# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0000940400-25-010878
**Filing Date:** 2025-11
**Character Count:** 84951
**Document Hash:** 8bb8c250f7d31ac2e7a2b0d15b35bd93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010878.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010878

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251527448

**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)**

**September 30, 2025**

($ 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—0.9%** | **Egypt—0.9%** |  |
| &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—3.4%** | **South Korea—3.4%** |  |
| &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 $216)** | **Total Foreign Government Securities** <br>**(Identified Cost $216)** | &nbsp;&nbsp; **222** |
| **Corporate Bonds and Notes—92.2%** | **Corporate Bonds and Notes—92.2%** | **Corporate Bonds and Notes—92.2%** |
| **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; 51 |
| **Argentina—3.6%** | **Argentina—3.6%** |  |
| &nbsp;&nbsp;&nbsp; Generacion Mediterranea S.A. 144A <br>11.000%, 11/1/31<sup>(2)(4)</sup> <br>| 39 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; MSU Energy S.A. 144A <br>9.750%, 12/5/30<sup>(2)</sup> <br>| 49 | &nbsp;&nbsp; 44 |
| 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; 24 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 26 |
| &nbsp;&nbsp;&nbsp; YPF Energia Electrica S.A. 144A <br>7.875%, 10/16/32<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 189 |
| **Brazil—11.0%** | **Brazil—11.0%** |  |
| &nbsp;&nbsp;&nbsp; 3R Lux S.a.r.l. 144A <br>9.750%, 2/5/31<sup>(2)</sup> <br>| 12 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Adecoagro S.A. 144A <br>7.500%, 7/29/32<sup>(2)</sup> <br>| 21 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance B.V. 144A <br>4.500%, 1/31/30<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras S.A. 144A <br>6.500%, 1/11/35<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &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 Resources S.A. 144A <br>4.625%, 6/10/31<sup>(2)</sup> <br>| 32 | &nbsp;&nbsp; 26 |
| &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>8.875%, 2/12/31<sup>(2)</sup> <br>| 17 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.a.r.l. <br>4.375%, 2/2/52<br>| 18 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; LD Celulose International GmbH 144A <br>7.950%, 1/26/32<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading S.a.r.l. 144A <br>7.250%, 6/30/31<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg S.A. 144A <br>8.875%, 9/13/33<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Movida Europe S.A. 144A <br>7.850%, 4/11/29<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; OHI Group S.A. 144A <br>13.000%, 7/22/29<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 31 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance S.A. 144A <br>6.250%, 7/8/32<sup>(2)</sup> <br>| $39 | &nbsp;&nbsp; $38 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A. (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(5)</sup> <br>| 44 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Simpar Europe S.A. 144A <br>5.200%, 1/26/31<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH <br>3.750%, 1/15/31<br>| 55 | &nbsp;&nbsp; 52 |
| &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; 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>| 26 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 572 |
| **Chile—3.4%** | **Chile—3.4%** |  |
| &nbsp;&nbsp;&nbsp; Banco de Chile 144A <br>2.990%, 12/9/31<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 55 |
| &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; 43 |
|  |  | &nbsp;&nbsp; 176 |
| **China—9.8%** | **China—9.8%** |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>3.150%, 2/9/51<br>| 35 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; CK Hutchison International 24 II Ltd. (Hong Kong), 144A <br>4.750%, 9/13/34<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| &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; 82 |
| &nbsp;&nbsp;&nbsp; Sands China Ltd. (Macau) <br>5.400%, 8/8/28<br>| 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (Hong Kong), 144A <br>2.678%, 6/29/32<sup>(2)</sup> <br>| 115 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. 144A <br>2.390%, 6/3/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 507 |
| **Colombia—3.1%** | **Colombia—3.1%** |  |
| &nbsp;&nbsp;&nbsp; AI Candelaria - Spain- S.A. 144A <br>5.750%, 6/15/33<sup>(2)</sup> <br>| 39 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Banco Davivienda S.A. 144A <br>8.125%, 7/2/35<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Ecopetrol S.A. <br>7.375%, 9/18/43<br>| 22 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Geopark Ltd. 144A <br>8.750%, 1/31/30<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. 144A <br>9.500%, 10/15/29<sup>(2)</sup> <br>| 31 | &nbsp;&nbsp; 26 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Colombia—continued** | **Colombia—continued** |  |
| &nbsp;&nbsp;&nbsp; SierraCol Energy Andina LLC 144A <br>6.000%, 6/15/28<sup>(2)</sup> <br>| $19 | &nbsp;&nbsp; $19 |
|  |  | &nbsp;&nbsp; 160 |
| **Czech Republic—2.3%** | **Czech Republic—2.3%** |  |
| &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; 120 |
| **Ghana—0.9%** | **Ghana—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Kosmos Energy Ltd. RegS <br>7.750%, 5/1/27<sup>(3)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| **Guatemala—0.7%** | **Guatemala—0.7%** |  |
| &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—7.5%** | **India—7.5%** |  |
| &nbsp;&nbsp;&nbsp; Adani Electricity Mumbai Ltd. 144A <br>3.949%, 2/12/30<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Adani Renewable Energy RJ Ltd. 144A <br>4.625%, 10/15/39<sup>(2)</sup> <br>| 84 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; JSW Hydro Energy Ltd. 144A <br>4.125%, 5/18/31<sup>(2)</sup> <br>| 71 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Shriram Finance Ltd. 144A <br>6.625%, 4/22/27<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| 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; 391 |
| **Indonesia—4.8%** | **Indonesia—4.8%** |  |
| &nbsp;&nbsp;&nbsp; Freeport Indonesia PT RegS <br>5.315%, 4/14/32<sup>(3)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Medco Bell Pte Ltd. RegS <br>6.375%, 1/30/27<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Minejesa Capital B.V. 144A <br>4.625%, 8/10/30<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp; 250 |
| **Israel—3.6%** | **Israel—3.6%** |  |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. 144A, RegS <br>5.875%, 3/30/31<sup>(2)(3)</sup> <br>| 13 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. 144A, RegS <br>6.750%, 6/30/30<sup>(2)(3)</sup> <br>| 145 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III B.V. <br>3.150%, 10/1/26<br>| 30 | &nbsp;&nbsp; 29 |
|  |  | &nbsp;&nbsp; 187 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Kazakhstan—2.2%** | **Kazakhstan—2.2%** |  |
| 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>| 49 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 113 |
| **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; 40 |
| **Malaysia—0.3%** | **Malaysia—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 144A <br>4.950%, 1/3/31<sup>(2)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| **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>| 29 | &nbsp;&nbsp; 25 |
| 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; 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 5.750%, 10/4/31<sup>(3)</sup> <br>| 28 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; BBVA Mexico S.A. Institucion De Banca Multiple Grupo <br> Financiero BBVA Mexico 144A <br>5.125%, 1/18/33<sup>(2)</sup> <br>| 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Braskem Idesa SAPI 144A <br>6.990%, 2/20/32<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 12 |
| Cemex 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 5.125%<sup>(2)(6)</sup> <br>| 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 7.200%<sup>(2)(6)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de C.V. 144A <br>8.625%, 11/15/31<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Poinsettia Finance Ltd. RegS <br>6.625%, 6/17/31<sup>(3)</sup> <br>| 33 | &nbsp;&nbsp; 33 |
| &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; Sitios Latinoamerica SAB de C.V. 144A <br>5.375%, 4/4/32<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. <br>6.750%, 4/16/40<br>| 6 | &nbsp;&nbsp; 7 |
| &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; 16 |
|  |  | &nbsp;&nbsp; 323 |
| **Morocco—2.1%** | **Morocco—2.1%** |  |
| 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; 21 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 87 |
|  |  | &nbsp;&nbsp; 108 |
| **Nigeria—2.9%** | **Nigeria—2.9%** |  |
| &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; 34 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>| 52 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; IHS Netherlands Holdco B.V. 144A <br>8.000%, 9/18/27<sup>(2)</sup> <br>| 46 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 150 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Peru—1.5%** | **Peru—1.5%** |  |
| 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; $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 6.450%, 7/30/35<sup>(2)</sup> <br>| 6 | &nbsp;&nbsp; 6 |
| &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; 79 |
| **Poland—1.2%** | **Poland—1.2%** |  |
| &nbsp;&nbsp;&nbsp; ORLEN S.A. 144A <br>6.000%, 1/30/35<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 63 |
| **Saudi Arabia—3.2%** | **Saudi Arabia—3.2%** |  |
| &nbsp;&nbsp;&nbsp; Acwa Power Management & Investments One Ltd. 144A <br>5.950%, 12/15/39<sup>(2)</sup> <br>| 102 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; EIG Pearl Holdings S.a.r.l. 144A <br>3.545%, 8/31/36<sup>(2)</sup> <br>| 66 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 165 |
| **Singapore—0.2%** | **Singapore—0.2%** |  |
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (SOFR + 0.580%) 144A <br>4.732%, 4/2/28<sup>(2)(7)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| **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; 113 |
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC <br>4.375%, 9/18/26<br>| 100 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 213 |
| **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—2.0%** | **Tanzania—2.0%** |  |
| &nbsp;&nbsp;&nbsp; HTA Group Ltd. 144A <br>7.500%, 6/4/29<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 104 |
| **Thailand—1.7%** | **Thailand—1.7%** |  |
| &nbsp;&nbsp;&nbsp; Thaioil Treasury Center Co., Ltd. RegS <br>4.875%, 1/23/43<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 88 |
| **Turkey—3.2%** | **Turkey—3.2%** |  |
| &nbsp;&nbsp;&nbsp; Aydem Yenilenebilir Enerji AS 144A <br>9.875%, 9/30/30<sup>(2)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS 144A <br>6.950%, 10/7/32<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS 144A <br>7.650%, 1/24/32<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding plc 144A <br>9.500%, 10/6/28<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 26 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Turkey—continued** | **Turkey—continued** |  |
| &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; 166 |
| **Ukraine—1.4%** | **Ukraine—1.4%** |  |
| &nbsp;&nbsp;&nbsp; Metinvest B.V. 144A <br>7.750%, 10/17/29<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; VF Ukraine PAT via VFU Funding plc 144A <br>9.625%, 2/11/27<sup>(2)</sup> <br>| 51 | &nbsp;&nbsp; 48 |
|  |  | &nbsp;&nbsp; 74 |
| **United Arab Emirates—3.6%** | **United Arab Emirates—3.6%** |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi National Energy Co. PJSC 144A <br>4.696%, 4/24/33<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>4.700%, 9/30/49<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 86 |
|  |  | &nbsp;&nbsp; 187 |
| **Vietnam—1.3%** | **Vietnam—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings B.V. 144A <br>5.125%, 5/7/29<sup>(2)</sup> <br>| 68 | &nbsp;&nbsp; 67 |
| **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 $4,698)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,698)** | &nbsp;&nbsp; **4787** |
| **Total Long-Term Investments—96.5%** <br>**(Identified Cost $4,914)** | **Total Long-Term Investments—96.5%** <br>**(Identified Cost $4,914)** | &nbsp;&nbsp; **5009** |
| **TOTAL INVESTMENTS—96.5%** <br>**(Identified Cost $4,914)** | **TOTAL INVESTMENTS—96.5%** <br>**(Identified Cost $4,914)** | &nbsp;&nbsp; **$5009** |
| Other assets and liabilities, net—3.5% | Other assets and liabilities, net—3.5% | &nbsp;&nbsp; 181 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5190** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| 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;

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor EMD MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | |
|:---|:---|
| **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 September 30, 2025, these securities <br> amounted to a value of $3,722 or 71.7% 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 September 30, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market 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:** |  |
| BCLY | Barclays |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| Brazil | 11<br> %<br>|
| China | 10 |
| India | 8 |
| Mexico | 6 |
| Indonesia | 5 |
| South Africa | 4 |
| South Korea | 4 |
| Other | 52 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 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>**Depreciation**<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | BCLY | 10/10/25<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| **Total** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<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). |

---

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

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<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; 4787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4787 |
| 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; $5009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5009 |

---

&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 September 30, 2025.

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

*See Notes to Schedule of Investments*

------

**VIRTUS STONE HARBOR EMD MACS**

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

**September 30, 2025**

**(Unaudited)**

**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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5259171.91

**Total Liabilities:** $69490.55

**Net Assets:** $5189681.36

**Cash Not Reported:** $189874.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -5.65213429 | **5-Year:** -165.99354660 | **10-Year:** -605.12898200 | **30-Year:** -482.97113520

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

- **3-Month:** 0.00000000 | **1-Year:** -10.36404889 | **5-Year:** -261.38684350 | **10-Year:** -435.52576060 | **30-Year:** -307.96861050

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252216 | 1.13%                | 1.44%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2268.78                 | $24455.71                                  |
| Month 2  | $-231.44                 | $43548.69                                  |
| Month 3  | $-14605.04               | $18261.85                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SANDS CHINA LTD          | Sands China Ltd                                                                  | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $102101.48    | 1.97%             | 2028-08-08      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| THAIOIL TRSRY CENTER     | Thaioil Treasury Center Co Ltd                                                   | CUSIP: 88323AAB8<br>LEI: 549300NH03B9E8VGJR89 | Long             | DBT              | CORP              | TH        |    100000 | PA      | $88185.00     | 1.70%             | 2043-01-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL              | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     12000 | PA      | $12650.40     | 0.24%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA      | Banco Davivienda SA                                                              | CUSIP: 059501AG1<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |     38000 | PA      | $39520.00     | 0.76%             | 2035-07-02      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ORAZUL ENERGY PERU SA    | Orazul Energy Peru SA                                                            | CUSIP: 685948AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     20000 | PA      | $20226.60     | 0.39%             | 2032-09-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     38000 | PA      | $38912.00     | 0.75%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER | Banco de Credito del Peru S.A.                                                   | CUSIP: 05971U2H9<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     25000 | PA      | $25414.25     | 0.49%             | 2035-03-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO  | KazMunayGas National Co JSC                                                      | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     75000 | PA      | $67547.25     | 1.30%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     79000 | PA      | $87665.51     | 1.69%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ACCESS BANK PLC          | Access Bank PLC                                                                  | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |     15000 | PA      | $14870.25     | 0.29%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE         | DP World Ltd/United Arab Emirates                                                | CUSIP: 23330JAC5<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    100000 | PA      | $86437.50     | 1.67%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA             | Adecoagro SA                                                                     | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |     21000 | PA      | $20496.00     | 0.39%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     24000 | PA      | $25207.44     | 0.49%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL       | FS Luxembourg Sarl                                                               | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     17000 | PA      | $17805.80     | 0.34%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $113234.38    | 2.18%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO | Yinson Boronia Production BV                                                     | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     25508 | PA      | $28378.03     | 0.55%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA | African Export-Import Bank/The                                                   | CUSIP: 00831TAB7<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | N/A       |     45000 | PA      | $44288.10     | 0.85%             | 2026-05-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD              | Geopark Ltd                                                                      | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     22000 | PA      | $20075.00     | 0.39%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD   | Poinsettia Finance Ltd                                                           | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |     33216 | PA      | $32700.78     | 0.63%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING    | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $24524.15     | 0.47%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER | Banco de Credito del Peru S.A.                                                   | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |      6000 | PA      | $6240.00      | 0.12%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI | Adani Electricity Mumbai Ltd                                                     | CUSIP: 00654GAA1<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |    150000 | PA      | $141000.00    | 2.72%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SIMPAR EUROPE SA         | Simpar Europe SA                                                                 | CUSIP: 82883PAA2<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |     48000 | PA      | $39832.80     | 0.77%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA             | OHI Group SA                                                                     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |     29450 | PA      | $31055.61     | 0.60%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| BANCO DE CHILE           | Banco de Chile                                                                   | CUSIP: 059520AC0<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | DBT              | CORP              | CL        |     60000 | PA      | $54615.00     | 1.05%             | 2031-12-09      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     52000 | PA      | $54795.00     | 1.06%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO  | KazMunayGas National Co JSC                                                      | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     49000 | PA      | $45659.18     | 0.88%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS      | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     59000 | PA      | $22313.80     | 0.43%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB     | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     36000 | PA      | $35816.40     | 0.69%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FREEPORT INDONESIA PT    | Freeport Indonesia PT                                                            | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     60000 | PA      | $60780.00     | 1.17%             | 2032-04-14      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| ORLEN SA                 | ORLEN SA                                                                         | CUSIP: 68666UAA3<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |     60000 | PA      | $62636.70     | 1.21%             | 2035-01-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX     | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     14000 | PA      | $13759.34     | 0.27%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                                | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     37000 | PA      | $38863.88     | 0.75%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK    | Zorlu Enerji Elektrik Uretim AS                                                  | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     21000 | PA      | $19215.00     | 0.37%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE  | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     13000 | PA      | $12435.28     | 0.24%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50593.75     | 0.97%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA      | Inversiones CMPC SA                                                              | CUSIP: 46128MAU5<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |     42000 | PA      | $42986.16     | 0.83%             | 2057-12-09      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CPI PROPERTY GROUP SA    | CPI Property Group SA                                                            | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $119606.34    | 2.30%             | 2032-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KOREA GAS CORP           | Korea Gas Corp                                                                   | CUSIP: 50066CAR0<br>LEI: 988400TFZILHBD5M3R71 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $177470.00    | 3.42%             | 2031-07-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL  | EIG Pearl Holdings Sarl                                                          | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |     65891 | PA      | $60794.53     | 1.17%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA         | CSN Resources SA                                                                 | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     32000 | PA      | $25968.00     | 0.50%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG | Abu Dhabi National Energy Co PJSC                                                | CUSIP: 00388WAM3<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |    100000 | PA      | $101002.00    | 1.95%             | 2033-04-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD     | Tencent Holdings Ltd                                                             | CUSIP: 88032WAU0<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $46525.82     | 0.90%             | 2030-06-03      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD        | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48625.00     | 0.94%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA    | Minerva Luxembourg SA                                                            | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |     27000 | PA      | $29628.66     | 0.57%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV          | Cemex SAB de CV                                                                  | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     34000 | PA      | $33881.00     | 0.65%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 LTD           | NBK Tier 1 Ltd                                                                   | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     39000 | PA      | $40150.50     | 0.77%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC  | WE Soda Investments Holding PLC                                                  | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     27000 | PA      | $26156.25     | 0.50%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TSMC GLOBAL LTD          | TSMC Global Ltd                                                                  | CUSIP: 000000000<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |    100000 | PA      | $87572.00     | 1.69%             | 2030-09-28      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI       | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $11800.00     | 0.23%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $275.42       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN CLEAN ENERGY         | ENN Clean Energy International Investment Ltd                                    | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |     50000 | PA      | $49588.50     | 0.96%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA     | Constellation Oil Services Holding SA                                            | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     33000 | PA      | $33866.25     | 0.65%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     67760 | PA      | $66997.76     | 1.29%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV      | Minejesa Capital BV                                                              | CUSIP: 602736AA8<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     89900 | PA      | $89450.50     | 1.72%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     28000 | PA      | $27370.00     | 0.53%             | 2031-10-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD     | Petronas Capital Ltd                                                             | CUSIP: 716743AV1<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     13000 | PA      | $13416.52     | 0.26%             | 2031-01-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC   | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |     31000 | PA      | $26117.50     | 0.50%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ADANIREN KODSOPAR WARSOM | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     83500 | PA      | $71417.55     | 1.38%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SITIOS LATINOAMERICA     | Sitios Latinoamerica SAB de CV                                                   | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |     19000 | PA      | $18951.55     | 0.37%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AB5<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     23000 | PA      | $22655.00     | 0.44%             | 2030-09-30      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH      | Suzano Austria GmbH                                                              | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     55000 | PA      | $52043.75     | 1.00%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      9000 | PA      | $9421.88      | 0.18%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE    | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     84000 | PA      | $82063.80     | 1.58%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS ELET  | Centrais Eletricas Brasileiras SA                                                | CUSIP: 15234VAA5<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |     25000 | PA      | $25684.50     | 0.49%             | 2035-01-11      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD       | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    145000 | PA      | $145453.13    | 2.80%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     49000 | PA      | $49980.00     | 0.96%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HANWHA LIFE INSURANCE    | Hanwha Life Insurance Co Ltd                                                     | CUSIP: 41135UAC9<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |     20000 | PA      | $20968.00     | 0.40%             | 2055-06-24      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA | AI Candelaria -spain- SA                                                         | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     39000 | PA      | $35246.25     | 0.68%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TIERRA MOJADA LUX II SRL | Tierra Mojada Luxembourg II Sarl                                                 | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |     16060 | PA      | $15714.99     | 0.30%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     33000 | PA      | $34093.29     | 0.66%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON INTL 24 II  | CK Hutchison International 24 II Ltd                                             | CUSIP: 178908AB5<br>LEI: 254900C3VDI6RVRNF366 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $99662.97     | 1.92%             | 2034-09-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING) | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |     51015 | PA      | $48464.54     | 0.93%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| CIA CERVECERIAS UNIDAS   | Cia Cervecerias Unidas SA                                                        | CUSIP: 204429AA2<br>LEI: 529900BJW9B0O6LI2R39 | Long             | DBT              | CORP              | CL        |     44000 | PA      | $39517.50     | 0.76%             | 2032-01-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL       | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |     18000 | PA      | $19416.60     | 0.37%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     30000 | PA      | $29400.00     | 0.57%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50550.00     | 0.97%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| ACWA POWER MGMT INVST    | Acwa Power Management And Investments One Ltd                                    | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |    102453 | PA      | $103830.99    | 2.00%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD     | JSW Hydro Energy Ltd                                                             | CUSIP: 46653YAA6<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     71000 | PA      | $67272.50     | 1.30%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA       | FORESEA Holding SA                                                               | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |     39000 | PA      | $38024.09     | 0.73%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     20000 | PA      | $20880.80     | 0.40%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA             | Ecopetrol SA                                                                     | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     22000 | PA      | $20293.90     | 0.39%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     18000 | PA      | $14151.89     | 0.27%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA   | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $18435.94     | 0.36%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALPEK SA DE CV           | Alpek SAB de CV                                                                  | CUSIP: 020564AE0<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |     29000 | PA      | $25433.00     | 0.49%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD            | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    100000 | PA      | $104031.00    | 2.00%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| METINVEST BV             | Metinvest BV                                                                     | CUSIP: 591555AF4<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $25900.00     | 0.50%             | 2029-10-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTI | Yinson Bergenia Production BV                                                    | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     16000 | PA      | $17156.00     | 0.33%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SCOTIABANK PERU SA       | Scotiabank Peru SAA                                                              | CUSIP: 80928HAB9<br>LEI: 5493001E54CPRG5J5Q41 | Long             | DBT              | CORP              | PE        |     26000 | PA      | $27025.44     | 0.52%             | 2035-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE   | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     19000 | PA      | $19795.72     | 0.38%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE     | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     39000 | PA      | $38054.25     | 0.73%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     24000 | PA      | $23940.00     | 0.46%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO  | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     46061 | PA      | $46175.99     | 0.89%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GENER MEDIT/CENT TERMICA | Generacion Mediterranea SA / Central Termica Roca SA                             | CUSIP: 36875KAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     39000 | PA      | $21450.00     | 0.41%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LTD      | Shriram Finance Ltd                                                              | CUSIP: 82556FAA0<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |     50000 | PA      | $51062.50     | 0.98%             | 2027-04-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA     | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     44350 | PA      | $44572.02     | 0.86%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LD CELULOSE INTERNATIONA | LD Celulose International GmbH                                                   | CUSIP: 50206BAA0<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |     18000 | PA      | $19008.00     | 0.37%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD    | Investment Energy Resources Ltd                                                  | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     28000 | PA      | $27783.00     | 0.54%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP     | Southern Copper Corp                                                             | CUSIP: 84265VAE5<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6817.50      | 0.13%             | 2040-04-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     26000 | PA      | $25597.00     | 0.49%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA            | MSU Energy SA                                                                    | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     49000 | PA      | $44283.75     | 0.85%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC   | Standard Chartered PLC                                                           | CUSIP: 853254CC2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    115000 | PA      | $102971.00    | 1.98%             | 2032-06-29      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| YPF ENERGIA ELECTRICA SA | YPF Energia Electrica SA                                                         | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     36000 | PA      | $34794.36     | 0.67%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UNITED OVERSEAS BANK LTD | United Overseas Bank Ltd                                                         | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |     10000 | PA      | $10036.00     | 0.19%             | 2028-04-02      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| CT TRUST                 | CT Trust                                                                         | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |     11000 | PA      | $10522.16     | 0.20%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV          | Cemex SAB de CV                                                                  | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     30000 | PA      | $31122.00     | 0.60%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     75000 | PA      | $78375.00     | 1.51%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99450.00     | 1.92%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM        | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     25542 | PA      | $21889.36     | 0.42%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA         | Movida Europe SA                                                                 | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |     20000 | PA      | $19276.00     | 0.37%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| MEDCO BELL PTE LTD       | Medco Bell Pte Ltd                                                               | CUSIP: 000000000<br>LEI: 2549003PNDCWIWGKC768 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $100000.00    | 1.93%             | 2027-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer