# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-203846
**Filing Date:** 2025-8
**Character Count:** 347858
**Document Hash:** b5a30e0500f219b255c41bb2d1c57308
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203846.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203846

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251253614

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

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

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

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

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

## Series and Classes Contracts Data

### Virtus Newfleet Low Duration Core Plus Bond Fund (Series ID: S000055179)

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

## Nport-Ex

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

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.9%** | **U.S. Government Securities—5.9%** | **U.S. Government Securities—5.9%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 8/31/25<sup>(1)</sup> | $6390 | $6395 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/30/26 | &nbsp;&nbsp; 10590 | &nbsp;&nbsp;&nbsp; 10652 |
| &nbsp;&nbsp;&nbsp;4.000%, 7/31/29 | &nbsp;&nbsp; 9735 | &nbsp;&nbsp;&nbsp; 9826 |
| **Total U.S. Government Securities<br> (Identified Cost $26,698)** | **Total U.S. Government Securities<br> (Identified Cost $26,698)** | &nbsp;&nbsp;&nbsp;&nbsp; **26873** |
| **Foreign Government Securities—0.8%** | **Foreign Government Securities—0.8%** | **Foreign Government Securities—0.8%** |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 2/22/29<sup>(2)</sup> | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.950%, 3/15/37<sup>(3)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 509 |
| Federative Republic of Brazil<br> 6.625%, 3/15/35 | &nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 508 |
| Republic of Guatemala 144A<br> 6.600%, 6/13/36<sup>(2)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 81 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 3/5/30 | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35 | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 137 |
| Republic of South Africa<br> 5.875%, 9/16/25 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 265 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(2)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.125%, 1/17/33<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 504 |
| **Total Foreign Government Securities<br> (Identified Cost $3,443)** | **Total Foreign Government Securities<br> (Identified Cost $3,443)** | &nbsp;&nbsp;&nbsp;&nbsp; **3440** |
| **Mortgage-Backed Securities—26.4%** | **Mortgage-Backed Securities—26.4%** | **Mortgage-Backed Securities—26.4%** |
| **Agency—5.0%** | **Agency—5.0%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8269<br> 6.000%, 10/1/38 | &nbsp;&nbsp; 2503 | &nbsp;&nbsp;&nbsp; 2575 |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp; 1728 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AC3654<br> 5.000%, 10/1/39 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;Pool #AD3841<br> 4.500%, 4/1/40 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;Pool #AD6058<br> 4.000%, 8/1/25 | &nbsp;&nbsp; —<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; —<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #AL7532<br> 3.000%, 11/1/27 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;Pool #AO5149<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;Pool #AS5730<br> 3.000%, 9/1/30 | &nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;Pool #FA0685<br> 6.000%, 1/1/55 | &nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp; 2720 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 1907 | &nbsp;&nbsp;&nbsp; 1878 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp; 1983 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #MA0908<br> 4.000%, 11/1/31 | $58 | $57 |
| &nbsp;&nbsp;&nbsp;Pool #MA3663<br> 3.500%, 5/1/49 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 1978 | &nbsp;&nbsp; 1895 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1835 |
| &nbsp;&nbsp;&nbsp;Pool #MA5139<br> 6.000%, 9/1/53 | &nbsp;&nbsp; 3492 | &nbsp;&nbsp; 3554 |
|  |  | &nbsp;&nbsp; 22879 |
| **Non-Agency—21.4%** | **Non-Agency—21.4%** |  |
| Ajax Mortgage Loan Trust 2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 299 |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.043%, 6/15/40<sup>(2)(5)</sup> | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1533 |
| AMSR Trust 2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 971 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;2020-R1, A2 144A<br> 1.247%, 4/25/53<sup>(2)(5)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(2)(5)</sup> | &nbsp;&nbsp; 1784 | &nbsp;&nbsp; 1585 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(2)(5)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp;2020-1, A1B 144A<br> 2.100%, 3/25/55<sup>(2)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 527 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.231%, 3/15/37<sup>(2)(5)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1096 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.609%, 7/15/37<sup>(2)(5)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1317 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(2)(5)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 179 |
| BX Commercial Mortgage Trust 2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.703%, 3/15/41<sup>(2)(5)</sup> | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 972 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, A 144A<br> 3.202%, 12/9/41<sup>(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(2)</sup> | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(2)(5)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(2)</sup> | &nbsp;&nbsp; 1721 | &nbsp;&nbsp; 1742 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.855%, 3/15/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 887 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.932%, 9/15/38<sup>(2)(5)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 826 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(2)(5)</sup> | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 143 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(2)(5)</sup> | $289 | $268 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(2)(5)</sup> | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;2025-INV1, A2 144A<br> 6.000%, 1/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 768 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3, A1 144A<br> 3.901%, 2/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1174 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;2023-3, A1 144A<br> 7.180%, 9/25/68<sup>(2)(5)</sup> | &nbsp;&nbsp; 804 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp;2023-4, A1 144A<br> 7.163%, 10/25/68<sup>(2)(5)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(2)(5)</sup> | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 958 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(2)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1588 |
| &nbsp;&nbsp;&nbsp;2015-CR24, AM<br> 4.028%, 8/10/48<sup>(5)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1048 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(2)(5)</sup> | &nbsp;&nbsp; 3316 | &nbsp;&nbsp; 2989 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 70 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;2020-2, A1 144A<br> 1.178%, 10/25/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 1.003%, 2/25/66<sup>(2)(5)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 315 |
| ELM Trust 2024-ELM, A10 144A<br> 5.994%, 6/10/39<sup>(2)(5)</sup> | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 917 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(2)(5)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 904 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 521 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;2019-2, A52 144A<br> 3.500%, 6/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 238 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 3.247%, 1/25/60<sup>(2)(5)</sup> | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 1249 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, A1 144A<br> 5.837%, 11/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 909 | &nbsp;&nbsp; 907 |
| Goldman Sachs Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(5)</sup> | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 1302 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(2)(5)</sup> | &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 1401 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.649%, 1/13/40<sup>(2)(5)</sup> | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1773 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.446%, 1/25/63<sup>(2)(5)</sup> | $722 | $703 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(2)(5)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;2015-1, AM1 144A<br> 5.665%, 12/25/44<sup>(2)(5)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;2015-5, A2 144A<br> 5.925%, 5/25/45<sup>(2)(5)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(2)(5)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 4.921%, 10/26/48<sup>(2)(5)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 5.919%, 6/25/54<sup>(2)(5)</sup> | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1 144A<br> 5.592%, 6/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.567%, 9/25/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 888 |
| LHOME Mortgage Trust 2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 504 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 1294 | &nbsp;&nbsp; 1256 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 1247 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(2)(5)</sup> | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 270 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;2019-GS2, A1 144A<br> 2.750%, 8/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 1132 | &nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(2)(5)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 330 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(2)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 807 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, B2 144A<br> 5.962%, 6/25/44<sup>(2)(5)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;2024-INV4, A1 144A<br> 6.000%, 9/25/54<sup>(2)(5)</sup> | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 491 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(2)(5)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 558 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2014-3A, AFX3 144A<br> 3.750%, 11/25/54<sup>(2)(5)</sup> | $822 | $792 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 1413 | &nbsp;&nbsp; 1378 |
| NYMT Loan Trust 2022-CP1, A1 144A<br> 2.042%, 7/25/61<sup>(2)</sup> | &nbsp;&nbsp; 1582 | &nbsp;&nbsp; 1483 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM10, A1 144A<br> 6.465%, 10/25/63<sup>(2)(5)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(2)(5)</sup> | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(2)(5)</sup> | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp;2024-HYB1, A1 144A<br> 3.646%, 3/25/53<sup>(2)(5)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 847 |
| &nbsp;&nbsp;&nbsp;2024-HYB2, A1 144A<br> 3.677%, 4/25/53<sup>(2)(5)</sup> | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A1 144A<br> 5.928%, 11/25/63<sup>(2)(5)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 6.129%, 12/25/63<sup>(2)(5)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 998 | &nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp;2018-1, A2 (1 month Term SOFR + 0.764%) 144A<br> 5.084%, 6/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 |
| PMT Loan Trust 2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 740 |
| PRET Trust 2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 620 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR3, C 144A<br> 2.088%, 5/17/26<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(2)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 992 |
| Provident Funding Mortgage Trust 2025-1, A3 144A<br> 5.500%, 2/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 601 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(2)(5)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp;2024-CES8, A1A 144A<br> 5.490%, 11/25/44<sup>(2)(5)</sup> | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;2024-CES9, A1A 144A<br> 5.582%, 12/25/44<sup>(2)(5)</sup> | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 902 |
| Residential Mortgage Loan Trust 2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(2)(5)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 396 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(2)(5)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1172 |
| RIDE 2025-SHRE, B 144A<br> 6.020%, 2/14/47<sup>(2)(5)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 913 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 482 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.275%, 2/25/50<sup>(2)(5)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.127%, 6/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 705 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| THPT Mortgage Trust 2023-THL, A 144A<br> 7.227%, 12/10/34<sup>(2)(5)</sup> | $1405 | $1429 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-2, M2 144A<br> 3.000%, 8/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp; 3228 |
| &nbsp;&nbsp;&nbsp;2017-1, A2 144A<br> 3.500%, 10/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 854 | &nbsp;&nbsp;&nbsp; 847 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp; 1522 |
| &nbsp;&nbsp;&nbsp;2018-3, A1 144A<br> 3.750%, 5/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp; 1307 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.750%, 3/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.034%, 5/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 1455 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.824%, 3/25/64<sup>(2)(5)</sup> | &nbsp;&nbsp; 773 | &nbsp;&nbsp;&nbsp; 785 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 1117 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp; 2334 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 5.850%, 12/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(2)(5)</sup> | &nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;2024-3, A1 144A<br> 6.338%, 4/25/69<sup>(2)(5)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.417%, 1/25/60<sup>(2)(5)</sup> | &nbsp;&nbsp; 2004 | &nbsp;&nbsp;&nbsp; 1966 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 2.502%, 5/25/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;2021-R1, A1 144A<br> 0.820%, 10/25/63<sup>(2)(5)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 389 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(2)(5)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(2)</sup> | &nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp; 822 |
| Wells Fargo Commercial Mortgage Trust 2015-P2, A3<br> 3.541%, 12/15/48 | &nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 467 |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(2)(5)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp;&nbsp; 97235 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $121,494)** | **Total Mortgage-Backed Securities<br> (Identified Cost $121,494)** | &nbsp;&nbsp;&nbsp;&nbsp;**120114** |
| **Asset-Backed Securities—32.9%** | **Asset-Backed Securities—32.9%** | **Asset-Backed Securities—32.9%** |
| **Automobiles—16.4%** | **Automobiles—16.4%** |  |
| ACM Auto Trust 2024-2A, A 144A<br> 6.060%, 2/20/29<sup>(2)</sup> | &nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; 451 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, E 144A<br> 3.640%, 3/13/28<sup>(2)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 1087 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-4, C 144A<br> 4.910%, 8/12/31<sup>(2)</sup> | $1080 | $1083 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(2)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1332 |
| American Heritage Auto Receivables Trust 2024-1A, A3 144A<br> 4.900%, 9/17/29<sup>(2)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1060 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(2)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(2)</sup> | &nbsp;&nbsp; 1169 | &nbsp;&nbsp; 1197 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, A 144A<br> 1.380%, 8/20/27<sup>(2)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 4.080%, 2/20/28<sup>(2)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, A 144A<br> 5.440%, 2/22/28<sup>(2)</sup> | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; 1196 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 959 |
| &nbsp;&nbsp;&nbsp;2025-2, D<br> 5.620%, 3/17/31 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1163 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-P1, B<br> 0.920%, 11/9/26 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;2021-N1, C<br> 1.300%, 1/10/28 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;2021-P3, B<br> 1.420%, 8/10/27 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(2)</sup> | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;2022-N1, D 144A<br> 4.130%, 12/11/28<sup>(2)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;2023-N1, C 144A<br> 5.920%, 7/10/29<sup>(2)</sup> | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;2023-N4, C 144A<br> 6.590%, 2/11/30<sup>(2)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;2024-N1, B 144A<br> 5.630%, 5/10/30<sup>(2)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp;2024-N2, A3 144A<br> 5.710%, 7/10/28<sup>(2)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1067 |
| CIG Auto Receivables Trust 2021-1A, D 144A<br> 2.110%, 4/12/27<sup>(2)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 366 |
| Consumer Portfolio Services Auto Trust 2025-A, C 144A<br> 5.250%, 4/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1011 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-D, C 144A<br> 7.170%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp;2024-A, C 144A<br> 5.740%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp;2024-C, C 144A<br> 5.760%, 10/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1059 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 5.920%, 5/16/33<sup>(2)</sup> | $810 | $812 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 810 |
| Drive Auto Receivables Trust 2024-1, C<br> 5.430%, 11/17/31 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1049 |
| DT Auto Owner Trust 2023-3A, C 144A<br> 6.400%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1112 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3A, C<br> 5.300%, 9/15/27 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;2023-5A, B<br> 6.580%, 4/17/28 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1084 |
| FHF Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.690%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.260%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1032 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 359 |
| FinBe USA Trust 2025-1A, A 144A<br> 5.700%, 12/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1271 |
