# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0000940400-25-010875
**Filing Date:** 2025-11
**Character Count:** 63521
**Document Hash:** e1cd51c4b4be1ab2907e49e87e662350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010875.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010875

**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:** 251527445

**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 ABS MACS (Series ID: S000086622)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000252210 | Virtus Newfleet ABS MACS | VMADX           |

## Nport-Ex

**VIRTUS Newfleet ABS MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—93.4%** | **Asset-Backed Securities—93.4%** | **Asset-Backed Securities—93.4%** |
| **Automobiles—46.2%** | **Automobiles—46.2%** |  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-2A, A 144A <br>5.550%, 6/20/28<sup>(1)</sup> <br>| $735 | &nbsp;&nbsp; $732 |
| &nbsp;&nbsp;&nbsp; 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(1)</sup> <br>| 904 | &nbsp;&nbsp; 900 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust 2025-1, C <br> 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1033 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(1)</sup> <br>| 66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 335 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(1)</sup> <br>| 600 | &nbsp;&nbsp; 601 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; (AESOP) 2020-2A, A 144A <br>2.020%, 2/20/27<sup>(1)</sup> <br>| 238 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; (AESOP) 2022-5A, A 144A <br>6.120%, 4/20/27<sup>(1)</sup> <br>| 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; BOF URSA VI Funding Trust I 2023-CAR2, A2 144A <br>5.542%, 10/27/31<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust 2025-1, C <br>5.150%, 12/17/29<br>| 700 | &nbsp;&nbsp; 704 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-N2, C <br>1.070%, 3/10/28<br>| 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; 2021-N3, D <br>1.580%, 6/12/28<br>| 86 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; 2021-P3, B <br>1.420%, 8/10/27<br>| 660 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp; 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 956 |
| &nbsp;&nbsp;&nbsp; 2024-N1, B 144A <br>5.630%, 5/10/30<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust 2025-A, C 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| 229 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(1)</sup> <br>| 286 | &nbsp;&nbsp; 291 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-3A, D <br>6.680%, 4/16/29<br>| 272 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; 2024-5A, B <br>4.480%, 4/16/29<br>| 65 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(1)</sup> <br>| 524 | &nbsp;&nbsp; 522 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(1)</sup> <br>| 332 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; 2024-2A, C 144A <br>6.030%, 2/15/30<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 603 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, D 144A <br>3.990%, 11/15/29<sup>(1)</sup> <br>| $849 | &nbsp;&nbsp; $848 |
| &nbsp;&nbsp;&nbsp; 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 62 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(1)</sup> <br>| 495 | &nbsp;&nbsp; 506 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1A, A 144A <br>4.220%, 5/17/27<sup>(1)</sup> <br>| 138 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 268 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; 2024-3A, B 144A <br>5.030%, 11/15/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(1)</sup> <br>| 613 | &nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC 2023-1A, A 144A <br>7.210%, 5/20/36<sup>(1)</sup> <br>| 277 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; SAFCO Auto Receivables Trust 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust 2024-2A, C 144A <br>6.930%, 4/17/28<sup>(1)</sup> <br>| 700 | &nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; U.S. Bank N.A. 2023-1, B 144A <br>6.789%, 8/25/32<sup>(1)</sup> <br>| 69 | &nbsp;&nbsp; 70 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2, D 144A <br>6.840%, 1/10/28<sup>(1)</sup> <br>| 825 | &nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>7.060%, 10/10/29<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Veridian Auto Receivables Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 274 |
| Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, C 144A <br>7.570%, 12/15/28<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; 2025-1, B 144A <br>5.540%, 7/16/29<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1007 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 623 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 780 | &nbsp;&nbsp; 790 |
|  |  | &nbsp;&nbsp; 17759 |
| **Consumer Loans—2.4%** | **Consumer Loans—2.4%** |  |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust 2024-1PL, A 144A <br>5.900%, 4/25/31<sup>(1)</sup> <br>| 63 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 541 | &nbsp;&nbsp; 531 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp; 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(1)</sup> <br>| 42 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 925 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet ABS MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Credit Card—1.5%** | **Credit Card—1.5%** |  |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust 2024-2A, A <br> 144A <br>6.560%, 7/20/29<sup>(1)</sup> <br>| $585 | &nbsp;&nbsp; $589 |
| **Other—43.3%** | **Other—43.3%** |  |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(1)</sup> <br>| 66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Affirm Master Trust Series 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(1)</sup> <br>| 910 | &nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp; Applebee's Funding LLC 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(1)</sup> <br>| 743 | &nbsp;&nbsp; 756 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 519 | &nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp; 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(1)</sup> <br>| 558 | &nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp; 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; Auxilior Term Funding LLC 2023-1A, C 144A <br>6.500%, 11/15/30<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust 2024-1CON, A 144A <br>5.810%, 4/17/35<sup>(1)</sup> <br>| 252 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; Bojangles Issuer LLC 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(1)</sup> <br>| 585 | &nbsp;&nbsp; 593 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-A, B 144A <br>2.490%, 2/28/36<sup>(1)</sup> <br>| 58 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; 2023-A, A 144A <br>5.770%, 11/15/38<sup>(1)</sup> <br>| 36 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust 2023-1, A2 144A <br>5.820%, 9/16/30<sup>(1)</sup> <br>| 63 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Commercial Equipment Finance LLC 2024-1A, A 144A <br>5.970%, 7/16/29<sup>(1)</sup> <br>| 134 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Dext ABS LLC 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 178 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; FAT Brands Royalty LLC 2021-1A, A2 144A <br>5.750%, 4/25/51<sup>(1)</sup> <br>| 278 | &nbsp;&nbsp; 167 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; 2023-1A, A 144A <br>5.670%, 12/15/43<sup>(1)</sup> <br>| 43 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 311 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; Hardee's Funding LLC 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(1)</sup> <br>| 246 | &nbsp;&nbsp; 255 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-2A, C 144A <br>5.570%, 1/25/37<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; HIN Timeshare Trust 2020-A, C 144A <br>3.420%, 10/9/39<sup>(1)</sup> <br>| 59 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; HINNT LLC 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 814 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(1)</sup> <br>| 690 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust 2021-1A, A 144A <br>1.900%, 11/20/31<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Libra Solutions LLC 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(1)</sup> <br>| 835 | &nbsp;&nbsp; 833 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; Momnt Technologies Trust 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(1)</sup> <br>| $120 | &nbsp;&nbsp; $120 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, A 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| 197 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; 2023-1A, B 144A <br>5.420%, 10/20/40<sup>(1)</sup> <br>| 33 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; 2024-1A, A 144A <br>5.320%, 2/20/43<sup>(1)</sup> <br>| 171 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust 2021-EA, A <br> 144A <br>0.970%, 12/16/69<sup>(1)</sup> <br>| 398 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; NBC Funding LLC 2025-1A, A2 144A <br>6.209%, 7/30/55<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 588 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 388 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; 2025-A, B 144A <br>5.180%, 7/15/32<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 237 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 62 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(1)</sup> <br>| 611 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust 2024-2, B 144A <br>5.830%, 2/9/32<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; OWN Equipment Fund I LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; Pawneee Equipment Receivables LLC 2022-1, B 144A <br>5.400%, 7/17/28<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC 2024-1A, A2I 144A <br>5.765%, 6/5/54<sup>(1)</sup> <br>| 178 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; PowerPay Issuance Trust 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 117 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding LLC 2024-A, B 144A <br>6.430%, 8/15/28<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust 2025-1, A 144A <br>4.800%, 2/27/34<sup>(1)</sup> <br>| 71 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; Trafigura Securitisation Finance plc 2024-1A, A2 144A <br>5.980%, 11/15/27<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Trinity Rail Leasing LLC 2019-1A, A 144A <br>3.820%, 4/17/49<sup>(1)</sup> <br>| 287 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp; TSC SPV Funding LLC 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(1)</sup> <br>| 878 | &nbsp;&nbsp; 892 |

---

See Notes to Schedule of Investments

------

**VIRTUS Newfleet ABS MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp; USQ Rail III LLC 2024-1A, A 144A <br>4.990%, 9/28/54<sup>(1)</sup> <br>| $861 | &nbsp;&nbsp; $860 |
|  |  | &nbsp;&nbsp; 16637 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $36,131)** | **Total Asset-Backed Securities** <br>**(Identified Cost $36,131)** | &nbsp;&nbsp; **35910** |
| **Total Long-Term Investments—93.4%** <br>**(Identified Cost $36,131)** | **Total Long-Term Investments—93.4%** <br>**(Identified Cost $36,131)** | &nbsp;&nbsp; **35910** |
| **TOTAL INVESTMENTS—93.4%** <br>**(Identified Cost $36,131)** | **TOTAL INVESTMENTS—93.4%** <br>**(Identified Cost $36,131)** | &nbsp;&nbsp; **$35910** |
| Other assets and liabilities, net—6.6% | Other assets and liabilities, net—6.6% | &nbsp;&nbsp; 2552 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$38462** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| LLC | Limited Liability Company |
| plc | Public Limited Company |

---

&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 $34,130 or 88.7% of net assets.<br>|

---

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; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35910 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35910 |

---

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 ABS 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 ABS MACS

- **b. EDGAR series identifier (if any):** S000086622

- **c. LEI of Series:** 2549002ITWIQU02JEJ86

**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:** $38518310.03

**Total Liabilities:** $217476.51

**Net Assets:** $38300833.52

**Cash Not Reported:** $2528944.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -1307.24127300 | **10-Year:** -1183.19025300 | **30-Year:** -2415.07242800

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -225.47496340 | **10-Year:** -242.83250010 | **30-Year:** -1236.80857900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252210 | 0.24%                | 0.94%                | -0.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $516.22                  | $-87425.65                                 |
| Month 2  | $319.90                  | $191264.29                                 |
| Month 3  | $10225.30                | $-390521.01                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dext ABS                       | Dext ABS 2023-1 LLC                                  | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178322 | PA      | $179162.27    | 0.47%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust     | Navient Private Education Refi Loan Trust 2021-E     | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397923 | PA      | $358673.75    | 0.94%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                 | MVW 2020-1 LLC                                       | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197347 | PA      | $193007.44    | 0.50%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust     | LAD Auto Receivables Trust 2023-4                    | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62000 | PA      | $64024.47     | 0.17%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2022-2             | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    331637 | PA      | $334115.85    | 0.87%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC    | Merchants Fleet Funding LLC                          | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    277273 | PA      | $278948.55    | 0.73%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat | United Auto Credit Securitization Trust 2024-1       | CUSIP: 90945DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $236390.26    | 0.62%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust            | HINNT 2025-A LLC                                     | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    813982 | PA      | $821418.82    | 2.14%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2022-2  | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65771 | PA      | $66449.05     | 0.17%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC           | TSC SPV Funding LLC                                  | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    878362 | PA      | $892227.63    | 2.33%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-A        | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $656440.14    | 1.71%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr | Credit Acceptance Auto Loan Trust 2024-1             | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229000 | PA      | $231608.84    | 0.60%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables   | Pawneee Equipment Receivables Series 2022-1 LLC      | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $290645.11    | 0.76%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan | Trafigura Securitisation Finance PLC                 | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |    590000 | PA      | $599985.16    | 1.57%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur | BHG Securitization Trust 2024-1CON                   | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    251634 | PA      | $258311.69    | 0.67%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust     | BXG Receivables Note Trust 2020-A                    | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58378 | PA      | $56834.23     | 0.15%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2023-3           | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272000 | PA      | $278309.26    | 0.73%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2024-A                    | CUSIP: 22411CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $60646.19     | 0.16%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2023-3                      | CUSIP: 67571CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    611000 | PA      | $626565.71    | 1.64%             | 2029-08-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2024-2             | CUSIP: 37964VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $602760.87    | 1.57%             | 2030-02-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2025-1  | CUSIP: 039962AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $600564.42    | 1.57%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2024-2            | CUSIP: 89616PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $419258.49    | 1.09%             | 2028-04-17      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| USQ Rail                       | USQ Rail III LLC                                     | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    860675 | PA      | $859778.76    | 2.24%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2023-1 LLC                                       | CUSIP: 62848PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33036 | PA      | $33432.35     | 0.09%             | 2040-10-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing L.P.      | Trinity Rail Leasing 2019-1 LLC                      | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287010 | PA      | $285229.88    | 0.74%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2022-N1               | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29336 | PA      | $28979.84     | 0.08%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2025-1                               | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42370 | PA      | $42487.37     | 0.11%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2025-1  | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1025000 | PA      | $1033374.25   | 2.70%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC     | Jersey Mike's Funding LLC                            | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    689500 | PA      | $688572.00    | 1.80%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2019-A                            | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    519039 | PA      | $509013.53    | 1.33%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2025-1                  | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1007039.40   | 2.63%             | 2029-07-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2024-1  | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $343725.44    | 0.90%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2023-3                      | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62000 | PA      | $63068.68     | 0.16%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust         | Lendmark Funding Trust 2021-1                        | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $280722.70    | 0.73%             | 2031-11-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-P3               | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $641893.23    | 1.68%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A     | HIN Timeshare Trust 2020-A                           | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58701 | PA      | $57513.45     | 0.15%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation           | Libra Solutions 2024-1 LLC                           | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    835000 | PA      | $833426.94    | 2.18%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2022-1                 | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138221 | PA      | $138029.52    | 0.36%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2024-5           | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $65086.48     | 0.17%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2024-1                  | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $241376.16    | 0.63%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust     | LAD Auto Receivables Trust 2021-1                    | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    849098 | PA      | $847879.57    | 2.21%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2023-2                      | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311234 | PA      | $324895.63    | 0.85%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc   | Hardee's Funding LLC                                 | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246250 | PA      | $255013.72    | 0.67%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2024-3                 | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $259739.95    | 0.68%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2023-1                      | CUSIP: 35042AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42801 | PA      | $43862.50     | 0.11%             | 2043-12-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2023-1                           | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286000 | PA      | $290746.40    | 0.76%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust         | Oscar US Funding XV LLC                              | CUSIP: 68785CAC5<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |    109916 | PA      | $110717.17    | 0.29%             | 2027-12-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L | Planet Fitness Master Issuer LLC                     | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    178200 | PA      | $181712.52    | 0.47%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card  | Mercury Financial Credit Card Master Trust           | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585000 | PA      | $589582.77    | 1.54%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust       | Momnt Technologies Trust 2023-1                      | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119536 | PA      | $119694.09    | 0.31%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance   | Commercial Equipment Finance 2024-1 LLC              | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133566 | PA      | $135049.21    | 0.35%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association | US Bank NA                                           | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69261 | PA      | $70067.34     | 0.18%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N2               | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7287 | PA      | $7103.68      | 0.02%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                 | ACM Auto Trust 2025-2                                | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    735140 | PA      | $732552.22    | 1.91%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2024-1         | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    623000 | PA      | $627211.73    | 1.64%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC      | Auxilior Term Funding 2023-1 LLC                     | CUSIP: 05335JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $62227.48     | 0.16%             | 2030-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC               | NMEF Funding 2025-A LLC                              | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $237391.43    | 0.62%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N3               | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86008 | PA      | $83599.73     | 0.22%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                 | OWN Equipment Fund I LLC                             | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    544463 | PA      | $552287.70    | 1.44%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2024-1 LLC                                       | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171219 | PA      | $174745.81    | 0.46%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust   | Hilton Grand Vacations Trust 2024-2                  | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45220 | PA      | $46116.72     | 0.12%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust            | Affirm Master Trust Series 2025-3                    | CUSIP: 00833BAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $908709.17    | 2.37%             | 2034-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC             | CUSIP: 05377RDY7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    237500 | PA      | $236234.08    | 0.62%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust          | CCG Receivables Trust 2023-1                         | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62997 | PA      | $63329.26     | 0.17%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust   | SAFCO Auto Receivables Trust 2024-1                  | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $235885.83    | 0.62%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru | First Investors Auto Owner Trust 2022-1              | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    523916 | PA      | $521726.07    | 1.36%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-1PL                              | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62764 | PA      | $63347.43     | 0.17%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC      | FAT Brands Royalty LLC                               | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    278400 | PA      | $167056.73    | 0.44%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2024-2         | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $789926.36    | 2.06%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC     | Applebee's Funding LLC / IHOP Funding LLC            | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    743000 | PA      | $755929.83    | 1.97%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2021-C                        | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    541256 | PA      | $531046.83    | 1.39%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat | United Auto Credit Securitization Trust 2022-2       | CUSIP: 90944KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825208 | PA      | $827294.06    | 2.16%             | 2028-01-10      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2024-X2            | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66089 | PA      | $66148.50     | 0.17%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2024-2                 | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    267953 | PA      | $269664.13    | 0.70%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC         | Taco Bell Funding LLC                                | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $997296.98    | 2.60%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust   | Hilton Grand Vacations Trust 2022-2                  | CUSIP: 43283GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19202 | PA      | $19353.90     | 0.05%             | 2037-01-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC             | CUSIP: 05377RFV1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     42000 | PA      | $42253.80     | 0.11%             | 2027-04-20      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding       | Purchasing Power Funding 2024-A LLC                  | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $292579.17    | 0.76%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU | SoFi Consumer Loan Program 2025-1 Trust              | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71046 | PA      | $71401.46     | 0.19%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2021-1                      | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    220326 | PA      | $209245.33    | 0.55%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2023-N4               | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    930000 | PA      | $955810.01    | 2.50%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC          | Bojangles Issuer LLC                                 | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585000 | PA      | $593177.83    | 1.55%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2020-A                            | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    557581 | PA      | $534676.39    | 1.40%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach Abs Trust 2024-1                               | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $287734.29    | 0.75%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING               | BOF URSA VI Funding Trust I                          | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29011 | PA      | $29180.47     | 0.08%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust     | LAD Auto Receivables Trust 2025-1                    | CUSIP: 505712AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $506093.49    | 1.32%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2024-A                            | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $227409.75    | 0.59%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2024-N1               | CUSIP: 14687QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303564.00    | 0.79%             | 2030-05-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC               | NMEF Funding 2024-A LLC                              | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    387713 | PA      | $390703.32    | 1.02%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust     | BXG Receivables Note Trust 2023-A                    | CUSIP: 123919AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36102 | PA      | $36788.45     | 0.10%             | 2038-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur | Bridgecrest Lending Auto Securitization Trust 2025-1 | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $703810.94    | 1.84%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Trust 2023-1                                     | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189494 | PA      | $190908.27    | 0.50%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus | Veridian Auto Receivables Trust 2023-1               | CUSIP: 92347BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $273555.20    | 0.71%             | 2028-12-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC | PEAC Solutions Receivables 2024-1 LLC                | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305000 | PA      | $313052.92    | 0.82%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                 | ACM Auto Trust 2025-3                                | CUSIP: 00161UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    903408 | PA      | $900059.31    | 2.35%             | 2030-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2025-1                 | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    613371 | PA      | $614076.52    | 1.60%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2024-2                        | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $260986.73    | 0.68%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust        | PowerPay Issuance Trust 2024-1                       | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117276 | PA      | $121028.57    | 0.32%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                | NBC Funding LLC                                      | CUSIP: 62878YAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    575000 | PA      | $587716.53    | 1.53%             | 2055-07-30      | Fixed         | 6.21%                 | 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