10/21/36 | 575 | &nbsp;&nbsp; 571 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.375%, 7/1/34 | 491 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; 6.750%, 7/15/35 | 820 | &nbsp;&nbsp; 857 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.709%, 2/2/35 | 485 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; 6.141%, 11/18/39 | 615 | &nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 1290 | &nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 7/1/34<sup>(1)</sup> <br>| 870 | &nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.125%, 7/31/32<sup>(1)</sup> <br>| 1275 | &nbsp;&nbsp; 1309 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.956%, 5/13/31 | 545 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp; 5.717%, 9/14/33 | 435 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; 5.350%, 6/1/34 | 455 | &nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp; 6.254%, 10/23/34 | 1145 | &nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp; 5.576%, 7/23/36 | 525 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp; 1.953%, 2/4/32 | 685 | &nbsp;&nbsp; 611 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.789%, 6/1/33 | 515 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; 6.401%, 3/6/35 | 245 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 455 | &nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc <br>6.625% <sup>(6)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>5.400%, 7/30/35<br>| 1110 | &nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group U.S. Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 2/15/31<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. <br>2.564%, 9/13/31<br>| 1320 | &nbsp;&nbsp; 1182 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 4/21/34 | 375 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; 5.424%, 7/21/34 | 1760 | &nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp; 5.948%, 1/19/38 | 378 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 816 | &nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc <br>6.475%, 6/1/34<br>| 1005 | &nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 835 | &nbsp;&nbsp; 880 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 9/13/53<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.500%, 4/30/55<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 409 |
| Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.375%, 5/8/32 | 1145 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp; 5.117%, 11/19/40 | 650 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. <br>6.750%, 3/15/32<br>| 590 | &nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <br>5.575%, 1/29/36<br>| 1115 | &nbsp;&nbsp; 1162 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 3/1/52 | 247 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; 6.750%, 3/1/53 | 185 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; 6.500%, 3/15/54 | 470 | &nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| 775 | &nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 143 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 8/1/33<sup>(1)</sup> <br>| $515 | &nbsp;&nbsp; $537 |
| &nbsp;&nbsp;&nbsp; Societe Generale S.A. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.066%, 1/19/35<sup>(1)(3)</sup> <br>| 995 | &nbsp;&nbsp; 1050 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.584%, 10/1/34 | 610 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp; 6.176%, 10/1/54 | 435 | &nbsp;&nbsp; 418 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.123%, 11/21/34 | 1045 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp; Series I 6.700%<sup>(6)</sup> <br>| 400 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.450%, 3/18/35<sup>(1)</sup> <br>| 680 | &nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance Co. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 9/10/55<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. <br>4.000%, 5/6/31<br>| 330 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp. <br>5.600%, 6/15/35<sup>(3)</sup> <br>| 475 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br>8.125%, 10/31/82<br>| 845 | &nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.924%, 3/24/36<sup>(1)</sup> <br>| 1445 | &nbsp;&nbsp; 1432 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.122%, 1/26/34 | 654 | &nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp; 5.867%, 6/8/34 | 580 | &nbsp;&nbsp; 617 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.967%, 7/22/33 | 510 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp; 5.424%, 2/12/36 | 1135 | &nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp; UBS Group AG 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.988%, 8/5/33<sup>(1)</sup> <br>| 820 | &nbsp;&nbsp; 832 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.389%, 4/24/34 | 480 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp; 6.491%, 10/23/34 | 1670 | &nbsp;&nbsp; 1849 |
|  |  | &nbsp;&nbsp; 86225 |
| **Health Care—2.8%** | **Health Care—2.8%** |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.300%, 10/8/35<sup>(1)</sup> <br>| 1450 | &nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.650%, 3/2/53<br>| 1478 | &nbsp;&nbsp; 1447 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. <br>5.650%, 12/15/35<br>| 1160 | &nbsp;&nbsp; 1174 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 5/15/30<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 873 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.050%, 3/25/48 | 355 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; 5.625%, 2/21/53 | 835 | &nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp; 6.750%, 12/10/54 | 682 | &nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| 1535 | &nbsp;&nbsp; 1418 |
| &nbsp;&nbsp;&nbsp; Genmab A/S 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 12/15/32<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 6/1/33 | 250 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; 5.600%, 4/1/34 | 205 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; 5.450%, 9/15/34 | 345 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; 5.250%, 6/15/49 | 170 | &nbsp;&nbsp; 154 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 4/1/54 | $268 | &nbsp;&nbsp; $266 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 | 479 | &nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 | 730 | &nbsp;&nbsp; 770 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 6/1/32<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 240 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.400%, 9/2/34 | 1450 | &nbsp;&nbsp; 1485 |
| &nbsp;&nbsp;&nbsp; 3.350%, 9/2/51 | 350 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew plc <br>5.400%, 3/20/34<br>| 1275 | &nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 11/15/32<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 365 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 945 | &nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp; 5.050%, 10/15/34 | 560 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.300%, 6/22/27<sup>(1)</sup> <br>| 2 | &nbsp;&nbsp; 2 |
|  |  | &nbsp;&nbsp; 16436 |
| **Industrials—2.8%** | **Industrials—2.8%** |  |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 623 | &nbsp;&nbsp; 627 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.500%, 11/1/27<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.750%, 10/25/28<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.125%, 4/10/30<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 325 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) <br>5.930%, 5/1/60<br>| 1439 | &nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust 2021-1, A 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 767 | &nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 3/1/34<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.625%, 3/1/34<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 935 | &nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust 2015-1, AA <br>3.625%, 1/30/29<br>| 347 | &nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.850%, 7/2/37<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. <br>3.500%, 10/1/30<br>| 1215 | &nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.500%, 4/15/32<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 229 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.250%, 6/15/33<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.000%, 3/15/34<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.750%, 9/15/33<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP <br>5.250%, 5/15/27<br>| 200 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. <br>5.700%, 8/14/33<br>| 1220 | &nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 1030 | &nbsp;&nbsp; 1073 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.290%, 4/15/29<sup>(1)</sup> <br>| $970 | &nbsp;&nbsp; $972 |
| &nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.850%, 8/15/33<sup>(1)</sup> <br>| 540 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 1035 | &nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.875%, 4/1/28<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 284 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.875%, 12/15/30<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.625%, 3/1/32<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| 357 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through-Trust 2024-1, AA <br>5.450%, 8/15/38<br>| 579 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. <br>5.450%, 9/18/33<br>| 1110 | &nbsp;&nbsp; 1159 |
|  |  | &nbsp;&nbsp; 16521 |
| **Information Technology—1.6%** | **Information Technology—1.6%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.950%, 8/4/33 | 555 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.875%, 9/1/28<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.000%, 7/1/29<sup>(1)(3)</sup> <br>| 275 | &nbsp;&nbsp; 269 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.150%, 11/15/31 | 535 | &nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.137%, 11/15/35<sup>(1)</sup> <br>| 720 | &nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Flex Ltd. <br>5.375%, 11/13/35<br>| 1480 | &nbsp;&nbsp; 1478 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 1590 | &nbsp;&nbsp; 1508 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| 1035 | &nbsp;&nbsp; 1066 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.900%, 11/9/52 | 335 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; 5.550%, 2/6/53 | 380 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; 3.850%, 4/1/60 | 60 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 1075 | &nbsp;&nbsp; 1083 |
|  |  | &nbsp;&nbsp; 9348 |
| **Materials—1.4%** | **Materials—1.4%** |  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.140%, 4/14/32<sup>(1)</sup> <br>| 855 | &nbsp;&nbsp; 847 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>5.650%, 1/15/34<br>| 1350 | &nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.950%, 1/8/34<sup>(1)</sup> <br>| 776 | &nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. <br>5.000%, 3/15/36<br>| 1110 | &nbsp;&nbsp; 1087 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 2.850%, 4/27/31<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.634%, 4/4/34<sup>(1)</sup> <br>| 1085 | &nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>9.625%, 3/15/29<sup>(1)</sup> <br>| 565 | &nbsp;&nbsp; 391 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC <br>5.777%, 4/3/54<br>| $1270 | &nbsp;&nbsp; $1276 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%, 9/1/34<br>| 995 | &nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 180 | &nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp; 8335 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 9/15/32<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 494 |
|  |  | &nbsp;&nbsp; 1089 |
| **Utilities—2.1%** | **Utilities—2.1%** |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) <br>7.600%, 1/15/55<br>| 335 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. <br>6.150%, 5/15/34<br>| 925 | &nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. (The) 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.866%, 8/5/32<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>4.750%, 6/1/50<br>| 1190 | &nbsp;&nbsp; 1171 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.200%, 2/15/56 | 560 | &nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp; Series B 7.000%, 6/1/54 | 380 | &nbsp;&nbsp; 411 |
| Electricite de France S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 5/23/33<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.900%, 5/23/53<sup>(1)</sup> <br>| 755 | &nbsp;&nbsp; 832 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.500%, 10/14/32<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.500%, 6/26/34<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. <br>7.125%, 12/1/54<br>| 715 | &nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. <br>5.800%, 9/1/53<br>| 455 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; Ferrellgas LP 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 4/1/29<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.994%, 3/6/33<sup>(1)</sup> <br>| 695 | &nbsp;&nbsp; 733 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 8.125%, 2/15/29<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 8.375%, 2/15/32<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 645 | &nbsp;&nbsp; 713 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.450%, 5/21/28<sup>(1)</sup> <br>| 146 | &nbsp;&nbsp; 150 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.379%, 6/15/28 | 204 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; 4.224%, 3/15/32 | 973 | &nbsp;&nbsp; 933 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. <br>6.000%, 1/15/34<br>| 640 | &nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>8.000% <sup>(1)(6)</sup> <br>| 163 | &nbsp;&nbsp; 167 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 144A <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.700%, 12/30/34<sup>(1)</sup> <br>| $880 | &nbsp;&nbsp; $908 |
|  |  | &nbsp;&nbsp; 12562 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $193,244)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $193,244)** | &nbsp;&nbsp; **197479** |
| **Leveraged Loans—4.1%** | **Leveraged Loans—4.1%** | **Leveraged Loans—4.1%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. (3 month Term SOFR + <br> 2.250%) <br>6.134%, 4/20/28<sup>(5)</sup> <br>| 333 | &nbsp;&nbsp; 334 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B-1 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(5)</sup> <br>| 286 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp; Tranche B-2 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(5)</sup> <br>| 109 | &nbsp;&nbsp; 109 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche J (1 month Term SOFR + 2.500%) <br>6.216%, 2/28/31<sup>(5)</sup> <br>| 313 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Tranche K (1 month Term SOFR + 2.250%) <br>5.966%, 3/22/30<sup>(5)</sup> <br>| 160 | &nbsp;&nbsp; 160 |
|  |  | &nbsp;&nbsp; 1204 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Ineos Finance plc 2030 (1 month Term SOFR + <br> 3.250%) <br>6.966%, 2/18/30<sup>(5)</sup> <br>| 193 | &nbsp;&nbsp; 156 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. (3 month Term SOFR + <br> 2.000%) <br>5.723%, 8/13/32<sup>(5)</sup> <br>| 329 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc. Tranche B-1 (3 month Term <br> SOFR + 3.250%) <br>6.922%, 9/13/32<sup>(5)</sup> <br>| 140 | &nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp; 471 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. 2025, Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.734%, 3/13/32<sup>(5)</sup> <br>| 178 | &nbsp;&nbsp; 178 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Blackfin Pipeline LLC (1 month Term SOFR + 3.000%) <br>6.750%, 9/30/30<sup>(5)</sup> <br>| 525 | &nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLP 2025, Tranche B (3 <br> month Term SOFR + 3.250%) <br>7.120%, 12/21/28<sup>(5)</sup> <br>| 292 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP (3 month Term <br> SOFR + 2.000%) <br>5.935%, 10/4/30<sup>(5)</sup> <br>| 495 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP Tranche B (1 month Term SOFR + <br> 2.000%) <br>5.736%, 2/11/30<sup>(5)</sup> <br>| 154 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC Tranche <br> B (1 month Term SOFR + 2.250%) <br>5.977%, 10/5/28<sup>(5)</sup> <br>| 455 | &nbsp;&nbsp; 457 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp; Whitewater DBR Holdco LLC Tranche C (3 month <br> Term SOFR + 2.250%) <br>5.938%, 3/3/31<sup>(5)</sup> <br>| $124 | &nbsp;&nbsp; $124 |
|  |  | &nbsp;&nbsp; 2049 |
| **Financials—0.3%** | **Financials—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP 2024 (3 month Term SOFR + <br> 2.000%) <br>5.672%, 10/31/31<sup>(5)</sup> <br>| 487 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp; Finco I LLC 2025 (1 month Term SOFR + 1.750%) <br>5.466%, 6/27/29<sup>(5)</sup> <br>| 564 | &nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC 2024, Tranche B (3 <br> month Term SOFR + 2.750%) <br>6.422%, 5/6/31<sup>(5)</sup> <br>| 535 | &nbsp;&nbsp; 535 |
|  |  | &nbsp;&nbsp; 1589 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Del Monte Foods Corp. II, Inc. (1 month Term SOFR + <br> 9.600%) <br>13.350%, 4/2/26<sup>(5)</sup> <br>| 33 | &nbsp;&nbsp; 31 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; (1 month Term SOFR + 9.600%) <br>13.336%, 4/2/26<sup>(5)</sup> <br>| 49 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; (3 month Term SOFR + 4.900%) <br>8.605%, 8/2/28<sup>(7)</sup> <br>| 145 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; (3 month Term SOFR + 8.150%) <br>11.923%, 8/2/28<sup>(7)</sup> <br>| 28 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; (3-6 month Term SOFR + 4.400%) <br>8.105% - 8.173%, 8/2/28<sup>(7)(8)</sup> <br>| 63 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd. Tranche B-4 (6 month Term <br> SOFR + 2.250%) <br>6.447%, 9/30/31<sup>(5)</sup> <br>| 551 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; Red SPV LLC (1 month Term SOFR + 2.250%) <br>5.984%, 3/15/32<sup>(5)</sup> <br>| 463 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; Sazerac Co., Inc. Tranche B-1 (1 month Term SOFR + <br> 2.500%) <br>6.280%, 7/9/32<sup>(5)</sup> <br>| 254 | &nbsp;&nbsp; 255 |
|  |  | &nbsp;&nbsp; 1354 |
| **Gaming / Leisure—0.3%** | **Gaming / Leisure—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 2/6/30<sup>(5)</sup> <br>| 41 | &nbsp;&nbsp; 40 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp; 2024, Tranche B (3 month Term SOFR + 1.750%) <br>5.422%, 11/30/30<sup>(5)</sup> <br>| 269 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp; Tranche B (3 month Term SOFR + 2.000%) <br>5.672%, 6/4/32<sup>(5)</sup> <br>| 233 | &nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp; Life Time, Inc. 2025, Tranche B, First Lien (1 month <br> Term SOFR + 2.000%) <br>5.784%, 11/5/31<sup>(5)</sup> <br>| 352 | &nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.734%, 10/21/32<sup>(5)</sup> <br>| 430 | &nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp. Tranche B-1 (1 month Term <br> SOFR + 2.864%) <br>6.581%, 3/13/28<sup>(5)</sup> <br>| 567 | &nbsp;&nbsp; 547 |
|  |  | &nbsp;&nbsp; 1872 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Genmab A/S Tranche B (3 month Term SOFR + <br> 3.000%) <br>6.733%, 12/12/32<sup>(5)</sup> <br>| $100 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. Tranche B (3 <br> month Term SOFR + 2.150%) <br>5.972%, 11/15/27<sup>(5)</sup> <br>| 580 | &nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP 2030 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 10/23/30<sup>(5)</sup> <br>| 464 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp; Phoenix Guarantor, Inc. Tranche B-5 (1 month Term <br> SOFR + 2.500%) <br>6.216%, 2/21/31<sup>(5)</sup> <br>| 334 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Select Medical Corp. Tranche B-2 (1 month Term <br> SOFR + 2.000%) <br>5.716%, 12/3/31<sup>(5)</sup> <br>| 376 | &nbsp;&nbsp; 375 |
|  |  | &nbsp;&nbsp; 1856 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR <br> + 2.250%) <br>5.966%, 12/17/31<sup>(5)</sup> <br>| 243 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. Tranche B-1 (1 month Term <br> SOFR + 2.250%) <br>5.966%, 4/14/31<sup>(5)</sup> <br>| 339 | &nbsp;&nbsp; 340 |
|  |  | &nbsp;&nbsp; 584 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC Tranche B-2 (3 month <br> Term SOFR + 2.000%) <br>5.672%, 1/31/31<sup>(5)</sup> <br>| 486 | &nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management LLC Tranche <br> B (1 month Term SOFR + 2.000%) <br>5.716%, 1/31/31<sup>(5)</sup> <br>| 436 | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. Tranche B-8 (1 <br> month Term SOFR + 2.000%) <br>5.716%, 5/9/31<sup>(5)</sup> <br>| 271 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; UKG, Inc. Tranche B (3 month Term SOFR + 2.500%) <br>6.338%, 2/10/31<sup>(5)</sup> <br>| 368 | &nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp; 1563 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. (1 month Term SOFR + <br> 2.500%) <br>6.216%, 11/3/31<sup>(5)</sup> <br>| 480 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; Gates Corp. Tranche B-5 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 6/4/31<sup>(5)</sup> <br>| 464 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; MV Holding GmbH Tranche B (1 month Term SOFR + <br> 2.000%) <br>5.721%, 3/17/32<sup>(5)</sup> <br>| 378 | &nbsp;&nbsp; 379 |
|  |  | &nbsp;&nbsp; 1327 |
| **Media / Telecom - Broadcasting—0.3%** | **Media / Telecom - Broadcasting—0.3%** |  |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC Tranche B (1 month Term SOFR + <br> 3.000%) <br>6.716%, 3/24/32<sup>(5)</sup> <br>| 194 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. Tranche B-5 (1 month Term SOFR <br> + 2.500%) <br>6.216%, 6/28/32<sup>(5)</sup> <br>| 768 | &nbsp;&nbsp; 771 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Broadcasting—continued** | **Media / Telecom - Broadcasting—continued** |  |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 2024, First Lien (1 <br> month Term SOFR + 3.500%) <br>7.331%, 1/31/29<sup>(5)</sup> <br>| $512 | &nbsp;&nbsp; $510 |
|  |  | &nbsp;&nbsp; 1476 |
| **Media / Telecom - Cable/Wireless Video—0.3%** | **Media / Telecom - Cable/Wireless Video—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC Tranche B-5 <br> (3 month Term SOFR + 2.250%) <br>6.235%, 12/15/31<sup>(5)</sup> <br>| 465 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; Cogeco Communications Finance USA LP Tranche B-1 <br> (1 month Term SOFR + 3.250%) <br>6.966%, 9/18/30<sup>(5)</sup> <br>| 394 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC 2024, Tranche B (3 month <br> Term SOFR + 5.512%) <br>9.352%, 8/2/29<sup>(5)</sup> <br>| 257 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Eagle Broadband Investments LLC (3 month Term <br> SOFR + 3.262%) <br>6.934%, 11/12/27<sup>(5)</sup> <br>| 562 | &nbsp;&nbsp; 532 |
|  |  | &nbsp;&nbsp; 1634 |
| **Media / Telecom - Diversified Media—0.1%** | **Media / Telecom - Diversified Media—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Formula One Management Ltd. Tranche B-1 (3 month <br> Term SOFR + 1.750%) <br>5.422%, 9/30/31<sup>(5)</sup> <br>| 405 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc. Tranche B (3 month Term <br> SOFR + 5.100%) <br>9.011%, 4/11/29<sup>(5)</sup> <br>| — <br><sup>(4)</sup><br>| &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC Tranche B-5 (3 month Term SOFR + <br> 2.000%) <br>5.868%, 11/21/31<sup>(5)</sup> <br>| 465 | &nbsp;&nbsp; 467 |
|  |  | &nbsp;&nbsp; 873 |
| **Retail—0.0%** | **Retail—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, Inc. (1 month Term SOFR + <br> 2.250%) <br>5.966%, 6/11/31<sup>(5)</sup> <br>| 162 | &nbsp;&nbsp; 160 |
| **Service—0.4%** | **Service—0.4%** |  |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP 2025 (1 month Term SOFR + <br> 2.000%) <br>5.716%, 8/12/32<sup>(5)</sup> <br>| 510 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings LLC (1 month Term SOFR + <br> 2.000%) <br>5.716%, 9/29/31<sup>(5)</sup> <br>| 399 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; BrightView Landscapes LLC Tranche B (3 month Term <br> SOFR + 2.000%) <br>5.840%, 4/20/29<sup>(5)</sup> <br>| 590 | &nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp; Green Infrastructure Partners, Inc. (3 month Term <br> SOFR + 2.750%) <br>6.422%, 9/24/32<sup>(5)</sup> <br>| 180 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; NAB Holdings LLC 2025 (3 month Term SOFR + <br> 2.500%) <br>6.172%, 11/24/28<sup>(5)</sup> <br>| 449 | &nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC Tranche B-1 (6 <br> month Term SOFR + 2.000%) <br>6.129%, 10/13/30<sup>(5)</sup> <br>| 337 | &nbsp;&nbsp; 337 |
|  |  | &nbsp;&nbsp; 2445 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. Tranche C <br>6.980%, 2/24/32<sup>(5)(9)</sup> <br>| $285 | &nbsp;&nbsp; $285 |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC 2031 (3 month Term SOFR + <br> 2.250%) <br>6.120%, 10/16/31<sup>(5)</sup> <br>| 454 | &nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP (1 month Term SOFR + 2.750%) <br>6.466%, 1/28/32<sup>(5)</sup> <br>| 404 | &nbsp;&nbsp; 405 |
|  |  | &nbsp;&nbsp; 1147 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Astoria Energy LLC Tranche B (1-3 month Term SOFR <br> + 2.750%) <br>6.422% - 6.466%, 6/23/32<sup>(5)</sup> <br>| 284 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp; Calpine Corp. Tranche B-10 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 1/31/31<sup>(5)</sup> <br>| 640 | &nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp; Cornerstone Generation LLC Tranche B (3 month Term <br> SOFR + 3.250%) <br>7.093%, 8/11/32<sup>(5)</sup> <br>| 165 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Hunterstown Generation LLC (3 month Term SOFR + <br> 3.000%) <br>7.001%, 11/6/31<sup>(5)</sup> <br>| 522 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC 2025, Tranche B (3 month <br> Term SOFR + 2.000%) <br>5.672%, 11/25/32<sup>(5)</sup> <br>| 165 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; WEC U.S. Holdings Ltd. (1 month Term SOFR + <br> 2.000%) <br>5.873%, 1/27/31<sup>(5)</sup> <br>| 526 | &nbsp;&nbsp; 527 |
|  |  | &nbsp;&nbsp; 2306 |
| **Total Leveraged Loans** <br>**(Identified Cost $24,462)** | **Total Leveraged Loans** <br>**(Identified Cost $24,462)** | &nbsp;&nbsp; **24244** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Virtus Newfleet Securitized Income ETF<sup>(10)(11)</sup> <br>| 209046 | &nbsp;&nbsp; 5070 |
| **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $5,112)** | **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $5,112)** | &nbsp;&nbsp; **5070** |
| **Total Long-Term Investments—95.3%** <br>**(Identified Cost $559,025)** | **Total Long-Term Investments—95.3%** <br>**(Identified Cost $559,025)** | &nbsp;&nbsp; **558000** |
| **Short-Term Investment—2.8%** | **Short-Term Investment—2.8%** | **Short-Term Investment—2.8%** |
| **Money Market Mutual Fund—2.8%** | **Money Market Mutual Fund—2.8%** | **Money Market Mutual Fund—2.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.651%)<sup>(11)</sup> <br>| 16260319 | &nbsp;&nbsp; 16260 |
| **Total Short-Term Investment** <br>**(Identified Cost $16,260)** | **Total Short-Term Investment** <br>**(Identified Cost $16,260)** | &nbsp;&nbsp; **16260** |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.651%)<sup>(11)(12)</sup> <br>| 2825374 | &nbsp;&nbsp; $2825 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $2,825)** | **Total Securities Lending Collateral** <br>**(Identified Cost $2,825)** | &nbsp;&nbsp; **2825** |
| **TOTAL INVESTMENTS—98.6%** <br>**(Identified Cost $578,110)** | **TOTAL INVESTMENTS—98.6%** <br>**(Identified Cost $578,110)** | &nbsp;&nbsp; **$577085** |
| Other assets and liabilities, net—1.4% | Other assets and liabilities, net—1.4% | &nbsp;&nbsp; 8315 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$585400** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, 2025, these securities <br> amounted to a value of $217,426 or 37.1% of net assets.<br>|
| <sup>(2)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(3)</sup> <br>| All or a portion of security is on loan. |
| <sup>(4)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(5)</sup> <br>| Variable rate security. Rate disclosed is as of December 31, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market <br> conditions, or, for mortgage-backed securities, are impacted by the individual <br> mortgages which are paying off over time. These securities do not indicate a <br> reference rate and spread in their descriptions.<br>|
| <sup>(6)</sup> <br>| No contractual maturity date. |
| <sup>(7)</sup> <br>| Security in default; interest payments are being received. |
| <sup>(8)</sup> <br>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(9)</sup> <br>| This loan will settle after December 31, 2025, at which time the interest rate, <br> calculated on the base lending rate and the agreed upon spread on trade date, will <br> be reflected.<br>|
| <sup>(10)</sup> <br>| Affiliated investment.  |
| <sup>(11)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|
| <sup>(12)</sup> <br>| Represents security purchased with cash collateral received for securities on <br> loan.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 89<br> %<br>|
| United Kingdom | 2 |
| Ireland | 1 |
| Canada | 1 |
| France | 1 |
| Japan | 1 |
| Australia | 1 |
| Other | 4 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet Core Plus Bond Fund**

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

**December 31, 2025**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $577085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $552928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

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

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

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

See Notes to Schedule of Investments

------

**VIRTUS NEWFLEET CORE PLUS BOND FUND**

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

**December 31, 2025**

**Note 1. Security Valuation**

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

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

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

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

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

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

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

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

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

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

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

securities.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet 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:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $588016969.67

**Total Liabilities:** $5907974.27

**Net Assets:** $582108995.40

**Cash Not Reported:** $5751123.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -7806.35659700 | **10-Year:** -68767.24548000 | **30-Year:** -122821.31480000

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

- **3-Month:** 0.00000000 | **1-Year:** -1.32844029 | **5-Year:** -5117.30869900 | **10-Year:** -14087.49944000 | **30-Year:** -6139.49205000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003572 | 0.61%                | 0.56%                | -0.18%               |
| Class ID C000003574 | 0.55%                | 0.50%                | -0.26%               |
| Class ID C000003575 | 0.63%                | 0.57%                | -0.15%               |
| Class ID C000176707 | 0.64%                | 0.58%                | -0.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $174012.06               | $721008.54                                 |
| Month 2  | $254327.90               | $870997.09                                 |
| Month 3  | $151198.87               | $-3440657.01                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB2 Trust                                                             | CUSIP: 67118RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    636059 | PA      | $630748.86    | 0.11%             | 2053-04-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    455000 | PA      | $464227.03    | 0.08%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                                                    | Brookfield Asset Management Ltd                                                 | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |   1060000 | PA      | $1109238.55   | 0.19%             | 2035-04-24      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DUUE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5231915 | PA      | $4438499.10   | 0.76%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                                    | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57015 | PA      | $57124.00     | 0.01%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                                      | ENERGIZER HOLDINGS INC                                                          | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |    178070 | PA      | $177921.97    | 0.03%             | 2032-03-13      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX                                                     | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 07336UAB9<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    263000 | PA      | $283974.25    | 0.05%             | 2039-01-08      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                                                    | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |   1495000 | PA      | $1504410.43   | 0.26%             | 2035-09-29      | Fixed         | 5.08%                 | 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      | $336404.06    | 0.06%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                              | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1101036 | PA      | $1103131.06   | 0.19%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    402000 | PA      | $419085.00    | 0.07%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385000 | PA      | $392783.62    | 0.07%             | 2029-03-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                                    | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    215000 | PA      | $229245.65    | 0.04%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                     | TALEN ENERGY SUPPLY LLC                                                         | CUSIP: 87422LBA7<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |    165000 | PA      | $164897.70    | 0.03%             | 2032-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39567 | PA      | $39754.32     | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                                     | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $369307.84    | 0.06%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1830956.69   | 0.31%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   1360000 | PA      | $1378904.00   | 0.24%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    545000 | PA      | $514133.41    | 0.09%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                                                      | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $491430.77    | 0.08%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| Virtus Newfleet ABS/MBS ETF                                                 | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |    209046 | NS      | $5070410.73   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17107 | PA      | $16639.97     | 0.00%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    965000 | PA      | $957038.94    | 0.16%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    910000 | PA      | $889575.31    | 0.15%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                                               | LIFE TIME INC                                                                   | CUSIP: 50218KAN8<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |    351558 | PA      | $352658.75    | 0.06%             | 2031-11-05      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    215000 | PA      | $220149.90    | 0.04%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1435000 | PA      | $1426952.09   | 0.25%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-4                                               | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    466000 | PA      | $479329.70    | 0.08%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    491000 | PA      | $500237.76    | 0.09%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                                                             | DR Horton Inc                                                                   | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1312093.54   | 0.23%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITION BIDCO                                                         | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    140000 | PA      | $140963.20    | 0.02%             | 2032-09-13      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                    | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1356839.49   | 0.23%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-GS2                                          | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1081422 | PA      | $1055342.81   | 0.18%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2022-NQM1 Trust                                                             | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1749181 | PA      | $1583642.18   | 0.27%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    855000 | PA      | $878491.01    | 0.15%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5930000 | PA      | $5711099.62   | 0.98%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES1                                       | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |    627757 | PA      | $633198.64    | 0.11%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    870000 | PA      | $909688.15    | 0.16%             | 2034-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231012.92    | 0.04%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1409374 | PA      | $1402279.93   | 0.24%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV1                                                        | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    696956 | PA      | $710677.46    | 0.12%             | 2059-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                                             | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    650000 | PA      | $604032.38    | 0.10%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   1620465 | PA      | $1622917.83   | 0.28%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    455000 | PA      | $448649.62    | 0.08%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                                               | FRONERI US INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    550561 | PA      | $549944.72    | 0.09%             | 2031-09-30      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Centragas                                                                   | CENT 2025-CITY                                                                  | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1315000 | PA      | $1330993.82   | 0.23%             | 2040-07-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                                     | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    530000 | PA      | $483656.80    | 0.08%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2021-1R Trust                                                             | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155595 | PA      | $145577.59    | 0.03%             | 2056-05-25      | Fixed         | 1.28%                 | 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      | $519570.32    | 0.09%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    455000 | PA      | $472749.30    | 0.08%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    355000 | PA      | $312950.20    | 0.05%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                                              | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900880 | PA      | $913542.00    | 0.16%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    841204 | PA      | $842753.93    | 0.14%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    375000 | PA      | $386085.49    | 0.07%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    513000 | PA      | $496953.36    | 0.09%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| BANC CREDITO INVERSIONES                                                    | Banco de Credito e Inversiones SA                                               | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    244000 | PA      | $259020.64    | 0.04%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208695.13    | 0.04%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                                | CALPINE CORP                                                                    | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    640000 | PA      | $639929.60    | 0.11%             | 2031-01-31      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704000 | PA      | $719243.99    | 0.12%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4155000 | PA      | $3756704.28   | 0.65%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC                                   | ORYX MIDSTREAM SERVICES PERMIAN BASIN LLC                                       | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    455243 | PA      | $456996.08    | 0.08%             | 2028-10-05      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    275000 | PA      | $287789.34    | 0.05%             | 2030-12-15      | Fixed         | 6.88%                 | 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      | $1161922.26   | 0.20%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    462675 | PA      | $462480.68    | 0.08%             | 2032-03-15      | Floating      | 5.98%                 | 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        |     91345 | PA      | $79959.82     | 0.01%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    740000 | PA      | $806579.13    | 0.14%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                                                  | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    314400 | PA      | $314400.66    | 0.05%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $153641.31    | 0.03%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2021-5                                      | CUSIP: 85573QAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1278541 | PA      | $1125834.20   | 0.19%             | 2066-09-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                      | Philip Morris International Inc                                                 | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1048322.90   | 0.18%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    880000 | PA      | $908302.56    | 0.16%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                                              | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1065000 | PA      | $1080010.64   | 0.19%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    705000 | PA      | $767584.34    | 0.13%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                                           | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                    | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $142902.06    | 0.02%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                    | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    815000 | PA      | $850047.80    | 0.15%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2025-1                                                    | CUSIP: 12515XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1195000 | PA      | $1207091.13   | 0.21%             | 2032-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    135000 | PA      | $125685.00    | 0.02%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    816000 | PA      | $779419.19    | 0.13%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    565000 | PA      | $391334.01    | 0.07%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    945000 | PA      | $834414.17    | 0.14%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5154825 | PA      | $5033631.74   | 0.86%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    455000 | PA      | $465936.28    | 0.08%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    378000 | PA      | $397776.35    | 0.07%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1308860.16   | 0.22%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                                            | Black Hills Corp                                                                | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    925000 | PA      | $992018.93    | 0.17%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                      | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    200000 | PA      | $215648.09    | 0.04%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Frontdoor Inc                                                               | FRONTDOOR INC                                                                   | CUSIP: 35905CAK1<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | LON              | CORP              | US        |    242550 | PA      | $243762.75    | 0.04%             | 2031-12-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                           | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |    494574 | PA      | $495108.54    | 0.09%             | 2030-10-04      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2024-NQM1                                       | CUSIP: 465983AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    433478 | PA      | $437326.93    | 0.08%             | 2064-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    662108 | PA      | $648802.06    | 0.11%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1570000 | PA      | $1501073.39   | 0.26%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    345000 | PA      | $355020.53    | 0.06%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions) | PRIME SECURITY SERVICES BOR                                                     | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |    337051 | PA      | $337387.59    | 0.06%             | 2030-10-13      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                                                             | 180 Medical Inc                                                                 | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1444950.67   | 0.25%             | 2035-10-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                                            | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    175000 | PA      | $197914.50    | 0.03%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                                    | BOOST NEWCO BORROWER LLC                                                        | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    486325 | PA      | $486631.38    | 0.08%             | 2031-01-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1021810.97   | 0.18%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    748312 | PA      | $673653.68    | 0.12%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                                                 | SBNA Auto Receivables Trust 2024-A                                              | CUSIP: 78437PAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452000 | PA      | $460321.77    | 0.08%             | 2030-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31387PR53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       953 | PA      | $1000.81      | 0.00%             | 2031-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    289000 | PA      | $286320.97    | 0.05%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |    548824 | PA      | $555530.93    | 0.10%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1345000 | PA      | $1377578.20   | 0.24%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                                    | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    935000 | PA      | $974064.64    | 0.17%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                                           | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1353314 | PA      | $1348767.08   | 0.23%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2015-6                                                | CUSIP: 89172RAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    635000 | PA      | $601184.54    | 0.10%             | 2055-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $90364.05     | 0.02%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                              | Gray Media Inc                                                                  | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    465000 | PA      | $475150.41    | 0.08%             | 2033-08-15      | Fixed         | 7.25%                 | 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      | $144121.88    | 0.02%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    552000 | PA      | $560884.44    | 0.10%             | 2033-07-18      | Fixed         | 4.88%                 | 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        |    654391 | PA      | $638461.68    | 0.11%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2023-A                                               | CUSIP: 123919AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147661 | PA      | $150602.12    | 0.03%             | 2038-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    840000 | PA      | $847851.75    | 0.15%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                 | VFI ABS 2025-1 LLC                                                              | CUSIP: 91824UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1075000 | PA      | $1084413.99   | 0.19%             | 2031-04-24      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    845000 | PA      | $891089.53    | 0.15%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    205000 | PA      | $213798.54    | 0.04%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                                        | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    220000 | PA      | $157080.00    | 0.03%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAF8<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |   1270000 | PA      | $1275897.97   | 0.22%             | 2054-04-03      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    161697 | PA      | $159965.15    | 0.03%             | 2031-06-11      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2428015.63   | 0.42%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                       | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    487461 | PA      | $489840.11    | 0.08%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    560000 | PA      | $549514.29    | 0.09%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    615000 | PA      | $640869.48    | 0.11%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                                          | Morocco Government International Bond                                           | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    311000 | PA      | $272977.14    | 0.05%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    558000 | PA      | $604933.38    | 0.10%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1420000 | PA      | $1149645.32   | 0.20%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465000 | PA      | $472738.76    | 0.08%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                                            | ALIXPARTNERS LLP                                                                | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |    510000 | PA      | $510540.60    | 0.09%             | 2032-08-12      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260094.97    | 0.04%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    305000 | PA      | $226598.96    | 0.04%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    107000 | PA      | $106037.00    | 0.02%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    437122 | PA      | $437949.22    | 0.08%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    185000 | PA      | $158175.00    | 0.03%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                                     | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    454267 | PA      | $456538.58    | 0.08%             | 2031-10-16      | Floating      | 6.12%                 | 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      | $556582.74    | 0.10%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                       | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    333325 | PA      | $333908.32    | 0.06%             | 2028-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49046 | PA      | $39726.87     | 0.01%             | 2026-04-02      | Floating      | 13.34%                | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                 | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    163000 | PA      | $167098.18    | 0.03%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $280060.49    | 0.05%             | 2055-04-25      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227500 | PA      | $227216.26    | 0.04%             | 2039-02-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2024-1 LLC                                          | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208073 | PA      | $208971.23    | 0.04%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185130 | PA      | $177757.12    | 0.03%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31412YFP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25069 | PA      | $26158.01     | 0.00%             | 2036-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174523.53    | 0.03%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                                     | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    202000 | PA      | $202217.35    | 0.03%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1069228.31   | 0.18%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    934950 | PA      | $943751.73    | 0.16%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-4                                                | CUSIP: 89178BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $705149.45    | 0.12%             | 2059-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                                              | JP Morgan Seasoned Mortgage Trust Series 2024-1                                 | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    673045 | PA      | $659814.27    | 0.11%             | 2063-01-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Sazerac Company, Inc.                                                       | SAZERAC CO INC                                                                  | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |    255000 | PA      | $255247.35    | 0.04%             | 2032-07-09      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    545000 | PA      | $564098.98    | 0.10%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1042909.47   | 0.18%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                                       | Costa Rica Government International Bond                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     65000 | PA      | $72832.50     | 0.01%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                                                    | Flex Ltd                                                                        | CUSIP: 33938XAG0<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |   1480000 | PA      | $1477720.80   | 0.25%             | 2035-11-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    914392 | PA      | $922550.21    | 0.16%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                                      | Mizuho Financial Group Inc                                                      | CUSIP: 60687YBU2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1320000 | PA      | $1182277.80   | 0.20%             | 2031-09-13      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                                                     | New York State Electric & Gas Corp                                              | CUSIP: 649840CV5<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    540000 | PA      | $572752.51    | 0.10%             | 2033-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                              | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79165 | PA      | $77987.57     | 0.01%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                     | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AW6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    400000 | PA      | $449300.92    | 0.08%             | 2038-01-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                                       | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    815000 | PA      | $862596.85    | 0.15%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DTQH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4722906 | PA      | $4377033.82   | 0.75%             | 2054-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    225000 | PA      | $238586.43    | 0.04%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                    | Benchmark 2023-B38 Mortgage Trust                                               | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $239729.85    | 0.04%             | 2056-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    355000 | PA      | $359082.50    | 0.06%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMAZON HOLDCO INC                                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    398750 | PA      | $399372.05    | 0.07%             | 2031-09-29      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    355000 | PA      | $365014.29    | 0.06%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    485000 | PA      | $506627.44    | 0.09%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    310000 | PA      | $329979.50    | 0.06%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1073069.56   | 0.18%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    578313 | PA      | $563209.05    | 0.10%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    312405 | PA      | $314970.88    | 0.05%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                                              | THPT 2023-THL Mortgage Trust                                                    | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486014 | PA      | $492081.60    | 0.08%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                           | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1005000 | PA      | $1055167.10   | 0.18%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods Corporation II Inc                                          | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     33237 | PA      | $31575.55     | 0.01%             | 2026-04-02      | Floating      | 13.35%                | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1345000 | PA      | $1350041.33   | 0.23%             | 2040-06-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    682000 | PA      | $712260.34    | 0.12%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                                           | EOG Resources Inc                                                               | CUSIP: 26875PAW1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    995000 | PA      | $973165.04    | 0.17%             | 2054-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $532561.97    | 0.09%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    973000 | PA      | $932936.45    | 0.16%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DPHB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1352319 | PA      | $1353982.20   | 0.23%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    470000 | PA      | $433960.15    | 0.07%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-2                                        | CUSIP: 36269EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353000 | PA      | $358678.32    | 0.06%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    294000 | PA      | $303114.00    | 0.05%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                            | ENDEAVOR OPERATING CO LLC                                                       | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    194025 | PA      | $194886.47    | 0.03%             | 2032-03-24      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Finco I LLC                                                                 | FINCO 06/27/29                                                                  | CUSIP: 31774BAH7<br>LEI: 5493001RSEZ0X6VJMC68 | Long             | LON              | CORP              | US        |    563588 | PA      | $564055.28    | 0.10%             | 2029-06-27      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                                                    | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1158812.29   | 0.20%             | 2035-06-01      | Fixed         | 6.19%                 | 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        |    305865 | PA      | $287639.85    | 0.05%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1061566.88   | 0.18%             | 2028-08-15      | Fixed         | 8.00%                 | 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      | $391679.10    | 0.07%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119547 | PA      | $119712.97    | 0.02%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                                    | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    211000 | PA      | $220917.00    | 0.04%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    312845 | PA      | $313908.50    | 0.05%             | 2031-02-28      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175520.92    | 0.03%             | 2054-10-15      | Fixed         | 7.95%                 | 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      | $688268.75    | 0.12%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    280000 | PA      | $291160.80    | 0.05%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1045000 | PA      | $989192.09    | 0.17%             | 2037-03-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                                                      | Kazakhstan Government International Bond                                        | CUSIP: 486661BP5<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    502000 | PA      | $515604.20    | 0.09%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    654000 | PA      | $666350.11    | 0.11%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    935000 | PA      | $857004.77    | 0.15%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XLRM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1345827 | PA      | $1191360.25   | 0.20%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427MVV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2386668 | PA      | $2454584.60   | 0.42%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    818044 | PA      | $744011.58    | 0.13%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                          | Meta Platforms Inc                                                              | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1697236.62   | 0.29%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                                    | Solstice Advanced Materials Inc                                                 | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40351.76     | 0.01%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCF9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    159600 | PA      | $160032.52    | 0.03%             | 2030-03-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    515000 | PA      | $513203.94    | 0.09%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    292328 | PA      | $293181.33    | 0.05%             | 2028-12-21      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    752000 | PA      | $658271.21    | 0.11%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan                                              | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   1205000 | PA      | $1219558.81   | 0.21%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W1Q89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5933274 | PA      | $5647770.68   | 0.97%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    835000 | PA      | $879714.01    | 0.15%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                                     | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AV8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1410000 | PA      | $1458291.80   | 0.25%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    532000 | PA      | $539268.02    | 0.09%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Whitewater DBR Holdco LLC                                                   | WHITEWATER DBR HOLDCO LL                                                        | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |    123441 | PA      | $124057.82    | 0.02%             | 2031-03-03      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    175000 | PA      | $186163.25    | 0.03%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34743 | PA      | $34938.90     | 0.01%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    820000 | PA      | $913014.19    | 0.16%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |   1275000 | PA      | $1316748.03   | 0.23%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    945000 | PA      | $1080565.09   | 0.19%             | 2033-11-02      | Fixed         | 7.44%                 | 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      | $294700.07    | 0.05%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    380000 | PA      | $315354.22    | 0.05%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    610000 | PA      | $619427.55    | 0.11%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                                       | Playtika Holding Corp                                                           | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |    567024 | PA      | $546797.77    | 0.09%             | 2028-03-13      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2022-1 Trust                                                              | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327634 | PA      | $326493.93    | 0.06%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107665.92    | 0.02%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    475000 | PA      | $502565.19    | 0.09%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100481 | PA      | $96004.81     | 0.02%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1444789 | PA      | $1432109.30   | 0.25%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    635000 | PA      | $647708.05    | 0.11%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4260000 | PA      | $4194435.96   | 0.72%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    380000 | PA      | $380007.60    | 0.07%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    238000 | PA      | $239858.28    | 0.04%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $536948.79    | 0.09%             | 2033-08-01      | Fixed         | 6.38%                 | 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        |    274730 | PA      | $251390.24    | 0.04%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    687381 | PA      | $688701.21    | 0.12%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2024-5                                      | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1015000 | PA      | $1015723.29   | 0.17%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                        | M&T Bank Corp                                                                   | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1120948.95   | 0.19%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2022-NQM2                                   | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1365728 | PA      | $1297985.88   | 0.22%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2023-1                                                | CUSIP: 89181JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1171005 | PA      | $1138447.11   | 0.20%             | 2063-01-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1923902 | PA      | $1917285.67   | 0.33%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                                       | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83037.14     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    290320 | PA      | $301516.51    | 0.05%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    610000 | PA      | $616040.39    | 0.11%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    435000 | PA      | $459879.42    | 0.08%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    268000 | PA      | $266432.34    | 0.05%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                           | NEXSTAR MEDIA INC                                                               | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    768075 | PA      | $771247.15    | 0.13%             | 2032-06-28      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                                     | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    162000 | PA      | $152801.64    | 0.03%             | 2047-04-19      | Fixed         | 5.75%                 | 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        |     80213 | PA      | $78362.96     | 0.01%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    893000 | PA      | $877092.07    | 0.15%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    680000 | PA      | $706866.71    | 0.12%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                                                       | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    355000 | PA      | $351246.56    | 0.06%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    606000 | PA      | $692104.61    | 0.12%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                    | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     30000 | PA      | $31314.30     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    980000 | PA      | $1001782.03   | 0.17%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    116821 | PA      | $118840.23    | 0.02%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    513136 | PA      | $511371.27    | 0.09%             | 2029-01-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                              | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    645000 | PA      | $712975.91    | 0.12%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W2XA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5113803 | PA      | $5116832.57   | 0.88%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                                       | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $129445.63    | 0.02%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                                 | UPX HIL 2025-1 Issuer Trust                                                     | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468751 | PA      | $472371.27    | 0.08%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31411JDZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48553 | PA      | $51613.94     | 0.01%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM6 Trust                                                             | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |    828713 | PA      | $836716.11    | 0.14%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586407 | PA      | $586979.89    | 0.10%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31409VYN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12541 | PA      | $12984.92     | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BrightView Landscapes LLC                                                   | BRIGHTVIEW LANDSCAPES                                                           | CUSIP: 10801XAL1<br>LEI: 549300OSAEQC89PVOW06 | Long             | LON              | CORP              | US        |    590000 | PA      | $590000.00    | 0.10%             | 2029-04-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2024-NQM3                                   | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |    335231 | PA      | $339667.24    | 0.06%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC                                                      | Marvell Technology Inc                                                          | CUSIP: 573874AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1066375.25   | 0.18%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                              | Ginnie Mae I Pool                                                               | CUSIP: 36207VDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3013 | PA      | $3084.92      | 0.00%             | 2028-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    759000 | PA      | $870321.29    | 0.15%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                     | Millrose Properties Inc                                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $494401.86    | 0.08%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                        | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    970000 | PA      | $971657.49    | 0.17%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB1 Trust                                                             | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    535084 | PA      | $533615.77    | 0.09%             | 2053-03-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    580000 | PA      | $617175.02    | 0.11%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                            | BAT Capital Corp                                                                | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    245000 | PA      | $225684.26    | 0.04%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    755000 | PA      | $831713.50    | 0.14%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1115000 | PA      | $1136852.33   | 0.20%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                                       | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |       494 | PA      | $487.56       | 0.00%             | 2029-04-11      | Floating      | 9.01%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                                          | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAL7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    465065 | PA      | $466934.86    | 0.08%             | 2031-11-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31411H7D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5957 | PA      | $6332.63      | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-HY2                                              | CUSIP: 89177HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100206.22    | 0.02%             | 2058-05-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                                        | Libra Solutions 2024-1 LLC                                                      | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965000 | PA      | $965379.92    | 0.17%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  3 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    345000 | PA      | $350088.75    | 0.06%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                           | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1072791.26   | 0.18%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     40750 | PA      | $40383.25     | 0.01%             | 2030-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential Trust                                                      | CUSIP: 74333HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $202470.87    | 0.03%             | 2038-07-17      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| MV Holding GmbH FKA Igloo Holdings Corp                                     | MX HOLDINGS US INC                                                              | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |    378102 | PA      | $378733.80    | 0.07%             | 2032-03-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418FNH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2930157 | PA      | $2922882.30   | 0.50%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                                       | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    695000 | PA      | $733273.27    | 0.13%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                                       | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    380000 | PA      | $409179.82    | 0.07%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    435000 | PA      | $417884.93    | 0.07%             | 2054-10-01      | Fixed         | 6.18%                 | 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      | $302930.61    | 0.05%             | 2056-07-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWF65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2438758 | PA      | $2482527.52   | 0.43%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     54945 | PA      | $52438.33     | 0.01%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1300000 | PA      | $1326031.02   | 0.23%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155932 | PA      | $150012.22    | 0.03%             | 2065-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25252 | PA      | $24688.84     | 0.00%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | Iron Mountain Inc                                                               | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    590000 | PA      | $594936.35    | 0.10%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $216683.42    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                                    | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    285000 | PA      | $284243.78    | 0.05%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                                        | Taylor Morrison Communities Inc                                                 | CUSIP: 87724RAK8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41155.68     | 0.01%             | 2032-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    530000 | PA      | $555655.77    | 0.10%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                                                | Hardee's Funding LLC                                                            | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1562175 | PA      | $1614710.48   | 0.28%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                         | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    250000 | PA      | $237048.41    | 0.04%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                        | Glencore Funding LLC                                                            | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1133599.04   | 0.19%             | 2034-04-04      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    470000 | PA      | $476551.80    | 0.08%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1260000 | PA      | $1263679.33   | 0.22%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | Berry Global Inc                                                                | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1406495.18   | 0.24%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                                           | EOG Resources Inc                                                               | CUSIP: 26875PAZ4<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $195236.99    | 0.03%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $212400.00    | 0.04%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    535000 | PA      | $555035.30    | 0.10%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                                      | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |    394535 | PA      | $380019.72    | 0.07%             | 2030-09-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                        | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    225000 | PA      | $207544.95    | 0.04%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1060000 | PA      | $1098160.00   | 0.19%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2025-INV1                                  | CUSIP: 24382EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    788452 | PA      | $790067.25    | 0.14%             | 2060-11-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6110000 | PA      | $5408782.06   | 0.93%             | 2053-08-15      | Fixed         | 4.12%                 | 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        |     35120 | PA      | $34272.89     | 0.01%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1497335 | PA      | $1523028.19   | 0.26%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2025-1                             | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1331398.20   | 0.23%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-2                                               | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $269799.12    | 0.05%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4705000 | PA      | $4808105.65   | 0.83%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    715000 | PA      | $688108.85    | 0.12%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INSUR                                                         | Sumitomo Life Insurance Co                                                      | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |   1140000 | PA      | $1151419.38   | 0.20%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429000 | PA      | $433436.68    | 0.07%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                                           | Entergy Texas Inc                                                               | CUSIP: 29365TAN4<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    455000 | PA      | $454020.68    | 0.08%             | 2053-09-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    815000 | PA      | $823761.25    | 0.14%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                                                    | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    970000 | PA      | $957882.86    | 0.16%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Green Infrastructure Partners Inc.                                          | GREEN INFRASTRUCTURE PARTNERS INC                                               | CUSIP: 000000000<br>LEI: 549300W1V7LSCKWMX505 | Long             | LON              | CORP              | CA        |    180000 | PA      | $180000.00    | 0.03%             | 2032-09-24      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                    | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1223117.26   | 0.21%             | 2035-03-01      | Fixed         | 5.20%                 | 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      | $746035.54    | 0.13%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-A                                   | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1233277.26   | 0.21%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    590000 | PA      | $605879.85    | 0.10%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                        | CHARTER COMMUNICATIONS OPERATING LLC                                            | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    464866 | PA      | $465126.12    | 0.08%             | 2031-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                                | Commercial Equipment Finance 2024-1 LLC                                         | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    309695 | PA      | $313033.35    | 0.05%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                                                 | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $208216.91    | 0.04%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2024-1 LLC                                           | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $760149.39    | 0.13%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47730 | PA      | $46048.56     | 0.01%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                                          | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    284000 | PA      | $304590.00    | 0.05%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304266 | PA      | $313864.97    | 0.05%             | 2039-02-18      | Fixed         | 6.53%                 | 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        |    122118 | PA      | $110137.88    | 0.02%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                                    | Windsor Holdings III LLC                                                        | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    180000 | PA      | $190144.44    | 0.03%             | 2030-06-15      | Fixed         | 8.50%                 | 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        |    345077 | PA      | $302446.26    | 0.05%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                 | VFI ABS 2023-1 LLC                                                              | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12019 | PA      | $12047.36     | 0.00%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                        | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1427329.81   | 0.25%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                                       | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1132520.10   | 0.19%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31374TRX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2035 | PA      | $2088.11      | 0.00%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74258.52     | 0.01%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    276000 | PA      | $286140.24    | 0.05%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    820000 | PA      | $856681.26    | 0.15%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                                     | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    368149 | PA      | $368296.11    | 0.06%             | 2031-02-10      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    715000 | PA      | $750716.67    | 0.13%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    607514 | PA      | $611733.97    | 0.11%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $20290.00     | 0.00%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107800 | PA      | $105874.01    | 0.02%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                         | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    380000 | PA      | $411445.38    | 0.07%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    490000 | PA      | $482500.41    | 0.08%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    565000 | PA      | $602806.36    | 0.10%             | 2046-01-14      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3155000 | PA      | $2975805.84   | 0.51%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    580000 | PA      | $561382.00    | 0.10%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                             | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1170515.24   | 0.20%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                                                    | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $501948.16    | 0.09%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1590000 | PA      | $1560870.71   | 0.27%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55732.97     | 0.01%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                              | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    535000 | PA      | $535224.70    | 0.09%             | 2031-05-06      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| USQ Rail I LLC                                                              | USQ Rail III LLC                                                                | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    941900 | PA      | $941838.36    | 0.16%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    472000 | PA      | $512634.48    | 0.09%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                           | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    403988 | PA      | $405502.45    | 0.07%             | 2032-01-28      | Floating      | 6.47%                 | 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        |     12992 | PA      | $12867.83     | 0.00%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5230000 | PA      | $5273310.94   | 0.91%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    178000 | PA      | $175641.50    | 0.03%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    393505 | PA      | $388705.47    | 0.07%             | 2060-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                  | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $644210.40    | 0.11%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-2                                                          | CUSIP: 75525QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1315000 | PA      | $1327669.10   | 0.23%             | 2032-08-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    305000 | PA      | $314925.91    | 0.05%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA Inc                                        | Grifols Worldwide Operations USA Inc                                            | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    580000 | PA      | $579756.40    | 0.10%             | 2027-11-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDY7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    127000 | PA      | $126742.05    | 0.02%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    378212 | PA      | $356938.16    | 0.06%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5910000 | PA      | $2828950.81   | 0.49%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                      | Lendmark Funding Trust 2025-3                                                   | CUSIP: 525951AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1175000 | PA      | $1174647.85   | 0.20%             | 2035-05-21      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $197251.04    | 0.03%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2025-NQM2                                                    | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   1061490 | PA      | $1071536.97   | 0.18%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1051925.49   | 0.18%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAP8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $231836.06    | 0.04%             | 2051-09-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     84000 | PA      | $85335.60     | 0.01%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                   | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1478000 | PA      | $1447254.17   | 0.25%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    164000 | PA      | $167734.28    | 0.03%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                           | Kinder Morgan Inc                                                               | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    490000 | PA      | $518278.51    | 0.09%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                      | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1026926.25   | 0.18%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427MKL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4836461 | PA      | $4828724.93   | 0.83%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    330000 | PA      | $326064.26    | 0.06%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1257137.17   | 0.22%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                                                        | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $525252.53    | 0.09%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1418028.75   | 0.24%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-5                                      | CUSIP: 30168DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92009 | PA      | $92177.53     | 0.02%             | 2028-04-17      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    495000 | PA      | $512799.62    | 0.09%             | 2035-02-07      | Fixed         | 6.50%                 | 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        |    498601 | PA      | $479205.98    | 0.08%             | 2058-10-25      | Variable      | 0.94%                 | 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      | $23316.15     | 0.00%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91870 | PA      | $90352.86     | 0.02%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     93000 | PA      | $83359.62     | 0.01%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |    874773 | PA      | $883316.23    | 0.15%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                                                         | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    303000 | PA      | $302668.22    | 0.05%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                                    | Amneal Pharmaceuticals LLC                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36970.85     | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2015-1AA                                                    | Delta Air Lines 2015-1 Class AA Pass Through Trust                              | CUSIP: 24736XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    347299 | PA      | $343279.20    | 0.06%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    755000 | PA      | $756887.50    | 0.13%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL4                                                  | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452196.14    | 0.08%             | 2039-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    465000 | PA      | $456404.38    | 0.08%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    360000 | PA      | $364935.96    | 0.06%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2435000 | PA      | $2340929.11   | 0.40%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    810000 | PA      | $875553.89    | 0.15%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                    | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | PA      | $534793.67    | 0.09%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                                    | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    610000 | PA      | $652010.07    | 0.11%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $36662.90     | 0.01%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2024-1                                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    488000 | PA      | $492278.78    | 0.08%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    268000 | PA      | $313258.50    | 0.05%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1113282.15   | 0.19%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5055000 | PA      | $5247129.48   | 0.90%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1837772 | PA      | $1891014.11   | 0.32%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUNTERSTOWN GENERATION LLC                                                  | KESTREL ACQUISITION LLC                                                         | CUSIP: 44579UAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    522583 | PA      | $522582.95    | 0.09%             | 2031-11-06      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    535000 | PA      | $536991.59    | 0.09%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2023-NQM3                                                    | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    867647 | PA      | $872672.30    | 0.15%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                         | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    153838 | PA      | $153934.42    | 0.03%             | 2030-02-11      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Issuer Trust 2025-A                                                | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    891024 | PA      | $907336.78    | 0.16%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    589278 | PA      | $606141.34    | 0.10%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302793 | PA      | $304793.65    | 0.05%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    855000 | PA      | $846751.79    | 0.15%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-A                                               | CUSIP: 22411CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $543822.07    | 0.09%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1450000 | PA      | $1485272.83   | 0.26%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                                    | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    560000 | PA      | $573112.40    | 0.10%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    475000 | PA      | $491117.66    | 0.08%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQJE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2248055 | PA      | $2083423.19   | 0.36%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                       | QUIKRETE HOLDINGS INC                                                           | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    339077 | PA      | $339941.66    | 0.06%             | 2031-04-14      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                     | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31029 | PA      | $28477.35     | 0.00%             | 2047-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                         | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    635000 | PA      | $767941.17    | 0.13%             | 2032-03-15      | Fixed         | 8.75%                 | 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        |    108008 | PA      | $107764.99    | 0.02%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2024-1                                                    | CUSIP: 12515PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    860000 | PA      | $876612.10    | 0.15%             | 2032-03-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    275000 | PA      | $268682.49    | 0.05%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| PMT Loan Trust                                                              | PMT Loan Trust 2025-INV7                                                        | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1164695 | PA      | $1183368.37   | 0.20%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                                              | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2825374 | NS      | $2825374.09   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |    375054 | PA      | $378578.84    | 0.07%             | 2063-10-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1291781.25   | 0.22%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                    | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    930000 | PA      | $873449.21    | 0.15%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $417330.80    | 0.07%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    870000 | PA      | $898308.98    | 0.15%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                                                         | RESIDEO FUNDING INC                                                             | CUSIP: 76090LAM6<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |    330000 | PA      | $330412.50    | 0.06%             | 2032-08-13      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1042152 | PA      | $1073220.80   | 0.18%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $576382.81    | 0.10%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    335000 | PA      | $341166.68    | 0.06%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                  | Allianz SE                                                                      | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    380000 | PA      | $388977.50    | 0.07%             | 2054-09-03      | Fixed         | 5.60%                 | 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        |     66449 | PA      | $65900.10     | 0.01%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    255000 | PA      | $261201.81    | 0.04%             | 2031-11-05      | Fixed         | 6.05%                 | 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        |    610828 | PA      | $592868.04    | 0.10%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    204000 | PA      | $211803.00    | 0.04%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    405000 | PA      | $406012.50    | 0.07%             | 2031-09-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2187495 | PA      | $2253085.28   | 0.39%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    640000 | PA      | $671596.95    | 0.12%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $908885.93    | 0.16%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWG23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    302552 | PA      | $312072.98    | 0.05%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $529987.50    | 0.09%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-1                                                | CUSIP: 89182NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    679734 | PA      | $690851.23    | 0.12%             | 2064-03-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    830000 | PA      | $852723.66    | 0.15%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES2                                      | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    674623 | PA      | $680437.47    | 0.12%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    541450 | PA      | $546135.68    | 0.09%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    485000 | PA      | $500269.26    | 0.09%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 31427MAV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1262308 | PA      | $1280497.22   | 0.22%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1128975.14   | 0.19%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                                       | Costa Rica Government International Bond                                        | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    110000 | PA      | $119740.50    | 0.02%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    510000 | PA      | $517696.90    | 0.09%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    555000 | PA      | $578161.04    | 0.10%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                                                    | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1140982.42   | 0.20%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                                             | Eagle Broadband Investments LLC                                                 | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    562042 | PA      | $531730.96    | 0.09%             | 2027-11-12      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7550000 | PA      | $6107537.09   | 1.05%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                                       | GENMAB A/S/GENMAB FINANCE LLC                                                   | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     55000 | PA      | $56366.56     | 0.01%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    815000 | PA      | $783136.39    | 0.13%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9840000 | PA      | $4838128.15   | 0.83%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                        | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   1122000 | PA      | $1199429.79   | 0.21%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    575000 | PA      | $570814.76    | 0.10%             | 2036-10-21      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                      | Diamondback Energy Inc                                                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    955000 | PA      | $901491.21    | 0.15%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    286278 | PA      | $287222.34    | 0.05%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    503000 | PA      | $534178.67    | 0.09%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    204000 | PA      | $195206.03    | 0.03%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    187000 | PA      | $161755.00    | 0.03%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    720000 | PA      | $620053.86    | 0.11%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                                            | SS&C TECHNOLOGIES INC                                                           | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    278119 | PA      | $279634.85    | 0.05%             | 2031-05-09      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    235000 | PA      | $244928.75    | 0.04%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1055501.48   | 0.18%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    545000 | PA      | $569480.39    | 0.10%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    515000 | PA      | $514731.21    | 0.09%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    535000 | PA      | $554446.57    | 0.10%             | 2034-06-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                                                       | DBR Land Holdings LLC                                                           | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $347779.20    | 0.06%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2023-2                           | CUSIP: 35104AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39879 | PA      | $40014.40     | 0.01%             | 2028-05-15      | Fixed         | 5.99%                 | 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      | $2306438.48   | 0.40%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    450000 | PA      | $459225.00    | 0.08%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    263697 | PA      | $264279.75    | 0.05%             | 2029-08-02      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT                                                    | United Airlines 2024-1 Class AA Pass Through Trust                              | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    579313 | PA      | $595565.90    | 0.10%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2022-B                                                 | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625972 | PA      | $607430.31    | 0.10%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    820000 | PA      | $831794.05    | 0.14%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    144962 | PA      | $1449.62      | 0.00%             | 2028-08-02      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1162522.08   | 0.20%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    800000 | PA      | $804357.10    | 0.14%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                    | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1091750 | PA      | $1113693.74   | 0.19%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline LLC                                                       | BLACKFIN PIPELINE LLC                                                           | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |    525000 | PA      | $525435.75    | 0.09%             | 2032-09-29      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    455000 | PA      | $417532.63    | 0.07%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    470000 | PA      | $496756.87    | 0.09%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                                        | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    266000 | PA      | $285407.36    | 0.05%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3374062 | PA      | $3472730.52   | 0.60%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875000 | PA      | $830691.23    | 0.14%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-A LLC                                                                | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    809033 | PA      | $823493.63    | 0.14%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2023-A LLC                                                         | CUSIP: 62890QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1019450.20   | 0.18%             | 2030-06-17      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1507801.40   | 0.26%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    730000 | PA      | $769506.36    | 0.13%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    448665 | PA      | $427914.37    | 0.07%             | 2028-11-24      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2021-INV2                                              | CUSIP: 46653TAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500031 | PA      | $2251265.54   | 0.39%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $655687.53    | 0.11%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                   | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1411020.30   | 0.24%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                         | Dominion Energy Inc                                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    560000 | PA      | $560381.45    | 0.10%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1115701.82   | 0.19%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                                                 | CoreVest American Finance 2022-1 Trust                                          | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391816 | PA      | $393476.81    | 0.07%             | 2055-06-17      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-1                            | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    935000 | PA      | $945147.09    | 0.16%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    155000 | PA      | $163680.00    | 0.03%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    964169 | PA      | $976491.92    | 0.17%             | 2055-05-25      | Variable      | 5.69%                 | 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        |      4865 | PA      | $4919.35      | 0.00%             | 2048-10-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    559000 | PA      | $578844.50    | 0.10%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    160000 | PA      | $166467.04    | 0.03%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5122924 | PA      | $4880370.59   | 0.84%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1271253 | PA      | $1268661.42   | 0.22%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388864 | PA      | $376977.92    | 0.06%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2024-CP1                                                        | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1044891 | PA      | $975236.14    | 0.17%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1290000 | PA      | $1283336.07   | 0.22%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                                                    | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    339000 | PA      | $299764.12    | 0.05%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                                                     | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    775000 | PA      | $800805.18    | 0.14%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                       | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $541945.32    | 0.09%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                                        | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    866250 | PA      | $879743.14    | 0.15%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    272628 | PA      | $273468.97    | 0.05%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                                                     | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    623260 | PA      | $626857.28    | 0.11%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    211000 | PA      | $229484.66    | 0.04%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FUNDING INC                                                       | BlackRock Funding Inc                                                           | CUSIP: 09290DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1005000 | PA      | $963199.36    | 0.17%             | 2054-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    605000 | PA      | $631880.15    | 0.11%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                    | Lloyds Banking Group PLC                                                        | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     55000 | PA      | $54908.91     | 0.01%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                       | Flowserve Corp                                                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1158444.58   | 0.20%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                    | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2010000 | PA      | $2040226.78   | 0.35%             | 2041-10-10      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Genmab A/S                                                                  | GENMAB A/S                                                                      | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |    100000 | PA      | $100438.00    | 0.02%             | 2032-12-12      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    525000 | PA      | $543085.66    | 0.09%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    193231 | PA      | $155792.12    | 0.03%             | 2030-02-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                                     | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675000 | PA      | $688977.43    | 0.12%             | 2035-02-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     60000 | PA      | $50717.10     | 0.01%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                                        | Carpenter Technology Corp                                                       | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30471.75     | 0.01%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                       | PHOENIX GUARANTOR INC                                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    333702 | PA      | $335086.75    | 0.06%             | 2031-02-21      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1248361.32   | 0.21%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    145000 | PA      | $159238.33    | 0.03%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $935804.52    | 0.16%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                                       | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1047375 | PA      | $1059135.76   | 0.18%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31415QMQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1049 | PA      | $1098.12      | 0.00%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                                                                | Veralto Corp                                                                    | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1158472.68   | 0.20%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                         | Global Payments Inc                                                             | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1167870.31   | 0.20%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    995000 | PA      | $1050172.08   | 0.18%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: —       |
| VIATRIS INC                                                                 | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |      1541 | PA      | $1496.87      | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    422000 | PA      | $436348.00    | 0.07%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    510000 | PA      | $513828.81    | 0.09%             | 2033-07-22      | Fixed         | 4.97%                 | 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        |    766711 | PA      | $700738.52    | 0.12%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1324000 | PA      | $1293169.20   | 0.22%             | 2037-07-15      | Floating      | 5.05%                 | 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        |    670000 | PA      | $639882.50    | 0.11%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation, LLC                                                 | CORNERSTONE GENERATION L                                                        | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |    165000 | PA      | $166296.90    | 0.03%             | 2032-08-11      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                                          | Ingersoll Rand Inc                                                              | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1292586.55   | 0.22%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    995000 | PA      | $985644.89    | 0.17%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    207170 | PA      | $216191.89    | 0.04%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    226000 | PA      | $240746.50    | 0.04%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                      | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     14857 | PA      | $14510.91     | 0.00%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                          | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    110000 | PA      | $87112.09     | 0.01%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                                                    | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   1290000 | PA      | $1364161.83   | 0.23%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                                  | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115507 | PA      | $101710.63    | 0.02%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFF4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    294000 | PA      | $316288.88    | 0.05%             | 2036-01-13      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    776000 | PA      | $810128.48    | 0.14%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4759520 | PA      | $4890114.65   | 0.84%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                                                          | ASTORIA ENERGY LLC                                                              | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |    283708 | PA      | $285569.59    | 0.05%             | 2032-06-23      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    479000 | PA      | $494232.21    | 0.08%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    215000 | PA      | $214823.61    | 0.04%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185094 | PA      | $182186.61    | 0.03%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $460819.01    | 0.08%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1864221.39   | 0.32%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                                       | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    235000 | PA      | $239574.23    | 0.04%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                                       | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     62960 | PA      | $1888.79      | 0.00%             | 2028-08-02      | Floating      | 8.14%                 | No            |                  3 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15073 | PA      | $14726.52     | 0.00%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    685000 | PA      | $610813.30    | 0.10%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                                | Commercial Equipment Finance 2025-1 LLC                                         | CUSIP: 20166TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1199963 | PA      | $1204887.81   | 0.21%             | 2031-05-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    969140 | PA      | $969736.41    | 0.17%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1025000 | PA      | $1033472.96   | 0.18%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| SCALELOGIX ABS US ISSUER, LLC                                               | Scalelogix Abs Us Issuer LLC                                                    | CUSIP: 80587FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1353848.72   | 0.23%             | 2055-07-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650DV9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    835000 | PA      | $783825.62    | 0.13%             | 2053-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    225000 | PA      | $241598.25    | 0.04%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    285000 | PA      | $299179.04    | 0.05%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    485000 | PA      | $492439.47    | 0.08%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    871601 | PA      | $868333.96    | 0.15%             | 2030-03-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    130000 | PA      | $143032.50    | 0.02%             | 2053-11-14      | Fixed         | 8.75%                 | 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      | $306191.23    | 0.05%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Ltd.                                                        | WEC US HLDG 01/27/31                                                            | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    526064 | PA      | $526758.07    | 0.09%             | 2031-01-27      | Floating      | 5.87%                 | 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      | $258597.79    | 0.04%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                    | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    810000 | PA      | $849308.23    | 0.15%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                      | Roper Technologies Inc                                                          | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1083173.77   | 0.19%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                                    | Merlin Entertainments Group US Holdings Inc                                     | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    170000 | PA      | $151431.94    | 0.03%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    296000 | PA      | $297737.52    | 0.05%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                                                  | SELECT MEDICAL CORP                                                             | CUSIP: 816194AY0<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    376200 | PA      | $375259.50    | 0.06%             | 2031-12-03      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                         | Northern Trust Corp                                                             | CUSIP: 665859AZ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    650000 | PA      | $649106.48    | 0.11%             | 2040-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    322000 | PA      | $337403.16    | 0.06%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     27657 | PA      | $12722.07     | 0.00%             | 2028-08-02      | Floating      | 11.92%                | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9175000 | PA      | $8294773.44   | 1.42%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                         | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1129017.96   | 0.19%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                                    | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    146000 | PA      | $149513.13    | 0.03%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                                                | NY Commercial Mortgage Trust 2025-299P                                          | CUSIP: 62957FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $840805.84    | 0.14%             | 2047-02-10      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    804000 | PA      | $855841.92    | 0.15%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                                    | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29817.33     | 0.01%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1140000 | PA      | $1166586.28   | 0.20%             | 2041-03-11      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |    435522 | PA      | $434978.08    | 0.07%             | 2031-01-31      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus                                              | Veridian Auto Receivables Trust 2023-1                                          | CUSIP: 92347BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $318345.90    | 0.05%             | 2028-12-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                                              | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $221134.97    | 0.04%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                            | DT Midstream Inc                                                                | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1390238.93   | 0.24%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    465000 | PA      | $460784.65    | 0.08%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2302935 | PA      | $2260701.68   | 0.39%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418E6X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3141889 | PA      | $2981191.55   | 0.51%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    480000 | PA      | $499407.43    | 0.09%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    479505 | PA      | $482483.69    | 0.08%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRANSURBAN FINANCE CO                                                       | Transurban Finance Co Pty Ltd                                                   | CUSIP: 89400PAL7<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |   1445000 | PA      | $1432009.62   | 0.25%             | 2036-03-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                                               | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720000 | PA      | $723935.52    | 0.12%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER FINANCING BV                                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    233401 | PA      | $233401.07    | 0.04%             | 2032-06-04      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    247000 | PA      | $244741.96    | 0.04%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2025-4                                      | CUSIP: 30167KAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1340000 | PA      | $1347061.93   | 0.23%             | 2030-05-15      | Fixed         | 4.40%                 | 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      | $250597.25    | 0.04%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                                          | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    970000 | PA      | $982229.96    | 0.17%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1848596.51   | 0.32%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    245000 | PA      | $266117.84    | 0.05%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    269500 | PA      | $269049.94    | 0.05%             | 2030-11-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita                                              | MSSG Trust 2017-237P                                                            | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1427000 | PA      | $1361890.56   | 0.23%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                                                 | Houston Galleria Mall Trust 2025-HGLR                                           | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1030000 | PA      | $1067273.85   | 0.18%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                                          | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  15679659 | NS      | $15679659.31  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WSTN Trust                                                                  | WSTN Trust 2023-MAUI                                                            | CUSIP: 92943AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1370296.31   | 0.24%             | 2037-07-05      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                                               | LIVE NATION ENTERTAINMENT INC                                                   | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |    430000 | PA      | $430000.00    | 0.07%             | 2032-10-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $451165.65    | 0.08%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $264209.32    | 0.05%             | 2035-09-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2023-3                                                      | CUSIP: 23345WAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201677.90    | 0.03%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $830854.32    | 0.14%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    108891 | PA      | $109250.20    | 0.02%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2691168 | PA      | $2737241.19   | 0.47%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2024-2                                                          | CUSIP: 75525HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1014625.60   | 0.17%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    514000 | PA      | $609060.86    | 0.10%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    571051 | PA      | $578407.01    | 0.10%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                            | BAT Capital Corp                                                                | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    245000 | PA      | $207002.87    | 0.04%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                                                     | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    357328 | PA      | $373263.44    | 0.06%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35131 | PA      | $35140.98     | 0.01%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1179639.70   | 0.20%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    491000 | PA      | $463749.50    | 0.08%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                                      | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    630000 | PA      | $672134.40    | 0.12%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                                              | Amur Equipment Finance Receivables XV LLC                                       | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |   1340000 | PA      | $1364455.80   | 0.23%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                                        | GATES CORPORATION                                                               | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |    464161 | PA      | $465126.08    | 0.08%             | 2031-06-04      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                              | RIDE 2025-SHRE                                                                  | CUSIP: 765692AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $923463.45    | 0.16%             | 2047-02-14      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-1                                    | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $702988.16    | 0.12%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                        | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    346000 | PA      | $361587.30    | 0.06%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23855 | PA      | $23102.25     | 0.00%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1230000 | PA      | $1233976.10   | 0.21%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    325000 | PA      | $347198.02    | 0.06%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2023-2 Receivables Funding LLC                                 | CUSIP: 82650BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97762 | PA      | $100661.41    | 0.02%             | 2040-04-20      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37301 | PA      | $36488.46     | 0.01%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1161420.58   | 0.20%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1410000 | PA      | $1302675.45   | 0.22%             | 2055-03-25      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGU2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    402000 | PA      | $406813.79    | 0.07%             | 2028-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                                        | Saudi Arabian Oil Co                                                            | CUSIP: 80414L2N4<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    850000 | PA      | $872737.50    | 0.15%             | 2034-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6692925 | PA      | $6678380.98   | 1.15%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Construction Partners Inc                                                   | CONSTRUCTION PARTNERS INC                                                       | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |    480150 | PA      | $483150.94    | 0.08%             | 2031-11-03      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1344647.34   | 0.23%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    634733 | PA      | $637960.36    | 0.11%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7090000 | PA      | $6829387.13   | 1.17%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                                   | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $499277.09    | 0.09%             | 2030-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                            | ALLO Issuer LLC                                                                 | CUSIP: 01983KAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1213702.32   | 0.21%             | 2055-04-20      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1349834.72   | 0.23%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124905.60    | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2025-1                                          | CUSIP: 74113UAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1179000 | PA      | $1172052.04   | 0.20%             | 2030-02-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                            | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    398000 | PA      | $464879.34    | 0.08%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                    | Baxter International Inc                                                        | CUSIP: 071813DE6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1173941.26   | 0.20%             | 2035-12-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31384VW81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       129 | PA      | $134.33       | 0.00%             | 2030-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1646444 | PA      | $1698319.54   | 0.29%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-4 Mortgage Loan Trust                                                 | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |    934086 | PA      | $945559.69    | 0.16%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ELV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5179114 | PA      | $4918657.81   | 0.84%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus                                              | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                              | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $661443.62    | 0.11%             | 2039-12-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                                                  | Applebee's Funding LLC / IHOP Funding LLC                                       | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044000 | PA      | $1059471.04   | 0.18%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC                                                           | Omnicom Group Inc                                                               | CUSIP: 681919BL9<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    790000 | PA      | $801234.32    | 0.14%             | 2033-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-1                             | CUSIP: 02531AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379218 | PA      | $380944.43    | 0.07%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                   | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    463475 | PA      | $442945.27    | 0.08%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| EAGLE MATERIALS INC                                                         | Eagle Materials Inc                                                             | CUSIP: 26969PAC2<br>LEI: 529900KRXRGXL61SG039 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1087279.94   | 0.19%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES1                                                   | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    323182 | PA      | $324206.23    | 0.06%             | 2043-06-25      | Variable      | 6.51%                 | 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        |    302538 | PA      | $296481.97    | 0.05%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1135000 | PA      | $1081135.40   | 0.19%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing Inc                                           | AMERICAN AXLE & MFG INC                                                         | CUSIP: 02406MBB2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |    285000 | PA      | $284880.30    | 0.05%             | 2032-02-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                                 | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    897000 | PA      | $901709.70    | 0.15%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    318000 | PA      | $320782.50    | 0.06%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    148000 | PA      | $154475.00    | 0.03%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-2                                    | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $878070.47    | 0.15%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    559000 | PA      | $521874.13    | 0.09%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    375000 | PA      | $378749.97    | 0.07%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                         | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    464345 | PA      | $465844.63    | 0.08%             | 2030-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    335000 | PA      | $331021.81    | 0.06%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    185000 | PA      | $197679.90    | 0.03%             | 2053-03-01      | Fixed         | 6.75%                 | 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        |     27626 | PA      | $26907.44     | 0.00%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5349895 | PA      | $5495888.35   | 0.94%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: 254900BQMS9ITLPQGJ53 | Long             | ABS-MBS          | CORP              | US        |    881201 | PA      | $889369.85    | 0.15%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| EMD FINANCE LLC                                                             | EMD Finance LLC                                                                 | CUSIP: 26867LAR1<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |   1485000 | PA      | $1492557.66   | 0.26%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388329 | PA      | $394711.87    | 0.07%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer