Virtus Allianzgi Global Allocation Fund

Virtus AllianzGI Global Allocation Fund

as of : 08/31/2021 (Unaudited)

SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Virtus Strategy Trust - Virtus Allianzgi Global Sustainability Fund 3,521,823 $98,575,839 35.30 %

iShares ESG Aware MSCI USA ETF 116,228 $12,055,168 4.32 %

iShares Trust iShares ESG Aware MSCI EAFE ETF 86,959 $7,038,461 2.52 %

Ginnie Mae II Pool, 2.5000% 5,603,866 $5,830,168 2.09 %

iShares Core U.S. Aggregate Bond ETF 46,479 $5,394,353 1.93 %

United States Treasury Note/Bond, 0.3750% 04/15/2024 5,000,000 $5,005,078 1.79 %

United States Treasury Note/Bond, 1.5000% 02/28/2023 4,000,000 $4,081,250 1.46 %

United States Treasury Note/Bond, 0.3750% 08/15/2024 3,800,000 $3,797,031 1.36 %

United States Treasury Note/Bond, 2.3750% 05/15/2051 3,360,000 $3,710,700 1.33 %

United States Treasury Note/Bond, 1.8750% 08/15/2041 3,175,000 $3,124,895 1.12 %

United States Small Business Administration, 1.2800% 01/01/2046 3,078,328 $3,036,837 1.09 %

Ginnie Mae II Pool, 3.0000% 2,851,450 $2,952,072 1.06 %

United States Treasury Note/Bond, 0.7500% 08/31/2026 2,675,000 $2,671,865 0.96 %

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund 46,000 $2,540,580 0.91 %

iShares Inc iShares ESG Aware MSCI EM ETF 56,917 $2,456,538 0.88 %

Ginnie Mae II Pool, 2.0000% 2,222,791 $2,270,697 0.81 %

Ginnie Mae II Pool, 2.0000% 2,123,049 $2,169,631 0.78 %

United States Small Business Administration, 1.0300% 07/01/2040 2,070,390 $2,047,104 0.73 %

International Bank for Reconstruction & Development, 0.4009% 02/11/2031 2,000,000 $2,009,400 0.72 %

Fannie Mae-Aces, 1.4295% 2,000,000 $1,991,778 0.71 %

Flatiron Clo 17 Ltd, 1.1359% 1,825,000 $1,823,358 0.65 %

1 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO United States Small Business Administration, 2.8800% 05/01/2037 1,683,242 $1,820,883 0.65 %

One Bryant Park Trust 2019-OBP, 2.5164% 1,500,000 $1,569,252 0.56 %

United States Small Business Administration, 1.2100% 12/01/2045 1,473,480 $1,458,366 0.52 % iShares MSCI USA ESG Select ETF 13,326 $1,352,322 0.48 %

Hannon Armstrong Sustainable Infrastructure Capital Inc 22,220 $1,341,421 0.48 %

Ginnie Mae II Pool, 3.0000% 1,279,001 $1,338,571 0.48 %

Freddie Mac Multifamily Structured Pass Through Certificates, 1.4930% 1,300,000 $1,307,196 0.47 %

United States Treasury Note/Bond, 0.1250% 11/30/2022 1,300,000 $1,300,305 0.47 %

Grace Trust 2020-GRCE, 2.3470% 1,250,000 $1,289,243 0.46 %

Ginnie Mae II Pool, 2.0000% 1,277,005 $1,283,173 0.46 %

Venture 42 CLO Ltd, 1.3111% 1,220,000 $1,221,464 0.44 %

Citigroup Inc, 0.7760% 10/30/2024 1,010,000 $1,013,093 0.36 %

CarMax Auto Owner Trust 2020-2, 1.7000% 11/15/2024 1,000,000 $1,010,326 0.36 %

Citibank Credit Card Issuance Trust, 0.4184% 01/20/2025 1,000,000 $1,004,253 0.36 %

Toyota Auto Receivables 2021-B Owner Trust, 0.2600% 11/17/2025 1,000,000 $998,297 0.36 %

Fannie Mae-Aces, 1.4214% 1,000,000 $993,723 0.36 %

Freddie Mac Multiclass Certificates Series 2021-P009, 1.8780% 920,745 $958,849 0.34 %

Freddie Mac Multifamily Structured Pass Through Certificates, 1.6390% 870,000 $887,742 0.32 %

United States Treasury Note/Bond, 1.2500% 08/15/2031 866,000 $861,535 0.31 %

Enel Finance International NV, 2.6500% 09/10/2024 800,000 $842,123 0.30 %

NextEra Energy Inc 9,715 $815,963 0.29 %

Ally Auto Receivables Trust 2019-4, 1.8400% 06/17/2024 763,033 $769,003 0.28 %

Tesla Auto Lease Trust 2021-A, 0.5600% 03/20/2025 750,000 $751,525 0.27 %

Cooperatieve Rabobank UA, 1.1060% 02/24/2027 750,000 $744,246 0.27 %

Natwest Group PLC, 2.3590% 05/22/2024 635,000 $652,606 0.23 %

United States Small Business Administration, 1.3400% 02/01/2046 604,275 $598,672 0.21 %

2 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO AT&T Inc, 3.1000% 02/01/2043 594,000 $588,431 0.21 %

Bank of America Corp, 2.4960% 02/13/2031 560,000 $575,838 0.21 %

JPMorgan Chase & Co, 0.7680% 08/09/2025 555,000 $553,914 0.20 %

Sempra Energy, 3.5500% 06/15/2024 505,000 $540,332 0.19 %

NRG Energy Inc, 2.4500% 12/02/2027 527,000 $535,678 0.19 %

Verizon Communications Inc 9,580 $526,900 0.19 %

Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.5000% 06/20/2027 480,000 $521,448 0.19 %

Global Atlantic Fin Co, 4.7000% 10/15/2051 500,000 $512,494 0.18 %

OneMain Financial Issuance Trust 2021-1, 1.5500% 06/16/2036 500,000 $504,126 0.18 %

American Tower Corp, 2.7500% 01/15/2027 475,000 $501,604 0.18 %

Amgen Inc, 2.0000% 01/15/2032 510,000 $501,340 0.18 %

Verizon Master Trust, 0.5000% 05/20/2027 500,000 $500,860 0.18 %

GM Financial Automobile Leasing Trust 2021-2, 0.3400% 05/20/2024 500,000 $500,678 0.18 %

JPMorgan Chase & Co, 1.0758% 02/02/2037 520,000 $469,267 0.17 %

Boston Gas Co, 3.1500% 08/01/2027 435,000 $466,905 0.17 %

Bank of America Corp, 2.4560% 10/22/2025 425,000 $444,916 0.16 %

Johnson & Johnson 2,534 $438,711 0.16 %

Massachusetts Mutual Life Insurance Co, 5.0770% 02/15/2069 345,000 $435,308 0.16 %

Waste Management Inc 2,793 $433,222 0.16 %

Anheuser-Busch InBev Finance Inc, 4.0000% 01/17/2043 380,000 $429,728 0.15 %

Sumitomo Mitsui Financial Group Inc, 0.5080% 01/12/2024 428,000 $427,586 0.15 %

Equinix Inc, 1.0000% 09/15/2025 427,000 $425,647 0.15 %

Albemarle Corp 1,789 $423,528 0.15 %

Nissan Auto Receivables 2017-B Owner Trust, 1.9500% 10/16/2023 418,409 $418,672 0.15 %

NextEra Energy Capital Holdings Inc, 1.9000% 06/15/2028 410,000 $415,764 0.15 %

Synchrony Financial, 4.3750% 03/19/2024 375,000 $405,897 0.15 %

3 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO State Street Corp, 1.1189% 06/15/2047 465,000 $405,750 0.15 %

Boeing Co/The, 3.6250% 02/01/2031 370,000 $401,274 0.14 %

Truist Financial Corp, 1.2670% 03/02/2027 400,000 $401,241 0.14 %

LG Chem Ltd, 1.3750% 07/07/2026 400,000 $398,684 0.14 %

Eli Lilly & Co 1,508 $389,501 0.14 %

Leidos Inc, 2.3000% 02/15/2031 395,000 $389,363 0.14 %

Walmart Inc 2,560 $379,136 0.14 %

Pacific Life Global Funding II, 1.3750% 04/14/2026 375,000 $378,453 0.14 %

Verizon Communications Inc, 4.1250% 03/16/2027 330,000 $377,315 0.14 %

Procter & Gamble Co/The 2,620 $373,062 0.13 %

Duke Energy Progress LLC, 3.4500% 03/15/2029 330,000 $369,534 0.13 %

Chart Industries Inc 1,956 $368,471 0.13 %

Jersey Central Power & Light Co, 6.1500% 06/01/2037 270,000 $366,747 0.13 %

Popular Inc, 6.1250% 09/14/2023 340,000 $366,350 0.13 %

VMware Inc, 4.5000% 05/15/2025 315,000 $351,522 0.13 %

General Motors Co, 5.1500% 04/01/2038 290,000 $349,799 0.13 %

Public Storage 1,078 $348,852 0.12 %

Pennsylvania Electric Co, 4.1500% 04/15/2025 313,000 $336,477 0.12 %

Liberty Mutual Group Inc, 4.1250% 12/15/2051 322,000 $330,092 0.12 % iShares Global Clean Energy ETF 14,145 $330,003 0.12 %

Goldman Sachs Group Inc/The, 0.8550% 02/12/2026 330,000 $328,111 0.12 %

Invesco WilderHill Clean Energy ETF 4,000 $327,080 0.12 %

Microsoft Corp, 3.5000% 11/15/2042 275,000 $323,241 0.12 %

Linde PLC 1,025 $322,455 0.12 %

Generac Holdings Inc 724 $316,374 0.11 %

MSCI Inc, 3.6250% 11/01/2031 295,000 $313,054 0.11 %

4 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Massachusetts Institute of Technology, 5.6000% 07/01/2111 175,000 $312,936 0.11 %

GE Capital Funding LLC, 4.5500% 05/15/2032 260,000 $312,887 0.11 %

Centene Corp, 2.4500% 07/15/2028 308,000 $312,454 0.11 %

Oracle Corp, 3.8000% 11/15/2037 285,000 $312,109 0.11 %

SolarEdge Technologies Inc 1,069 $309,775 0.11 %

Lincoln National Corp, 2.4818% 05/17/2066 345,000 $308,775 0.11 %

El Paso Natural Gas Co LLC, 8.3750% 06/15/2032 205,000 $303,844 0.11 %

Baker Hughes Co 13,128 $299,056 0.11 %

Freeport-McMoRan Inc 8,068 $293,595 0.11 %

Sunnova Energy International Inc 8,049 $291,374 0.10 %

Merck & Co Inc 3,786 $288,834 0.10 %

Novartis AG 3,111 $288,050 0.10 %

Paychex Inc 2,501 $286,289 0.10 %

Enphase Energy Inc 1,628 $282,832 0.10 %

Shoals Technologies Group Inc 8,635 $281,242 0.10 %

Air Products and Chemicals Inc 1,029 $277,326 0.10 %

NXP BV / NXP Funding LLC / NXP USA Inc, 3.4000% 05/01/2030 250,000 $274,197 0.10 %

Dollar General Corp 1,222 $272,396 0.10 %

First Quantum Minerals Ltd 13,039 $271,601 0.10 %

Metropolitan Life Insurance Co, 7.8000% 11/01/2025 215,000 $269,713 0.10 %

Roche Holding AG 664 $266,651 0.10 %

ViacomCBS Inc, 5.2500% 04/01/2044 205,000 $263,014 0.09 %

Schlumberger NV 9,316 $261,221 0.09 %

Mexico Government International Bond, 4.5000% 01/31/2050 240,000 $260,834 0.09 %

Nestle SA 2,060 $260,360 0.09 %

Danaher Corp 800 $259,328 0.09 %

5 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Deutsche Telekom AG 12,176 $258,898 0.09 %

Pfizer Inc 5,612 $258,545 0.09 %

Nippon Telegraph & Telephone Corp 9,588 $255,878 0.09 %

Public Service Co of Colorado, 4.7500% 08/15/2041 199,000 $254,882 0.09 %

Valero Energy Corp 3,841 $254,697 0.09 %

West Pharmaceutical Services Inc 561 $253,359 0.09 %

Apple Inc, 2.7000% 08/05/2051 250,000 $248,908 0.09 %

Discover Financial Services, 5.5000% 04/30/2170 230,000 $247,825 0.09 %

Avnet Inc, 3.0000% 05/15/2031 245,000 $247,480 0.09 %

Republic Services Inc 1,989 $246,895 0.09 %

Verizon Communications Inc, 4.4000% 11/01/2034 205,000 $246,800 0.09 %

Microsoft Corp 816 $246,334 0.09 %

Taiwan Semiconductor Manufacturing Co Ltd 2,052 $244,209 0.09 %

Hess Corp, 7.1250% 03/15/2033 180,000 $242,968 0.09 %

Xcel Energy Inc 3,493 $240,144 0.09 %

VMware Inc, 2.2000% 08/15/2031 240,000 $238,394 0.09 %

Sunrun Inc 5,365 $237,401 0.09 %

Gilead Sciences Inc 3,247 $236,317 0.08 %

Extra Space Storage Inc 1,254 $234,385 0.08 %

Enel Finance International NV, 2.2500% 07/12/2031 235,000 $234,125 0.08 %

Viatris Inc, 4.0000% 06/22/2050 215,000 $234,064 0.08 %

Keysight Technologies Inc 1,303 $233,732 0.08 %

Time Warner Cable LLC, 6.5500% 05/01/2037 170,000 $231,982 0.08 %

Chile Government International Bond, 3.5000% 01/25/2050 215,000 $229,626 0.08 %

Pacific Gas and Electric Co, 4.5500% 07/01/2030 215,000 $228,772 0.08 %

Plug Power Inc 8,662 $225,732 0.08 %

6 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Ford Motor Credit Co LLC, 4.1400% 02/15/2023 215,000 $222,256 0.08 %

Regeneron Pharmaceuticals Inc 330 $222,222 0.08 %

MetLife Inc, 9.2500% 04/08/2038 145,000 $221,572 0.08 %

Energy Transfer LP, 7.1250% 05/15/2170 215,000 $221,128 0.08 %

Delta Air Lines Inc / SkyMiles IP Ltd, 4.5000% 10/20/2025 205,000 $219,863 0.08 %

Koninklijke Ahold Delhaize NV 6,377 $215,122 0.08 %

Amazon.com Inc, 3.2500% 05/12/2061 196,000 $213,985 0.08 %

Discover Financial Services, 4.1000% 02/09/2027 190,000 $213,733 0.08 %

Newmont Corp 3,685 $213,693 0.08 %

UnitedHealth Group Inc, 3.2500% 05/15/2051 195,000 $213,631 0.08 %

Natwest Group PLC, 3.0730% 05/22/2028 200,000 $213,416 0.08 %

Hershey Co/The 1,200 $213,240 0.08 %

Jersey Central Power & Light Co, 2.7500% 03/01/2032 205,000 $213,180 0.08 %

Crown Castle International Corp 1,089 $212,017 0.08 %

Huntington Capital Trust I, 0.8258% 02/01/2027 220,000 $211,215 0.08 %

Netflix Inc, 4.8750% 04/15/2028 180,000 $210,375 0.08 %

PepsiCo Inc, 2.8750% 10/15/2049 200,000 $209,927 0.08 %

Experian Finance PLC, 2.7500% 03/08/2030 200,000 $208,963 0.07 %

Global Atlantic Fin Co, 3.1250% 06/15/2031 205,000 $208,677 0.07 %

AT&T Inc 7,525 $206,336 0.07 %

Motorola Solutions Inc 838 $204,656 0.07 %

Targa Resources Partners LP / Targa Resources Partners Finance Corp, 5.5000% 03/01/2030 185,000 $203,963 0.07 %

UnitedHealth Group Inc 489 $203,556 0.07 %

Niagara Mohawk Power Corp, 1.9600% 06/27/2030 205,000 $202,945 0.07 %

Dominion Energy Inc, 2.2500% 08/15/2031 200,000 $201,949 0.07 %

Broadcom Corp / Broadcom Cayman Finance Ltd, 3.8750% 01/15/2027 183,000 $201,942 0.07 %

7 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO STERIS Irish FinCo UnLtd Co, 2.7000% 03/15/2031 195,000 $201,568 0.07 %

CVS Health Corp, 2.7000% 08/21/2040 205,000 $201,305 0.07 %

BNP Paribas SA, 1.6750% 06/30/2027 200,000 $200,924 0.07 %

Silicon Motion Technology Corp 2,639 $197,028 0.07 %

Energy Transfer LP, 6.5000% 02/01/2042 150,000 $196,272 0.07 %

Cigna Corp, 4.1250% 11/15/2025 175,000 $195,516 0.07 %

Shire Acquisitions Investments Ireland DAC, 3.2000% 09/23/2026 180,000 $195,369 0.07 %

Autogrill SpA 26,048 $195,302 0.07 %

ViacomCBS Inc, 3.4500% 10/04/2026 180,000 $194,673 0.07 %

ASE Technology Holding Co Ltd 20,923 $193,956 0.07 %

Samsung Electronics Co Ltd 118 $192,989 0.07 %

Alabama Power Co, 4.1000% 01/15/2042 165,000 $192,208 0.07 %

HCA Inc, 5.8750% 02/15/2026 165,000 $191,367 0.07 %

CMS Energy Corp, 3.6000% 11/15/2025 175,000 $190,421 0.07 %

Hasbro Inc, 6.3500% 03/15/2040 135,000 $189,217 0.07 %

McDonald's Corp 793 $188,306 0.07 %

President and Fellows of Harvard College, 4.8750% 10/15/2040 135,000 $187,959 0.07 %

American International Group Inc, 3.4000% 06/30/2030 170,000 $186,968 0.07 %

Vertex Pharmaceuticals Inc 925 $185,268 0.07 %

Franco-Nevada Corp 1,266 $184,685 0.07 %

Sydney Airport 31,336 $182,703 0.07 %

ViacomCBS Inc, 6.2500% 02/28/2057 158,000 $180,196 0.06 %

Walt Disney Co/The, 3.5000% 05/13/2040 160,000 $179,955 0.06 %

Mastercard Inc 516 $178,655 0.06 %

O'Reilly Automotive Inc 296 $175,848 0.06 %

Progressive Corp/The 1,780 $171,485 0.06 %

8 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Givaudan SA 34 $170,603 0.06 %

China Construction Bank Corp 235,000 $169,811 0.06 %

Microsoft Corp, 2.5250% 06/01/2050 170,000 $169,590 0.06 %

Kimberly-Clark Corp 1,227 $169,093 0.06 %

Bristol-Myers Squibb Co 2,526 $168,888 0.06 %

American Express Co, 8.1500% 03/19/2038 105,000 $168,427 0.06 %

Fibria Overseas Finance Ltd, 5.5000% 01/17/2027 145,000 $167,508 0.06 %

Intact Financial Corp 1,224 $166,702 0.06 %

PepsiCo Inc 1,065 $166,555 0.06 %

Oracle Corp, 3.6500% 03/25/2041 155,000 $165,643 0.06 %

Virginia Electric and Power Co, 3.8000% 04/01/2028 145,000 $163,844 0.06 %

FUJIFILM Holdings Corp 1,979 $163,119 0.06 %

Elisa Oyj 2,544 $162,928 0.06 %

Mizuho Financial Group Inc 11,600 $162,694 0.06 %

AutoZone Inc 103 $159,562 0.06 %

Secom Co Ltd 2,100 $159,292 0.06 %

AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.5000% 01/15/2025 150,000 $158,986 0.06 % salesforce.com Inc, 2.9000% 07/15/2051 154,000 $158,301 0.06 %

American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.5000% 04/20/2026 150,000 $158,100 0.06 %

Cisco Systems Inc/Delaware 2,676 $157,938 0.06 %

American Express Co, 3.6250% 12/05/2024 145,000 $157,875 0.06 %

Edison International, 5.3750% 09/15/2169 155,000 $157,519 0.06 %

American Tower Corp, 3.3750% 05/15/2024 147,000 $157,040 0.06 %

Boeing Co/The, 4.8750% 05/01/2025 140,000 $156,499 0.06 %

Plains All American Pipeline LP, 6.1250% 11/15/2169 175,000 $156,188 0.06 %

Amazon.com Inc 45 $156,186 0.06 %

9 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Consolidated Edison Inc 2,070 $156,182 0.06 %

M&T Bank Corp, 3.5000% 03/01/2170 153,000 $156,060 0.06 %

Verizon Communications Inc, 2.1000% 03/22/2028 150,000 $153,977 0.06 %

Costco Wholesale Corp 338 $153,956 0.06 %

Oracle Corp 1,726 $153,838 0.06 %

American Express Co, 3.5500% 09/15/2169 150,000 $152,625 0.05 %

T-Mobile USA Inc, 2.2500% 02/15/2026 148,000 $151,145 0.05 %

Duke Energy Florida LLC, 2.5000% 12/01/2029 143,000 $150,526 0.05 %

Saab AB 5,050 $150,515 0.05 %

Bouygues SA 3,595 $150,393 0.05 %

Vodafone Group PLC, 5.1250% 06/04/2081 145,000 $149,891 0.05 %

Nitori Holdings Co Ltd 800 $149,652 0.05 %

British Land Co PLC/The 20,325 $148,158 0.05 %

DTE Electric Co, 4.0500% 05/15/2048 120,000 $147,737 0.05 %

Duke Realty Corp 2,806 $147,343 0.05 %

JPMorgan Chase & Co, 3.3280% 04/22/2052 135,000 $146,874 0.05 %

Trustees of Tufts College, 3.0990% 08/15/2051 135,000 $146,546 0.05 %

Legal & General Group PLC 39,435 $146,495 0.05 %

HDFC Bank Ltd 1,868 $146,283 0.05 %

Whitbread PLC 3,315 $146,209 0.05 %

Getlink SE 9,070 $145,809 0.05 %

Thermo Fisher Scientific Inc 262 $145,397 0.05 %

Southern California Edison Co, 3.9000% 12/01/2041 140,000 $144,685 0.05 %

Lawson Inc 3,000 $144,526 0.05 %

Nintendo Co Ltd 300 $144,253 0.05 %

Air Products and Chemicals Inc, 2.8000% 05/15/2050 141,000 $144,149 0.05 %

10 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Delta Air Lines Inc, 7.0000% 05/01/2025 123,000 $143,888 0.05 %

Cigna Corp, 4.8000% 08/15/2038 115,000 $143,863 0.05 %

Truist Financial Corp, 5.1000% 03/01/2170 125,000 $143,775 0.05 %

Land Securities Group PLC 14,706 $143,349 0.05 %

Target Corp 578 $142,754 0.05 %

Coca-Cola Co/The 2,527 $142,295 0.05 %

WEC Energy Group Inc 1,506 $142,287 0.05 %

Fraport AG Frankfurt Airport Services Worldwide 2,186 $141,084 0.05 %

Lowe's Cos Inc, 2.6250% 04/01/2031 135,000 $140,785 0.05 %

Intuit Inc 247 $139,829 0.05 %

Verizon Communications Inc, 2.8750% 11/20/2050 145,000 $139,689 0.05 %

Athene Global Funding, 2.5000% 03/24/2028 135,000 $139,613 0.05 %

Adobe Inc 209 $138,713 0.05 %

Discovery Communications LLC, 5.2000% 09/20/2047 110,000 $138,333 0.05 %

CLP Holdings Ltd 13,719 $137,147 0.05 %

Omnicom Group Inc, 2.6000% 08/01/2031 132,000 $136,162 0.05 %

Southern Co/The, 3.7500% 09/15/2051 133,000 $136,006 0.05 %

Automatic Data Processing Inc 648 $135,458 0.05 %

Visa Inc 588 $134,711 0.05 %

Swire Properties Ltd 49,400 $133,703 0.05 %

Hormel Foods Corp 2,933 $133,569 0.05 %

Postal Savings Bank of China Co Ltd 185,000 $133,443 0.05 %

Burberry Group PLC 5,214 $133,298 0.05 %

PVH Corp 1,270 $133,083 0.05 %

Apple Inc 875 $132,851 0.05 %

Petroleos Mexicanos, 4.5000% 01/23/2026 130,000 $131,430 0.05 %

11 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Sociedad Quimica y Minera de Chile SA 2,520 $131,418 0.05 %

Zoetis Inc 636 $130,100 0.05 %

Pennsylvania Electric Co, 6.1500% 10/01/2038 95,000 $128,988 0.05 %

Hysan Development Co Ltd 36,000 $128,448 0.05 %

Crown Castle International Corp, 2.9000% 04/01/2041 130,000 $127,683 0.05 %

Pacific Gas and Electric Co, 4.9500% 07/01/2050 120,000 $127,016 0.05 %

Aeroports de Paris 1,081 $126,924 0.05 %

Seven & i Holdings Co Ltd 2,900 $126,924 0.05 %

KDDI Corp 4,100 $125,592 0.04 %

Hochtief Ag 1,566 $125,366 0.04 %

Accenture PLC 371 $124,864 0.04 %

J M Smucker Co/The 1,001 $123,794 0.04 %

Intel Corp, 3.0500% 08/12/2051 120,000 $123,712 0.04 %

Raytheon Technologies Corp, 7.2000% 08/15/2027 93,000 $122,304 0.04 %

BAE Systems PLC, 1.9000% 02/15/2031 125,000 $122,195 0.04 %

Kao Corp 2,000 $120,820 0.04 %

Nippon Prologis REIT Inc 33 $118,934 0.04 %

Arizona Public Service Co, 5.5000% 09/01/2035 90,000 $118,338 0.04 %

Bio-Rad Laboratories Inc 145 $116,699 0.04 %

Athene Global Funding, 2.5500% 06/29/2025 111,000 $116,688 0.04 %

Lockheed Martin Corp 320 $115,136 0.04 %

Northern Natural Gas Co, 3.4000% 10/16/2051 109,000 $114,084 0.04 %

Wharf Real Estate Investment Co Ltd 23,000 $114,003 0.04 %

Trane Technologies PLC 565 $112,153 0.04 %

CVS Health Corp 1,295 $111,875 0.04 %

Charter Communications Operating LLC / Charter Communications Operating Capital, 5.3750% 04/01/2038 90,000 $111,232 0.04 %

12 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Iberdrola SA 8,932 $110,685 0.04 %

Marathon Petroleum Corp, 5.8500% 12/15/2045 85,000 $110,047 0.04 %

Berkshire Hathaway Inc 385 $110,021 0.04 %

Geberit AG 131 $109,464 0.04 %

Capcom Co Ltd 3,900 $108,831 0.04 %

IDEXX Laboratories Inc 161 $108,475 0.04 %

Bank of Communications Co Ltd 188,000 $108,051 0.04 %

ArcelorMittal SA, 7.0000% 10/15/2039 75,000 $107,813 0.04 %

Investor AB 4,504 $107,727 0.04 %

Intercontinental Exchange Inc, 2.6500% 09/15/2040 110,000 $107,377 0.04 %

Asustek Computer Inc 9,000 $105,219 0.04 %

Suzano Austria GmbH, 3.7500% 01/15/2031 100,000 $105,001 0.04 %

Pool Corp 211 $104,297 0.04 %

Kroger Co/The 2,264 $104,212 0.04 %

United Airlines Inc, 4.6250% 04/15/2029 100,000 $103,750 0.04 %

Amgen Inc 460 $103,744 0.04 %

Power Assets Holdings Ltd 16,500 $103,636 0.04 %

Waters Corp 249 $103,091 0.04 %

Energy Transfer LP, 6.5000% 11/15/2169 100,000 $102,528 0.04 %

Nasdaq Inc 523 $102,393 0.04 %

New York Life Insurance Co, 4.4500% 05/15/2069 80,000 $102,282 0.04 %

Fubon Financial Holding Co Ltd 33,000 $101,214 0.04 %

CVS Health Corp, 4.3000% 03/25/2028 87,000 $100,171 0.04 %

Hermes International 68 $99,922 0.04 %

Laboratory Corp of America Holdings 329 $99,812 0.04 %

Lenovo Group Ltd 90,000 $99,750 0.04 %

13 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Canon Inc 4,190 $99,461 0.04 %

Starbucks Corp 841 $98,809 0.04 %

Zoom Video Communications Inc 340 $98,430 0.04 %

Raytheon Technologies Corp, 7.0000% 11/01/2028 75,000 $98,393 0.04 %

Himax Technologies Inc 8,281 $97,467 0.03 %

Broadcom Inc, 3.4690% 04/15/2034 92,000 $97,401 0.03 %

Anthem Inc 259 $97,159 0.03 %

Brown & Brown Inc 1,671 $97,002 0.03 %

ENN Energy Holdings Ltd 4,900 $96,961 0.03 %

Rinnai Corp 900 $96,778 0.03 %

Sands China Ltd 30,000 $96,240 0.03 %

Coinbase Global Inc 370 $95,830 0.03 %

Domino's Pizza Inc 182 $94,074 0.03 %

Eurofins Scientific SE 661 $93,720 0.03 %

American Tower Corp 318 $92,910 0.03 %

SG Holdings Co Ltd 3,400 $92,467 0.03 %

MEIJI Holdings Co Ltd 1,500 $92,169 0.03 %

Hasbro Inc, 5.1000% 05/15/2044 75,000 $91,574 0.03 %

Etablissements Franz Colruyt NV 1,605 $89,809 0.03 %

Metro Inc/CN 1,762 $89,758 0.03 %

Japan Post Holdings Co Ltd 10,400 $89,267 0.03 %

Dominion Energy Inc 1,137 $88,504 0.03 %

Marsh & McLennan Cos Inc 560 $88,032 0.03 %

Booz Allen Hamilton Holding Corp 1,070 $87,644 0.03 %

Agricultural Bank of China Ltd 261,000 $87,588 0.03 %

Jardine Matheson Holdings Ltd 1,600 $86,912 0.03 %

14 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Quest Diagnostics Inc 565 $86,349 0.03 %

SoftBank Corp 6,400 $85,719 0.03 %

Clorox Co/The 509 $85,537 0.03 %

Fiserv Inc 720 $84,809 0.03 %

Advanced Info Service PCL 14,500 $84,573 0.03 %

Celgene Corp, 5.0000% 08/15/2045 70,000 $84,114 0.03 %

AstraZeneca PLC 716 $83,811 0.03 %

Life Storage Inc 673 $83,748 0.03 %

Takeda Pharmaceutical Co Ltd 2,500 $83,602 0.03 %

Empire Co Ltd 2,561 $82,819 0.03 %

Barrick Gold Corp 4,117 $82,754 0.03 %

NGPL PipeCo LLC, 3.2500% 07/15/2031 80,000 $82,640 0.03 %

Kesko Oyj 1,983 $81,856 0.03 %

Duke Energy Corp 778 $81,425 0.03 %

Equity Residential 966 $81,212 0.03 %

Lowe's Cos Inc, 3.0000% 10/15/2050 79,000 $79,484 0.03 %

American Electric Power Co Inc 886 $79,359 0.03 %

Broadcom Inc, 3.5000% 02/15/2041 76,000 $78,314 0.03 %

Shaw Communications Inc 2,659 $78,254 0.03 %

Azrieli Group Ltd 837 $78,226 0.03 %

Colgate-Palmolive Co 1,000 $77,950 0.03 %

Swisscom AG 132 $77,463 0.03 %

Southern Co/The 1,178 $77,430 0.03 %

AmerisourceBergen Corp 631 $77,115 0.03 %

CMS Energy Corp 1,195 $76,635 0.03 %

Citrix Systems Inc 744 $76,535 0.03 %

15 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Country Garden Services Holdings Co Ltd 10,000 $76,182 0.03 %

Hon Hai Precision Industry Co Ltd 9,580 $76,161 0.03 %

Summerset Group Holdings Ltd 7,151 $76,088 0.03 %

Telstra Corp Ltd 26,977 $75,782 0.03 %

Alexandria Real Estate Equities Inc, 2.0000% 05/18/2032 77,000 $75,778 0.03 %

Morgan Stanley 717 $74,876 0.03 %

Tencent Holdings Ltd 1,200 $74,245 0.03 %

BioNTech SE 225 $74,068 0.03 %

Sekisui House Ltd 3,700 $73,754 0.03 %

NEC Corp 1,400 $73,554 0.03 %

Fidelity National Information Services Inc 569 $72,701 0.03 %

Iliad SA 338 $72,635 0.03 %

ViacomCBS Inc, 4.2000% 05/19/2032 62,000 $71,569 0.03 %

Richter Gedeon Nyrt 2,371 $71,063 0.03 %

General Mills Inc 1,225 $70,817 0.03 %

Orange SA 6,202 $70,447 0.03 %

Nissin Foods Holdings Co Ltd 900 $70,027 0.03 %

Alabama Power Co, 3.1250% 07/15/2051 66,000 $69,715 0.02 %

Humana Inc 170 $68,921 0.02 %

DiaSorin SpA 300 $68,454 0.02 %

McDonald's Holdings Co Japan Ltd 1,400 $66,809 0.02 %

Hydro One Ltd 2,666 $66,352 0.02 %

T-Mobile US Inc 484 $66,318 0.02 %

A2A SpA 30,196 $66,316 0.02 %

Barry Callebaut AG 26 $66,267 0.02 %

TJX Cos Inc/The 906 $65,884 0.02 %

16 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO CTBC Financial Holding Co Ltd 79,000 $65,564 0.02 %

Siam Cement PCL/The 4,900 $65,369 0.02 %

Ajinomoto Co Inc 2,200 $64,871 0.02 %

E.Sun Financial Holding Co Ltd 66,850 $64,164 0.02 %

Tecan Group AG 105 $64,038 0.02 %

FTI Consulting Inc 457 $63,847 0.02 %

Hanover Insurance Group Inc/The 448 $63,307 0.02 %

MidAmerican Energy Co, 4.2500% 07/15/2049 50,000 $63,108 0.02 %

Hawaiian Electric Industries Inc 1,443 $62,915 0.02 %

Sumber Alfaria Trijaya Tbk PT 660,500 $62,519 0.02 %

McCormick & Co Inc/MD 724 $62,474 0.02 %

Bosideng International Holdings Ltd 76,000 $62,149 0.02 %

Takeda Pharmaceutical Co Ltd, 3.1750% 07/09/2050 60,000 $62,127 0.02 %

Sugi Holdings Co Ltd 800 $61,810 0.02 %

KT Corp 4,365 $61,197 0.02 %

Yamato Holdings Co Ltd 2,400 $61,083 0.02 %

Tryg A/S 2,448 $60,615 0.02 %

Western Union Co/The 2,783 $60,224 0.02 %

Uni-President Enterprises Corp 23,000 $60,003 0.02 %

Chunghwa Telecom Co Ltd 1,465 $59,845 0.02 %

Willis Towers Watson PLC 268 $59,153 0.02 %

Silgan Holdings Inc 1,388 $58,893 0.02 %

China CITIC Bank Corp Ltd 127,000 $58,459 0.02 %

ENEOS Holdings Inc 14,800 $57,322 0.02 %

PSP Swiss Property AG 427 $57,260 0.02 %

China Conch Venture Holdings Ltd 14,000 $57,242 0.02 %

17 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Cincinnati Financial Corp 462 $57,011 0.02 %

Kajima Corp 4,400 $56,912 0.02 %

Delta Air Lines Inc / SkyMiles IP Ltd, 4.7500% 10/20/2028 51,000 $56,865 0.02 %

Omnicom Group Inc 772 $56,526 0.02 %

H.U. Group Holdings Inc 1,900 $56,129 0.02 %

Takasago Thermal Engineering Co Ltd 2,903 $56,126 0.02 %

Yuanta Financial Holding Co Ltd 62,000 $55,929 0.02 %

J2 Global Inc 406 $55,906 0.02 %

Koei Tecmo Holdings Co Ltd 1,300 $55,597 0.02 %

Bank of China Ltd 158,000 $55,460 0.02 %

Iwatani Corp 1,000 $55,265 0.02 %

DTE Energy Co 457 $54,995 0.02 %

Intel Corp 1,015 $54,871 0.02 %

Senko Group Holdings Co Ltd 6,204 $54,588 0.02 %

NetEase Inc 558 $54,360 0.02 %

Consolidated Edison Co of New York Inc, 5.7000% 12/01/2036 40,000 $53,996 0.02 %

AUB Group Ltd 3,083 $53,903 0.02 %

Watsco Inc 193 $53,735 0.02 %

Graham Holdings Co 87 $53,662 0.02 %

Church & Dwight Co Inc 635 $53,124 0.02 %

Vale SA 2,782 $53,053 0.02 %

Welcia Holdings Co Ltd 1,500 $52,970 0.02 %

Proximus SADP 2,691 $52,761 0.02 %

Freddie Mac Multifamily Structured Pass Through Certificates, 2.0740% 50,000 $52,624 0.02 %

Graco Inc 669 $52,463 0.02 %

Mega Financial Holding Co Ltd 44,000 $52,076 0.02 %

18 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Horizon Therapeutics Plc 478 $51,667 0.02 %

Medipal Holdings Corp 2,700 $51,612 0.02 %

Centene Corp 818 $51,518 0.02 %

NEC Networks & System Integration Corp 2,700 $51,514 0.02 %

Singapore Telecommunications Ltd 29,500 $50,906 0.02 %

Sawai Group Holdings Co Ltd 1,100 $49,743 0.02 %

Okumura Corp 1,800 $49,411 0.02 %

Easterly Government Properties Inc 2,284 $48,809 0.02 %

Novo Nordisk A/S 480 $47,838 0.02 %

Yamada Holdings Co Ltd 11,100 $47,723 0.02 %

Magyar Telekom Telecommunications PLC 32,624 $47,565 0.02 %

Kamigumi Co Ltd 2,200 $47,554 0.02 %

Arjo AB 3,640 $46,695 0.02 %

FP Corp 1,200 $45,976 0.02 %

Take-Two Interactive Software Inc 285 $45,948 0.02 %

Toyo Suisan Kaisha Ltd 1,100 $45,544 0.02 %

Leidos Inc, 7.1250% 07/01/2032 33,000 $45,165 0.02 %

Flow Traders 1,102 $44,891 0.02 %

Zurich Insurance Group AG 101 $44,337 0.02 %

Sinopharm Group Co Ltd 17,200 $44,186 0.02 %

Asseco Poland SA 2,017 $44,183 0.02 %

HarborOne Bancorp Inc 3,102 $43,831 0.02 %

Fibra Uno Administracion SA de CV 35,900 $40,469 0.01 %

Check Point Software Technologies Ltd 321 $40,327 0.01 %

Pilgrim's Pride Corp, 3.5000% 03/01/2032 39,000 $39,833 0.01 %

Yamana Gold Inc 8,821 $38,943 0.01 %

19 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Cez As 1,214 $38,262 0.01 %

S&P Global Inc 86 $38,169 0.01 %

China Railway Signal & Communication Corp Ltd 105,000 $38,072 0.01 %

Northrop Grumman Corp 103 $37,873 0.01 %

Cosmo Energy Holdings Co Ltd 1,900 $37,788 0.01 %

Aon PLC 131 $37,579 0.01 %

Casey's General Stores Inc 183 $37,434 0.01 %

Industrial & Commercial Bank of China Ltd 66,000 $36,830 0.01 %

Telefonica Brasil SA 4,343 $36,742 0.01 %

Solar A/S 333 $36,482 0.01 %

Alfresa Holdings Corp 2,300 $36,398 0.01 %

EBOS Group Ltd 1,399 $35,430 0.01 %

Mobimo Holding AG 100 $35,272 0.01 %

TLG Immobilien AG 963 $34,851 0.01 %

DCM Holdings Co Ltd 3,600 $34,752 0.01 %

Itissalat Al-Maghrib 2,210 $34,695 0.01 %

Nipro Corp 2,900 $33,767 0.01 %

Tripod Technology Corp 8,000 $33,052 0.01 %

American International Group Inc, 6.8200% 11/15/2037 23,000 $32,978 0.01 %

BAE Systems PLC, 3.4000% 04/15/2030 30,000 $32,887 0.01 %

Tisco Financial Group PCL 11,100 $32,371 0.01 %

Dermapharm Holding SE 344 $31,926 0.01 %

Morinaga Milk Industry Co Ltd 500 $31,541 0.01 %

Killam Apartment Real Estate Investment Trust 1,828 $31,166 0.01 %

Okamura Corp 2,000 $30,759 0.01 %

Posco 420 $29,988 0.01 %

20 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO PacifiCorp, 2.9000% 06/15/2052 30,000 $29,962 0.01 %

China Lesso Group Holdings Ltd 14,000 $29,953 0.01 %

SK Telecom Co Ltd 1,017 $29,279 0.01 % eRex Co Ltd 1,400 $28,963 0.01 %

Hornbach Holding AG & Co KGaA 269 $28,745 0.01 %

Strauss Group Ltd 992 $28,670 0.01 %

Sheng Siong Group Ltd 25,500 $28,640 0.01 %

Dno Asa 31,282 $28,446 0.01 %

Kearny Financial Corp/MD 2,236 $28,375 0.01 %

WCM Beteiligungs- und Grundbesitz-AG 4,510 $28,223 0.01 %

American Water Works Co Inc 153 $27,884 0.01 %

Tiangong International Co Ltd 42,000 $27,703 0.01 %

Topaz Energy Corp 2,177 $27,194 0.01 %

Star Petroleum Refining PCL 99,100 $27,056 0.01 %

Cadence Design Systems Inc 160 $26,157 0.01 %

Shattuck Labs Inc 1,208 $25,525 0.01 %

Sarana Menara Nusantara Tbk PT 265,200 $24,916 0.01 %

Pacific Gas and Electric Co, 4.5000% 12/15/2041 25,000 $24,714 0.01 %

ALSO Holding AG 76 $24,441 0.01 %

Telekom Austria AG 2,708 $24,045 0.01 %

Earth Corp 400 $23,670 0.01 %

Thai Union Group PCL 37,700 $23,276 0.01 %

Zoomlion Heavy Industry Science and Technology Co Ltd 23,400 $22,294 0.01 %

De' Longhi SpA 472 $21,345 0.01 %

IGG Inc 22,000 $21,074 0.01 %

Waterstone Financial Inc 1,038 $21,051 0.01 %

21 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO AU Optronics Corp 3,321 $20,756 0.01 %

China Longyuan Power Group Corp Ltd 10,000 $20,392 0.01 %

Sumitomo Densetsu Co Ltd 1,000 $20,034 0.01 %

Dechra Pharmaceuticals PLC 276 $19,884 0.01 %

Kossan Rubber Industries 26,600 $19,836 0.01 %

Qualitas Controladora SAB de CV 4,100 $19,398 0.01 %

Toho Holdings Co Ltd 1,100 $19,087 0.01 %

China Everbright Greentech Ltd 55,000 $18,882 0.01 %

Shinhan Financial Group Co Ltd 541 $17,988 0.01 %

LifeWorks Inc 643 $17,833 0.01 %

Sankyo Co Ltd 700 $17,828 0.01 %

Intershop Holding AG 26 $17,603 0.01 %

Ichibanya Co Ltd 400 $17,270 0.01 %

Prima Meat Packers Ltd 600 $16,280 0.01 %

Novatek Microelectronics Corp 1,000 $16,201 0.01 %

Canon Marketing Japan Inc 700 $15,990 0.01 %

Barclays PLC 6,164 $15,669 0.01 %

Hogy Medical Co Ltd 500 $15,634 0.01 %

TOKAI Holdings Corp 1,800 $15,003 0.01 %

Ptt Pcl 11,800 $14,003 0.01 %

ARA LOGOS Logistics Trust 21,200 $13,876 0.00 %

Digital Holdings Inc 900 $13,817 0.00 %

Swiss Prime Site AG 128 $13,691 0.00 %

Unicharm Corp 300 $13,373 0.00 %

Nichias Corp 502 $13,319 0.00 %

Bkw Ag 111 $12,873 0.00 %

22 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Organon & Co 378 $12,810 0.00 %

Lar Espana Real Estate Socimi SA 1,947 $12,736 0.00 %

Toyo Seikan Group Holdings Ltd 900 $12,533 0.00 %

Astral Foods Ltd 1,214 $12,328 0.00 %

BioMerieux 95 $11,649 0.00 %

Limelight Networks Inc 4,130 $11,151 0.00 %

Yuzhou Group Holdings Co Ltd 57,804 $11,148 0.00 %

DT Midstream Inc 228 $10,595 0.00 %

Legend Holdings Corp 6,400 $10,319 0.00 %

Viatris Inc 696 $10,182 0.00 %

Sumitomo Dainippon Pharma Co Ltd 532 $9,536 0.00 %

Air New Zealand Ltd 8,610 $9,161 0.00 %

TFS Financial Corp 453 $9,055 0.00 %

Shibaura Electronics Co Ltd 200 $9,035 0.00 %

Spar Nord Bank A/S 733 $8,449 0.00 %

Cascades Inc 673 $8,364 0.00 %

China Dongxiang Group Co Ltd 68,883 $8,148 0.00 %

Shenzhen Expressway Co Ltd 8,000 $7,673 0.00 %

Tourism Holdings Ltd 3,878 $6,586 0.00 %

Fukuyama Transporting Co Ltd 154 $6,481 0.00 %

Enel SpA 682 $6,214 0.00 %

B2Holding ASA 5,084 $6,134 0.00 %

Seb SA 39 $6,134 0.00 %

China Aviation Oil Singapore Corp Ltd 6,900 $4,953 0.00 %

SP Plus Corp 132 $4,275 0.00 %

Allreal Holding AG 16 $3,369 0.00 %

23 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO MOL Hungarian Oil & Gas PLC 387 $3,173 0.00 %

REN - Redes Energeticas Nacionais SGPS SA 1,075 $3,148 0.00 %

National CineMedia Inc 706 $1,807 0.00 %

Aoyama Trading Co Ltd 189 $1,110 0.00 %

Cherry Hill Mortgage Investment Corp 16 $146 0.00 %

Sino Grandness Food Industry Group Ltd 77,400 $0 0.00 %

Holdings subject to change.

Portfolio holdings are subject to change daily without notice and may not represent current or past portfolio composition. The holdings presented above include those directly held by the Fund and exclude cash, cash equivalents, as well as certain other assets and liabilities. Unlike the fund's regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the information provided may differ from a fund's holdings disclosed in its annual/semi-annual report and Form N PORT-EX due to the exclusions noted above.

For information related to the Fund's collateral investments and other items mentioned above, please refer to the most recent Form N PORT-EX or the annual/semi-annual report in the above 'Related Resources' scrolling section of the page. Forms N PORT-EX are available on the SEC’s website at www.sec.gov.

Mutual funds distributed by VP Distributors LLC.