# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0000940400-25-010899
**Filing Date:** 2025-11
**Character Count:** 105429
**Document Hash:** fdf5bf7de1a4bc6868143e8c5ac469a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010899.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010899

**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:** 251527469

**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 High Yield MACS (Series ID: S000086625)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000252213 | Virtus Newfleet High Yield MACS | VMAHX           |

## Nport-Ex

**VIRTUS NEWFLEET HIGH YIELD MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—95.0%** | **Corporate Bonds and Notes—95.0%** | **Corporate Bonds and Notes—95.0%** |
| **Communication Services—10.9%** | **Communication Services—10.9%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.375%, 9/1/29<sup>(1)</sup> <br>| $78 | &nbsp;&nbsp; $79 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.750%, 3/1/30<sup>(1)</sup> <br>| 425 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp; CMG Media Corp. 144A <br>8.875%, 6/18/29<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC 144A <br>11.750%, 1/31/29<sup>(1)</sup> <br>| 510 | &nbsp;&nbsp; 429 |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.875%, 8/15/27<sup>(1)</sup> <br>| 228 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 8.875%, 2/1/30<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 8.875%, 2/1/30<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. <br>6.625%, 8/1/26<br>| 100 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Millennium Escrow Corp. 144A <br>6.625%, 8/1/26<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp; Rackspace Technology Global, Inc. 144A <br>5.375%, 12/1/28<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 144A <br>6.875%, 3/15/34<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Telesat Canada 144A <br>6.500%, 10/15/27<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>5.141%, 3/15/52<br>| 100 | &nbsp;&nbsp; 75 |
|  |  | &nbsp;&nbsp; 2396 |
| **Consumer Discretionary—7.2%** | **Consumer Discretionary—7.2%** |  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 165 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC 144A <br>4.625%, 4/1/30<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 170 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.500%, 2/7/35<br>| 120 | &nbsp;&nbsp; 123 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 9/15/27 | 275 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.625%, 9/15/29 | 89 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.375%, 5/15/30 | 60 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP 144A <br>8.000%, 8/1/30<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 157 |
|  |  | &nbsp;&nbsp; 1575 |
| **Consumer Staples—2.2%** | **Consumer Staples—2.2%** |  |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. 144A <br>6.375%, 3/1/33<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 368 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| $115 | &nbsp;&nbsp; $115 |
|  |  | &nbsp;&nbsp; 483 |
| **Energy—16.3%** | **Energy—16.3%** |  |
| &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP 144A <br>8.625%, 6/15/29<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC 144A <br>8.500%, 2/15/30<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Coronado Finance Pty Ltd. 144A <br>9.250%, 10/1/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 84 |
| Ecopetrol S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.625%, 11/2/31 | 26 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>8.875%, 1/13/33 | 22 | &nbsp;&nbsp; 24 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>8.000%, 5/15/54 | 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Series G <br>7.125%<sup>(2)</sup> <br>| 230 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; Series H <br>6.500%<sup>(2)</sup> <br>| 410 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP <br>8.875%, 4/15/30<br>| 160 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 135 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. 144A <br>9.750%, 3/1/29<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 144A <br>6.250%, 11/1/28<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; International Petroleum Corp. 144A, RegS <br>7.250%, 2/1/27<sup>(1)(3)</sup> <br>| 200 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC 144A <br>6.750%, 10/1/35<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC 144A <br>7.625%, 8/15/29<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Mesquite Energy, Inc. 144A <br>7.250%, 7/15/26<sup>(1)(4)</sup> <br>| 120 | &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc. 144A <br>7.375%, 5/15/27<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 294 |
| South Bow Canadian Infrastructure Holdings 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>7.500%, 3/1/55 | 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.625%, 3/1/55 | 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Teine Energy Ltd. 144A <br>6.875%, 4/15/29<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 59 |
| Transocean International 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 8.750%, 2/15/30<sup>(1)</sup> <br>| 71 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 8.500%, 5/15/31<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 10/15/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 9.000%<sup>(1)(2)</sup> <br>| 110 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 9.875%, 2/1/32<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp; 3563 |

---

See Notes to Schedule of Investments

------

**VIRTUS NEWFLEET HIGH YIELD MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—25.2%** | **Financials—25.2%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 2/1/29<sup>(1)</sup> <br>| $60 | &nbsp;&nbsp; $63 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.000%, 8/1/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 S.a.r.l. 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc. <br>7.000%, 12/1/55<br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 144A <br>6.625%, 7/15/33<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Azorra Finance Ltd. 144A <br>7.250%, 1/15/31<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones S.A. 144A <br>8.750% <sup>(1)(2)</sup> <br>| 217 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte S.A. 144A <br>6.625% <sup>(1)(2)</sup> <br>| 267 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; BBVA Mexico S.A. Institucion De Banca Multiple Grupo <br> Financiero BBVA Mexico 144A <br>5.125%, 1/18/33<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Block, Inc. <br>6.500%, 5/15/32<br>| 210 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. 144A <br>7.450% <sup>(1)(2)</sup> <br>| 215 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. Series X <br>3.875% <sup>(2)</sup> <br>| 410 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Constellation Oil Services Holding S.A. 144A <br>9.375%, 11/7/29<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 144A <br>8.500%, 4/15/31<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. 144A <br>7.950%, 10/15/54<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 144A <br>6.750%, 9/1/29<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 395 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. 144A <br>5.375%, 12/4/29<sup>(1)</sup> <br>| 166 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group U.S. Holdings, Inc. 144A <br>7.375%, 2/15/31<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust 144A <br>6.500%, 5/1/28<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. 144A <br>5.750%, 11/15/31<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 91 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>7.125%, 11/15/31 | 180 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.750%, 3/15/32 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 3/15/33 | 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Organon & Co. 144A <br>4.125%, 4/30/28<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| 165 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC 144A <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 108 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 11.000%, 12/15/29<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 11.000%, 12/15/29<sup>(1)</sup> <br>| $78 | &nbsp;&nbsp; $39 |
| &nbsp;&nbsp;&nbsp; SGUS LLC 144A <br>11.000%, 12/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. <br>4.000%, 5/6/31<br>| 960 | &nbsp;&nbsp; 946 |
|  |  | &nbsp;&nbsp; 5517 |
| **Health Care—5.8%** | **Health Care—5.8%** |  |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH 144A <br>5.500%, 1/15/28<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 161 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5.250%, 5/15/30<sup>(1)</sup> <br>| 620 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.750%, 2/15/31<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>6.750%, 12/10/54<br>| 113 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. 144A <br>6.250%, 6/1/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc. 144A <br>9.875%, 8/15/30<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 180 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
|  |  | &nbsp;&nbsp; 1277 |
| **Industrials—9.6%** | **Industrials—9.6%** |  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. 144A <br>6.375%, 3/1/34<sup>(1)</sup> <br>| 410 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp; Cimpress plc 144A <br>7.375%, 9/15/32<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. 144A <br>9.500%, 8/15/29<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC 144A <br>7.000%, 6/15/32<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. 144A <br>8.375%, 11/15/32<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 144A <br>7.375%, 10/1/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 144A <br>7.250%, 6/15/33<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 144A <br>5.750%, 9/15/33<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 117 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.250%, 5/15/26 | 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 5/15/27 | 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 10.000%, 11/15/29<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc. 144A <br>9.290%, 4/15/29<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 144A <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. 144A <br>6.875%, 12/15/30<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 202 |
|  |  | &nbsp;&nbsp; 2104 |

---

See Notes to Schedule of Investments

------

**VIRTUS NEWFLEET HIGH YIELD MACS**

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

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| $125 | &nbsp;&nbsp; $130 |
| &nbsp;&nbsp;&nbsp; Intel Corp. <br>3.100%, 2/15/60<br>| 210 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 254 |
| **Materials—7.0%** | **Materials—7.0%** |  |
| &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc. 144A <br>5.250%, 9/30/28<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp. 144A <br>6.750%, 3/31/33<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 144A <br>7.125%, 8/15/28<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; Illuminate Buyer LLC 144A <br>9.000%, 7/1/28<sup>(1)</sup> <br>| 185 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc 144A <br>9.625%, 3/15/29<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. 144A <br>9.250%, 4/15/27<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| 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 3.750%, 6/23/31<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>(1)</sup> <br>| 63 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A. (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(1)(6)</sup> <br>| 39 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance B.V. 144A <br>8.250%, 7/15/30<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 201 |
|  |  | &nbsp;&nbsp; 1524 |
| **Real Estate—0.8%** | **Real Estate—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust 144A <br>9.000%, 9/30/29<sup>(1)(7)</sup> <br>| 259 | &nbsp;&nbsp; 166 |
| **Utilities—8.8%** | **Utilities—8.8%** |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) <br>7.600%, 1/15/55<br>| 410 | &nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. <br>6.950%, 12/15/54<br>| 220 | &nbsp;&nbsp; 238 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5.375%, 4/1/26<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.875%, 4/1/29<sup>(1)</sup> <br>| 605 | &nbsp;&nbsp; 563 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 8.125%, 2/15/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 8.375%, 2/15/32<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Sempra <br>6.375%, 4/1/56<br>| 55 | &nbsp;&nbsp; 56 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 5/1/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.500%, 1/15/34<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. 144A <br>8.000% <sup>(1)(2)</sup> <br>| 390 | &nbsp;&nbsp; 399 |
|  |  | &nbsp;&nbsp; 1921 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $20,919)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $20,919)** | &nbsp;&nbsp; **20780** |

---

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

---

| | |
|:---|:---|
|  | **Value** |
| **Preferred Stock—1.1%** | **Preferred Stock—1.1%** |
| **Financials—1.1%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)</sup> <br>250 <br><sup>(8)</sup><br>| &nbsp;&nbsp; $245 |
| **Total Preferred Stock** <br>**(Identified Cost $250)** | &nbsp;&nbsp; **245** |
| **Total Long-Term Investments—96.1%** <br>**(Identified Cost $21,169)** | &nbsp;&nbsp; **21025** |
| **TOTAL INVESTMENTS—96.1%** <br>**(Identified Cost $21,169)** | &nbsp;&nbsp; **$21025** |
| Other assets and liabilities, net—3.9% | &nbsp;&nbsp; 843 |
| **NET ASSETS—100.0%** | &nbsp;&nbsp; **$21868** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee Corp. |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |

---

&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 $15,856 or 72.5% of net assets.<br>|
| <sup>(2)</sup> <br>| No contractual maturity date. |
| <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>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(5)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(6)</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>(7)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(8)</sup> <br>| Value shown as par value. |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 81<br> %<br>|
| Canada | 5 |
| Mexico | 2 |
| Cayman Islands | 2 |
| United Kingdom | 2 |
| Luxembourg | 2 |
| France | 1 |
| Other | 5 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

See Notes to Schedule of Investments

------

**VIRTUS NEWFLEET HIGH YIELD 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>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

&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) at September 30, 2025.

Securities held by the Fund with an end of period value of $—<sup>(1)</sup> were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended September 30, 2025.

See Notes to Schedule of Investments

------

**VIRTUS NEWFLEET HIGH YIELD MACS**

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

**September 30, 2025**

**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 High Yield MACS

- **b. EDGAR series identifier (if any):** S000086625

- **c. LEI of Series:** 254900FGQQEMGNJ19E23

**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:** $21953373.89

**Total Liabilities:** $213993.96

**Net Assets:** $21739379.93

**Delayed Delivery Securities:** $20000.00

**Cash Not Reported:** $573038.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** -185.87125370 | **30-Year:** -850.71595040

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

- **3-Month:** 0.00000000 | **1-Year:** -22.10017864 | **5-Year:** -2020.99574800 | **10-Year:** -1973.05648800 | **30-Year:** -1323.92746200

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252213 | 0.52%                | 0.94%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31785.21                | $-70413.20                                 |
| Month 2  | $-254214.08              | $327962.16                                 |
| Month 3  | $5146.13                 | $34363.57                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHS/COMMUNITY HEALTH SYS | CHS/Community Health Systems Inc                                             | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    620000 | PA      | $560879.39    | 2.58%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE    | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21053.15     | 0.10%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                | Block Inc                                                                    | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217351.26    | 1.00%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC    | Molina Healthcare Inc                                                        | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181999.62    | 0.84%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc                                                  | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35039.65     | 0.16%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                         | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $186656.94    | 0.86%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER | Kraken Oil & Gas Partners LLC                                                | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118941.76    | 0.55%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    267000 | PA      | $259857.75    | 1.20%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC       | Harbour Energy PLC                                                           | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    135000 | PA      | $138633.56    | 0.64%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP       | Energy Transfer LP                                                           | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10686.22     | 0.05%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO | Global Infrastructure Solutions Inc                                          | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    165000 | PA      | $174176.64    | 0.80%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE  | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp     | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105853.70    | 0.49%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP   | Millennium Escrow Corp                                                       | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $153270.77    | 0.71%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD         | Teine Energy Ltd                                                             | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    115000 | PA      | $113143.20    | 0.52%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN    | Icahn Enterprises LP / Icahn Enterprises Finance Corp                        | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24573.66     | 0.11%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                       | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109018.76    | 0.50%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN | Ascent Resources Utica Holdings LLC / ARU Finance Corp                       | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $111832.76    | 0.51%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC            | TransDigm Inc                                                                | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    195000 | PA      | $202046.33    | 0.93%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS | CHS/Community Health Systems Inc                                             | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    125000 | PA      | $108093.53    | 0.50%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS  | FTAI Aviation Investors LLC                                                  | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235467.45    | 1.08%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC  | Kodiak Gas Services LLC                                                      | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56471.60     | 0.26%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC    | Directv Financing LLC                                                        | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14815.82     | 0.07%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL / | Albion Financing 1 SARL / Aggreko Holdings Inc                               | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    105000 | PA      | $108601.50    | 0.50%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC           | Transocean International Ltd                                                 | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     71250 | PA      | $74967.19     | 0.34%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP   | CCO Holdings LLC / CCO Holdings Capital Corp                                 | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $407815.98    | 1.88%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE             | AES Corp/The                                                                 | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    410000 | PA      | $424700.96    | 1.95%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY     | Garda World Security Corp                                                    | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    115000 | PA      | $119373.07    | 0.55%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    217000 | PA      | $234902.50    | 1.08%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L | Telesat Canada / Telesat LLC                                                 | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     90000 | PA      | $44325.00     | 0.20%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                         | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15277.82     | 0.07%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC    | Nabors Industries Inc                                                        | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294381.32    | 1.35%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC        | Newell Brands Inc                                                            | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59447.68     | 0.27%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC        | Post Holdings Inc                                                            | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    365000 | PA      | $368397.79    | 1.69%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC      | Churchill Downs Inc                                                          | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163976.83    | 0.75%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC   | Nationstar Mortgage Holdings Inc                                             | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $90945.27     | 0.42%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE    | Melco Resorts Finance Ltd                                                    | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    166000 | PA      | $162173.70    | 0.75%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA      | Altice Financing SA                                                          | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    240000 | PA      | $186600.00    | 0.86%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP | Hilcorp Energy I LP / Hilcorp Finance Co                                     | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $110271.26    | 0.51%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR | Merlin Entertainments Group US Holdings Inc                                  | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    105000 | PA      | $90478.72     | 0.42%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP    | NGL Energy Operating LLC / NGL Energy Finance Corp                           | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97405.21     | 0.45%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD | Coronado Finance Pty Ltd                                                     | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |     95000 | PA      | $83631.91     | 0.38%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CATURUS ENERGY LLC       | Caturus Energy LLC                                                           | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83293.48     | 0.38%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SNAP INC                 | Snap Inc                                                                     | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    190000 | PA      | $192304.97    | 0.88%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU | Sinclair Television Group Inc                                                | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133415.10    | 0.61%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP    | NGL Energy Operating LLC / NGL Energy Finance Corp                           | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $71725.22     | 0.33%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC             | Cimpress PLC                                                                 | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    175000 | PA      | $174390.05    | 0.80%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC         | CSC Holdings LLC                                                             | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    510000 | PA      | $428881.49    | 1.97%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN | Hilton Domestic Operating Co Inc                                             | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116535.25    | 0.54%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN    | Genesis Energy LP / Genesis Energy Finance Corp                              | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $169388.00    | 0.78%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP  | Gulfport Energy Operating Corp                                               | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107750.32    | 0.50%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC           | Gray Media Inc                                                               | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79276.22     | 0.36%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA             | Ecopetrol SA                                                                 | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     26000 | PA      | $23340.20     | 0.11%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN | Clarios Global LP / Clarios US Finance Co                                    | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     15000 | PA      | $15495.15     | 0.07%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC    | Directv Financing LLC / Directv Financing Co-Obligor Inc                     | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    228000 | PA      | $227744.18    | 1.05%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE  | Global Medical Response Inc                                                  | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10293.10     | 0.05%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                       | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    220000 | PA      | $239519.10    | 1.10%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    395000 | PA      | $387966.31    | 1.78%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC | Saks Global Enterprises LLC                                                  | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     38750 | PA      | $13756.25     | 0.06%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC | Builders FirstSource Inc                                                     | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    410000 | PA      | $422343.46    | 1.94%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES | Texas Capital Bancshares Inc                                                 | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    960000 | PA      | $946108.74    | 4.35%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD | Aptiv Swiss Holdings Ltd                                                     | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    165000 | PA      | $168572.09    | 0.78%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC | Ford Motor Credit Co LLC                                                     | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123282.62    | 0.57%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN    | Trivium Packaging Finance BV                                                 | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     55000 | PA      | $58670.92     | 0.27%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp           | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $220636.23    | 1.01%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                         | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70110.60     | 0.32%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD | Primo Water Holdings Inc / Triton Water Holdings Inc                         | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $114905.00    | 0.53%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER  | Reinsurance Group of America Inc                                             | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    165000 | PA      | $173199.02    | 0.80%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP      | Buckeye Partners LP                                                          | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    215000 | PA      | $223309.54    | 1.03%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS    | Dick's Sporting Goods Inc                                                    | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    170000 | PA      | $126568.31    | 0.58%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA             | Ecopetrol SA                                                                 | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     22000 | PA      | $23866.70     | 0.11%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS | Hughes Satellite Systems Corp                                                | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95095.10     | 0.44%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC        | Newell Brands Inc                                                            | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89508.19     | 0.41%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL | Cheplapharm Arzneimittel GmbH                                                | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    165000 | PA      | $160752.01    | 0.74%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                      | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    105000 | PA      | $104335.26    | 0.48%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2  | INEOS Quattro Finance 2 Plc                                                  | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    230000 | PA      | $227589.42    | 1.05%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS | Univision Communications Inc                                                 | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113984.20    | 0.52%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS   | Helix Energy Solutions Group Inc                                             | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131684.13    | 0.61%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO   | Global Atlantic Fin Co                                                       | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    205000 | PA      | $216908.25    | 1.00%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY     | Rackspace Technology Global Inc                                              | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $45500.00     | 0.21%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE    | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5525.05      | 0.03%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC   | Cloud Software Group Inc                                                     | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129650.80    | 0.60%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC   | Acrisure LLC / Acrisure Finance Inc                                          | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $62622.72     | 0.29%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD | South Bow Canadian Infrastructure Holdings Ltd                               | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15671.78     | 0.07%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR | Midcap Financial Issuer Trust                                                | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $193664.45    | 0.89%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE | Ashton Woods USA LLC / Ashton Woods Finance Co                               | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $288737.31    | 1.33%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56443.62     | 0.26%             | 2056-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC           | Rocket Cos Inc                                                               | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $108371.97    | 0.50%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                       | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     15000 | PA      | $14081.25     | 0.06%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP       | Energy Transfer LP                                                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237658.31    | 1.09%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA     | Constellation Oil Services Holding SA                                        | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     34000 | PA      | $34892.50     | 0.16%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC | Saks Global Enterprises LLC                                                  | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     77500 | PA      | $39525.00     | 0.18%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS | Ferrellgas LP / Ferrellgas Finance Corp                                      | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44546.58     | 0.20%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE        | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                 | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20178.33     | 0.09%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA               | Grifols SA                                                                   | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    120000 | PA      | $116563.45    | 0.54%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP     | Capstone Copper Corp                                                         | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $128753.63    | 0.59%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN | Weekley Homes LLC / Weekley Finance Corp                                     | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $156658.62    | 0.72%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    215000 | PA      | $224405.61    | 1.03%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    220000 | PA      | $238095.62    | 1.10%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L | Amneal Pharmaceuticals LLC                                                   | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5171.06      | 0.02%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN    | Icahn Enterprises LP / Icahn Enterprises Finance Corp                        | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14982.27     | 0.07%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE           | Azorra Finance Ltd                                                           | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    110000 | PA      | $114542.01    | 0.53%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INTEL CORP               | Intel Corp                                                                   | CUSIP: 458140BK5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    210000 | PA      | $124442.82    | 0.57%             | 2060-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA     | Samarco Mineracao SA                                                         | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     39357 | PA      | $39553.35     | 0.18%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN    | Icahn Enterprises LP / Icahn Enterprises Finance Corp                        | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $85375.50     | 0.39%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                       | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     63000 | PA      | $65774.52     | 0.30%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC | Windsor Holdings III LLC                                                     | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    190000 | PA      | $200850.71    | 0.92%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC    | Directv Financing LLC                                                        | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $94212.45     | 0.43%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM  | International Petroleum Corp                                                 | CUSIP: 000000000<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $202894.09    | 0.93%             | 2027-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC           | Transocean International Ltd                                                 | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     90000 | PA      | $88202.76     | 0.41%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS | Ferrellgas LP / Ferrellgas Finance Corp                                      | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    605000 | PA      | $563038.35    | 2.59%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING     | Cornerstone Building Brands Inc                                              | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170037.00    | 0.78%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                | IQVIA Inc                                                                    | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35984.94     | 0.17%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA  | Capital Farm Credit ACA                                                      | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245000.00    | 1.13%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION    | CMG Media Corp                                                               | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $211236.60    | 0.97%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC     | Neptune Bidco US Inc                                                         | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    165000 | PA      | $161978.85    | 0.75%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS    | Endo Finance Holdings Inc                                                    | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $96558.21     | 0.44%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP  | ASP Unifrax Holdings Inc                                                     | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    230000 | PA      | $75612.50     | 0.35%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD | South Bow Canadian Infrastructure Holdings Ltd                               | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $212372.60    | 0.98%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP          | CVS Health Corp                                                              | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    113000 | PA      | $116642.56    | 0.54%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC        | Newell Brands Inc                                                            | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    275000 | PA      | $278749.90    | 1.28%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    410000 | PA      | $406212.38    | 1.87%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC        | Herc Holdings Inc                                                            | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41756.08     | 0.19%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC            | Tidewater Inc                                                                | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58984.73     | 0.27%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC   | Acrisure LLC / Acrisure Finance Inc                                          | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $93647.88     | 0.43%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI | Solstice Advanced Materials Inc                                              | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5016.52      | 0.02%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP | Graham Packaging Co Inc                                                      | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215382.06    | 0.99%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR | Organon & Co / Organon Foreign Debt Co-Issuer BV                             | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $111106.38    | 0.51%             | 2028-04-30      | Fixed         | 4.12%                 | 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        |    220000 | PA      | $216218.20    | 0.99%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                 | SGUS LLC                                                                     | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50022 | PA      | $47154.54     | 0.22%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC     | LifePoint Health Inc                                                         | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $102879.11    | 0.47%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC    | Quikrete Holdings Inc                                                        | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    145000 | PA      | $150197.38    | 0.69%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP       | Energy Transfer LP                                                           | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    410000 | PA      | $411529.30    | 1.89%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT   | Mauser Packaging Solutions Holding Co                                        | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100228.80    | 0.46%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC      | MESQUITE ENERGY INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $12.00        | 0.00%             | 2023-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC | Warnermedia Holdings Inc                                                     | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74500.00     | 0.34%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST  | Office Properties Income Trust                                               | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259000 | PA      | $165760.00    | 0.76%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES           | LSB Industries Inc                                                           | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212091.52    | 0.98%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP   | CCO Holdings LLC / CCO Holdings Capital Corp                                 | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     78000 | PA      | $79071.41     | 0.36%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG    | Illuminate Buyer LLC / Illuminate Holdings IV Inc                            | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $185584.60    | 0.85%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO               | Opal Bidco SAS                                                               | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     15000 | PA      | $15371.19     | 0.07%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP              | Vistra Corp                                                                  | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    390000 | PA      | $398914.62    | 1.83%             | N/A             | Fixed         | 8.00%                 | 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