# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0000940400-25-010891
**Filing Date:** 2025-11
**Character Count:** 27149
**Document Hash:** f5e51d017afb3dc38f151a8ca62beba6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010891.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010891

**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:** 251527461

**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 Newfleet CMBS MACS (Series ID: S000086623)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000252211 | Virtus Newfleet CMBS MACS | VMAEX           |

## Nport-Ex

**VIRTUS Newfleet CMBS MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—88.9%** | **Mortgage-Backed Securities—88.9%** | **Mortgage-Backed Securities—88.9%** |
| **Agency—8.8%** | **Agency—8.8%** |  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Pool #BZ3500 <br>4.530%, 5/1/30<br>| $1500 | &nbsp;&nbsp; $1520 |
| **Non-Agency—80.1%** | **Non-Agency—80.1%** |  |
| &nbsp;&nbsp;&nbsp; ALA Trust 2025-OANA, A (1 month Term SOFR + <br> 1.743%, Cap N/A, Floor 1.743%) 144A <br>5.894%, 6/15/40<sup>(1)(2)</sup> <br>| 525 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust 2018-TALL, A (1 month Term <br> SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A <br>5.070%, 3/15/37<sup>(1)(2)</sup> <br>| 745 | &nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp; BBCMS Trust 2018-CBM, A (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor 1.250%) 144A <br>5.448%, 7/15/37<sup>(1)(2)</sup> <br>| 583 | &nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust 2023-B38, A2 <br>5.626%, 4/15/56<br>| 155 | &nbsp;&nbsp; 159 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-LP2, B (1 month Term SOFR + 1.312%, Cap N/A, <br> Floor 1.312%) 144A <br>5.462%, 2/15/39<sup>(1)(2)</sup> <br>| 525 | &nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; 2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, <br> Floor 1.961%) 144A <br>6.111%, 2/15/39<sup>(1)(2)</sup> <br>| 186 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; 2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, <br> Floor 1.392%) 144A <br>5.542%, 3/15/41<sup>(1)(2)</sup> <br>| 599 | &nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; BX Trust 2025-ROIC, C (1 month Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) 144A <br>5.693%, 3/15/30<sup>(1)(2)</sup> <br>| 174 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; CENT 2025-CITY, A 144A <br>5.091%, 7/10/40<sup>(1)(2)</sup> <br>| 795 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC 2024-SHOW, A 144A <br>5.274%, 10/10/41<sup>(1)(2)</sup> <br>| 740 | &nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust 2024-FBLU, <br> A (1 month Term SOFR + 1.450%, Cap N/A, Floor <br> 1.450%) 144A <br>5.600%, 12/15/39<sup>(1)(2)</sup> <br>| 750 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Mortgage Securities Trust 2020-GC45, <br> AS <br>3.173%, 2/13/53<sup>(2)</sup> <br>| 645 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Houston Galleria Mall Trust 2025-HGLR, A 144A <br>5.644%, 2/5/45<sup>(1)(2)</sup> <br>| 955 | &nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust 2025-SPRL, A 144A <br>5.649%, 1/13/40<sup>(1)(2)</sup> <br>| 860 | &nbsp;&nbsp; 889 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> 2024-OMNI, A 144A <br>5.990%, 10/5/39<sup>(1)(2)</sup> <br>| 625 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; MIRA Trust 2023-MILE, A 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp; MSSG Trust 2017-237P, A 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1076 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(1)(2)</sup> <br>| 830 | &nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp; RFR Trust 2025-SGRM, A 144A <br>5.562%, 3/11/41<sup>(1)(2)</sup> <br>| 760 | &nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp; RIDE 2025-SHRE, B 144A <br>6.020%, 2/14/47<sup>(1)(2)</sup> <br>| 700 | &nbsp;&nbsp; 719 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp; ROCK Trust 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| $700 | &nbsp;&nbsp; $721 |
|  |  | &nbsp;&nbsp; 13833 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $15,315)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $15,315)** | &nbsp;&nbsp; **15353** |
| **Asset-Backed Securities—6.9%** | **Asset-Backed Securities—6.9%** | **Asset-Backed Securities—6.9%** |
| **Other—6.9%** | **Other—6.9%** |  |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC 2020-1, A1 144A <br>1.690%, 7/15/60<sup>(1)</sup> <br>| 671 | &nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| 620 | &nbsp;&nbsp; 623 |
|  |  | &nbsp;&nbsp; 1200 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $1,276)** | **Total Asset-Backed Securities** <br>**(Identified Cost $1,276)** | &nbsp;&nbsp; **1200** |
| **Total Long-Term Investments—95.8%** <br>**(Identified Cost $16,591)** | **Total Long-Term Investments—95.8%** <br>**(Identified Cost $16,591)** | &nbsp;&nbsp; **16553** |
| **TOTAL INVESTMENTS—95.8%** <br>**(Identified Cost $16,591)** | **TOTAL INVESTMENTS—95.8%** <br>**(Identified Cost $16,591)** | &nbsp;&nbsp; **$16553** |
| Other assets and liabilities, net—4.2% | Other assets and liabilities, net—4.2% | &nbsp;&nbsp; 717 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$17270** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| LLC | Limited Liability Company |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At September 30, 2025, these securities <br> amounted to a value of $14,278 or 82.7% of net assets.<br>|
| <sup>(2)</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>|

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet CMBS MACS**

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

**September 30, 2025**

($ reported 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; Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15353 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16553 |

---

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 NEWFLEET CMBS 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 Newfleet CMBS MACS

- **b. EDGAR series identifier (if any):** S000086623

- **c. LEI of Series:** 254900GVMTWAZZTHYO11

**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:** $17324535.07

**Total Liabilities:** $130502.85

**Net Assets:** $17194032.22

**Cash Not Reported:** $718259.92

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -665.16124050 | **10-Year:** 0.00000000 | **30-Year:** -4097.32742400

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** -211.18954740

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252211 | -0.20%               | 1.03%                | 0.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-458.61                 | $-139221.77                                |
| Month 2  | $-51450.75               | $178409.84                                 |
| Month 3  | $12667.17                | $-17753.35                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GS Mortgage Securities Trust   | GS Mortgage Securities Trust 2020-GC45                           | CUSIP: 36258YBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    645000 | PA      | $596002.51    | 3.47%             | 2053-02-13      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                     | ROCK Trust 2024-CNTR                                             | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $721221.06    | 4.19%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                   | Hudson Yards 2025-SPRL Mortgage Trust                            | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $888721.59    | 5.17%             | 2040-01-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust  | NYC Commercial Mortgage Trust 2025-300P                          | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    830000 | PA      | $834011.97    | 4.85%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST    | Houston Galleria Mall Trust 2025-HGLR                            | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    955000 | PA      | $987465.13    | 5.74%             | 2045-02-05      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2025-ROIC                                               | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174320 | PA      | $173884.33    | 1.01%             | 2030-03-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2018-TALL Mortgage Trust                                   | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    745000 | PA      | $705918.64    | 4.11%             | 2037-03-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $637559.94    | 3.71%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Commercial Mortgage Trust 2022-LP2                            | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185500 | PA      | $185268.13    | 1.08%             | 2039-02-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| CENT Trust                     | CENT 2025-CITY                                                   | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    795000 | PA      | $803991.69    | 4.68%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Commercial Mortgage Trust 2024-XL5                            | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    598834 | PA      | $599208.01    | 3.48%             | 2041-03-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU               | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $750234.38    | 4.36%             | 2039-12-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC         | Switch ABS Issuer LLC                                            | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    620000 | PA      | $623130.13    | 3.62%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| LV Trust                       | Fashion Show Mall LLC                                            | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    740000 | PA      | $750575.34    | 4.37%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Commercial Mortgage Trust 2022-LP2                            | CUSIP: 05610HAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    525000 | PA      | $524343.75    | 3.05%             | 2039-02-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                  | CUSIP: 3140NX3J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1520307.99   | 8.84%             | 2030-05-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC        | CF Hippolyta Issuer LLC                                          | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    671469 | PA      | $576753.33    | 3.35%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2023-B38 Mortgage Trust                                | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155000 | PA      | $158745.23    | 0.92%             | 2056-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ALA Trust                      | ALA Trust 2025-OANA                                              | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    525000 | PA      | $527625.00    | 3.07%             | 2040-06-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| RFR Trust                      | RFR Trust 2025-SGRM                                              | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760000 | PA      | $777087.84    | 4.52%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Trust 2018-CBM                                             | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    583000 | PA      | $569064.49    | 3.31%             | 2037-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                 | RIDE 2025-SHRE                                                   | CUSIP: 765692AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $719440.68    | 4.18%             | 2047-02-14      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita | MSSG Trust 2017-237P                                             | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1076000 | PA      | $1027241.38   | 5.97%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                     | MIRA Trust 2023-MILE                                             | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $895543.11    | 5.21%             | 2038-06-10      | Fixed         | 6.75%                 | 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