| First Investors Auto Owner Trust 2021-2A, C 144A<br> 1.470%, 11/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 1563 |
| Flagship Credit Auto Trust 2024-3, B 144A<br> 5.350%, 7/16/29<sup>(2)</sup> | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1080 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A3 144A<br> 5.390%, 12/15/27<sup>(2)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;2023-2, A2 144A<br> 5.990%, 5/15/28<sup>(2)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 249 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, E 144A<br> 3.200%, 10/16/28<sup>(2)</sup> | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.300%, 4/17/28<sup>(2)</sup> | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(2)</sup> | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.610%, 11/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1169 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.090%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp;2023-2A, A3 144A<br> 6.380%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 823 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.640%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.040%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1852 |
| GM Financial Consumer Automobile Receivables Trust 2023-4, A2A<br> 5.890%, 11/16/26 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58 |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(2)</sup> | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 501 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(2)</sup> | $2000 | $1991 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(2)</sup> | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp;2023-3A, D 144A<br> 6.920%, 12/16/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;2023-4A, C 144A<br> 6.760%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 4.930%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1300 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.520%, 5/17/32<sup>(2)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1242 |
| Lendbuzz Auto Receivables Trust<br> 5.570%, 11/15/27 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 1105 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 6.190%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;2024-3A, A2 144A<br> 4.970%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.100%, 10/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1003 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(2)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 476 |
| OCCU Auto Receivables Trust 2023-1A, A2 144A<br> 6.230%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 63 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(2)</sup> | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1210 |
| Oscar U.S. Funding XV LLC 2023-1A, A3 144A<br> 5.810%, 12/10/27<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1108 |
| Prestige Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.640%, 12/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 4.730%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1078 |
| SAFCO Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(2)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 5.460%, 9/10/29<sup>(2)</sup> | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 1326 |
| Santander Consumer Auto Receivables Trust 2021-AA, C 144A<br> 1.030%, 11/16/26<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Santander Drive Auto Receivables Trust 2022-5, C<br> 4.740%, 10/16/28 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 850 |
| SBNA Auto Receivables Trust 2024-A, C 144A<br> 5.590%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 735 |
| United Auto Credit Securitization Trust 2022-2, D 144A<br> 6.840%, 1/10/28<sup>(2)</sup> | &nbsp;&nbsp; 984 | &nbsp;&nbsp; 980 |
| Veros Auto Receivables Trust 2025-1, B 144A<br> 5.540%, 7/16/29<sup>(2)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1150 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 5.740%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1107 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.550%, 11/15/27<sup>(2)</sup> | $1182 | $1188 |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1010 |
|  |  | &nbsp;&nbsp; 74548 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| GoldenTree Loan Management U.S. CLO 9 Ltd. 2021-9A, AR (3 month Term SOFR + 1.500%, Cap N/A, Floor 1.500%) 144A<br> 5.769%, 4/20/37<sup>(2)(5)</sup> | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1303 |
| **Consumer Loans—2.1%** | **Consumer Loans—2.1%** |  |
| ACHV ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1PL, A 144A<br> 5.900%, 4/25/31<sup>(2)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;2025-1PL, B 144A<br> 5.040%, 4/26/32<sup>(2)</sup> | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 1012 |
| Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.070%, 7/17/34<sup>(2)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1054 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(2)</sup> | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 629 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.050%, 7/14/38<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1137 |
| Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-C, A 144A<br> 2.180%, 10/8/31<sup>(2)</sup> | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; 1107 |
| &nbsp;&nbsp;&nbsp;2025-A, A 144A<br> 5.010%, 2/8/33<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1099 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 4.960%, 8/16/32<sup>(2)</sup> | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 915 |
| Regional Management Issuance Trust 2021-1, A 144A<br> 1.680%, 3/17/31<sup>(2)</sup> | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp; 9387 |
| **Credit Card—0.7%** | **Credit Card—0.7%** |  |
| Discover Card Execution Note Trust 2023-A2, A<br> 4.930%, 6/15/28 | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1902 |
| Mission Lane Credit Card Master Trust 2023-B, A 144A<br> 7.690%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1086 |
|  |  | &nbsp;&nbsp; 2988 |
| **Equipment—0.4%** | **Equipment—0.4%** |  |
| Post Road Equipment Finance 2022-1A, B 144A<br> 5.150%, 1/16/29<sup>(2)</sup> | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1046 |
| Post Road Equipment Finance LLC 2024-1A, A2 144A<br> 5.590%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 818 | &nbsp;&nbsp; 822 |
|  |  | &nbsp;&nbsp; 1868 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—13.0%** | **Other—13.0%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(2)</sup> | $1080 | $1080 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp;2025-X1, A 144A<br> 5.080%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1086 |
| Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A<br> 6.090%, 12/20/29<sup>(2)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 591 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(2)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(2)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(2)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1073 |
| Auxilior Term Funding LLC 2023-1A, C 144A<br> 6.500%, 11/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1490 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-B, B 144A<br> 1.670%, 10/17/34<sup>(2)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp;2023-B, A 144A<br> 6.920%, 12/17/36<sup>(2)</sup> | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 410 |
| Business Jet Securities LLC 2024-2A, A 144A<br> 5.364%, 9/15/39<sup>(2)</sup> | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 958 |
| BXG Receivables Note Trust 2020-A, B 144A<br> 2.490%, 2/28/36<sup>(2)</sup> | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 294 |
| Castlelake Aircraft Structured Trust 2025-1A, A 144A<br> 5.783%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1318 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(2)</sup> | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.080%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1269 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 4.890%, 10/14/32<sup>(2)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1178 |
| CoreVest American Finance Trust 2018-1, D 144A<br> 4.920%, 6/15/51<sup>(2)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1012 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;2023-2, B 144A<br> 6.410%, 5/15/34<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp;2025-1, B 144A<br> 4.980%, 8/15/35<sup>(2)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1181 |
| Diamond Resorts Owner Trust 2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(2)</sup> | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 314 |
| Elara HGV Timeshare Issuer LLC 2023-A, A 144A<br> 6.160%, 2/25/38<sup>(2)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 551 |
| Five Guys Holdings, Inc. 2023-1A, A2 144A<br> 7.549%, 1/26/54<sup>(2)</sup> | &nbsp;&nbsp; 1303 | &nbsp;&nbsp; 1347 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(2)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 4.600%, 3/15/50<sup>(2)</sup> | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 779 |
| GCI Funding I LLC 2021-1, A 144A<br> 2.380%, 6/18/46<sup>(2)</sup> | &nbsp;&nbsp; 904 | &nbsp;&nbsp; 830 |
| GreenSky Home Improvement Issuer Trust 2024-2, A2 144A<br> 5.250%, 10/27/59<sup>(2)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 473 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(2)</sup> | $1872 | $1780 |
| Hilton Grand Vacations Trust 2024-2A, A 144A<br> 5.500%, 3/25/38<sup>(2)</sup> | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 569 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(2)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 469 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-A, A 144A<br> 5.490%, 3/15/43<sup>(2)</sup> | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.450%, 3/15/44<sup>(2)</sup> | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1082 |
| Jersey Mike's Funding LLC 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 989 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(2)</sup> | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;2021-1WA, B 144A<br> 1.440%, 1/22/41<sup>(2)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.320%, 2/20/43<sup>(2)</sup> | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 859 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1846 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(2)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;2023-A, B 144A<br> 6.830%, 6/17/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(2)</sup> | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.180%, 7/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1167 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 6.370%, 9/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.660%, 5/20/30<sup>(2)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1059 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(2)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1199 |
| PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(2)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.490%, 7/20/32<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 807 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(2)</sup> | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 1057 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(2)</sup> | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 574 |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1299 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(2)(5)</sup> | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1492 |
| &nbsp;&nbsp;&nbsp;2024-CES3, A1A 144A<br> 6.591%, 5/25/44<sup>(2)(5)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;2025-CES5, A1A 144A<br> 5.687%, 5/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1148 |
| Regional Management Issuance Trust 2024-2, A 144A<br> 5.110%, 12/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1071 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.280%, 4/20/40<sup>(2)</sup> | $337 | $346 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.140%, 6/20/41<sup>(2)</sup> | &nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp; 523 |
| SoFi Consumer Loan Program Trust 2025-1, A 144A<br> 4.800%, 2/27/34<sup>(2)</sup> | &nbsp;&nbsp; 909 | &nbsp;&nbsp;&nbsp; 911 |
| STAR Trust 2025-SFR5, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.762%, 2/17/42<sup>(2)(5)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 661 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(2)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp; 1070 |
| Switch ABS Issuer LLC 2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(2)</sup> | &nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp; 1365 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(2)</sup> | &nbsp;&nbsp; 1078 | &nbsp;&nbsp;&nbsp; 1078 |
| TIC Home Improvement Trust 2024-A, A 144A<br> 6.670%, 10/15/46<sup>(2)</sup> | &nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp; 642 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(2)(5)</sup> | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 314 |
| Upgrade Receivables Trust 2024-1A, B 144A<br> 5.770%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 883 |
| Upstart Securitization Trust 2025-2, A2 144A<br> 5.220%, 6/20/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp; 1132 |
| Westgate Resorts LLC 2022-1A, B 144A<br> 2.288%, 8/20/36<sup>(2)</sup> | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 287 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp; 1179 |
|  |  | &nbsp;&nbsp;&nbsp; 59322 |
| **Student Loan—0.0%** | **Student Loan—0.0%** |  |
| Commonbond Student Loan Trust 2017-AGS, A1 144A<br> 2.550%, 5/25/41<sup>(2)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 54 |
| **Total Asset-Backed Securities<br> (Identified Cost $148,936)** | **Total Asset-Backed Securities<br> (Identified Cost $148,936)** | &nbsp;&nbsp;&nbsp;&nbsp;**149470** |
| **Corporate Bonds and Notes—25.7%** | **Corporate Bonds and Notes—25.7%** | **Corporate Bonds and Notes—25.7%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| CCO Holdings LLC 144A<br> 6.375%, 9/1/29<sup>(2)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 628 |
| DIRECTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(2)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 503 |
| Nexstar Media, Inc. 144A<br> 5.625%, 7/15/27<sup>(2)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 938 |
| Sprint Capital Corp.<br> 6.875%, 11/15/28 | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 714 |
| T-Mobile USA, Inc.<br> 3.875%, 4/15/30 | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 471 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(2)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 314 |
|  |  | &nbsp;&nbsp;&nbsp; 3568 |
| **Consumer Discretionary—1.4%** | **Consumer Discretionary—1.4%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 808 |
| Ashtead Capital, Inc. 144A<br> 4.375%, 8/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 1096 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(2)</sup> | $25 | $26 |
| DR Horton, Inc.<br> 4.850%, 10/15/30 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 948 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1113 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 522 |
| Sodexo, Inc. 144A<br> 5.150%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 472 |
| Tractor Supply Co.<br> 1.750%, 11/1/30 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 954 |
|  |  | &nbsp;&nbsp; 6574 |
| **Consumer Staples—0.9%** | **Consumer Staples—0.9%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 629 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 654 |
| Mars, Inc. 144A<br> 4.800%, 3/1/30<sup>(2)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 648 |
| Philip Morris International, Inc.<br> 4.625%, 11/1/29 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1055 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 368 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 503 |
|  |  | &nbsp;&nbsp; 4212 |
| **Energy—2.5%** | **Energy—2.5%** |  |
| Adnoc Murban Rsc Ltd. 144A<br> 4.250%, 9/11/29<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| BP Capital Markets plc<br> 4.875% <sup>(7)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1103 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 301 |
| Civitas Resources, Inc. 144A<br> 8.375%, 7/1/28<sup>(2)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 333 |
| Enbridge, Inc.<br> 7.375%, 1/15/83 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 808 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 5/15/54 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(7)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 331 |
| EQT Corp. 144A<br> 7.500%, 6/1/27<sup>(2)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| HF Sinclair Corp.<br> 5.750%, 1/15/31 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 917 |
| Korea National Oil Corp. 144A<br> 4.875%, 4/3/28<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 849 |
| NGPL PipeCo LLC 144A<br> 4.875%, 8/15/27<sup>(2)</sup> | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 949 |
| Occidental Petroleum Corp.<br> 5.200%, 8/1/29 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1058 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | $1031 | $1024 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 140 |
| Sabine Pass Liquefaction LLC<br> 4.500%, 5/15/30 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 953 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.625%, 3/1/55<sup>(2)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 862 |
| Var Energi ASA 144A<br> 5.875%, 5/22/30<sup>(2)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 466 |
| Venture Global Calcasieu Pass LLC 144A<br> 4.125%, 8/15/31<sup>(2)</sup> | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 889 |
|  |  | &nbsp;&nbsp; 11402 |
| **Financials—11.7%** | **Financials—11.7%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, 4/15/27 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 476 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.526%, 8/15/53<sup>(5)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 755 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 842 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, 1/30/31 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.750%)<br> 5.102%, 4/23/27<sup>(1)(5)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.930%)<br> 5.285%, 7/26/28<sup>(5)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 86 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.528%, 11/18/27<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 5/30/30<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 239 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.734%, 7/22/27 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp;2.551%, 2/4/28 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 699 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(7)</sup> | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1141 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;7.385%, 11/2/28 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 382 |
| Blackstone Private Credit Fund<br> 5.950%, 7/16/29 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 754 |
| Block, Inc.<br> 6.500%, 5/15/32 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 753 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 959 |
| BPCE S.A. 144A<br> 5.975%, 1/18/27<sup>(2)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 614 |
| Capital Power U.S. Holdings, Inc. 144A<br> 5.257%, 6/1/28<sup>(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 294 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(7)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 770 |
| Citadel Securities Global Holdings LLC 144A<br> 5.500%, 6/18/30<sup>(2)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 132 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 1.512%)<br> 5.809%, 7/1/26<sup>(5)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.280%)<br> 5.658%, 2/24/28<sup>(5)</sup> | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 969 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(7)</sup> | $1110 | $1095 |
| Citizens Financial Group, Inc.<br> 5.841%, 1/23/30 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 442 |
| Corebridge Financial, Inc.<br> 6.875%, 12/15/52 | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 969 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;2.311%, 11/16/27 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;6.819%, 11/20/29 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;4.999%, 9/11/30 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 670 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(2)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1410 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 861 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.055%, 4/25/28 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;4.895%, 9/6/30 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 645 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(2)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Foundry JV Holdco LLC 144A<br> 5.900%, 1/25/30<sup>(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 434 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(2)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 203 |
| Goldman Sachs Group, Inc. (The) (3 month Term SOFR + 2.012%)<br> 6.294%, 10/28/27<sup>(5)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1779 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.150%, 1/15/31 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| HAT Holdings I LLC 144A<br> 8.000%, 6/15/27<sup>(2)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 307 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.208%, 8/21/29 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;5.272%, 1/15/31 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 517 |
| Imperial Brands Finance plc 144A<br> 5.500%, 2/1/30<sup>(2)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 856 |
| JH North America Holdings, Inc. 144A<br> 5.875%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 923 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp;2.956%, 5/13/31 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.558%, 2/24/28<sup>(1)(5)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1513 |
| KeyCorp<br> 5.121%, 4/4/31 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 916 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(2)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1094 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(2)</sup> | &nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1349 |
| MetLife, Inc. Series G<br> 3.850% <sup>(7)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 632 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;2.475%, 1/21/28 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp;5.123%, 2/1/29 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1206 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(2)</sup> | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 930 |
| NextEra Energy Capital Holdings, Inc.<br> 6.375%, 8/15/55 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1174 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 675 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/28 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/15/32 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 346 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PNC Financial Services Group, Inc. (The)<br> 5.222%, 1/29/31 | $1105 | $1134 |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.448%, 5/24/29<sup>(2)</sup> | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 1/9/30<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 677 |
| Rio Tinto Finance USA plc<br> 5.000%, 3/14/32 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 499 |
| Rocket Cos., Inc. 144A<br> 6.125%, 8/1/30<sup>(2)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 163 |
| Societe Generale S.A. 144A<br> 5.634%, 1/19/30<sup>(2)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 573 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.026%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 783 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.684%, 11/21/29 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(7)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 407 |
| Stellantis Finance U.S., Inc. 144A<br> 5.750%, 3/18/30<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 716 |
| Synchrony Financial<br> 3.700%, 8/4/26 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 301 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 990 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 909 |
| Truist Bank<br> 4.632%, 9/17/29 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 711 |
| Truist Financial Corp.<br> 7.161%, 10/30/29 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 660 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;5.046%, 2/12/31 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 687 |
| &nbsp;&nbsp;&nbsp;4.967%, 7/22/33 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 484 |
| UBS AG<br> 5.650%, 9/11/28 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 625 |
| UBS Group AG 144A<br> 9.250% <sup>(2)(7)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 431 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(7)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp;6.303%, 10/23/29 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 772 |
| Wrangler Holdco Corp. 144A<br> 6.625%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 286 |
|  |  | &nbsp;&nbsp; 53255 |
| **Health Care—1.8%** | **Health Care—1.8%** |  |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(2)</sup> | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 803 |
| CVS Health Corp.<br> 7.000%, 3/10/55 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 572 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 968 |
| HCA, Inc.<br> 5.450%, 4/1/31 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1067 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 5/15/28 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 769 |
| &nbsp;&nbsp;&nbsp;6.250%, 2/1/29 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 6/1/32<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
| Royalty Pharma plc<br> 5.150%, 9/2/29 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1051 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Smith & Nephew plc<br> 2.032%, 10/14/30 | $1265 | $1108 |
| Universal Health Services, Inc.<br> 1.650%, 9/1/26 | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1163 |
| Viatris, Inc. 144A<br> 2.300%, 6/22/27<sup>(2)</sup> | &nbsp;&nbsp; —<sup>(4)</sup> | &nbsp;&nbsp; —<sup>(4)</sup> |
|  |  | &nbsp;&nbsp; 8100 |
| **Industrials—2.0%** | **Industrials—2.0%** |  |
| Air Canada 144A<br> 3.875%, 8/15/26<sup>(2)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 886 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1078 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 217 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.259%, 5/1/27 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;6.388%, 5/1/31 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 355 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(2)</sup> | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 749 |
| Builders FirstSource, Inc. 144A<br> 4.250%, 2/1/32<sup>(2)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 334 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 979 |
| Herc Holdings, Inc. 144A<br> 7.000%, 6/15/30<sup>(2)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 110 |
| Hexcel Corp.<br> 4.200%, 2/15/27 | &nbsp;&nbsp; 1203 | &nbsp;&nbsp; 1192 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 440 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(2)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 98 |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, 2/15/26 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;6.050%, 4/15/28 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;6.300%, 2/15/30 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 471 |
| TransDigm, Inc. 144A<br> 6.750%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 408 |
|  |  | &nbsp;&nbsp; 8922 |
| **Information Technology—0.9%** | **Information Technology—0.9%** |  |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 1038 |
| Broadcom, Inc.<br> 4.350%, 2/15/30 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 852 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 249 |
| Kyndryl Holdings, Inc.<br> 2.700%, 10/15/28 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 654 |
| Oracle Corp.<br> 6.250%, 11/9/32 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 487 |
| Vontier Corp.<br> 2.400%, 4/1/28 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 775 |
|  |  | &nbsp;&nbsp; 4055 |
| **Materials—1.4%** | **Materials—1.4%** |  |
| Bayport Polymers LLC 144A<br> 4.743%, 4/14/27<sup>(2)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1186 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Berry Global, Inc.<br> 5.800%, 6/15/31 | $915 | $961 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 623 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 568 |
| Silgan Holdings, Inc. 144A<br> 1.400%, 4/1/26<sup>(2)</sup> | &nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp; 1010 |
| Smurfit Kappa Treasury ULC<br> 5.200%, 1/15/30 | &nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; 804 |
| Sonoco Products Co.<br> 4.600%, 9/1/29 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp; 1142 |
|  |  | &nbsp;&nbsp;&nbsp; 6294 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| EPR Properties<br> 4.950%, 4/15/28 | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; 734 |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 193 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 12/1/29<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 707 |
|  |  | &nbsp;&nbsp;&nbsp; 1898 |
| **Utilities—1.9%** | **Utilities—1.9%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 407 |
| Algonquin Power & Utilities Corp.<br> 5.365%, 6/15/26<sup>(8)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 427 |
| American Electric Power Co., Inc.<br> 5.699%, 8/15/25 | &nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp; 965 |
| Electricite de France S.A. 144A<br> 5.700%, 5/23/28<sup>(2)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 711 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp; 864 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(2)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 31 |
| National Grid plc<br> 5.602%, 6/12/28 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 639 |
| NiSource, Inc.<br> 6.950%, 11/30/54 | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 531 |
| Puget Energy, Inc.<br> 2.379%, 6/15/28 | &nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp; 777 |
| Southern California Edison Co.<br> 5.450%, 6/1/31 | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 682 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp; 1617 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/1/33<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 1/15/34<sup>(2)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 85 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 737 |
|  |  | &nbsp;&nbsp;&nbsp; 8510 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $115,453)** | **Total Corporate Bonds and Notes<br> (Identified Cost $115,453)** | &nbsp;&nbsp;&nbsp;&nbsp;**116790** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leveraged Loans—4.3%** | **Leveraged Loans—4.3%** | **Leveraged Loans—4.3%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| American Airlines, Inc. (3 month Term SOFR + 2.250%)<br> 6.522%, 4/20/28<sup>(5)</sup> | $325 | $322 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(5)</sup> | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(5)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 182 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.796%, 2/28/31<sup>(5)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 353 |
|  |  | &nbsp;&nbsp; 1336 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/18/30<sup>(5)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 229 |
| **Consumer Durables—0.0%** | **Consumer Durables—0.0%** |  |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(5)(9)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| Energizer Holdings, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.321%, 3/13/32<sup>(5)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.256%, 10/15/31<sup>(5)</sup> | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 395 |
| Freeport LNG Investments LLP 2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.522%, 12/21/28<sup>(5)</sup> | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 373 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.277%, 10/4/30<sup>(5)</sup> | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 456 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.314%, 2/5/30<sup>(5)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500% - 3 month PRIME + 2.500%)<br> 7.796% - 10.000%, 11/6/31<sup>(5)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 400 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.572%, 10/5/28<sup>(5)</sup> | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 478 |
| Paragon Offshore Finance Co. (3 month LIBOR + 1.750%)<br> 3.750%, 7/16/21<sup>(6)(10)(11)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.562%, 3/3/31<sup>(5)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 214 |
|  |  | &nbsp;&nbsp; 2476 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(5)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 384 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.497%)<br> 6.769%, 6/20/30<sup>(5)</sup> | $386 | $387 |
|  |  | &nbsp;&nbsp; 771 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| Froneri International Ltd. Tranche B-4 (6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(5)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 414 |
| JBT Marel Corp. (1 month Term SOFR + 2.100%)<br> 6.427%, 1/2/32<sup>(5)</sup> | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 315 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.562%, 3/15/32<sup>(5)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 359 |
|  |  | &nbsp;&nbsp; 1088 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.691%, 3/3/28<sup>(5)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 282 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 2/6/30<sup>(5)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 212 |
| Flutter Entertainment plc 2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.046%, 11/30/30<sup>(5)</sup> | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 465 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.535%, 11/5/31<sup>(5)</sup> | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 424 |
| Playtika Holding Corp. Tranche B-1 (1 month Term SOFR + 2.864%)<br> 7.191%, 3/13/28<sup>(5)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 588 |
| UFC Holdings LLC Tranche B-4 (3 month Term SOFR + 2.250%)<br> 6.571%, 11/21/31<sup>(5)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 413 |
|  |  | &nbsp;&nbsp; 2102 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.577%, 10/23/28<sup>(5)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 350 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.827%, 2/21/31<sup>(5)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 421 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 12/3/31<sup>(5)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 379 |
|  |  | &nbsp;&nbsp; 1150 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 12/17/31<sup>(5)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 239 |
| Quikrete Holdings, Inc. 2029, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 3/19/29<sup>(5)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 365 |
|  |  | &nbsp;&nbsp; 604 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.327%, 1/31/31<sup>(5)</sup> | $419 | $418 |
| UKG, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.311%, 2/10/31<sup>(5)</sup> | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 302 |
|  |  | &nbsp;&nbsp; 720 |
| **Manufacturing—0.4%** | **Manufacturing—0.4%** |  |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(5)</sup> | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 494 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/4/31<sup>(5)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 432 |
| MV Holding GmbH Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 3/17/32<sup>(5)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 321 |
| Terex Corp. (1 month Term SOFR + 2.000%)<br> 6.327%, 10/8/31<sup>(5)</sup> | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 396 |
|  |  | &nbsp;&nbsp; 1643 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 1/31/29<sup>(5)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 441 |
| **Media / Telecom - Cable/Wireless Video—0.3%** | **Media / Telecom - Cable/Wireless Video—0.3%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.548%, 12/15/31<sup>(5)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 433 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(5)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 417 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.791%, 8/2/29<sup>(5)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 247 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(5)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 444 |
|  |  | &nbsp;&nbsp; 1541 |
| **Media / Telecom - Diversified Media—0.1%** | **Media / Telecom - Diversified Media—0.1%** |  |
| Formula One Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 9/30/31<sup>(5)(9)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.296%, 9/19/31<sup>(5)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 293 |
|  |  | &nbsp;&nbsp; 440 |
| **Retail—0.0%** | **Retail—0.0%** |  |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.577%, 6/11/31<sup>(5)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 241 |
| **Service—0.4%** | **Service—0.4%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.577%, 9/29/31<sup>(5)</sup> | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 386 |

---

See Notes to Schedule of Investments

------

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/24/28<sup>(5)</sup> | $432 | $426 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.320%, 10/13/30<sup>(5)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp; 436 |
| TransUnion Intermediate Holdings, Inc. Tranche B-9 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/24/31<sup>(5)</sup> | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 408 |
|  |  | &nbsp;&nbsp;&nbsp; 1656 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.049%, 10/16/31<sup>(5)</sup> | &nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 473 |
| Clarios Global LP (1 month Term SOFR + 2.750%)<br> 7.077%, 1/28/32<sup>(5)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp;&nbsp; 793 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Astoria Energy LLC Tranche B<br> 0.000%, 6/16/32<sup>(5)(9)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 265 |
| Calpine Corp. Tranche B-10 (1 month Term SOFR + 1.750%)<br> 6.077%, 1/31/31<sup>(5)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 460 |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(5)(9)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 668 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.574%, 1/27/31<sup>(5)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp; 429 |
|  |  | &nbsp;&nbsp;&nbsp; 1822 |
| **Total Leveraged Loans<br> (Identified Cost $19,673)** | **Total Leveraged Loans<br> (Identified Cost $19,673)** | &nbsp;&nbsp;&nbsp;&nbsp; **19661** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Funds—1.0%** | **Affiliated Exchange-Traded Funds—1.0%** | **Affiliated Exchange-Traded Funds—1.0%** |
| **Financials—1.0%** | **Financials—1.0%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp; 2283 |
| Virtus Newfleet Short Duration High Yield Bond ETF<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp; 2250 |
|  |  | &nbsp;&nbsp; 4533 |
| **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $4,521)** | **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $4,521)** | **4533** |
| **Total Long-Term Investments—97.0%<br> (Identified Cost $440,218)** | **Total Long-Term Investments—97.0%<br> (Identified Cost $440,218)** | **440881** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.6%** | **Securities Lending Collateral—0.6%** | **Securities Lending Collateral—0.6%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(13)(14)</sup> | 2640648 | $2641 |
| **Total Securities Lending Collateral<br> (Identified Cost $2,641)** | **Total Securities Lending Collateral<br> (Identified Cost $2,641)** | &nbsp;&nbsp;&nbsp;&nbsp; **2641** |
| **TOTAL INVESTMENTS—97.6%<br> (Identified Cost $442,859)** | **TOTAL INVESTMENTS—97.6%<br> (Identified Cost $442,859)** | &nbsp;&nbsp;**$443522** |
| Other assets and liabilities, net—2.4% | Other assets and liabilities, net—2.4% | &nbsp;&nbsp;&nbsp;&nbsp; 10908 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$454430** |

---

---

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

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | All or a portion of security is on loan. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $275,515 or 60.6% of net assets. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(5)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(6)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(7)</sup> | No contractual maturity date. |
| <sup>(8)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of June 30, 2025. |
| <sup>(9)</sup> | This loan will settle after June 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
| <sup>(10)</sup> | Security in default; no interest payments are being received. |
| <sup>(11)</sup> | At June 30, 2025, the one-, three-, and six-month reference rates are published by ICE Benchmark Administration under a synthetic methodology. See the Notes to Financial Statements regarding the risk disclosure. |

---

See Notes to Schedule of Investments

------

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

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

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

<sup>(12)</sup> Affiliated investment. <br> <sup>(13)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. <br> <sup>(14)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;94% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$443522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$435216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1132 |

---

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

There were no transfers into or out of Level 3 related to securities held at June 30, 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 June 30, 2025.

See Notes to Schedule of Investments

------

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

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

#### June 30, 2025

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $459105547.35

**Total Liabilities:** $6162451.54

**Net Assets:** $452943095.81

**Cash Not Reported:** $10997568.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -11.85693340 | **1-Year:** -328.34612780 | **5-Year:** -20964.85359000 | **10-Year:** -18133.24123000 | **30-Year:** -45679.95783000

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

- **3-Month:** -5.51249380 | **1-Year:** -15.73692119 | **5-Year:** -5407.48759100 | **10-Year:** -8641.16630600 | **30-Year:** -4430.24921100

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173503 | 0.37%                | 0.38%                | 0.82%                |
| Class ID C000173504 | 0.31%                | 0.32%                | 0.77%                |
| Class ID C000173505 | 0.39%                | 0.41%                | 0.94%                |
| Class ID C000210350 | 0.40%                | 0.41%                | 0.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-226742.88              | $221840.82                                 |
| Month 2  | $-222352.78              | $222847.41                                 |
| Month 3  | $-2841.72                | $2256024.07                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALASKA AIRLINES 2020 TR                                                     | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1077676 | PA      | $1078393.87   | 0.24%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2023-B                                                 | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395515 | PA      | $410019.04    | 0.09%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                                      | HAT Holdings I LLC / HAT Holdings II LLC                                        | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1135593.61   | 0.25%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    449394 | PA      | $450584.21    | 0.10%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                                                    | Citadel Securities Global Holdings LLC                                          | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131544.52    | 0.03%             | 2030-06-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                    | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    640000 | PA      | $648447.96    | 0.14%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    370000 | PA      | $388247.51    | 0.09%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    352089 | PA      | $352687.88    | 0.08%             | 2031-02-28      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                                    | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    830000 | PA      | $861670.31    | 0.19%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    293333 | PA      | $293406.67    | 0.06%             | 2031-09-19      | Floating      | 6.30%                 | 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        |    337126 | PA      | $346251.80    | 0.08%             | 2040-04-20      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company                                            | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |       909 | PA      | $0.00         | 0.00%             | 2021-07-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248766.10    | 0.05%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1721000 | PA      | $1742044.39   | 0.38%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1205684.38   | 0.27%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215928 | PA      | $208007.47    | 0.05%             | 2056-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-A                                               | CUSIP: 22411CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $998337.68    | 0.22%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                                                             | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1906050 | PA      | $1846304.48   | 0.41%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    503000 | PA      | $507778.50    | 0.11%             | 2035-03-15      | Fixed         | 6.62%                 | 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        |    997375 | PA      | $988508.74    | 0.22%             | 2050-02-15      | Fixed         | 4.43%                 | 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        |    831215 | PA      | $748654.88    | 0.17%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-1                                            | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549137 | PA      | $553660.12    | 0.12%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                                              | Castlelake Aircraft Structured Trust 2025-1                                     | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1299563 | PA      | $1317681.14   | 0.29%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    450504 | PA      | $440741.54    | 0.10%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                                    | Virgin Media Bristol LLC                                                        | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    450000 | PA      | $443767.50    | 0.10%             | 2028-01-31      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                       | QUIKRETE HOLDINGS INC                                                           | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    365004 | PA      | $364722.89    | 0.08%             | 2029-03-19      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |   1083000 | PA      | $978535.24    | 0.22%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    830000 | PA      | $769957.11    | 0.17%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |    743123 | PA      | $748950.63    | 0.17%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1185970.30   | 0.26%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2023-1                           | CUSIP: 35105NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    344365 | PA      | $344577.85    | 0.08%             | 2027-12-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2024-CES1                                       | CUSIP: 46658CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    653285 | PA      | $656982.34    | 0.15%             | 2054-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Whitewater DBR Holdco LLC                                                   | WHITEWATER DBR HOLDCO LL                                                        | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |    213390 | PA      | $213390.18    | 0.05%             | 2031-03-03      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2020-R1                                                | CUSIP: 034651AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325010 | PA      | $309270.88    | 0.07%             | 2053-04-25      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $990012.42    | 0.22%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3090817 | PA      | $3144749.76   | 0.69%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37478.81     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     30000 | PA      | $30225.00     | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                                                 | Merchants Fleet Funding LLC                                                     | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    472236 | PA      | $476107.56    | 0.11%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-C                                               | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045000 | PA      | $1058618.02   | 0.23%             | 2030-10-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2021-1R Trust                                                             | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    887366 | PA      | $822369.47    | 0.18%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-A                                   | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1011129.20   | 0.22%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAA3<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |   1119955 | PA      | $1132178.39   | 0.25%             | 2069-04-25      | Variable      | 6.34%                 | 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        |    253952 | PA      | $245522.05    | 0.05%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Epic Crude Services LP                                                      | EPIC CRUDE SERVICES LP                                                          | CUSIP: 29428XAG5<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    394012 | PA      | $394914.79    | 0.09%             | 2031-10-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1697823 | PA      | $1728146.55   | 0.38%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER                                                  | Elara HGV Timeshare Issuer 2023-A LLC                                           | CUSIP: 28415AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    534992 | PA      | $551474.98    | 0.12%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2020-1                                               | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2004115 | PA      | $1965938.31   | 0.43%             | 2060-01-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    616000 | PA      | $628342.34    | 0.14%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-2                                      | CUSIP: 30168CAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144913 | PA      | $145007.42    | 0.03%             | 2027-09-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Construction Partners Inc                                                   | CONSTRUCTION PARTNERS INC                                                       | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |    492525 | PA      | $493756.31    | 0.11%             | 2031-11-03      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $803935.31    | 0.18%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1094718.34   | 0.24%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                                              | Santander Drive Auto Receivables Trust 2022-5                                   | CUSIP: 80287HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    849817 | PA      | $849566.47    | 0.19%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143670.55    | 0.03%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237368 | PA      | $238176.33    | 0.05%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                              | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    588324 | PA      | $570306.26    | 0.13%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1832708 | PA      | $1835176.34   | 0.41%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                    | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     25000 | PA      | $25994.68     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                                             | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    954265 | PA      | $949415.10    | 0.21%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                                               | Commonbond Student Loan Trust 2017-A-GS                                         | CUSIP: 20267VAA5<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |     55142 | PA      | $52570.02     | 0.01%             | 2041-05-25      | Fixed         | 2.55%                 | 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        |    345613 | PA      | $329808.44    | 0.07%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    165000 | PA      | $160094.95    | 0.04%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    610000 | PA      | $659829.17    | 0.15%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1174329.09   | 0.26%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                    | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    800000 | PA      | $807952.06    | 0.18%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMAZON HOLDCO INC                                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    387742 | PA      | $386772.50    | 0.09%             | 2031-09-29      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                                                    | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $293928.21    | 0.06%             | 2028-06-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2674830 | PA      | $2720447.70   | 0.60%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                 | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    635000 | PA      | $631719.46    | 0.14%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    700000 | PA      | $690286.96    | 0.15%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    212550 | PA      | $212124.90    | 0.05%             | 2030-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    610000 | PA      | $614146.65    | 0.14%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64184 | PA      | $62928.54     | 0.01%             | 2057-06-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                                          | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    509132 | PA      | $501666.39    | 0.11%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                      | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $263604.95    | 0.06%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2023-1                                                    | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140786 | PA      | $141515.86    | 0.03%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    119823 | PA      | $113832.96    | 0.03%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                         | Synchrony Financial                                                             | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    304000 | PA      | $301132.15    | 0.07%             | 2026-08-04      | Fixed         | 3.70%                 | 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        |   1783791 | PA      | $1584992.40   | 0.35%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                                              | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   1042125 | PA      | $1056767.90   | 0.23%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-4 Mortgage Loan Trust                                                 | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |    734781 | PA      | $746322.12    | 0.16%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    972000 | PA      | $990566.46    | 0.22%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                        | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $958987.73    | 0.21%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Hardee's Funding LLC and Carls                                              | Hardee's Funding LLC                                                            | CUSIP: 411707AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1871800 | PA      | $1780043.99   | 0.39%             | 2050-12-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    730000 | PA      | $753157.79    | 0.17%             | 2032-05-15      | Fixed         | 6.50%                 | 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        |     68579 | PA      | $69204.89     | 0.02%             | 2048-10-26      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-B                                        | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1080133.27   | 0.24%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $122346.66    | 0.03%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    855000 | PA      | $851828.71    | 0.19%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MB4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1080000.00   | 0.24%             | 2026-07-01      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                                              | Amur Equipment Finance Receivables XII LLC                                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |    585427 | PA      | $591093.23    | 0.13%             | 2029-12-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1030000 | PA      | $1051075.98   | 0.23%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                    | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    427000 | PA      | $442261.76    | 0.10%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138WFLL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    193667 | PA      | $189159.95    | 0.04%             | 2030-09-01      | Fixed         | 3.00%                 | 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        |   1132463 | PA      | $1094748.67   | 0.24%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    857006 | PA      | $864244.42    | 0.19%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1275312 | PA      | $1178647.77   | 0.26%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1185000 | PA      | $1145175.11   | 0.25%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    515000 | PA      | $521914.91    | 0.12%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $673133.51    | 0.15%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355641 | PA      | $358616.76    | 0.08%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1067228.21   | 0.24%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    395000 | PA      | $431132.23    | 0.10%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    830000 | PA      | $841662.70    | 0.19%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    256000 | PA      | $257479.98    | 0.06%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    182174 | PA      | $182199.69    | 0.04%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    345000 | PA      | $354551.05    | 0.08%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1031000 | PA      | $1023783.00   | 0.23%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                                                  | SELECT MEDICAL CORP                                                             | CUSIP: 816194AY0<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    378100 | PA      | $378810.83    | 0.08%             | 2031-12-03      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $163044.80    | 0.04%             | 2030-08-01      | Fixed         | 6.12%                 | 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        |   1435000 | PA      | $1490472.08   | 0.33%             | 2030-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                                                    | Purchasing Power Funding 2024-A LLC                                             | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1298924.87   | 0.29%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2025-INV1                                         | CUSIP: 17332GAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    761049 | PA      | $767767.46    | 0.17%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                                                 | SBNA Auto Receivables Trust 2024-A                                              | CUSIP: 78437PAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    722000 | PA      | $734757.60    | 0.16%             | 2030-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                                       | Playtika Holding Corp                                                           | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |    599051 | PA      | $588082.67    | 0.13%             | 2028-03-13      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                                                             | DR Horton Inc                                                                   | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    940000 | PA      | $948283.36    | 0.21%             | 2030-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                                            | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAK9<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    412189 | PA      | $413541.33    | 0.09%             | 2031-11-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                                              | Var Energi ASA                                                                  | CUSIP: 92212WAF7<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    455000 | PA      | $466142.33    | 0.10%             | 2030-05-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N1                                          | CUSIP: 14687DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173030 | PA      | $168938.35    | 0.04%             | 2028-01-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    593086 | PA      | $578640.86    | 0.13%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    740000 | PA      | $754002.29    | 0.17%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1005000 | PA      | $1035322.66   | 0.23%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1317347.01   | 0.29%             | 2037-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                                                             | FinBe USA Trust 2025-1                                                          | CUSIP: 317967AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1270574.17   | 0.28%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    239145 | PA      | $228811.24    | 0.05%             | 2030-02-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1977882 | PA      | $1895627.41   | 0.42%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    789000 | PA      | $803713.01    | 0.18%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    366273 | PA      | $315105.83    | 0.07%             | 2066-02-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                           | National Grid PLC                                                               | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    617000 | PA      | $638832.01    | 0.14%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-1                                    | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1182000 | PA      | $1187925.25   | 0.26%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                      | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1144000 | PA      | $1140841.42   | 0.25%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2022-3 Mortgage Loan Trust                                                 | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200356 | PA      | $1173475.14   | 0.26%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    360000 | PA      | $333525.53    | 0.07%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                      | Oscar US Funding XV LLC                                                         | CUSIP: 68785CAC5<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |   1100000 | PA      | $1107504.68   | 0.24%             | 2027-12-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | Onemain Financial Issuance Trust 2025-1                                         | CUSIP: 68270DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1136911.60   | 0.25%             | 2038-07-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1469498 | PA      | $1491728.83   | 0.33%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    780000 | PA      | $782516.22    | 0.17%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    559093 | PA      | $573760.76    | 0.13%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                          | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044750 | PA      | $1070314.09   | 0.24%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF                                                 | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |     93000 | NS      | $2283150.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31417NBY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50022 | PA      | $50649.08     | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    870000 | PA      | $908634.09    | 0.20%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1031842.30   | 0.23%             | 2030-03-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1072873.94   | 0.24%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                                        | STAR 2025-SFR5 Trust                                                            | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $660827.64    | 0.15%             | 2042-02-17      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                                                  | CENT Trust 2023-CITY                                                            | CUSIP: 12516WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825000 | PA      | $826025.39    | 0.18%             | 2038-09-15      | Floating      | 6.93%                 | 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        |    357308 | PA      | $346666.32    | 0.08%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-A LLC                                                                | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1074521 | PA      | $1082503.26   | 0.24%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-3 Mortgage Loan Trust                                                 | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |    803970 | PA      | $815757.54    | 0.18%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2024-1                                                   | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045000 | PA      | $1053740.69   | 0.23%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1565000 | PA      | $1522229.65   | 0.34%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-2                                        | CUSIP: 36269EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    805000 | PA      | $823273.34    | 0.18%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    796362 | PA      | $799847.02    | 0.18%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89535.74     | 0.02%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   1069011 | PA      | $1065369.08   | 0.24%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2025-1                                        | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1169454.90   | 0.26%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2024-1 LLC                                           | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1073997.75   | 0.24%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES3                                                   | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    824890 | PA      | $835553.75    | 0.18%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                           | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    940000 | PA      | $937800.95    | 0.21%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    287000 | PA      | $285708.50    | 0.06%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                | GS Mortgage Securities Trust 2020-GC45                                          | CUSIP: 36258YBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1426000 | PA      | $1301952.12   | 0.29%             | 2053-02-13      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    665000 | PA      | $670035.51    | 0.15%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                    | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    895000 | PA      | $903827.47    | 0.20%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                                | Drive Auto Receivables Trust 2024-1                                             | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1035000 | PA      | $1049331.96   | 0.23%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1273126 | PA      | $1249402.48   | 0.28%             | 2060-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    288555 | PA      | $267639.35    | 0.06%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                                       | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15453.03     | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1778924.26   | 0.39%             | 2027-10-28      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                       | Rio Tinto Finance USA PLC                                                       | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    490000 | PA      | $498557.68    | 0.11%             | 2032-03-14      | Fixed         | 5.00%                 | 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        |     76022 | PA      | $69662.88     | 0.02%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1945612 | PA      | $1983083.63   | 0.44%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TransUnion Intermediate Holdings Inc f/k/a TransUnion Corp                  | TRANS UNION LLC                                                                 | CUSIP: 89334GBG8<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    407663 | PA      | $407920.05    | 0.09%             | 2031-06-24      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769065.00    | 0.17%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2025-A                                                   | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1099430.42   | 0.24%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    775000 | PA      | $793429.50    | 0.18%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2022-2                             | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206844 | PA      | $208728.71    | 0.05%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1134023.45   | 0.25%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                                      | ENERGIZER HOLDINGS INC                                                          | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |    200000 | PA      | $200188.00    | 0.04%             | 2032-03-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1525000 | PA      | $1533103.70   | 0.34%             | 2040-06-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                                                 | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315626 | PA      | $313908.63    | 0.07%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    734472 | PA      | $740038.17    | 0.16%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    185000 | PA      | $191045.62    | 0.04%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    288104 | PA      | $287862.37    | 0.06%             | 2026-11-09      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    405494 | PA      | $381264.27    | 0.08%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    243000 | PA      | $250917.45    | 0.06%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    227111 | PA      | $223459.59    | 0.05%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    670000 | PA      | $681720.39    | 0.15%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                     | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    300957 | PA      | $302016.18    | 0.07%             | 2031-02-10      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202493.32    | 0.04%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    962000 | PA      | $969063.30    | 0.21%             | 2028-02-24      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3491984 | PA      | $3553949.28   | 0.78%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                                 | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       297 | PA      | $283.00       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                                      | Five Guys Holdings Inc                                                          | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |   1303450 | PA      | $1346908.59   | 0.30%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2025-1                                               | CUSIP: 505712AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1225000 | PA      | $1241498.06   | 0.27%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155648 | PA      | $143218.52    | 0.03%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1410635 | PA      | $1374271.78   | 0.30%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                    | EQT Corp                                                                        | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5090.97      | 0.00%             | 2027-06-01      | Fixed         | 7.50%                 | 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        |    790996 | PA      | $795479.69    | 0.18%             | 2028-04-17      | Fixed         | 6.58%                 | 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        |    784302 | PA      | $765238.65    | 0.17%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2024-INV4                        | CUSIP: 61776XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    487426 | PA      | $490943.09    | 0.11%             | 2054-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $491272.55    | 0.11%             | 2026-05-17      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2318985 | PA      | $2334322.78   | 0.52%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2025-1 LLC                                           | CUSIP: 69392HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $807094.40    | 0.18%             | 2032-07-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Information Management LLC                                    | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |    418742 | PA      | $418043.18    | 0.09%             | 2031-01-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |    338558 | PA      | $341297.89    | 0.08%             | 2063-10-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1078125 | PA      | $1078108.07   | 0.24%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| WEC Us Holdings Ltd.                                                        | WEC US HOLDINGS INC                                                             | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    429067 | PA      | $429033.10    | 0.09%             | 2031-01-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM4 Trust                                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |    997804 | PA      | $998177.39    | 0.22%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                                              | SoFi Consumer Loan Program 2025-1 Trust                                         | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    909126 | PA      | $910820.37    | 0.20%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AR5<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    265000 | PA      | $264790.65    | 0.06%             | 2025-09-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $970509.20    | 0.21%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2503436 | PA      | $2574678.68   | 0.57%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    895000 | PA      | $916546.86    | 0.20%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GCI Funding I LLC                                                           | GCI Funding I LLC                                                               | CUSIP: 36166VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    903544 | PA      | $829861.52    | 0.18%             | 2046-06-18      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    340000 | PA      | $346394.72    | 0.08%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108451 | PA      | $108375.77    | 0.02%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    939000 | PA      | $968664.33    | 0.21%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1133310 | PA      | $1107069.92   | 0.24%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    205000 | PA      | $217358.96    | 0.05%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                                         | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   1038000 | PA      | $1010007.57   | 0.22%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                                              | Provident Funding Mortgage Trust 2025-1                                         | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    599132 | PA      | $601042.64    | 0.13%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1140000 | PA      | $1149647.93   | 0.25%             | 2029-07-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1355000 | PA      | $1365087.98   | 0.30%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    402503 | PA      | $388617.20    | 0.09%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    330000 | PA      | $354649.11    | 0.08%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    457023 | PA      | $461789.11    | 0.10%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS TRUST 2024-1PL                                                         | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282725 | PA      | $285215.44    | 0.06%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                    | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    960000 | PA      | $888568.42    | 0.20%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                                              | Residential Mortgage Loan Trust 2020-1                                          | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400109 | PA      | $396015.68    | 0.09%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86392.16     | 0.02%             | 2028-07-26      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    485000 | PA      | $471040.63    | 0.10%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva                                              | American Heritage Auto Receivables Trust 2024-1                                 | CUSIP: 026944AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1060000 | PA      | $1060230.02   | 0.23%             | 2029-09-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    995000 | PA      | $1000233.50   | 0.22%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138EQLN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44739 | PA      | $44127.27     | 0.01%             | 2027-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                | NiSource Inc                                                                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    510000 | PA      | $530893.67    | 0.12%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                    | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    473000 | PA      | $440375.63    | 0.10%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282931 | PA      | $269891.28    | 0.06%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    155000 | PA      | $147250.00    | 0.03%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                    | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    905000 | PA      | $802506.49    | 0.18%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550164 | PA      | $527143.62    | 0.12%             | 2055-03-25      | Fixed         | 2.10%                 | 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        |    135224 | PA      | $118827.41    | 0.03%             | 2047-08-25      | Variable      | 2.50%                 | 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        |    884510 | PA      | $887687.75    | 0.20%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-4                                               | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1023000 | PA      | $1058418.51   | 0.23%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    146667 | PA      | $146703.33    | 0.03%             | 2031-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                               | Goldentree Loan Management US Clo 9 Ltd                                         | CUSIP: 38138JAN3<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1302990.00   | 0.29%             | 2037-04-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                         | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    350268 | PA      | $350439.34    | 0.08%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                                                                 | Hexcel Corp                                                                     | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |   1203000 | PA      | $1191551.31   | 0.26%             | 2027-02-15      | Variable      | 4.20%                 | 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        |    818328 | PA      | $822267.85    | 0.18%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    583205 | PA      | $588347.26    | 0.13%             | 2068-12-25      | Variable      | 6.26%                 | 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        |    722246 | PA      | $703294.15    | 0.16%             | 2063-01-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    485000 | PA      | $503784.05    | 0.11%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAA6<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |   1265000 | PA      | $1107914.17   | 0.24%             | 2030-10-14      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    951000 | PA      | $896492.10    | 0.20%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                         | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    159600 | PA      | $159600.00    | 0.04%             | 2030-02-05      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2024-1                                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $809653.52    | 0.18%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    481129 | PA      | $479465.93    | 0.11%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    785000 | PA      | $807623.70    | 0.18%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1171839.08   | 0.26%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10590000 | PA      | $10652050.83  | 2.35%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2025-CES5                                                   | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |   1138084 | PA      | $1148190.13   | 0.25%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    905000 | PA      | $915801.95    | 0.20%             | 2031-04-04      | Fixed         | 5.12%                 | 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        |    475000 | PA      | $475756.54    | 0.11%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    249834 | PA      | $247448.00    | 0.05%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    365000 | PA      | $368327.71    | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2022-1                                               | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228763 | PA      | $228929.19    | 0.05%             | 2027-06-15      | Fixed         | 5.21%                 | 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        |    505000 | PA      | $503351.80    | 0.11%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KOREA NATIONAL OIL CORP                                                     | Korea National Oil Corp                                                         | CUSIP: 50065WAP1<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $202998.00    | 0.04%             | 2028-04-03      | Fixed         | 4.88%                 | 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        |    478102 | PA      | $477685.69    | 0.11%             | 2028-10-05      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                                                  | Air Canada                                                                      | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    895000 | PA      | $885959.70    | 0.20%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    415000 | PA      | $416481.55    | 0.09%             | 2027-04-23      | Floating      | 5.07%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1906892 | PA      | $1877828.10   | 0.41%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2017-1                                            | CUSIP: 59981HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    964397 | PA      | $949392.16    | 0.21%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                           | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    320000 | PA      | $320201.60    | 0.07%             | 2032-01-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    918676 | PA      | $919627.83    | 0.20%             | 2029-10-15      | Fixed         | 4.97%                 | 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        |    835000 | PA      | $860950.31    | 0.19%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $991901.61    | 0.22%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    360000 | PA      | $368449.43    | 0.08%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                       | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    325000 | PA      | $332771.08    | 0.07%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    915000 | PA      | $922989.77    | 0.20%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1581607 | PA      | $1482441.55   | 0.33%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                              | Wells Fargo Commercial Mortgage Trust 2015-P2                                   | CUSIP: 95000AAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    469093 | PA      | $466985.84    | 0.10%             | 2048-12-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |   1837286 | PA      | $1867435.48   | 0.41%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    792392 | PA      | $800434.66    | 0.18%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    319439 | PA      | $307302.76    | 0.07%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    400000 | PA      | $408456.00    | 0.09%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Belron Finance US LLC                                                       | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    471438 | PA      | $473078.10    | 0.10%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1082524.82   | 0.24%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES8                                                   | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    647540 | PA      | $648809.69    | 0.14%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                                        | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $286291.78    | 0.06%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                        | CHARTER COMMUNICATIONS OPERATING LLC                                            | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    432301 | PA      | $432897.90    | 0.10%             | 2031-12-15      | Floating      | 6.55%                 | 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        |    208696 | PA      | $203023.51    | 0.04%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51661 | PA      | $49323.38     | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                              | Galton Funding Mortgage Trust 2019-2                                            | CUSIP: 36418ABC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261414 | PA      | $237562.23    | 0.05%             | 2059-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                                               | UBS AG/London                                                                   | CUSIP: 902674ZW3<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    600000 | PA      | $624841.06    | 0.14%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                                             | TricorBraun Holdings Inc                                                        | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |    281945 | PA      | $281499.62    | 0.06%             | 2028-03-03      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB2 Trust                                                             | CUSIP: 67118RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    837291 | PA      | $835750.98    | 0.18%             | 2053-04-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-2                            | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1163373.01   | 0.26%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $382142.07    | 0.08%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418TWU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        32 | PA      | $31.68        | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   1081000 | PA      | $1038453.83   | 0.23%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB1 Trust                                                             | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860336 | PA      | $847388.93    | 0.19%             | 2053-03-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                                               | FRONERI US INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    419697 | PA      | $414715.67    | 0.09%             | 2031-09-17      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-1                            | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    955000 | PA      | $959031.72    | 0.21%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280009 | PA      | $269655.16    | 0.06%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    626002 | PA      | $629375.81    | 0.14%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    804992 | PA      | $704883.89    | 0.16%             | 2056-06-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust                                                 | OCCU Auto Receivables Trust 2023-1                                              | CUSIP: 674921AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63255 | PA      | $63300.30     | 0.01%             | 2027-04-15      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418AAJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57758 | PA      | $57311.62     | 0.01%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2024-5                                      | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1085000 | PA      | $1083800.32   | 0.24%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                | Huntington Bank Auto Credit-Linked Notes Series 2024-1                          | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    493064 | PA      | $501445.14    | 0.11%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    830000 | PA      | $855704.78    | 0.19%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1720000 | PA      | $1773064.58   | 0.39%             | 2040-01-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-2                                               | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825000 | PA      | $844382.30    | 0.19%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2024-2                                       | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1065000 | PA      | $1070827.04   | 0.24%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                                    | Kronos Acquisition Holdings Inc                                                 | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $653819.33    | 0.14%             | 2031-06-30      | Fixed         | 8.25%                 | 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        |    577658 | PA      | $558326.30    | 0.12%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM 2015-CCRE24 Mortgage Trust                                                 | CUSIP: 12593JBH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1048280.63   | 0.23%             | 2048-08-10      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receiv                                              | Santander Consumer Auto Receivables Trust 2021-A                                | CUSIP: 80282YAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50145 | PA      | $50073.06     | 0.01%             | 2026-11-16      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                                | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1131987.85   | 0.25%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  3 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2023-2                                                   | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    309175 | PA      | $309749.46    | 0.07%             | 2033-06-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-5                                                          | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126711 | PA      | $126365.35    | 0.03%             | 2045-05-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109657.52    | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | 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        |    411000 | PA      | $427106.85    | 0.09%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CF8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    435000 | PA      | $454918.42    | 0.10%             | 2029-11-21      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                                       | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    860000 | PA      | $849248.11    | 0.19%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-HY2                                              | CUSIP: 89177HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1455233.20   | 0.32%             | 2058-05-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Tr                                              | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183058 | PA      | $178675.01    | 0.04%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REH3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1699422.20   | 0.38%             | 2027-08-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1348711.20   | 0.30%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2014-1                           | CUSIP: 61763YAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83217 | PA      | $83274.00     | 0.02%             | 2044-06-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2025-1                                        | CUSIP: 36271FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825000 | PA      | $1851691.36   | 0.41%             | 2031-02-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    490000 | PA      | $483988.41    | 0.11%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1775000 | PA      | $1790781.35   | 0.40%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation, LLC                                                 | CORNERSTONE GENERATION L                                                        | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |    665000 | PA      | $668045.70    | 0.15%             | 2031-10-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    484876 | PA      | $485117.74    | 0.11%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2021-1                                               | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1990927.40   | 0.44%             | 2029-11-15      | Fixed         | 3.99%                 | 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        |   1160000 | PA      | $1096383.98   | 0.24%             | 2037-03-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    887418 | PA      | $850341.10    | 0.19%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2024-N1                                          | CUSIP: 14687QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1330000 | PA      | $1345758.90   | 0.30%             | 2030-05-10      | Fixed         | 5.63%                 | 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        |    340332 | PA      | $330200.92    | 0.07%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    560000 | PA      | $572977.60    | 0.13%             | 2030-01-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                        | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $520655.26    | 0.11%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   1005000 | PA      | $1010025.00   | 0.22%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    835000 | PA      | $863938.14    | 0.19%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                              | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    735000 | PA      | $733571.37    | 0.16%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet Short Duration High Yield Bond ETF                          | Virtus Newfleet Short Duration High Yield Bond ETF                              | CUSIP: 92790A207<br>LEI: 549300CTRZXMY9595O30 | Long             | EC               | RF                | US        |    103000 | NS      | $2250045.30   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corporation (f/k/a John Bean Technologies Corporation)            | JOHN BEAN TECHNOLOGIES CORP                                                     | CUSIP: 47783YAP4<br>LEI: 5493007CT6ATBZ2L6826 | Long             | LON              | CORP              | US        |    314212 | PA      | $314998.03    | 0.07%             | 2032-01-02      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    255000 | PA      | $253347.42    | 0.06%             | 2028-04-25      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                                                        | Adnoc Murban Rsc Ltd                                                            | CUSIP: 00723L2A6<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |     90000 | PA      | $89325.00     | 0.02%             | 2029-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $159993.21    | 0.04%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N1                                          | CUSIP: 14688FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1109000 | PA      | $1118136.27   | 0.25%             | 2029-07-10      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017187.70   | 0.22%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2016-2                                                | CUSIP: 89172PAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3370000 | PA      | $3228351.82   | 0.71%             | 2055-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                              | RIDE 2025-SHRE                                                                  | CUSIP: 765692AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $912784.50    | 0.20%             | 2047-02-14      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    290000 | PA      | $301030.70    | 0.07%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2023-1                                    | CUSIP: 96042XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1106772.37   | 0.24%             | 2028-08-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Terex Corporation                                                           | TEREX CORP                                                                      | CUSIP: 88078FBM9<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |    394012 | PA      | $395943.16    | 0.09%             | 2031-10-08      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2018-1                                             | CUSIP: 59166DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1294214 | PA      | $1256246.57   | 0.28%             | 2057-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2024-3                                               | CUSIP: 505709AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1295000 | PA      | $1300434.47   | 0.29%             | 2030-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1087336.37   | 0.24%             | 2028-03-13      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                                                          | ASTORIA ENERGY LLC                                                              | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |    265000 | PA      | $265000.00    | 0.06%             | 2032-06-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1325940 | PA      | $1326395.07   | 0.29%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2025-1                                                    | CUSIP: 12515XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1165000 | PA      | $1178231.14   | 0.26%             | 2032-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178036 | PA      | $172844.98    | 0.04%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    843669 | PA      | $858871.52    | 0.19%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    605000 | PA      | $616105.82    | 0.14%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    373562 | PA      | $373330.24    | 0.08%             | 2028-12-21      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                               | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    755000 | PA      | $754721.18    | 0.17%             | 2053-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                                        | GATES CORPORATION                                                               | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |    432228 | PA      | $431881.92    | 0.10%             | 2031-06-04      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1205000 | PA      | $1218172.46   | 0.27%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi                                              | GM Financial Consumer Automobile Receivables Trust 2023-4                       | CUSIP: 379930AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57755 | PA      | $57815.94     | 0.01%             | 2026-11-16      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    854049 | PA      | $847251.34    | 0.19%             | 2056-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    478942 | PA      | $479008.84    | 0.11%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES9                                                   | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    898444 | PA      | $902271.65    | 0.20%             | 2044-12-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2024-2                                             | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    558578 | PA      | $568968.06    | 0.13%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Life Time Inc (f/k/a Life Time Fitness Inc)                                 | LIFE TIME INC                                                                   | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |    422875 | PA      | $423720.75    | 0.09%             | 2031-11-05      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM1 Trust                                                             | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |    345789 | PA      | $346987.74    | 0.08%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1115000 | PA      | $1103445.30   | 0.24%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                       | HUB INTERNATIONAL LTD                                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    387566 | PA      | $388639.87    | 0.09%             | 2030-06-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    520000 | PA      | $507949.20    | 0.11%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    617669 | PA      | $619637.28    | 0.14%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N2                                          | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229630 | PA      | $222598.34    | 0.05%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGU2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1181000 | PA      | $1195708.53   | 0.26%             | 2028-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                                                  | CIG Auto Receivables Trust 2021-1                                               | CUSIP: 12598NAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    366799 | PA      | $366468.03    | 0.08%             | 2027-04-12      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    450000 | PA      | $471386.32    | 0.10%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89378 | PA      | $84049.72     | 0.02%             | 2044-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1163373.17   | 0.26%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    425000 | PA      | $446594.25    | 0.10%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1068721 | PA      | $1062909.84   | 0.23%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1512714.00   | 0.33%             | 2028-02-24      | Floating      | 5.49%                 | No            |                  2 | On Loan: —       |
| ELM Trust 2024                                                              | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    907000 | PA      | $916567.85    | 0.20%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                                         | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31573.52     | 0.01%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2024-A LLC                                                                | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1057049 | PA      | $1074677.10   | 0.24%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |    465000 | PA      | $472404.56    | 0.10%             | 2030-08-15      | 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        |    418481 | PA      | $417175.01    | 0.09%             | 2030-09-18      | Floating      | 7.58%                 | 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        |    500000 | PA      | $503485.27    | 0.11%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                                | Business Jet Securities 2024-2 LLC                                              | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    956071 | PA      | $958281.88    | 0.21%             | 2039-09-15      | Fixed         | 5.36%                 | 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        |    800489 | PA      | $804400.85    | 0.18%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS Trust 2025-1PL                                                         | CUSIP: 00112MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1013662 | PA      | $1011607.13   | 0.22%             | 2032-04-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    395000 | PA      | $406691.96    | 0.09%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    992000 | PA      | $930440.65    | 0.21%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    675000 | PA      | $687118.67    | 0.15%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1142357.99   | 0.25%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HUNTERSTOWN GENERATION LLC                                                  | KESTREL ACQUISITION LLC                                                         | CUSIP: 44579UAB8<br>LEI: 549300ER0JUHJLPPMH08 | Long             | LON              | CORP              | US        |    401165 | PA      | $400297.99    | 0.09%             | 2031-11-06      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    895000 | PA      | $887168.75    | 0.20%             | 2030-03-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2021-1                                       | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78053 | PA      | $77888.32     | 0.02%             | 2031-03-17      | Fixed         | 1.68%                 | 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      | $1024760.00   | 0.23%             | 2030-06-17      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                                              | Onemain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1210000 | PA      | $1210328.52   | 0.27%             | 2029-06-14      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2024-1                                                    | CUSIP: 12515PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1269320.75   | 0.28%             | 2032-03-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463791 | PA      | $464041.57    | 0.10%             | 2028-04-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                                              | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1182395 | PA      | $1199246.84   | 0.26%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    426386 | PA      | $421997.40    | 0.09%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                                              | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233094 | PA      | $198085.69    | 0.04%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1170000 | PA      | $1116918.86   | 0.25%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $428897.65    | 0.09%             | 2041-12-09      | Fixed         | 3.20%                 | 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        |   1412867 | PA      | $1377622.99   | 0.30%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    370000 | PA      | $373071.61    | 0.08%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    505000 | PA      | $517421.49    | 0.11%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| TIC Home Improvement Trust                                                  | TIC Home Improvement Trust 2024-A                                               | CUSIP: 87252DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    627387 | PA      | $642098.97    | 0.14%             | 2046-10-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2023-1                                                          | CUSIP: 75525AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540351 | PA      | $543029.57    | 0.12%             | 2031-02-18      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CHV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6390000 | PA      | $6394617.80   | 1.41%             | 2025-08-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| DRAWBRIDGE SPEC OPPOR FU                                                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1409707.54   | 0.31%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                       | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    325000 | PA      | $322510.50    | 0.07%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                            | Westgate Resorts 2022-1 LLC                                                     | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    288392 | PA      | $286794.72    | 0.06%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    555000 | PA      | $572432.68    | 0.13%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    962092 | PA      | $958380.58    | 0.21%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1269054 | PA      | $1247433.89   | 0.28%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    638000 | PA      | $645077.27    | 0.14%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-2                                      | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    462808 | PA      | $447986.09    | 0.10%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste                                              | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1085000 | PA      | $1086023.37   | 0.24%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                      | Philip Morris International Inc                                                 | CUSIP: 718172DN6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1054746.78   | 0.23%             | 2029-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    320000 | PA      | $329220.92    | 0.07%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97690.39     | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                                      | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    615000 | PA      | $622696.11    | 0.14%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    488880 | PA      | $464160.72    | 0.10%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note T                                              | Discover Card Execution Note Trust                                              | CUSIP: 254683CZ6<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |   1890000 | PA      | $1901542.04   | 0.42%             | 2028-06-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    140000 | PA      | $137340.00    | 0.03%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3315797 | PA      | $2989166.61   | 0.66%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    391000 | PA      | $402918.93    | 0.09%             | 2028-04-15      | Fixed         | 6.05%                 | 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        |    320000 | PA      | $321200.00    | 0.07%             | 2032-03-17      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                                | CALPINE CORP                                                                    | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    460000 | PA      | $459655.00    | 0.10%             | 2031-01-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2023-2                                          | CUSIP: 74113VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1001000 | PA      | $1007073.47   | 0.22%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2020-2                                       | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040029 | PA      | $973789.79    | 0.21%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Frontdoor Inc                                                               | FRONTDOOR INC                                                                   | CUSIP: 35905CAK1<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | LON              | CORP              | US        |    238800 | PA      | $239248.94    | 0.05%             | 2031-12-17      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2014-3                                      | CUSIP: 64829DAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    822477 | PA      | $791760.59    | 0.17%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                                                   | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $882857.80    | 0.19%             | 2031-02-18      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                      | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $707355.28    | 0.16%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138LVWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13950 | PA      | $13760.42     | 0.00%             | 2027-06-01      | Fixed         | 3.00%                 | 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        |    247576 | PA      | $248726.69    | 0.05%             | 2028-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418RHT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14790 | PA      | $14748.91     | 0.00%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    435000 | PA      | $454640.69    | 0.10%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2024-2 Receivables Funding LLC                                 | CUSIP: 82650DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    519101 | PA      | $523212.73    | 0.12%             | 2041-06-20      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    315000 | PA      | $314140.68    | 0.07%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-3                                                | CUSIP: 89175MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1333585 | PA      | $1306972.87   | 0.29%             | 2058-05-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2022-1                                              | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1046337 | PA      | $1045749.04   | 0.23%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                    | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    955000 | PA      | $953402.32    | 0.21%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2021-3                                        | CUSIP: 36263LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1156106.89   | 0.26%             | 2028-10-16      | Fixed         | 3.20%                 | 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        |    615000 | PA      | $629084.12    | 0.14%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1095488.71   | 0.24%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    312498 | PA      | $313644.45    | 0.07%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                                    | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1094354.44   | 0.24%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    511771 | PA      | $515560.36    | 0.11%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    710000 | PA      | $716351.59    | 0.16%             | 2030-03-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    823000 | PA      | $776805.55    | 0.17%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    730000 | PA      | $771528.05    | 0.17%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    775000 | PA      | $806551.88    | 0.18%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                                          | RGA Global Funding                                                              | CUSIP: 76209PAE3<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    422000 | PA      | $435290.92    | 0.10%             | 2029-05-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                              | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    472022 | PA      | $472732.44    | 0.10%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    325000 | PA      | $331065.80    | 0.07%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-1                                               | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760508 | PA      | $759444.24    | 0.17%             | 2067-12-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1062187 | PA      | $1064766.16   | 0.24%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    569653 | PA      | $593746.40    | 0.13%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-1                                                          | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    914525 | PA      | $914520.49    | 0.20%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    415000 | PA      | $433666.94    | 0.10%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                                              | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2640648 | NS      | $2640647.84   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITION BIDCO                                                         | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    125000 | PA      | $125625.00    | 0.03%             | 2032-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM 2013-300P Mortgage Trust                                                   | CUSIP: 12625XAA5<br>LEI: 549300NMFC2YLCA2NF13 | Long             | ABS-MBS          | CORP              | US        |   1590000 | PA      | $1587920.76   | 0.35%             | 2030-08-10      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2025-1 LLC                                                             | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1170000 | PA      | $1181083.76   | 0.26%             | 2035-08-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2023-3                                                      | CUSIP: 23345WAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1095000 | PA      | $1112356.63   | 0.25%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                 | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1396124 | PA      | $1401404.64   | 0.31%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418DB92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144110 | PA      | $131364.94    | 0.03%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    705000 | PA      | $737064.81    | 0.16%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    775000 | PA      | $716642.60    | 0.16%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    178000 | PA      | $139730.00    | 0.03%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1142075.10   | 0.25%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    432040 | PA      | $426548.97    | 0.09%             | 2028-11-24      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    690000 | PA      | $710776.18    | 0.16%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES2                                       | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1008495 | PA      | $1013957.24   | 0.22%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1155000 | PA      | $1181547.91   | 0.26%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    235000 | PA      | $239111.33    | 0.05%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                           | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |    456002 | PA      | $456380.80    | 0.10%             | 2030-10-04      | Floating      | 6.28%                 | 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        |    311642 | PA      | $298944.55    | 0.07%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9735000 | PA      | $9825885.38   | 2.17%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-3                                               | CUSIP: 50168BAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1039622.90   | 0.23%             | 2030-12-16      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                                     | Office Properties Income Trust                                                  | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    268000 | PA      | $193341.66    | 0.04%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $967519.27    | 0.21%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1179000 | PA      | $1199045.83   | 0.26%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                         | Sprint Capital Corp                                                             | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    665000 | PA      | $713902.22    | 0.16%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                                                 | Truist Bank                                                                     | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    720000 | PA      | $711462.30    | 0.16%             | 2029-09-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1016000 | PA      | $986180.84    | 0.22%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    560000 | PA      | $567723.67    | 0.13%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ AUTO RECEIVABLES TRUST                                             | LENDBUZZ AUTO RECEIVABLES TRUST                                                 | CUSIP: 52611DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1105924 | PA      | $1104959.90   | 0.24%             | 2030-06-17      | Floating      | 0.01%                 | 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      | $1332156.54   | 0.29%             | 2031-08-12      | Fixed         | 5.09%                 | 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        |    400000 | PA      | $395392.76    | 0.09%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2025-A LLC                                                         | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1160000 | PA      | $1167450.56   | 0.26%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                              | United Auto Credit Securitization Trust 2022-2                                  | CUSIP: 90944KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    984235 | PA      | $980174.98    | 0.22%             | 2028-01-10      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-1                                                 | CUSIP: 67571BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1473657.48   | 0.33%             | 2029-09-20      | Fixed         | 6.37%                 | 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        |    773164 | PA      | $785216.42    | 0.17%             | 2064-03-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1315000 | PA      | $1345988.90   | 0.30%             | 2029-03-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                 | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1617402.51   | 0.36%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    247921 | PA      | $245373.37    | 0.05%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                               | CoreVest American Finance 2018-1 Trust                                          | CUSIP: 21872BAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1009934 | PA      | $1012177.67   | 0.22%             | 2051-06-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23956 | PA      | $23556.90     | 0.01%             | 2044-12-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    782448 | PA      | $778670.51    | 0.17%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                                              | First Investors Auto Owner Trust 2021-2                                         | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1583998 | PA      | $1563156.78   | 0.35%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                       | PHOENIX GUARANTOR INC                                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    420761 | PA      | $421858.81    | 0.09%             | 2031-02-21      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2024-2                                          | CUSIP: 74113SAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1078190.89   | 0.24%             | 2029-10-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    466441 | PA      | $464691.99    | 0.10%             | 2030-11-30      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044549 | PA      | $1020347.64   | 0.23%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    195000 | PA      | $203010.21    | 0.04%             | 2054-10-15      | Fixed         | 7.95%                 | 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        |    436133 | PA      | $436132.67    | 0.10%             | 2030-10-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                         | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    695000 | PA      | $674625.94    | 0.15%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465000 | PA      | $481627.42    | 0.11%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1003292.80   | 0.22%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                                          | RGA Global Funding                                                              | CUSIP: 76209PAG8<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    660000 | PA      | $677166.28    | 0.15%             | 2030-01-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     80000 | PA      | $81360.00     | 0.02%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-1                                                 | CUSIP: 67571FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045000 | PA      | $1059491.96   | 0.23%             | 2030-05-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1058392.88   | 0.23%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1084952 | PA      | $1085967.04   | 0.24%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | Berry Global Inc                                                                | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    915000 | PA      | $961493.46    | 0.21%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2023-2                                        | CUSIP: 22537EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    809883 | PA      | $812465.85    | 0.18%             | 2033-05-16      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    390000 | PA      | $407273.88    | 0.09%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    360000 | PA      | $359100.00    | 0.08%             | 2032-03-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2023-NQM2 Trust                                                            | CUSIP: 36169DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    908588 | PA      | $906720.85    | 0.20%             | 2067-11-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-3                                               | CUSIP: 33843YAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1070000 | PA      | $1079569.65   | 0.24%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                        | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    692000 | PA      | $653582.64    | 0.14%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                       | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    382482 | PA      | $383870.39    | 0.08%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    450000 | PA      | $486970.98    | 0.11%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A                                                  | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    481834 | PA      | $468983.82    | 0.10%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    971352 | PA      | $972262.14    | 0.21%             | 2041-03-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    431124 | PA      | $431599.96    | 0.10%             | 2027-09-15      | Fixed         | 5.30%                 | 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        |     29768 | PA      | $27154.38     | 0.01%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                                                | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    825000 | PA      | $774995.66    | 0.17%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1154598 | PA      | $1130278.25   | 0.25%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO                                                           | Tractor Supply Co                                                               | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $953934.74    | 0.21%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    246404 | PA      | $240860.23    | 0.05%             | 2031-06-11      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DE4<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    140000 | PA      | $140000.00    | 0.03%             | 2030-03-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1169000 | PA      | $1197411.03   | 0.26%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-2                                    | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1010056.20   | 0.22%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2020-4                                               | CUSIP: 92538LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242215 | PA      | $237150.72    | 0.05%             | 2065-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                                                     | Algonquin Power & Utilities Corp                                                | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    425000 | PA      | $427262.90    | 0.09%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-3                                        | CUSIP: 37989EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $863877.42    | 0.19%             | 2030-08-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    719000 | PA      | $698790.08    | 0.15%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                                              | THPT 2023-THL Mortgage Trust                                                    | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1405023 | PA      | $1429091.04   | 0.32%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                     | American Electric Power Co Inc                                                  | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    964000 | PA      | $964761.50    | 0.21%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    499000 | PA      | $509042.38    | 0.11%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1112879.81   | 0.25%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2024-N2                                          | CUSIP: 14687VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1060000 | PA      | $1067310.29   | 0.24%             | 2028-07-10      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    525000 | PA      | $545239.76    | 0.12%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $504160.40    | 0.11%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer