# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0000940400-26-021311
**Filing Date:** 2026-5
**Character Count:** 100372
**Document Hash:** 65a767d8c8d94f2fcea29e3db20ed8e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021311.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000940400-26-021311

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Managed Account Completion Shares (MACS) Trust
- **CENTRAL INDEX KEY:** 0002025137

**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:** 811-23968
- **FILM NUMBER:** 261023899

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 860-263-4790

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus Solutions SMA Trust
- **DATE OF NAME CHANGE:** 20240530

## Series and Classes Contracts Data

### Virtus Stone Harbor EMD MACS (Series ID: S000086628)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000252216 | Virtus Stone Harbor EMD MACS | VMALX           |

## Nport-Ex

**VIRTUS Stone Harbor EMD MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Foreign Government Securities—4.3%** | **Foreign Government Securities—4.3%** | **Foreign Government Securities—4.3%** |
| **Egypt—0.8%** | **Egypt—0.8%** |  |
| &nbsp;&nbsp;&nbsp; African Export-Import Bank (The) 144A <br>2.634%, 5/17/26<sup>(2)</sup> <br>| $45 | &nbsp;&nbsp; $44 |
| **South Korea—3.5%** | **South Korea—3.5%** |  |
| &nbsp;&nbsp;&nbsp; Korea Gas Corp. RegS <br>2.000%, 7/13/31<sup>(3)</sup> <br>| 200 | &nbsp;&nbsp; 178 |
| **Total Foreign Government Securities** <br>**(Identified Cost $218)** | **Total Foreign Government Securities** <br>**(Identified Cost $218)** | &nbsp;&nbsp; **222** |
| **Corporate Bonds and Notes—90.5%** | **Corporate Bonds and Notes—90.5%** | **Corporate Bonds and Notes—90.5%** |
| **Angola—1.0%** | **Angola—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance plc 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| **Argentina—4.0%** | **Argentina—4.0%** |  |
| &nbsp;&nbsp;&nbsp; Generacion Mediterranea S.A. 144A <br>11.000%, 11/1/31<sup>(2)(4)</sup> <br>| 43 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; MSU Energy S.A. 144A <br>9.750%, 12/5/30<sup>(2)</sup> <br>| 49 | &nbsp;&nbsp; 49 |
| Telecom Argentina S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.500%, 7/18/31<sup>(2)</sup> <br>| 24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.250%, 5/28/33<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; YPF Energia Electrica S.A. 144A <br>7.875%, 10/16/32<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 206 |
| **Brazil—11.5%** | **Brazil—11.5%** |  |
| &nbsp;&nbsp;&nbsp; 3R Lux S.a.r.l. 144A <br>9.750%, 2/5/31<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Adecoagro S.A. 144A <br>7.500%, 7/29/32<sup>(2)</sup> <br>| 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance B.V. 144A <br>4.500%, 1/31/30<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Constellation Oil Services Holding S.A. 144A <br>9.375%, 11/7/29<sup>(2)</sup> <br>| 33 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures 144A <br>6.750%, 1/28/28<sup>(2)</sup> <br>| 9 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; CSN Resources S.A. 144A <br>4.625%, 6/10/31<sup>(2)</sup> <br>| 28 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Eldorado Intl. Finance GmbH 144A <br>8.500%, 12/1/32<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; FORESEA Holding S.A. 144A <br>7.500%, 6/15/30<sup>(2)</sup> <br>| 39 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg S.a.r.l. 144A <br>8.125%, 2/11/36<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; JBS N.V. <br>4.375%, 2/2/52<br>| 53 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading S.a.r.l. 144A <br>7.250%, 6/30/31<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; OHI Group S.A. 144A <br>13.000%, 7/22/29<sup>(2)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; PRIO Luxembourg Holding S.a.r.l. 144A <br>6.750%, 10/15/30<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| Raizen Fuels Finance S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.300%, 1/20/27<sup>(2)</sup> <br>| $11 | &nbsp;&nbsp; $6 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 7/8/32<sup>(2)(4)</sup> <br>| 19 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A. (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(5)</sup> <br>| 46 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Simpar Europe S.A. 144A <br>5.200%, 1/26/31<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Sitios Latinoamerica SAB de C.V. 144A <br>5.375%, 4/4/32<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 18 |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.750%, 1/15/31 | 28 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.000%, 3/16/47<sup>(2)</sup> <br>| 23 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Trident Energy Finance plc 144A <br>12.500%, 11/30/29<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Vamos Europe S.A. 144A <br>9.200%, 1/26/31<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Yinson Bergenia Production B.V. 144A <br>8.498%, 1/31/45<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production B.V. 144A <br>8.947%, 7/31/42<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 588 |
| **Cayman Islands—0.4%** | **Cayman Islands—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. RegS <br>6.500%, 9/24/33<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 19 |
| **Chile—4.1%** | **Chile—4.1%** |  |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings 144A <br>7.875%, 2/3/30<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Banco de Chile 144A <br>2.990%, 12/9/31<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones S.A. 144A <br>7.500% <sup>(2)(6)</sup> <br>| 37 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas S.A. 144A <br>3.350%, 1/19/32<sup>(2)</sup> <br>| 44 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Inversiones CMPC S.A. 144A <br>6.700%, 12/9/57<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile S.A. 144A <br>5.625%, 4/22/56<sup>(2)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
|  |  | &nbsp;&nbsp; 208 |
| **China—9.2%** | **China—9.2%** |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>3.150%, 2/9/51<br>| 35 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; CK Hutchison International 24 II Ltd. (Hong Kong), 144A <br>4.750%, 9/13/34<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; ENN Clean Energy International Investment Ltd. 144A <br>3.375%, 5/12/26<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. (Macau) RegS <br>5.375%, 12/4/29<sup>(3)</sup> <br>| 84 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Sands China Ltd. (Macau) <br>5.400%, 8/8/28<br>| 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (Hong Kong) 144A <br>2.678%, 6/29/32<sup>(2)</sup> <br>| 69 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. 144A <br>2.390%, 6/3/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp; 471 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Colombia—3.6%** | **Colombia—3.6%** |  |
| &nbsp;&nbsp;&nbsp; AI Candelaria - Spain- S.A. 144A <br>5.750%, 6/15/33<sup>(2)</sup> <br>| $39 | &nbsp;&nbsp; $34 |
| &nbsp;&nbsp;&nbsp; Banco Davivienda S.A. 144A <br>6.650% <sup>(2)(6)</sup> <br>| 42 | &nbsp;&nbsp; 37 |
| Ecopetrol S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.875%, 4/29/30 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.375%, 9/18/43 | 44 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Geopark Ltd. 144A <br>8.750%, 1/31/30<sup>(2)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. 144A <br>9.500%, 10/15/29<sup>(2)</sup> <br>| 31 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa S.A. 144A <br>9.000%, 5/12/35<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 18 |
|  |  | &nbsp;&nbsp; 183 |
| **Czech Republic—2.2%** | **Czech Republic—2.2%** |  |
| &nbsp;&nbsp;&nbsp; CPI Property Group S.A. RegS <br>6.000%, 1/27/32<sup>(3)</sup> <br>| 100 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 110 |
| **Ghana—1.3%** | **Ghana—1.3%** |  |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 7.750%, 5/1/27<sup>(3)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 7.500%, 3/1/28<sup>(3)</sup> <br>| 15 | &nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp; 64 |
| **Guatemala—0.8%** | **Guatemala—0.8%** |  |
| &nbsp;&nbsp;&nbsp; CT Trust 144A <br>5.125%, 2/3/32<sup>(2)</sup> <br>| 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Investment Energy Resources Ltd. 144A <br>6.250%, 4/26/29<sup>(2)</sup> <br>| 28 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 38 |
| **India—6.9%** | **India—6.9%** |  |
| &nbsp;&nbsp;&nbsp; Adani Electricity Mumbai Ltd. 144A <br>3.949%, 2/12/30<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 137 |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 3.100%, 2/2/31<sup>(3)</sup> <br>| 14 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 3.828%, 2/2/32<sup>(3)</sup> <br>| 23 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Adani Renewable Energy RJ Ltd. 144A <br>4.625%, 10/15/39<sup>(2)</sup> <br>| 82 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; JSW Hydro Energy Ltd. 144A <br>4.125%, 5/18/31<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Shriram Finance Ltd. RegS <br>6.625%, 4/22/27<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 10.875%, 9/17/29<sup>(2)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.475%, 7/24/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 354 |
| **Indonesia—2.7%** | **Indonesia—2.7%** |  |
| &nbsp;&nbsp;&nbsp; Freeport Indonesia PT RegS <br>5.315%, 4/14/32<sup>(3)</sup> <br>| 60 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Minejesa Capital B.V. 144A <br>4.625%, 8/10/30<sup>(2)</sup> <br>| 81 | &nbsp;&nbsp; 80 |
|  |  | &nbsp;&nbsp; 140 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Israel—0.9%** | **Israel—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. 144A, RegS <br>5.375%, 3/30/28<sup>(2)(3)</sup> <br>| $7 | &nbsp;&nbsp; $7 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. 144A, RegS <br>6.750%, 6/30/30<sup>(2)(3)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III B.V. <br>3.150%, 10/1/26<br>| 30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 47 |
| **Kazakhstan—2.1%** | **Kazakhstan—2.1%** |  |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.500%, 4/14/33<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.750%, 4/19/47<sup>(2)</sup> <br>| 43 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 107 |
| **Kuwait—0.8%** | **Kuwait—0.8%** |  |
| &nbsp;&nbsp;&nbsp; NBK Tier 1 Ltd. 144A <br>6.375% <sup>(2)(6)</sup> <br>| 39 | &nbsp;&nbsp; 38 |
| **Malaysia—0.5%** | **Malaysia—0.5%** |  |
| &nbsp;&nbsp;&nbsp; GENM Capital Labuan Ltd. RegS <br>3.882%, 4/19/31<sup>(3)</sup> <br>| 15 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 144A <br>4.950%, 1/3/31<sup>(2)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
|  |  | &nbsp;&nbsp; 27 |
| **Mauritius—0.3%** | **Mauritius—0.3%** |  |
| &nbsp;&nbsp;&nbsp; HTA Group Ltd. 144A <br>6.750%, 4/1/31<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| **Mexico—6.2%** | **Mexico—6.2%** |  |
| &nbsp;&nbsp;&nbsp; Alpek SAB de C.V. 144A <br>3.250%, 2/25/31<sup>(2)</sup> <br>| 6 | &nbsp;&nbsp; 5 |
| Banco Mercantil del Norte S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.500%<sup>(2)(6)</sup> <br>| 49 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 5.750%, 10/4/31<sup>(3)</sup> <br>| 28 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Cemex SAB de C.V. 144A <br>7.200% <sup>(2)(6)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool SAB de C.V. 144A <br>5.750%, 2/10/38<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Gruma SAB de C.V. 144A <br>5.761%, 12/9/54<sup>(2)</sup> <br>| 39 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de C.V. 144A <br>8.625%, 11/15/31<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB <br>6.625%, 1/15/40<br>| 30 | &nbsp;&nbsp; 24 |
| Orbia Advance Corp. SAB de C.V. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.500%, 5/13/35<sup>(2)</sup> <br>| 14 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.875%, 9/17/44<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Poinsettia Finance Ltd. S.a.r.l. RegS <br>6.625%, 6/17/31<sup>(3)</sup> <br>| 32 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Saavi Energia S.a.r.l. 144A <br>8.875%, 2/10/35<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Tierra Mojada Luxembourg II S.a.r.l. 144A <br>5.750%, 12/1/40<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 317 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Morocco—2.0%** | **Morocco—2.0%** |  |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.875%, 4/25/44<sup>(2)</sup> <br>| $20 | &nbsp;&nbsp; $20 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.500%, 5/2/54<sup>(2)</sup> <br>| 79 | &nbsp;&nbsp; 83 |
|  |  | &nbsp;&nbsp; 103 |
| **Nigeria—2.5%** | **Nigeria—2.5%** |  |
| &nbsp;&nbsp;&nbsp; Access Bank plc 144A <br>6.125%, 9/21/26<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.875%, 5/29/30<sup>(2)</sup> <br>| 33 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 8.250%, 11/29/31<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; IHS Netherlands Holdco B.V. 144A <br>8.000%, 9/18/27<sup>(2)</sup> <br>| 54 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 129 |
| **Panama—0.5%** | **Panama—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Banco General S.A. 144A <br>5.250% <sup>(2)(6)</sup> <br>| 27 | &nbsp;&nbsp; 26 |
| **Peru—2.9%** | **Peru—2.9%** |  |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.800%, 3/10/35<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.450%, 7/30/35<sup>(2)</sup> <br>| 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Kallpa Generacion S.A. 144A <br>5.500%, 9/11/35<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Marcobre SAC 144A <br>5.750%, 1/22/36<sup>(2)</sup> <br>| 21 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Orazul Energy Peru S.A. 144A <br>6.250%, 9/17/32<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Scotiabank Peru SAA 144A <br>6.100%, 10/1/35<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Volcan Cia Minera SAA 144A <br>8.500%, 10/28/32<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 149 |
| **Poland—0.4%** | **Poland—0.4%** |  |
| &nbsp;&nbsp;&nbsp; ORLEN S.A. 144A <br>6.000%, 1/30/35<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| **Saudi Arabia—2.8%** | **Saudi Arabia—2.8%** |  |
| &nbsp;&nbsp;&nbsp; Acwa Power Management & Investments One Ltd. 144A <br>5.950%, 12/15/39<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; EIG Pearl Holdings S.a.r.l. 144A <br>3.545%, 8/31/36<sup>(2)</sup> <br>| 65 | &nbsp;&nbsp; 58 |
|  |  | &nbsp;&nbsp; 142 |
| **Singapore—0.7%** | **Singapore—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Medco Maple Tree Pte Ltd. RegS <br>8.960%, 4/27/29<sup>(3)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (SOFR + 0.580%) 144A <br>4.227%, 4/2/28<sup>(2)(7)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp; 36 |
| **South Africa—4.1%** | **South Africa—4.1%** |  |
| &nbsp;&nbsp;&nbsp; Prosus N.V. RegS <br>3.061%, 7/13/31<sup>(3)</sup> <br>| 125 | &nbsp;&nbsp; 112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **South Africa—continued** | **South Africa—continued** |  |
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC <br>4.375%, 9/18/26<br>| $100 | &nbsp;&nbsp; $99 |
|  |  | &nbsp;&nbsp; 211 |
| **South Korea—0.4%** | **South Korea—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Hanwha Life Insurance Co., Ltd. 144A <br>6.300%, 6/24/55<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| **Taiwan—1.7%** | **Taiwan—1.7%** |  |
| &nbsp;&nbsp;&nbsp; TSMC Global Ltd. RegS <br>1.375%, 9/28/30<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 88 |
| **Tanzania—2.6%** | **Tanzania—2.6%** |  |
| &nbsp;&nbsp;&nbsp; HTA Group Ltd. 144A <br>7.500%, 6/4/29<sup>(2)</sup> <br>| 129 | &nbsp;&nbsp; 131 |
| **Thailand—0.9%** | **Thailand—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL RegS <br>5.082%, 11/26/35<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Thaioil Treasury Center Co., Ltd. RegS <br>3.500%, 10/17/49<sup>(3)</sup> <br>| 38 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 45 |
| **Turkey—3.6%** | **Turkey—3.6%** |  |
| &nbsp;&nbsp;&nbsp; Akbank TAS 144A <br>7.875%, 9/4/35<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Aydem Yenilenebilir Enerji AS 144A <br>9.875%, 9/30/30<sup>(2)</sup> <br>| 23 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS 144A <br>6.950%, 10/7/32<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS 144A <br>7.650%, 1/24/32<sup>(2)</sup> <br>| 37 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding plc 144A <br>9.500%, 10/6/28<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Zorlu Enerji Elektrik Uretim AS 144A <br>11.000%, 4/23/30<sup>(2)</sup> <br>| 21 | &nbsp;&nbsp; 19 |
|  |  | &nbsp;&nbsp; 183 |
| **Ukraine—1.6%** | **Ukraine—1.6%** |  |
| &nbsp;&nbsp;&nbsp; Metinvest B.V. 144A <br>7.750%, 10/17/29<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; VF Ukraine PAT via VFU Funding plc 144A <br>9.625%, 2/11/27<sup>(2)</sup> <br>| 51 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 80 |
| **United Arab Emirates—3.7%** | **United Arab Emirates—3.7%** |  |
| Abu Dhabi National Energy Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.696%, 4/24/33<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.400%, 4/29/51<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>4.700%, 9/30/49<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 79 |
|  |  | &nbsp;&nbsp; 187 |
| **Vietnam—1.1%** | **Vietnam—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings B.V. 144A <br>5.125%, 5/7/29<sup>(2)</sup> <br>| 58 | &nbsp;&nbsp; 57 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Zambia—0.5%** | **Zambia—0.5%** |  |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. 144A <br>8.625%, 6/1/31<sup>(2)</sup> <br>| $24 | &nbsp;&nbsp; $25 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,646)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,646)** | &nbsp;&nbsp; **4615** |
| **Total Long-Term Investments—94.8%** <br>**(Identified Cost $4,864)** | **Total Long-Term Investments—94.8%** <br>**(Identified Cost $4,864)** | &nbsp;&nbsp; **4837** |
| **TOTAL INVESTMENTS—94.8%** <br>**(Identified Cost $4,864)** | **TOTAL INVESTMENTS—94.8%** <br>**(Identified Cost $4,864)** | &nbsp;&nbsp; **$4837** |
| Other assets and liabilities, net—5.2% | Other assets and liabilities, net—5.2% | &nbsp;&nbsp; 265 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5102** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind Security |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| EUR | Euro |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At March 31, 2026, these securities amounted to a <br> value of $3,531 or 69.2% of net assets.<br>|
| <sup>(3)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(4)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(5)</sup> <br>| Payment-in-kind security which may pay interest/dividends in additional <br> par/shares and/or in cash. Rates shown are the current rate and possible payment <br> rates.<br>|
| <sup>(6)</sup> <br>| No contractual maturity date. |
| <sup>(7)</sup> <br>| Variable rate security. Rate disclosed is as of March 31, 2026. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market conditions, <br> or, for mortgage-backed securities, are impacted by the individual mortgages <br> which are paying off over time. These securities do not indicate a reference rate <br> and spread in their descriptions.<br>|

---

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

---

| | |
|:---|:---|
| **Counterparties:** |  |
| BCLG | Barclays Capital Group |
| CITI | Citigroup Global Markets |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| Brazil | 12<br> %<br>|
| China | 10 |
| India | 7 |
| Mexico | 7 |
| South Africa | 4 |
| Chile | 4 |
| Argentina | 4 |
| Other | 52 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**March 31, 2026**

($ reported in thousands)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** |
| **Currency** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Sold**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | BCLG | 04/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | CITI | 04/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Amount is less than $500 (not in thousands). |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $222 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4615 |
| Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Liabilities: |  |  |
| Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4839 |

---

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

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

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Schedule of Investments*

------

**VIRTUS STONE HARBOR EMD MACS**

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

**March 31, 2026**

**Note 1. Security Valuation**

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

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

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

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

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

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

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

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

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

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

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

securities.

*For additional information about significant accounting policies, refer to the Fund's most recent 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 Managed Account Completion Shares (MACS) Trust

- **b. Investment Company Act file number:** 811-23968

- **c. CIK number of Registrant:** 0002025137

- **d. LEI of Registrant:** 254900XYJHIHC7455V12

- **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:** 860-263-4790

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

- **a. Name of Series:** Virtus Stone Harbor EMD MACS

- **b. EDGAR series identifier (if any):** S000086628

- **c. LEI of Series:** 25490072UI7JQLD4SX11

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5198391.81

**Total Liabilities:** $97364.58

**Net Assets:** $5101027.23

**Cash Not Reported:** $262427.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.10114790 | **1-Year:** 0.00000000 | **5-Year:** -167.51723630 | **10-Year:** -532.86193100 | **30-Year:** -663.65147420

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

- **3-Month:** 0.00000000 | **1-Year:** -10.49725678 | **5-Year:** -249.43807590 | **10-Year:** -342.91975110 | **30-Year:** -228.36351880

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252216 | 1.04%                | 0.95%                | -1.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5797.27                 | $19541.42                                  |
| Month 2  | $7752.11                 | $9722.52                                   |
| Month 3  | $16054.06                | $-144033.77                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HTA Group Limited (Mauritius)                                       | HLSTWR 6.75 04/01/31 144A   | CUSIP: 40435WAD2<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     15000 | PA      | $14822.87     | 0.29%             | 2031-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Mc Brazil Downstream Trading Sarl                                   | MCBRAC 7.25 06/30/31 144A   | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     38059 | PA      | $34017.21     | 0.67%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Scotiabank Peru S.A.A.                                              | BNSPE V6.1 10/01/35 144A    | CUSIP: 80928HAB9<br>LEI: 5493001E54CPRG5J5Q41 | Long             | DBT              | CORP              | PE        |     26000 | PA      | $26464.10     | 0.52%             | 2035-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                       | MPEL 5.375 12/04/29 REGS    | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     84000 | PA      | $80535.00     | 1.58%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd.                                                | SHFLIN 6.625 04/22/27 REGS  | CUSIP: 000000000<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |     20000 | PA      | $20126.00     | 0.39%             | 2027-04-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon A.S.                                          | TURKTI 6.95 10/07/32 144A   | CUSIP: 90011QAE0<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |     20000 | PA      | $19471.80     | 0.38%             | 2032-10-07      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD SARL                                         | PNSTTA 6.625 06/17/31 REGS  | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | LU        |     31697 | PA      | $30745.97     | 0.60%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A                              | SQM V5.625 04/22/56 144A    | CUSIP: 833636AQ6<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |     13000 | PA      | $12670.13     | 0.25%             | 2056-04-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Banco Davivienda SA                                                 | DAVIVI V6.65 PERP 144A      | CUSIP: 059501AD8<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |     42000 | PA      | $37050.30     | 0.73%             | N/A             | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                 | IHS 8.25 11/29/31 144A      | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     26000 | PA      | $26650.00     | 0.52%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Ohi Group SA                                                        | OHIFLY 13 07/22/29 144A     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |     29450 | PA      | $29560.73     | 0.58%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                              | STANLN V2.678 06/29/32 144A | CUSIP: 853254CC2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     69000 | PA      | $61438.29     | 1.20%             | 2032-06-29      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Fs Luxembourg SARL                                                  | FSBIOE 8.125 02/11/36 144A  | CUSIP: 30315XAE4<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     29000 | PA      | $26724.76     | 0.52%             | 2036-02-11      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Orbia Advance Corp S A B De Cv                                      | ORBIA 7.5 05/13/35 144A     | CUSIP: 68560EAD0<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     14000 | PA      | $13256.63     | 0.26%             | 2035-05-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                 | IHS 7.875 05/29/30 144A     | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     33000 | PA      | $33418.11     | 0.66%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                    | KZOKZ 5.75 04/19/47 144A    | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     43000 | PA      | $39841.22     | 0.78%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                        | USD/EUR FORWARD             | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-146.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                              | LVIATH 6.75 06/30/30        | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     10000 | PA      | $10163.46     | 0.20%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                         | FMCN 8.625 06/01/31 144A    | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     24000 | PA      | $24750.00     | 0.49%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                | YPFDAR 9.5 01/17/31 144A    | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     38000 | PA      | $39945.60     | 0.78%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru                                           | BCP V6.45 07/30/35 144A     | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |      6000 | PA      | $6045.00      | 0.12%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Orlen SA                                                            | PKNPW 6 01/30/35 144A       | CUSIP: 68666UAA3<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |     20000 | PA      | $20375.00     | 0.40%             | 2035-01-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JSW Hydro Energy Ltd.                                               | HBSPIN 4.125 05/18/31 144A  | CUSIP: 46653YAA6<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     41700 | PA      | $38176.35     | 0.75%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                        | ENOIGA 5.375 03/30/28       | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |      7000 | PA      | $6720.00      | 0.13%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Foresea Holding SA                                                  | FORSEA 7.5 06/15/30 144A    | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |     39000 | PA      | $38220.00     | 0.75%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Medco Maple Tree Pte Ltd.                                           | MEDCIJ 8.96 04/27/29 REGS   | CUSIP: 000000000<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |     25000 | PA      | $25641.32     | 0.50%             | 2029-04-27      | Fixed         | 8.96%                 | No            |                  2 | On Loan: No      |
| Grupo Nutresa Sa                                                    | NUTRES 9 05/12/35 144A      | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |     16000 | PA      | $17758.80     | 0.35%             | 2035-05-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CT Trust                                                            | COMCEL 5.125 02/03/32 144A  | CUSIP: 12659BAA2<br>LEI: 5493003LN2KNNGM2Q244 | Long             | DBT              | CORP              | KY        |     11000 | PA      | $10266.30     | 0.20%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AI Candelaria Spain S.A.                                            | AICNRA 5.75 06/15/33 144A   | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     39000 | PA      | $34435.05     | 0.68%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Zorlu Enerji Elektrik Ueretim AS                                    | ZOREN 11 04/23/30 144A      | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     21000 | PA      | $18480.00     | 0.36%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                          | ADSEZ 3.1 02/02/31 REGS     | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     14000 | PA      | $12222.00     | 0.24%             | 2031-02-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                    | TEVA 3.15 10/01/26          | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     30000 | PA      | $29709.90     | 0.58%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                                   | KOS 7.75 05/01/27 REGS      | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49890.00     | 0.98%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Minejesa Capital BV                                                 | MINCAP 4.625 08/10/30 144A  | CUSIP: 602736AA8<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     81125 | PA      | $79908.13     | 1.57%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                      | ECOPET 6.875 04/29/30       | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     15000 | PA      | $15009.00     | 0.29%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Adani Renewable Energy Rj Ltd/Kodangal Solar PKS Private Ltd/Wardha | ARENRJ 4.625 10/15/39 144A  | CUSIP: 00654CAA0<br>LEI: 335800DKCLYHG21PBG55 | Long             | DBT              | CORP              | IN        |     82125 | PA      | $66110.63     | 1.30%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Banco General S.A.                                                  | BANCOG V5.25 PERP 144A      | CUSIP: 059597AF1<br>LEI: 549300B5C08LGDFB7205 | Long             | DBT              | CORP              | PA        |     27000 | PA      | $25548.48     | 0.50%             | 2174-11-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ck Hutchison International 24 II Ltd.                               | CKHH 4.75 09/13/34 144A     | CUSIP: 178908AB5<br>LEI: 254900C3VDI6RVRNF366 | Long             | DBT              | CORP              | KY        |    110000 | PA      | $108230.10    | 2.12%             | 2034-09-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Orazul Energy Peru SA                                               | ORSAPE 6.25 09/17/32 144A   | CUSIP: 685948AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     20000 | PA      | $19901.20     | 0.39%             | 2032-09-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GeoPark Ltd.                                                        | GEOPAR 8.75 01/31/30 144A   | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     13000 | PA      | $12805.00     | 0.25%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                               | TENCNT 2.39 06/03/30 144A   | CUSIP: 88032WAU0<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $46590.00     | 0.91%             | 2030-06-03      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| MSU Energy S.A.                                                     | MSUNRG 9.75 12/05/30 144A   | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     49000 | PA      | $48632.50     | 0.95%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                                           | UOBSP F 04/02/28 144A       | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |     10000 | PA      | $10018.75     | 0.20%             | 2028-04-02      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| WE Soda Investments Holding PLC                                     | WESODA 9.5 10/06/28 144A    | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     36000 | PA      | $35820.00     | 0.70%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                | CEMEX V7.2 PERP 144A        | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     30000 | PA      | $30453.55     | 0.60%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi National Energy Co PJSC (TAQA)                            | TAQAUH 4.696 04/24/33 144A  | CUSIP: 00388WAM3<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |    100000 | PA      | $96463.00     | 1.89%             | 2033-04-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                                     | TCELLT 7.65 01/24/32 144A   | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     37000 | PA      | $37601.62     | 0.74%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Tierra Mojada Luxembourg II S.a r.l.                                | TIEMOD 5.75 12/01/40 144A   | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |     16025 | PA      | $15174.84     | 0.30%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                          | BABA 3.15 02/09/51          | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $23487.45     | 0.46%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Thaioil Treasury Center Co Ltd.                                     | TOPTB 3.5 10/17/49 REGS     | CUSIP: 88323AAE2<br>LEI: 549300NH03B9E8VGJR89 | Long             | DBT              | CORP              | TH        |     38000 | PA      | $25669.00     | 0.50%             | 2049-10-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EIG Pearl Holdings S.a r.l.                                         | EIGPRL 3.545 08/31/36 144A  | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |     64985 | PA      | $58041.29     | 1.14%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| CSN Resources S.A.                                                  | CSNABZ 4.625 06/10/31 144A  | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     28000 | PA      | $17045.00     | 0.33%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Vamos Europe                                                        | VAMOBZ 9.2 01/26/31 144a    | CUSIP: 92049NAA7<br>LEI: 894500FA5CLVV8HLE261 | Long             | DBT              | CORP              | LU        |     22000 | PA      | $20858.64     | 0.41%             | 2031-01-26      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| Eldorado International Finance GMBH                                 | ECELUP 8.5 12/01/32 144A    | CUSIP: 284697AC3<br>LEI: 2549002HQE45WFK9EY03 | Long             | DBT              | CORP              | AT        |     19000 | PA      | $19077.71     | 0.37%             | 2032-12-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                          | ADSEZ 3.828 02/02/32 REGS   | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     23000 | PA      | $20263.92     | 0.40%             | 2032-02-02      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| 3R Lux S.a.r.l                                                      | RRRPBZ 9.75 02/05/31 144A   | CUSIP: 88563PAA6<br>LEI: 9845007D0DF0BEFD8D97 | Long             | DBT              | CORP              | LU        |     19000 | PA      | $19451.25     | 0.38%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Adani Electricity Mumbai Ltd.                                       | ADANEM 3.949 02/12/30 144A  | CUSIP: 00654GAA1<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |    150000 | PA      | $137025.00    | 2.69%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Grupo Televisa S.A.B.                                               | TELVIS 6.625 01/15/40       | CUSIP: 40049JAZ0<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |     30000 | PA      | $24075.00     | 0.47%             | 2040-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                       | HLSTWR 7.5 06/04/29 144A    | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    129000 | PA      | $130612.50    | 2.56%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO LTD                                         | IHS 8 09/18/27 144A         | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | MU        |     54311 | PA      | $54208.71     | 1.06%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                      | ECOPET 7.375 09/18/43       | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     44000 | PA      | $39846.18     | 0.78%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Hanwha Life Insurance Co., Ltd.                                     | HLINSU V6.3 06/24/55 144A   | CUSIP: 41135UAC9<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |     20000 | PA      | $20498.00     | 0.40%             | 2055-06-24      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                                       | USD/EUR FORWARD             | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1867.78      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                  | BANORT V5.75 10/04/31 REGS  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     28000 | PA      | $27720.00     | 0.54%             | 2031-10-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Simpar Europe                                                       | SIMHBZ 5.2 01/26/31 144A    | CUSIP: 82883PAA2<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |     48000 | PA      | $40800.00     | 0.80%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Constellation Oil Services Holding SA                               | COSHSA 9.375 11/07/29 144A  | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     33000 | PA      | $34192.95     | 0.67%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Banco de Chile                                                      | BNCHIL 2.99 12/09/31 144A   | CUSIP: 059520AC0<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | DBT              | CORP              | CL        |     60000 | PA      | $54414.00     | 1.07%             | 2031-12-09      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                                               | PETMK 4.95 01/03/31 144A    | CUSIP: 716743AV1<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     13000 | PA      | $13277.81     | 0.26%             | 2031-01-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CSN Inova Ventures                                                  | CSNABZ 6.75 01/28/28 144A   | CUSIP: 12642KAB0<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |      9000 | PA      | $6581.25      | 0.13%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Access Holdings PLC                                                 | ACCESS 6.125 09/21/26 144A  | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |     15000 | PA      | $14955.00     | 0.29%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NBK Tier 1 Ltd.                                                     | NTBKKK V6.375 PERP 144A     | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     39000 | PA      | $38098.32     | 0.75%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                        | YPANBR 8.947 07/31/42 144A  | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     25258 | PA      | $27310.17     | 0.54%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                  | BANORT V7.5 PERP 144A       | CUSIP: 05971PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     49000 | PA      | $48874.83     | 0.96%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Azule Energy Finance PLC                                            | AZURGY 8.125 01/23/30 144A  | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50490.00     | 0.99%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Gran Tierra Energy Inc                                              | GTE 9.5 10/15/29 144A       | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |     31000 | PA      | $26350.00     | 0.52%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                  | SILAMX 5.375 04/04/32 144A  | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |     19000 | PA      | $18453.75     | 0.36%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GENM Capital Labuan Ltd.                                            | GENMMK 3.882 04/19/31 REGS  | CUSIP: 000000000<br>LEI: 254900DWSHIWTSE0YG58 | Long             | DBT              | CORP              | MY        |     15000 | PA      | $13353.75     | 0.26%             | 2031-04-19      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Inversiones CMPC SA                                                 | CMPCCI V6.7 12/09/57 144A   | CUSIP: 46128MAU5<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |     42000 | PA      | $40986.75     | 0.80%             | 2057-12-09      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                    | SANLTD 5.4 08/08/28         | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $100684.00    | 1.97%             | 2028-08-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Mong Duong Finance Holdings B V                                     | MONDFI 5.125 05/07/29 144A  | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     57938 | PA      | $56942.05     | 1.12%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ATP Tower HoldingsLLC/Andean Telecom Partners Chile SpA             | ATPTOW 7.875 02/03/30 144A  | CUSIP: 00193BAA0<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22302.50     | 0.44%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                              | OCPMR 7.5 05/02/54 144A     | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     79000 | PA      | $82816.89     | 1.62%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                            | JBS 4.375 02/02/52          | CUSIP: 46590XAQ9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     53000 | PA      | $40346.32     | 0.79%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Alpek SAB de CV                                                     | ALPEKA 3.25 02/25/31 144A   | CUSIP: 020564AE0<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |      6000 | PA      | $4992.78      | 0.10%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones                                      | BCICI V7.5 PERP 144A        | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     37000 | PA      | $38585.45     | 0.76%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Adecoagro SA                                                        | AGRO 7.5 07/29/32 144A      | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |     21000 | PA      | $20536.11     | 0.40%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Aydem Yenilenebilir Enerji A S                                      | AYDEMT 9.875 09/30/30 144A  | CUSIP: 054644AB5<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     23000 | PA      | $22367.50     | 0.44%             | 2030-09-30      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ACWA Power Management & Investments One Ltd.                        | INTLWT 5.95 12/15/39 144A   | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |     85154 | PA      | $83664.32     | 1.64%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B V                                     | BRASKM 4.5 01/31/30 144A    | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     59000 | PA      | $27361.25     | 0.54%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Compania Cervecerias Unidas S.A.                                    | CCUCI 3.35 01/19/32 144A    | CUSIP: 204429AA2<br>LEI: 529900BJW9B0O6LI2R39 | Long             | DBT              | CORP              | CL        |     44000 | PA      | $39253.72     | 0.77%             | 2032-01-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB DE CV                                          | AEROMX 8.625 11/15/31 144A  | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     36000 | PA      | $34650.00     | 0.68%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| El Puerto de Liverpool S.A.B. de C.V.                               | LIVEPL 5.75 02/10/38 144A   | CUSIP: 283837AE2<br>LEI: 4469000001BO4JEXZL32 | Long             | DBT              | CORP              | MX        |     19000 | PA      | $17926.50     | 0.35%             | 2038-02-10      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Korea Gas Corp.                                                     | KORGAS 2 07/13/31 REGS      | CUSIP: 50066CAR0<br>LEI: 988400TFZILHBD5M3R71 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $177824.00    | 3.49%             | 2031-07-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Investment Energy Resources Ltd.                                    | CMIENE 6.25 04/26/29 144A   | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     28000 | PA      | $27664.00     | 0.54%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                       | MPEL 6.5 09/24/33 REGS      | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     20000 | PA      | $19188.60     | 0.38%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                    | TAISEM 1.375 09/28/30 REGS  | CUSIP: 000000000<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |    100000 | PA      | $88046.00     | 1.73%             | 2030-09-28      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Kallpa Generacion S.A.                                              | KALLPA 5.5 09/11/35 144A    | CUSIP: 48344FAC4<br>LEI: 549300NG1PWEI5BZG095 | Long             | DBT              | CORP              | PE        |     26000 | PA      | $25417.60     | 0.50%             | 2035-09-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                    | VEDLN 10.875 09/17/29 144A  | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      9000 | PA      | $9423.00      | 0.18%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| ENN Clean Energy International Investment Ltd.                      | VEYONG 3.375 05/12/26 144A  | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |     50000 | PA      | $49898.50     | 0.98%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Metinvest B.V.                                                      | METINV 7.75 10/17/29 144A   | CUSIP: 591555AF4<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $30100.00     | 0.59%             | 2029-10-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru                                           | BCP V5.8 03/10/35 144A      | CUSIP: 05971U2H9<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     25000 | PA      | $24735.00     | 0.48%             | 2035-03-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Trident Energy Finance PLC                                          | TRIEGY 12.5 11/30/29 144A   | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     19000 | PA      | $20193.96     | 0.40%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Marcobre S.A.C.                                                     | MARSAC 5.75 01/22/36 144A   | CUSIP: 56625AAA2<br>LEI: 254900BORIUZFCM1XB72 | Long             | DBT              | CORP              | PE        |     21000 | PA      | $20336.40     | 0.40%             | 2036-01-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Saavi Energia S.a.r.l.                                              | SAAVIE 8.875 02/10/35 144A  | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |     18000 | PA      | $18792.00     | 0.37%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Gruma S.A.B.de C.V.                                                 | GRUMAB 5.761 12/09/54 144A  | CUSIP: 400131AJ7<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | DBT              | CORP              | MX        |     39000 | PA      | $37509.03     | 0.74%             | 2054-12-09      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi National Energy Co PJSC (TAQA)                            | TAQAUH 3.4 04/29/51 144A    | CUSIP: 00388WAK7<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |     18000 | PA      | $12118.50     | 0.24%             | 2051-04-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                    | VEDLN 9.475 07/24/30 144A   | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50687.50     | 0.99%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| Orbia Advance Corp S A B De Cv                                      | ORBIA 5.875 09/17/44 144A   | CUSIP: 59284BAE8<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     18000 | PA      | $12825.00     | 0.25%             | 2044-09-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                             | RAIZBZ 6.25 07/08/32 144A   | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     19000 | PA      | $10406.87     | 0.20%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                             | RAIZBZ 5.3 01/20/27 144A    | CUSIP: 75102XAA4<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     11000 | PA      | $6022.50      | 0.12%             | 2027-01-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao SA                                                | SAMMIN 9.5 06/30/31 144A    | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     45912 | PA      | $45223.32     | 0.89%             | 2031-06-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Generacion Mediterranea S A / Cent Termica Roca S A                 | ALBAAR 11 11/01/31 144A     | CUSIP: 36875KAJ0<br>LEI: 529900OOUXIUDG4V4468 | Long             | DBT              | CORP              | AR        |     43000 | PA      | $29230.11     | 0.57%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Yinson Bergenia Production BV                                       | YPMQBR 8.498 01/31/45 144A  | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     15787 | PA      | $16643.66     | 0.33%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CPI Property Group S.A.                                             | CPIPGR 6 01/27/32 EMTN      | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $109805.75    | 2.15%             | 2032-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                 | SUZANO 3.75 01/15/31        | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     28000 | PA      | $25998.00     | 0.51%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ypf Energia Electrica S.A.                                          | YPFLUZ 7.875 10/16/32 144A  | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     36000 | PA      | $36466.56     | 0.71%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                 | SUZANO 7 03/16/47 144A      | CUSIP: 86964WAB8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     23000 | PA      | $24509.95     | 0.48%             | 2047-03-16      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina SA                                                | TECOAR 9.5 07/18/31 144A    | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     24000 | PA      | $25301.70     | 0.50%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Vfu Funding PLC                                                     | VODUKR 9.625 02/11/27 144A  | CUSIP: 918212AA9<br>LEI: 213800C9OW7RIPPP6Z96 | Long             | DBT              | CORP              | GB        |     51015 | PA      | $50250.08     | 0.99%             | 2027-02-11      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                    | KZOKZ 3.5 04/14/33 144A     | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     75000 | PA      | $67111.50     | 1.32%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| African Export-Import Bank                                          | AFREXI 2.634 05/17/26 144A  | CUSIP: 00831TAB7<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | EG        |     45000 | PA      | $44718.75     | 0.88%             | 2026-05-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                                           | PRXNA 3.061 07/13/31 REGS   | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $111696.25    | 2.19%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Akbank T.A.S.                                                       | AKBNK V7.875 09/04/35 144A  | CUSIP: 00971YAM2<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $49375.00     | 0.97%             | 2035-09-04      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL HONG KONG BRANCH                                   | BBLTB 5.082 11/26/35 REGS   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |     20000 | PA      | $19623.80     | 0.38%             | 2035-11-26      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| DP World Ltd.                                                       | DPWDU 4.7 09/30/49 144a     | CUSIP: 23330JAC5<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    100000 | PA      | $78525.00     | 1.54%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina SA                                                | TECOAR 9.25 05/28/33 144A   | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     26000 | PA      | $26920.05     | 0.53%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PT Freeport Indonesia                                               | FRIDPT 5.315 04/14/32 REGS  | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     60000 | PA      | $59707.80     | 1.17%             | 2032-04-14      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                              | OCPMR 6.875 04/25/44 144A   | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     20000 | PA      | $19899.03     | 0.39%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                             | SASOL 4.375 09/18/26        | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99413.00     | 1.95%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PRIO Luxembourg Holding S.a r.l.                                    | PRIOBZ 6.75 10/15/30 144A   | CUSIP: 74259PAA5<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |     19000 | PA      | $18482.25     | 0.36%             | 2030-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                                   | KOS 7.5 03/01/28 REGS       | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14418.75     | 0.28%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Volcan Compania Minera S.A.A.                                       | VOLCAN 8.5 10/28/32 144A    | CUSIP: 92863UAD8<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |     26000 | PA      | $26452.40     | 0.52%             | 2032-10-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Virtus Managed Account Completion Shares (MACS) Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer