# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0001193125-25-195658
**Filing Date:** 2025-9
**Character Count:** 327161
**Document Hash:** 850aeb6f7459f85760a6e3446bdf56a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195658.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195658

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23968
- **FILM NUMBER:** 251292257

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

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

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

## Series and Classes Contracts Data

### Virtus Newfleet ABS MACS (Series ID: S000086622)

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

### Virtus Newfleet CMBS MACS (Series ID: S000086623)

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

### Virtus Newfleet Floating Rate MACS (Series ID: S000086624)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000252212 | Virtus Newfleet Floating Rate MACS | VMAFX           |

### Virtus Newfleet High Yield MACS (Series ID: S000086625)

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

### Virtus Newfleet RMBS MACS (Series ID: S000086626)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000252214 | Virtus Newfleet RMBS MACS | VMAJX           |

### Virtus Seix High Yield MACS (Series ID: S000086627)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000252215 | Virtus Seix High Yield MACS | VMAKX           |

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

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

?xml version='1.0' encoding='ASCII'? Virtus Alternative Solutions Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23968

#### Virtus Managed Account Completion Shares (MACS) Trust
(Exact name of registrant as specified in charter)

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025

------

 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Newfleet ABS MACS
VMADX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet ABS MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet ABS MACS | $0 | 0.01% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$38208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Asset-Backed Securities | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8662 Virtus Newfleet ABS MACS

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Newfleet CMBS MACS
VMAEX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet CMBS MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet CMBS MACS | $0 | 0.01% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$20804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 90% |
| Asset-Backed Securities | 10% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8663 Virtus Newfleet CMBS MACS

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Newfleet Floating Rate MACS
VMAFX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Floating Rate MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Floating Rate MACS | $1 | 0.03% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$21211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Cable/Wireless Video | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food / Tobacco | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 40% |  |
| Exchange-Traded Fund |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8664 Virtus Newfleet Floating Rate MACS

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Newfleet High Yield MACS
VMAHX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet High Yield MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield MACS | $0 | 0.01% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$21884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 26% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 14% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 47% |  |
| Preferred Stock |  | 1% |
| Total |  | 100% |

---

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8665 Virtus Newfleet High Yield MACS

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Newfleet RMBS MACS
VMAJX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet RMBS MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet RMBS MACS | $0 | 0.01% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$47016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 95% |
| Asset-Backed Securities | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8666 Virtus Newfleet RMBS MACS

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Seix High Yield MACS
VMAKX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Seix High Yield MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield MACS | $0 | 0.01% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 14% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8667 Virtus Seix High Yield MACS

![Virtus_FC_Logo](g33646images_28441.jpg)

## Virtus Stone Harbor EMD MACS
VMALX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Stone Harbor EMD MACS ("Fund") for the period of February 5, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/completion-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Stone Harbor EMD MACS | $0 | 0.01% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration & Production | 15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals, Mining & Steel | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Other | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refining | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 15% |  |
| Foreign Government Securities |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g33646images_28914.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/completion-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8668 Virtus Stone Harbor EMD MACS

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit.

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $240,712 for 2025 and $0 for 2024.

------

The funds were launched in 2025 and therefore did not incur audit fees in 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

The funds were launched in 2025 and therefore did not incur audit fees in 2024.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2025 and $0 for 2024.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

The funds were launched in 2025 and therefore did not incur audit fees in 2024.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

The funds were launched in 2025 and therefore did not incur audit fees in 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Managed Account Completion Shares (MACS) Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2024.

The funds were launched in 2025 and therefore did not incur audit fees in 2024.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Refer to Item 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

## VIRTUS MANAGED ACCOUNT COMPLETION

## SHARES (MACS) TRUST
![](g33646img6490235d1.gif)

------

June 30, 2025

---

| |
|:---|
| Virtus Newfleet ABS MACS |
| Virtus Newfleet CMBS MACS |
| Virtus Newfleet Floating Rate MACS |
| Virtus Newfleet High Yield MACS |
| Virtus Newfleet RMBS MACS |
| Virtus Seix High Yield MACS |
| Virtus Stone Harbor EMD MACS |

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_3922681d-3dab-4ec6-a11f-f0e3c7f6a2ae_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet ABS MACS ("Newfleet ABS MACS")](#xx_8b171ff5-04f3-45db-b0b6-5429ac0309aa_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet CMBS MACS ("Newfleet CMBS MACS")](#xx_8d5f56f0-0bf0-40bc-a7be-124af2ac13e2_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Floating Rate MACS ("Newfleet Floating Rate MACS")](#xx_5de69c31-4bb2-4329-9aed-85f19a72c254_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet High Yield MACS ("Newfleet High Yield MACS")](#xx_9ad16666-a271-4844-a31e-2451556d0307_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet RMBS MACS ("Newfleet RMBS MACS")](#xx_eb05bf36-5122-4279-9287-cbc48192fe9f_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix High Yield MACS ("Seix High Yield MACS")](#xx_62203385-f0da-480a-a177-d8baae781dec_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Stone Harbor EMD MACS ("Stone Harbor EMD MACS")](#xx_02d28d7a-5da0-4b94-94d4-7a08858ed5de_1) | 21 |
| [Statements of Assets and Liabilities](#xx_be20fc07-3f6b-4399-b84a-032380e4cdf3_1) | 24 |
| [Statements of Operations](#xx_60fec99d-bf40-4051-8f04-acebd944cd55_1) | 26 |
| [Statements of Changes in Net Assets](#xx_89746027-3b4b-43dd-8450-ea1872e2b98b_1) | 28 |
| [Financial Highlights](#xx_373f283a-d4e3-436a-8f4a-083442bfc593_1) | 32 |
| [Notes to Financial Statements](#xx_ae47c045-c95d-490e-bb2d-fd55a4adfc49_1) | 33 |
| [Report of Independent Registered Public Accounting Firm](#xx_7f22a048-9fa3-401f-9fbf-ae024ae8f873_1) | 45 |
| [Other Information](#xx_f3c491eb-777d-4934-a735-4bae4b179843_1) | 46 |
| [Tax Information Notice](#xx_76ee6537-af57-4c52-adb5-5d3990416e53_1) | 49 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### June 30, 2025

#### Asset-Backed Securities ("ABS")
Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

#### Commercial Mortgage-Backed Securities ("CMBS")
Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property.

#### Designated Activity Company ("DAC")
A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index..

#### Joint Stock Company ("JSC")
A joint stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

#### Leveraged Loan
Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

#### Mortgage-Backed Securities ("MBS")
Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders.

#### Payment-in-Kind Security ("PIK")
A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

#### Prime Rate
The federal funds rate commercial banks charge their most creditworthy corporate customers.

P**ublic Limited Company ("plc")**

A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

#### Secured Overnight Financing Rate ("SOFR")
The Secured Overnight Financing Rate is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the LIBOR.

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet ABS MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—97.1%** | **Asset-Backed Securities—97.1%** | **Asset-Backed Securities—97.1%** |
| **Automobiles—46.6%** | **Automobiles—46.6%** |  |
| ACM Auto Trust 2025-2A, A 144A<br> 5.550%, 6/20/28<sup>(1)</sup> | $926 | $927 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, D 144A<br> 2.460%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp;1025 | &nbsp;&nbsp; 1034 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 343 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, A 144A<br> 6.120%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| BOF URSA VI Funding Trust I 2023-CAR2, A2 144A<br> 5.542%, 10/27/31<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 703 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;2021-P3, B<br> 1.420%, 8/10/27 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;2023-N4, C 144A<br> 6.590%, 2/11/30<sup>(1)</sup> | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp;2024-N1, B 144A<br> 5.630%, 5/10/30<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 304 |
| Consumer Portfolio Services Auto Trust 2025-A, C 144A<br> 5.250%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 657 |
| CPS Auto Receivables Trust 2024-A, C 144A<br> 5.740%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 61 |
| Credit Acceptance Auto Loan Trust 2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 232 |
| DT Auto Owner Trust 2023-1A, D 144A<br> 6.440%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 291 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;2023-3A, D<br> 6.680%, 4/16/29 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 278 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | $65 | $65 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 254 |
| First Investors Auto Owner Trust 2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 735 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 6.030%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 601 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;2023-4A, C 144A<br> 6.760%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.520%, 5/17/32<sup>(1)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 502 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.030%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.100%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 677 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(1)</sup> | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 344 |
| Oscar U.S. Funding XV LLC 2023-1A, A3 144A<br> 5.810%, 12/10/27<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
| SAFCO Auto Receivables Trust 2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
| Tricolor Auto Securitization Trust 2024-2A, C 144A<br> 6.930%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 709 |
| U.S. Bank N.A. 2023-1, B 144A<br> 6.789%, 8/25/32<sup>(1)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 89 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2, D 144A<br> 6.840%, 1/10/28<sup>(1)</sup> | &nbsp;&nbsp;1110 | &nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 7.060%, 10/10/29<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 237 |
| Veridian Auto Receivables Trust 2023-1A, A4 144A<br> 5.590%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 273 |
| Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 7.570%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;2025-1, B 144A<br> 5.540%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1008 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.550%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 626 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(1)</sup> | $780 | $788 |
|  |  | &nbsp;&nbsp;17817 |
| **Consumer Loans—5.0%** | **Consumer Loans—5.0%** |  |
| ACHV ABS Trust 2024-1PL, A 144A<br> 5.900%, 4/25/31<sup>(1)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89 |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 792 |
| Oportun Issuance Trust 2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 680 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 4.960%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 1903 |
| **Credit Card—1.6%** | **Credit Card—1.6%** |  |
| Mercury Financial Credit Card Master Trust 2024-2A, A 144A<br> 6.560%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 590 |
| **Equipment—0.4%** | **Equipment—0.4%** |  |
| Auxilior Term Funding LLC 2023-1A, D 144A<br> 7.270%, 12/16/30<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 168 |
| **Other—43.5%** | **Other—43.5%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 127 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(1)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 754 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 224 |
| Auxilior Term Funding LLC 2023-1A, C 144A<br> 6.500%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| BHG Securitization Trust 2024-1CON, A 144A<br> 5.810%, 4/17/35<sup>(1)</sup> | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 299 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(1)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 596 |
| Business Jet Securities LLC 2024-1A, A 144A<br> 6.197%, 5/15/39<sup>(1)</sup> | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 208 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet ABS MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-A, B 144A<br> 2.490%, 2/28/36<sup>(1)</sup> | $67 | $65 |
| &nbsp;&nbsp;&nbsp;2023-A, A 144A<br> 5.770%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 |
| CCG Receivables Trust 2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(1)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 92 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 161 |
| Dext ABS LLC 2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 237 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 2.050%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 245 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;2023-1A, A 144A<br> 5.670%, 12/15/43<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 344 |
| Hardee's Funding LLC 2024-1A, A2 144A<br> 7.253%, 3/20/54<sup>(1)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 255 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.570%, 1/25/37<sup>(1)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.500%, 3/25/38<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 65 |
| HINNT LLC 2025-A, B 144A<br> 5.450%, 3/15/44<sup>(1)</sup> | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 963 |
| Jersey Mike's Funding LLC 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 685 |
| Lendmark Funding Trust 2021-1A, A 144A<br> 1.900%, 11/20/31<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 278 |
| Libra Solutions LLC 2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(1)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| MetroNet Infrastructure Issuer LLC 2024-1A, A2 144A<br> 6.230%, 4/20/54<sup>(1)</sup> | $640 | $654 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 171 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 5.420%, 10/20/40<sup>(1)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.320%, 2/20/43<sup>(1)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 196 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 376 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 562 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.180%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 237 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.740%, 8/20/29<sup>(1)</sup> | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 626 |
| Oportun Issuance Trust 2024-2, B 144A<br> 5.830%, 2/9/32<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 261 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(1)</sup> | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 581 |
| Pawneee Equipment Receivables LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 291 |
| PEAC Solutions Receivables LLC 2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 312 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 181 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(1)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 131 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(1)</sup> | $290 | $292 |
| SoFi Consumer Loan Program Trust 2025-1, A 144A<br> 4.800%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 94 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 600 |
| Trinity Rail Leasing LLC 2019-1A, A 144A<br> 3.820%, 4/17/49<sup>(1)</sup> | &nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 287 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(1)</sup> | &nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp; 869 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(1)</sup> | &nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 874 |
|  |  | &nbsp;&nbsp;&nbsp;16630 |
| **Total Asset-Backed Securities<br> (Identified Cost $37,003)** | **Total Asset-Backed Securities<br> (Identified Cost $37,003)** | &nbsp;&nbsp;&nbsp;&nbsp;**37108** |
| **Total Long-Term Investments—97.1%<br> (Identified Cost $37,003)** | **Total Long-Term Investments—97.1%<br> (Identified Cost $37,003)** | &nbsp;&nbsp;&nbsp;&nbsp;**37108** |
| **TOTAL INVESTMENTS—97.1%<br> (Identified Cost $37,003)** | **TOTAL INVESTMENTS—97.1%<br> (Identified Cost $37,003)** | &nbsp;&nbsp;**$37108** |
| Other assets and liabilities, net—2.9% | Other assets and liabilities, net—2.9% | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$38208** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $35,315 or 92.4% of net assets. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet ABS MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37108 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37108 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet CMBS MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—84.9%** | **Mortgage-Backed Securities—84.9%** | **Mortgage-Backed Securities—84.9%** |
| **Non-Agency—84.9%** | **Non-Agency—84.9%** |  |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.043%, 6/15/40<sup>(1)(2)</sup> | $1075 | $1081 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.231%, 3/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 704 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.609%, 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 569 |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-LP2, B (1 month Term SOFR + 1.312%, Cap N/A, Floor 1.312%) 144A<br> 5.624%, 2/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.273%, 2/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.703%, 3/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 661 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-GW, B (1 month Term SOFR + 1.317%, Cap N/A, Floor 1.270%) 144A<br> 5.629%, 5/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(1)(2)</sup> | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp;1084 | &nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.855%, 3/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 173 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.932%, 9/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 566 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 704 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-WCL1, B (1 month Term SOFR + 2.590%, Cap N/A, Floor 2.590%) 144A<br> 6.902%, 6/15/41<sup>(1)(2)</sup> | $475 | $473 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(1)(2)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp; 747 |
| Fontainebleau Miami Beach Mortgage Trust 2024-FBLU, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.762%, 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 750 |
| Goldman Sachs Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(2)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 589 |
| Houston Galleria Mall Trust 2025-HGLR, A 144A<br> 5.644%, 2/5/45<sup>(1)(2)</sup> | &nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 744 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.649%, 1/13/40<sup>(1)(2)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 722 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2024-OMNI, A 144A<br> 5.990%, 10/5/39<sup>(1)(2)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 638 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(1)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp; 895 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22, AS<br> 3.561%, 4/15/48 | &nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp; 1031 |
| MSSG Trust 2017-237P, A 144A<br> 3.397%, 9/13/39<sup>(1)</sup> | &nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp; 1012 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(1)(2)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp; 774 |
| RIDE 2025-SHRE, B 144A<br> 6.020%, 2/14/47<sup>(1)(2)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 710 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 716 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 440 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $17,650)** | **Total Mortgage-Backed Securities<br> (Identified Cost $17,650)** | &nbsp;&nbsp;&nbsp;&nbsp;**17667** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—9.1%** | **Asset-Backed Securities—9.1%** | **Asset-Backed Securities—9.1%** |
| **Other—9.1%** | **Other—9.1%** |  |
| CF Hippolyta Issuer LLC 2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(1)</sup> | $675 | $667 |
| Retained Vantage Data Centers Issuer LLC 2024-1A, A2 144A<br> 4.992%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 589 |
| Switch ABS Issuer LLC 2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 625 |
|  |  | &nbsp;&nbsp;&nbsp; 1881 |
| **Total Asset-Backed Securities<br> (Identified Cost $1,871)** | **Total Asset-Backed Securities<br> (Identified Cost $1,871)** | &nbsp;&nbsp;&nbsp;&nbsp; **1881** |
| **Total Long-Term Investments—94.0%<br> (Identified Cost $19,521)** | **Total Long-Term Investments—94.0%<br> (Identified Cost $19,521)** | &nbsp;&nbsp;&nbsp;&nbsp;**19548** |
| **TOTAL INVESTMENTS—94.0%<br> (Identified Cost $19,521)** | **TOTAL INVESTMENTS—94.0%<br> (Identified Cost $19,521)** | &nbsp;&nbsp;**$19548** |
| Other assets and liabilities, net—6.0% | Other assets and liabilities, net—6.0% | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$20804** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $17,769 or 85.4% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet CMBS MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17667 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19548 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet Floating Rate MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leveraged Loans—81.2%** | **Leveraged Loans—81.2%** | **Leveraged Loans—81.2%** |
| **Aerospace—2.8%** | **Aerospace—2.8%** |  |
| American Airlines, Inc. (3 month Term SOFR + 2.250%)<br> 6.522%, 4/20/28<sup>(1)</sup> | $115 | $114 |
| Brown Group Holding LLC (1 month Term SOFR + 2.500%)<br> 6.827%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 174 |
| Delta Air Lines, Inc. (3 month Term SOFR + 3.750%)<br> 8.022%, 10/20/27<sup>(1)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 72 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.079%, 1/27/32<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| Kaman Corp. (3-6 month Term SOFR + 2.750%)<br> 7.025% - 7.083%, 2/26/32<sup>(1)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 96 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.796%, 2/28/31<sup>(1)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 591 |
| **Chemicals—3.1%** | **Chemicals—3.1%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/18/30<sup>(1)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 264 |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 12/31/29<sup>(1)</sup> | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 203 |
| Nouryon Finance B.V. 2024, Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.510%, 4/3/28<sup>(1)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 77 |
| Windsor Holdings III LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.072%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp; 649 |
| **Consumer Durables—0.0%** | **Consumer Durables—0.0%** |  |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| **Consumer Non-Durables—0.9%** | **Consumer Non-Durables—0.9%** |  |
| AI Aqua Merger Sub, Inc. 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.324%, 7/31/28<sup>(1)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 158 |
| Albion Financing 3 S.a.r.l. 2025 (3 month Term SOFR + 3.000%)<br> 7.321%, 8/16/29<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 198 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—3.5%** | **Energy—3.5%** |  |
| CVR CHC LP Tranche B (3 month Term SOFR + 4.000%)<br> 8.296%, 12/30/27<sup>(1)</sup> | $35 | $35 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.256%, 10/15/31<sup>(1)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| Freeport LNG Investments LLP 2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.522%, 12/21/28<sup>(1)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 146 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.277%, 10/4/30<sup>(1)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58 |
| Hamilton Projects Acquiror LLC First Lien (1 month Term SOFR + 3.000%)<br> 7.327%, 5/31/31<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500% - 3 month PRIME + 2.500%)<br> 7.796% - 10.000%, 11/6/31<sup>(1)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.572%, 10/5/28<sup>(1)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 68 |
| Traverse Midstream Partners LLC Tranche B<br> 0.000%, 2/16/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 63 |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.563%, 3/3/31<sup>(1)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 732 |
| **Financials—5.8%** | **Financials—5.8%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.327%, 11/6/30<sup>(1)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 322 |
| AL GCX Fund VIII Holdings LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.313%, 1/30/32<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| AmWINS Group, Inc. (1 month Term SOFR + 2.250%)<br> 6.577%, 1/30/32<sup>(1)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 139 |
| Ardonagh Group FinCo Pty Ltd. 2025, Tranche B (3-6 month Term SOFR + 2.750%)<br> 7.030% - 7.046%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 173 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| BroadStreet Partners, Inc. 2024, Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 6/13/31<sup>(1)</sup> | $40 | $40 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 172 |
| Dynamo U.S. Bidco, Inc. Tranche B (3 month Term SOFR + 3.500%)<br> 7.798%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.497%)<br> 6.769%, 6/20/30<sup>(1)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 221 |
|  |  | &nbsp;&nbsp; 1227 |
| **Food / Tobacco—6.1%** | **Food / Tobacco—6.1%** |  |
| Chobani LLC Tranche B, First Lien (1 month Term SOFR + 2.500%)<br> 6.827%, 10/25/27<sup>(1)</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.210%, 8/2/28<sup>(1)</sup> | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.474%, 8/2/28<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;(3-6 month Term SOFR + 4.400%)<br> 8.710% - 8.724%, 8/2/28<sup>(1)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 72 |
| Froneri International Ltd. Tranche B-4 (6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(1)</sup> | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 325 |
| JBT Marel Corp. (1 month Term SOFR + 2.100%)<br> 6.427%, 1/2/32<sup>(1)</sup> | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 190 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.562%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| Sazerac Co., Inc. Tranche B<br> 0.000%, 6/26/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Sigma Holdco B.V. Tranche B-12 (6 month Term SOFR + 3.750%)<br> 8.107%, 1/3/28<sup>(1)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 99 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.546%, 3/31/28<sup>(1)</sup> | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 237 |
|  |  | &nbsp;&nbsp; 1300 |
| **Forest Prod / Containers—2.4%** | **Forest Prod / Containers—2.4%** |  |
| Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 3.175%)<br> 7.502%, 4/13/29<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet Floating Rate MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Forest Prod / Containers—continued** | **Forest Prod / Containers—continued** |  |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)<br> 9.227%, 2/12/26<sup>(1)</sup> | $98 | $90 |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.324%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 139 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.691%, 3/3/28<sup>(1)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp; 517 |
| **Gaming / Leisure—3.8%** | **Gaming / Leisure—3.8%** |  |
| Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 2/6/30<sup>(1)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 98 |
| Entain plc Tranche B-3 (6 month Term SOFR + 2.850%)<br> 7.016%, 10/31/29<sup>(1)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 94 |
| Flutter Entertainment plc Tranche B (3 month Term SOFR + 2.000%)<br> 6.296%, 6/4/32<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.535%, 11/5/31<sup>(1)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 150 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.285%, 4/4/29<sup>(1)</sup> | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 267 |
| UFC Holdings LLC Tranche B-4 (3 month Term SOFR + 2.250%)<br> 6.571%, 11/21/31<sup>(1)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 175 |
|  |  | &nbsp;&nbsp; 809 |
| **Health Care—8.2%** | **Health Care—8.2%** |  |
| Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)<br> 8.327%, 9/29/28<sup>(1)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |
| CHG Healthcare Services, Inc. (3 month Term SOFR + 3.000%)<br> 7.333%, 9/29/28<sup>(1)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 182 |
| Cotiviti, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.074%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.074%, 3/26/32<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 124 |
| Financiere Mendel (3 month Term SOFR + 2.750%)<br> 7.050%, 11/8/30<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Grifols Worldwide Operations USA, Inc. Tranche B (3 month Term SOFR + 2.150%)<br> 6.483%, 11/15/27<sup>(1)</sup> | $210 | $209 |
| Lannett Co., Inc. First Lien<br> 2.000%, 6/16/30<sup>(1)(3)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.006%, 5/16/31<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.820%, 5/16/31<sup>(1)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 118 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.577%, 10/23/28<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 220 |
| One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)<br> 10.044%, 4/22/27<sup>(1)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 64 |
| Opal U.S. LLC Tranche B-2<br> 0.000%, 4/28/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| PAREXEL International, Inc. Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 139 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.827%, 2/21/31<sup>(1)</sup> | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 219 |
| PointClickCare Technologies, Inc. 2024, Tranche B (3 month Term SOFR + 3.250%)<br> 7.416%, 11/3/31<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 12/3/31<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Southern Veterinary Partners LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.527%, 12/4/31<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)<br> 8.791%, 11/20/26<sup>(1)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 1728 |
| **Housing—2.3%** | **Housing—2.3%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 12/17/31<sup>(1)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 140 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.250%)<br> 6.577%, 4/14/31<sup>(1)</sup> | $358 | $356 |
|  |  | &nbsp;&nbsp; 496 |
| **Information Technology—6.0%** | **Information Technology—6.0%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024, Second Lien (3 month Term SOFR + 4.500%)<br> 8.796%, 2/23/32<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.500%)<br> 6.796%, 2/24/31<sup>(1)</sup> | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 308 |
| Cloud Software Group, Inc. Tranche B (3 month Term SOFR + 3.750%)<br> 8.046%, 3/24/31<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| ConnectWise LLC (3 month Term SOFR + 3.762%)<br> 8.057%, 9/29/28<sup>(1)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53 |
| ECL Entertainment LLC Tranche B (1 month Term SOFR + 3.500%)<br> 7.827%, 8/31/30<sup>(1)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 84 |
| Genesys Cloud Services Holdings II LLC 2025 (1 month Term SOFR + 2.500%)<br> 6.827%, 1/30/32<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 139 |
| Indicor LLC Tranche D (3 month Term SOFR + 2.750%)<br> 7.046%, 11/22/29<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Infinite Bidco LLC First Lien (3 month Term SOFR + 4.012%)<br> 8.291%, 3/2/28<sup>(1)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 93 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.327%, 1/31/31<sup>(1)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
| NCR Atleos Corp. Tranche B (3 month Term SOFR + 3.750%)<br> 8.030%, 4/16/29<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
| Proofpoint, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.327%, 8/31/28<sup>(1)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 72 |
| UKG, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.311%, 2/10/31<sup>(1)</sup> | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 348 |
|  |  | &nbsp;&nbsp; 1264 |
| **Manufacturing—6.0%** | **Manufacturing—6.0%** |  |
| Alliance Laundry Systems LLC Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 8/19/31<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet Floating Rate MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(1)</sup> | $289 | $289 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/4/31<sup>(1)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 213 |
| LSF12 Crown U.S. Commercial Bidco LLC (1 month Term SOFR + 4.250%)<br> 8.574%, 12/2/31<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| Madison IAQ LLC<br> 0.000%, 6/21/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 190 |
| MV Holding GmbH Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 3/17/32<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.785%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| TK Elevator Midco GmbH Tranche B (3 month Term SOFR + 3.000%)<br> 7.237%, 4/30/30<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp; 1269 |
| **Media / Telecom - Broadcasting—2.3%** | **Media / Telecom - Broadcasting—2.3%** |  |
| EOC Borrower LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 3/24/32<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Gray Television, Inc. Tranche D (1 month Term SOFR + 3.114%)<br> 7.439%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 195 |
| Nexstar Media, Inc. Tranche B<br> 0.000%, 6/24/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Terrier Media Buyer, Inc. (3 month Term SOFR + 3.600%)<br> 7.896%, 6/18/29<sup>(1)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 157 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp; 496 |
| **Media / Telecom - Cable/Wireless<br> Video—8.1%** | **Media / Telecom - Cable/Wireless<br> Video—8.1%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.548%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 379 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless<br> Video—continued** | **Media / Telecom - Cable/Wireless<br> Video—continued** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(1)</sup> | $300 | $299 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.812%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 310 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.791%, 8/2/29<sup>(1)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 245 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.557%, 11/12/27<sup>(1)</sup> | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 312 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 177 |
|  |  | &nbsp;&nbsp; 1722 |
| **Media / Telecom - Diversified<br> Media—1.5%** | **Media / Telecom - Diversified<br> Media—1.5%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.780%, 10/30/30<sup>(1)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 203 |
| Creative Artists Agency LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| McGraw-Hill Education, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.577%, 8/6/31<sup>(1)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 323 |
| **Media / Telecom -<br> Telecommunications—3.0%** | **Media / Telecom -<br> Telecommunications—3.0%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.077%, 11/22/28<sup>(1)</sup> | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 287 |
| Level 3 Financing, Inc. Tranche B-3 (1 month Term SOFR + 4.250%)<br> 8.577%, 3/27/32<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (3 month PRIME + 1.750%)<br> 9.250%, 7/31/25<sup>(1)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month PRIME + 2.688%)<br> 10.188%, 1/31/26<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 13 |
|  |  | &nbsp;&nbsp; 641 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Metals / Minerals—0.6%** | **Metals / Minerals—0.6%** |  |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 8/18/30<sup>(1)</sup> | $123 | $123 |
| **Retail—2.5%** | **Retail—2.5%** |  |
| CNT Holdings I Corp. 2025 (3 month Term SOFR + 2.500%)<br> 6.780%, 11/8/32<sup>(1)</sup> | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 151 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.577%, 6/11/31<sup>(1)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 125 |
| Peer Holding III B.V. Tranche B<br> 0.000%, 10/26/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 134 |
| PetsMart LLC (1 month Term SOFR + 3.850%)<br> 8.177%, 2/11/28<sup>(1)</sup> | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 116 |
|  |  | &nbsp;&nbsp; 526 |
| **Service—6.8%** | **Service—6.8%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.577%, 9/29/31<sup>(1)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51 |
| BrightView Landscapes LLC Tranche B (3 month Term SOFR + 2.000%)<br> 6.280%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 266 |
| DG Investment Intermediate Holdings 2, Inc. First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 3/31/28<sup>(1)</sup> | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 153 |
| Dun & Bradstreet Corp. (The) Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.572%, 1/18/29<sup>(1)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 174 |
| Fugue Finance LLC (3 month Term SOFR + 3.250%)<br> 7.583%, 1/9/32<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Garda World Security Corp. (1 month Term SOFR + 3.000%)<br> 7.314%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 208 |
| Kuehg Corp. (3 month Term SOFR + 3.250%)<br> 7.546%, 6/12/30<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/24/28<sup>(1)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 160 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.320%, 10/13/30<sup>(1)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 138 |
| Sapphire Bidco B.V. Tranche B-4 (3 month Term SOFR + 2.750%)<br> 7.035%, 5/3/28<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet Floating Rate MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)<br> 7.191%, 3/24/28<sup>(1)</sup> | $178 | $176 |
|  |  | &nbsp;&nbsp; 1435 |
| **Transportation - Automotive—3.0%** | **Transportation - Automotive—3.0%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.049%, 10/16/31<sup>(1)</sup> | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 199 |
| Clarios Global LP 2024, Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 5/6/30<sup>(1)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 192 |
| First Brands Group LLC 2022 (3 month Term SOFR + 5.262%)<br> 9.541%, 3/30/27<sup>(1)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 139 |
| Wand NewCo 3, Inc. Tranche B-2 (1 month Term SOFR + 2.500%)<br> 6.827%, 1/30/31<sup>(1)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 103 |
|  |  | &nbsp;&nbsp; 633 |
| **Utilities—2.5%** | **Utilities—2.5%** |  |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
| Lightning Power LLC Tranche B (3 month Term SOFR + 2.250%)<br> 6.546%, 8/18/31<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.574%, 1/27/31<sup>(1)</sup> | $262 | $262 |
|  |  | &nbsp;&nbsp;&nbsp; 533 |
| **Total Leveraged Loans<br> (Identified Cost $17,339)** | **Total Leveraged Loans<br> (Identified Cost $17,339)** | &nbsp;&nbsp;&nbsp;&nbsp;**17217** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Exchange-Traded Fund—3.0%** | **Exchange-Traded Fund—3.0%** | **Exchange-Traded Fund—3.0%** |
| Invesco Senior Loan ETF<sup>(4)</sup> | 30865 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
| **Total Exchange-Traded Fund<br> (Identified Cost $642)** | **Total Exchange-Traded Fund<br> (Identified Cost $642)** | &nbsp;&nbsp; **646** |
| **Total Long-Term Investments—84.2%<br> (Identified Cost $17,981)** | **Total Long-Term Investments—84.2%<br> (Identified Cost $17,981)** | &nbsp;&nbsp;**17863** |
| **TOTAL INVESTMENTS—84.2%<br> (Identified Cost $17,981)** | **TOTAL INVESTMENTS—84.2%<br> (Identified Cost $17,981)** | **$17863** |
| Other assets and liabilities, net—15.8% | Other assets and liabilities, net—15.8% | &nbsp;&nbsp;&nbsp; 3348 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$21211** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(2)</sup> | This loan will settle after June 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
| <sup>(3)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

As of June 30, 2025, the Fund had the following unfunded loan commitments:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Borrower&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **Par Value** | **Commitment** | **Value** |
| DG Investment Intermediate Holdings 2, Inc. 2024, 3/31/28 | $6 | $6 | $6&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| Kaman Corp., 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;9&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total | $15 | $15 | $15 &nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

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

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet Floating Rate MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |

---

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

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

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

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

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 June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### NEWFLEET HIGH YIELD MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—96.7%** | **Corporate Bonds and Notes—96.7%** | **Corporate Bonds and Notes—96.7%** |
| **Communication Services—11.7%** | **Communication Services—11.7%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | $78 | $80 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 412 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 217 |
| CSC Holdings LLC 144A<br> 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 485 |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 93 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 71 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 132 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 40 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 33 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 289 |
|  |  | &nbsp;&nbsp; 2570 |
| **Consumer Discretionary—8.5%** | **Consumer Discretionary—8.5%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 298 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 290 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 122 |
| Ford Motor Credit Co. LLC<br> 6.500%, 2/7/35 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 9/15/27 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;6.625%, 9/15/29 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 88 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 437 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 111 |
|  |  | &nbsp;&nbsp; 1866 |
| **Consumer Staples—5.5%** | **Consumer Staples—5.5%** |  |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(1)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 102 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 613 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(1)</sup> | $365 | $368 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 116 |
|  |  | &nbsp;&nbsp; 1199 |
| **Energy—13.6%** | **Energy—13.6%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 223 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 71 |
| Ecopetrol S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/2/31 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;8.875%, 1/13/33 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 5/15/54 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(2)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(2)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 412 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 170 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 134 |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
| Hilcorp Energy I LP 144A<br> 6.250%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(1)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 118 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 1 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 366 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(1)(2)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 2985 |
| **Financials—26.0%** | **Financials—26.0%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 92 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | $240 | $181 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Azorra Finance Ltd. 144A<br> 7.250%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp;RegS 3.125%, 7/1/30<sup>(3)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(1)(2)</sup> | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 229 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(1)(2)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 246 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 212 |
| Block, Inc.<br> 6.500%, 5/15/32 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 346 |
| BNP Paribas S.A. 144A<br> 7.450% <sup>(1)(2)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 216 |
| Citigroup, Inc. Series X<br> 3.875% <sup>(2)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 404 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 95 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 214 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 115 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.750%, 7/15/35 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 214 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 385 |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(1)</sup> | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 156 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 156 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 193 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 91 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 11/15/31 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/15/32 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### NEWFLEET HIGH YIELD MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(1)</sup> | $5 | $5 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 58 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 932 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 80 |
|  |  | &nbsp;&nbsp; 5689 |
| **Health Care—5.6%** | **Health Care—5.6%** |  |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 140 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 107 |
| CVS Health Corp.<br> 6.750%, 12/10/54 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 113 |
| IQVIA, Inc. 144A<br> 6.250%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| LifePoint Health, Inc. 144A<br> 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 103 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 183 |
|  |  | &nbsp;&nbsp; 1232 |
| **Industrials—8.1%** | **Industrials—8.1%** |  |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 418 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 143 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 161 |
| Fortress Transportation & Infrastructure Investors LLC 144A<br> 7.000%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 232 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 118 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 168 |
| Herc Holdings, Inc. 144A<br> 7.250%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/32<sup>(1)</sup> | $145 | $149 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| TransDigm, Inc. 144A<br> 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 202 |
|  |  | &nbsp;&nbsp; 1763 |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Intel Corp.<br> 3.100%, 2/15/60 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 117 |
|  |  | &nbsp;&nbsp; 262 |
| **Materials—7.0%** | **Materials—7.0%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 87 |
| Capstone Copper Corp. 144A<br> 6.750%, 3/31/33<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 186 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 233 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 213 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(1)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 61 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(1)(4)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38 |
| Trivium Packaging Finance B.V. 144A<br> 8.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 204 |
|  |  | &nbsp;&nbsp; 1535 |
| **Real Estate—0.9%** | **Real Estate—0.9%** |  |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 187 |
| **Utilities—8.6%** | **Utilities—8.6%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 422 |
| American Electric Power Co., Inc.<br> 6.950%, 12/15/54 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | $45 | $45 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 560 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 32 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 70 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/1/33<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 1/15/34<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(2)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 399 |
|  |  | &nbsp;&nbsp;&nbsp; 1878 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $21,312)** | **Total Corporate Bonds and Notes<br> (Identified Cost $21,312)** | &nbsp;&nbsp;&nbsp;&nbsp;**21166** |

---

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

---

| | |
|:---|:---|
| **Preferred Stock—1.1%** | **Preferred Stock—1.1%** |
| **Financials—1.1%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;250<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| **Total Preferred Stock<br> (Identified Cost $244)** | &nbsp;&nbsp; **244** |
| **Total Long-Term Investments—97.8%<br> (Identified Cost $21,556)** | &nbsp;&nbsp;**21410** |
| **TOTAL INVESTMENTS—97.8%<br> (Identified Cost $21,556)** | **$21410** |
| Other assets and liabilities, net—2.2% | &nbsp;&nbsp;&nbsp; 474 |
| **NET ASSETS—100.0%** | **$21884** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee Corp. |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |

---

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### NEWFLEET HIGH YIELD MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $16,408 or 75.0% of net assets. |
| <sup>(2)</sup> | No contractual maturity date. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | 100% of the income received was in PIK. |
| <sup>(5)</sup> | Value shown as par value. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;80% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

---

| | | |
|:---|:---|:---|
| The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements): | The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements): | The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements): |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21166 |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21410 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet RMBS MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—92.0%** | **Mortgage-Backed Securities—92.0%** | **Mortgage-Backed Securities—92.0%** |
| **Non-Agency—92.0%** | **Non-Agency—92.0%** |  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(1)(2)</sup> | $1007 | $1015 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.790%, 6/25/70<sup>(1)(2)</sup> | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 456 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(2)</sup> | &nbsp;&nbsp;1099 | &nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp;2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(1)(2)</sup> | &nbsp;&nbsp;1224 | &nbsp;&nbsp; 1181 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(1)(2)</sup> | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(2)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 280 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(2)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(2)</sup> | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 620 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(2)</sup> | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(2)</sup> | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 337 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(2)</sup> | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 829 |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(1)(2)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 117 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, C 144A<br> 3.265%, 10/15/52<sup>(1)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 132 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 2.208%, 5/25/65<sup>(1)(2)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 375 |
| EFMT 2025-NQM2, A1 144A<br> 5.596%, 6/25/70<sup>(1)(2)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 371 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 600 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | $420 | $405 |
| Flagstar Mortgage Trust 2017-1, 1A3 144A<br> 3.500%, 3/25/47<sup>(1)(2)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 65 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 206 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(1)(2)</sup> | &nbsp;&nbsp;1295 | &nbsp;&nbsp; 1300 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp;1218 | &nbsp;&nbsp; 1213 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(1)(2)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(2)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;2017-4, A3 144A<br> 3.500%, 11/25/48<sup>(1)(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 4.921%, 10/26/48<sup>(1)(2)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;2018-7FRB, A2 (1 month Term SOFR + 0.864%) 144A<br> 5.184%, 4/25/46<sup>(1)(2)</sup> | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 5.919%, 6/25/54<sup>(1)(2)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.567%, 9/25/65<sup>(1)(2)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 459 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.420%, 4/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;1110 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp;1188 | &nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 397 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(1)(2)</sup> | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 936 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(1)(2)</sup> | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(2)</sup> | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 708 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(2)</sup> | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(1)(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(1)(2)</sup> | $63 | $61 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 3.079%, 3/27/62<sup>(1)(2)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(1)(2)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 240 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(2)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 444 |
| NYMT Loan Trust 2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(1)(2)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 559 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(1)(2)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(1)(2)</sup> | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 765 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 104 |
| PRET Trust 2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 706 |
| PRKCM Trust 2022-AFC1, A1A 144A<br> 4.100%, 4/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 684 |
| Progress Residential Trust 2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 653 |
| Provident Funding Mortgage Trust 2025-1, A3 144A<br> 5.500%, 2/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 385 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(2)</sup> | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(1)(2)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 235 |
| Residential Mortgage Loan Trust 2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(1)(2)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.481%, 6/25/43<sup>(2)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 67 |
| Starwood Mortgage Residential Trust 2021-5, A2 144A<br> 2.178%, 9/25/66<sup>(1)(2)</sup> | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 620 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.989%, 7/25/56<sup>(1)(2)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 871 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet RMBS MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(2)</sup> | $20 | $20 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp;1190 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.750%, 3/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 713 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.034%, 5/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;1115 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(2)</sup> | &nbsp;&nbsp;1595 | &nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 3.750%, 1/25/63<sup>(1)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.824%, 3/25/64<sup>(1)(2)</sup> | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 946 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(1)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp;1105 | &nbsp;&nbsp; 1039 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 754 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;2022-6, A3 144A<br> 4.910%, 6/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 5.850%, 12/25/67<sup>(1)(2)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(1)(2)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 802 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(1)(2)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(1)</sup> | $88 | $84 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;2022-1, A2 144A<br> 5.850%, 8/25/57<sup>(1)(2)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 303 |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(1)(2)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 40 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $43,068)** | **Total Mortgage-Backed Securities<br> (Identified Cost $43,068)** | &nbsp;&nbsp;&nbsp;&nbsp;**43237** |
| **Asset-Backed Securities—5.2%** | **Asset-Backed Securities—5.2%** | **Asset-Backed Securities—5.2%** |
| **Other—5.2%** | **Other—5.2%** |  |
| CoreVest American Finance Trust 2018-1, D 144A<br> 4.920%, 6/15/51<sup>(1)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 242 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(1)(2)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 367 |
| Progress Residential Trust 2021-SFR6, D 144A<br> 2.225%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 141 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(1)(2)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;2025-CES5, A1A 144A<br> 5.687%, 5/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 464 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(1)(2)</sup> | &nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp; 920 |
|  |  | &nbsp;&nbsp;&nbsp; 2467 |
| **Total Asset-Backed Securities<br> (Identified Cost $2,461)** | **Total Asset-Backed Securities<br> (Identified Cost $2,461)** | &nbsp;&nbsp;&nbsp;&nbsp; **2467** |
| **Total Long-Term Investments—97.2%<br> (Identified Cost $45,529)** | **Total Long-Term Investments—97.2%<br> (Identified Cost $45,529)** | &nbsp;&nbsp;&nbsp;&nbsp;**45704** |
| **TOTAL INVESTMENTS—97.2%<br> (Identified Cost $45,529)** | **TOTAL INVESTMENTS—97.2%<br> (Identified Cost $45,529)** | &nbsp;&nbsp;**$45704** |
| Other assets and liabilities, net—2.8% | Other assets and liabilities, net—2.8% | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$47016** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LLC | Limited Liability Company |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $45,637 or 97.1% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Newfleet RMBS MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43237 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45704 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Seix High Yield MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—96.8%** | **Corporate Bonds and Notes—96.8%** | **Corporate Bonds and Notes—96.8%** |
| **Communication Services—6.4%** | **Communication Services—6.4%** |  |
| ANGI Group LLC 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | $50 | $47 |
| Cable One, Inc. 144A<br> 4.000%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 39 |
| Live Nation Entertainment, Inc. 144A<br> 3.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| ROBLOX Corp. 144A<br> 3.875%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 47 |
| Sirius XM Radio LLC 144A<br> 5.000%, 8/1/27<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| ZipRecruiter, Inc. 144A<br> 5.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 325 |
| **Consumer Discretionary—16.6%** | **Consumer Discretionary—16.6%** |  |
| Acushnet Co. 144A<br> 7.375%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Allison Transmission, Inc. 144A<br> 5.875%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Amer Sports Co. 144A<br> 6.750%, 2/16/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Crocs, Inc. 144A<br> 4.125%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp;60 | &nbsp;&nbsp; 54 |
| Dream Finders Homes, Inc. 144A<br> 8.250%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| FirstCash, Inc. 144A<br> 6.875%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Group 1 Automotive, Inc. 144A<br> 6.375%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Installed Building Products, Inc. 144A<br> 5.750%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| LGI Homes, Inc. 144A<br> 8.750%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Lithia Motors, Inc. 144A<br> 4.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| NCL Corp., Ltd. 144A<br> 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 53 |
| Phinia, Inc. 144A<br> 6.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Sonic Automotive, Inc. 144A<br> 4.625%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| Thor Industries, Inc. 144A<br> 4.000%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 47 |
| TopBuild Corp. 144A<br> 4.125%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 46 |
| Winnebago Industries, Inc. 144A<br> 6.250%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 841 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—4.1%** | **Consumer Staples—4.1%** |  |
| BellRing Brands, Inc. 144A<br> 7.000%, 3/15/30<sup>(1)</sup> | $50 | $52 |
| Performance Food Group, Inc. 144A<br> 5.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Post Holdings, Inc. 144A<br> 6.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Turning Point Brands, Inc. 144A<br> 7.625%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;49 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 205 |
| **Energy—6.1%** | **Energy—6.1%** |  |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Matador Resources Co. 144A<br> 6.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Noble Finance II LLC 144A<br> 8.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp;18 | &nbsp;&nbsp; 18 |
| Rockies Express Pipeline LLC 144A<br> 4.950%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp;25 | &nbsp;&nbsp; 26 |
| Transocean Titan Financing Ltd. 144A<br> 8.375%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp;45 | &nbsp;&nbsp; 46 |
| Valaris Ltd. 144A<br> 8.375%, 4/30/30<sup>(1)</sup> | &nbsp;&nbsp;13 | &nbsp;&nbsp; 13 |
| Venture Global LNG, Inc. 144A<br> 9.500%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 307 |
| **Financials—19.4%** | **Financials—19.4%** |  |
| APH Somerset Investor 2 LLC 144A<br> 7.875%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Bread Financial Holdings, Inc. 144A<br> 9.750%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 54 |
| Freedom Mortgage Corp. 144A<br> 12.000%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 54 |
| goeasy Ltd. 144A<br> 6.875%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Hilcorp Energy I LP 144A<br> 8.375%, 11/1/33<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Kinetik Holdings LP 144A<br> 6.625%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 6.500%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| New Red Finance, Inc. 144A<br> 6.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| PennyMac Financial Services, Inc. 144A<br> 7.875%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 53 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PRA Group, Inc. 144A<br> 8.875%, 1/31/30<sup>(1)</sup> | $50 | $52 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp;26 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 8/1/33<sup>(1)</sup> | &nbsp;&nbsp;26 | &nbsp;&nbsp; 27 |
| Rocket Mortgage LLC 144A<br> 3.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| Ryan Specialty LLC 144A<br> 5.875%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Shift4 Payments LLC 144A<br> 6.750%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Standard Building Solutions, Inc. 144A<br> 6.500%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| UWM Holdings LLC 144A<br> 6.625%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Viking Cruises Ltd. 144A<br> 9.125%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 54 |
| Vistra Operations Co. LLC 144A<br> 7.750%, 10/15/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 53 |
|  |  | &nbsp;&nbsp; 981 |
| **Health Care—4.0%** | **Health Care—4.0%** |  |
| DaVita, Inc. 144A<br> 6.875%, 9/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Hologic, Inc. 144A<br> 3.250%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| Insulet Corp. 144A<br> 6.500%, 4/1/33<sup>(1)</sup> | &nbsp;&nbsp;49 | &nbsp;&nbsp; 51 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 202 |
| **Industrials—19.2%** | **Industrials—19.2%** |  |
| ADT Security Corp. (The) 144A<br> 4.875%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| Advanced Drainage Systems, Inc. 144A<br> 6.375%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| APi Group DE, Inc. 144A<br> 4.750%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| Arcosa, Inc. 144A<br> 6.875%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Axon Enterprise, Inc. 144A<br> 6.125%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| Boise Cascade Co. 144A<br> 4.875%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| Brundage-Bone Concrete Pumping Holdings, Inc. 144A<br> 7.500%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 50 |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| BWX Technologies, Inc. 144A<br> 4.125%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| CACI International, Inc. 144A<br> 6.375%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;15 | &nbsp;&nbsp; 15 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Seix High Yield MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Clean Harbors, Inc. 144A<br> 5.125%, 7/15/29<sup>(1)</sup> | $50 | $49 |
| Dycom Industries, Inc. 144A<br> 4.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| GFL Environmental, Inc. 144A<br> 6.750%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| Herc Holdings, Inc. 144A<br> 6.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Manitowoc Co., Inc. (The) 144A<br> 9.250%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 53 |
| Masterbrand, Inc. 144A<br> 7.000%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Ritchie Bros Holdings, Inc. 144A<br> 7.750%, 3/15/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 53 |
| Roller Bearing Co. of America, Inc. 144A<br> 4.375%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| Vertiv Group Corp. 144A<br> 4.125%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 968 |
| **Information Technology—6.9%** | **Information Technology—6.9%** |  |
| Amentum Holdings, Inc. 144A<br> 7.250%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Ciena Corp. 144A<br> 4.000%, 1/31/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 47 |
| Elastic N.V. 144A<br> 4.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 48 |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| Fair Isaac Corp. 144A<br> 4.000%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| PTC, Inc. 144A<br> 4.000%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  |  | &nbsp;&nbsp; 350 |
| **Materials—8.0%** | **Materials—8.0%** |  |
| Cleveland-Cliffs, Inc. 144A<br> 7.375%, 5/1/33<sup>(1)</sup> | &nbsp;&nbsp;45 | &nbsp;&nbsp; 42 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 6.125%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |
| Graphic Packaging International LLC 144A<br> 6.375%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp; 51 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Hecla Mining Co.<br> 7.250%, 2/15/28 | $50 | $50 |
| Knife River Corp. 144A<br> 7.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 53 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 51 |
| Sealed Air Corp. 144A<br> 6.875%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 54 |
| Smyrna Ready Mix Concrete LLC 144A<br> 8.875%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 53 |
|  |  | &nbsp;&nbsp;&nbsp; 405 |
| **Real Estate—3.0%** | **Real Estate—3.0%** |  |
| Forestar Group, Inc. 144A<br> 5.000%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 49 |
| Howard Hughes Corp. (The) 144A<br> 5.375%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 50 |
| Iron Mountain, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp;&nbsp; 150 |
| **Utilities—3.1%** | **Utilities—3.1%** |  |
| NRG Energy, Inc. 144A<br> 6.250%, 11/1/34<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 51 |
| Talen Energy Supply LLC 144A<br> 8.625%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp; 54 |
| Venture Global Plaquemines LNG LLC 144A<br> 7.750%, 5/1/35<sup>(1)</sup> | &nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp;&nbsp; 157 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $4,849)** | **Total Corporate Bonds and Notes<br> (Identified Cost $4,849)** | &nbsp;&nbsp;&nbsp;&nbsp;**4891** |
| **Total Long-Term Investments—96.8%<br> (Identified Cost $4,849)** | **Total Long-Term Investments—96.8%<br> (Identified Cost $4,849)** | &nbsp;&nbsp;&nbsp;&nbsp;**4891** |
| **TOTAL INVESTMENTS—96.8%<br> (Identified Cost $4,849)** | **TOTAL INVESTMENTS—96.8%<br> (Identified Cost $4,849)** | &nbsp;&nbsp;**$4891** |
| Other assets and liabilities, net—3.2% | Other assets and liabilities, net—3.2% | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$5054** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LLC | Limited Liability Company |
| LP | Limited Partnership |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $4,841 or 95.8% of net assets. |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Seix High Yield MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4891 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4891 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Stone Harbor EMD MACS

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—3.9%** | **Foreign Government Securities—3.9%** | **Foreign Government Securities—3.9%** |
| **Egypt—0.5%** | **Egypt—0.5%** |  |
| African Export-Import Bank 144A<br> 2.634%, 5/17/26<sup>(2)</sup> | $25 | $24 |
| **South Korea—3.4%** | **South Korea—3.4%** |  |
| Korea Gas Corp. RegS<br> 2.000%, 7/13/31<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 175 |
| **Total Foreign Government Securities<br> (Identified Cost $195)** | **Total Foreign Government Securities<br> (Identified Cost $195)** | &nbsp;&nbsp;&nbsp;&nbsp; **199** |
| **Corporate Bonds and Notes—94.7%** | **Corporate Bonds and Notes—94.7%** | **Corporate Bonds and Notes—94.7%** |
| **Angola —1.0%** | **Angola —1.0%** |  |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 49 |
| **Argentina—4.4%** | **Argentina—4.4%** |  |
| Generacion Mediterranea S.A. 144A<br> 11.000%, 11/1/31<sup>(2)(4)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 23 |
| MSU Energy S.A. 144A<br> 9.750%, 12/5/30<sup>(2)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 45 |
| Telecom Argentina S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 7/18/31<sup>(2)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 5/28/33<sup>(2)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 26 |
| Vista Energy Argentina SAU |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 12/10/35<sup>(2)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;RegS 7.625%, 12/10/35<sup>(3)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 13 |
| YPF Energia Electrica S.A. 144A<br> 7.875%, 10/16/32<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 35 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(2)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp;&nbsp; 224 |
| **Brazil—12.2%** | **Brazil—12.2%** |  |
| 3R Lux S.a.r.l. 144A<br> 9.750%, 2/5/31<sup>(2)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12 |
| Ambipar Lux S.a.r.l. 144A<br> 10.875%, 2/5/33<sup>(2)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 |
| Braskem Netherlands Finance B.V. 144A<br> 4.500%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 45 |
| Centrais Eletricas Brasileiras S.A. 144A<br> 6.500%, 1/11/35<sup>(2)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 25 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(2)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 34 |
| CSN Resources S.A. 144A<br> 4.625%, 6/10/31<sup>(2)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 25 |
| FORESEA Holding S.A. 144A<br> 7.500%, 6/15/30<sup>(2)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 37 |
| FS Luxembourg S.a.r.l. 144A<br> 8.875%, 2/12/31<sup>(2)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 33 |
| JBS USA Holding Lux S.a.r.l.<br> 4.375%, 2/2/52 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| LD Celulose International GmbH 144A<br> 7.950%, 1/26/32<sup>(2)</sup> | $18 | $19 |
| MC Brazil Downstream Trading S.a.r.l. 144A<br> 7.250%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 20 |
| Minerva Luxembourg S.A. 144A<br> 8.875%, 9/13/33<sup>(2)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 29 |
| Movida Europe S.A. 144A<br> 7.850%, 4/11/29<sup>(2)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| OHI Group S.A. 144A<br> 13.000%, 7/22/29<sup>(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| Raizen Fuels Finance S.A. 144A<br> 6.250%, 7/8/32<sup>(2)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(2)(5)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 53 |
| Simpar Europe S.A. 144A<br> 5.200%, 1/26/31<sup>(2)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 39 |
| Suzano Austria GmbH<br> 3.750%, 1/15/31 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 51 |
| Trident Energy Finance plc 144A<br> 12.500%, 11/30/29<sup>(2)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| Yinson Boronia Production B.V. 144A<br> 8.947%, 7/31/42<sup>(2)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 624 |
| **Chile—2.5%** | **Chile—2.5%** |  |
| Banco de Chile 144A<br> 2.990%, 12/9/31<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 53 |
| Banco de Credito e Inversiones S.A. 144A<br> 7.500% <sup>(2)(6)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37 |
| Cia Cervecerias Unidas S.A. 144A<br> 3.350%, 1/19/32<sup>(2)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 129 |
| **China—9.7%** | **China—9.7%** |  |
| Alibaba Group Holding Ltd.<br> 3.150%, 2/9/51 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 23 |
| CK Hutchison International 24 II Ltd. 144A<br> 4.750%, 9/13/34<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 98 |
| ENN Clean Energy International Investment Ltd. 144A<br> 3.375%, 5/12/26<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| Melco Resorts Finance Ltd. (Macau), RegS<br> 5.375%, 12/4/29<sup>(3)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 79 |
| Sands China Ltd. (Macau)<br> 5.400%, 8/8/28 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| Standard Chartered plc (Hong Kong), 144A<br> 2.678%, 6/29/32<sup>(2)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 101 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **China—continued** | **China—continued** |  |
| Tencent Holdings Ltd. 144A<br> 2.390%, 6/3/30<sup>(2)</sup> | $50 | $46 |
|  |  | &nbsp;&nbsp; 496 |
| **Colombia—3.6%** | **Colombia—3.6%** |  |
| AI Candelaria - Spain- S.A. 144A<br> 5.750%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 33 |
| Banco Davivienda S.A. 144A<br> 8.125%, 7/2/35<sup>(2)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38 |
| Banco GNB Sudameris S.A. 144A<br> 7.500%, 4/16/31<sup>(2)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
| Ecopetrol S.A.<br> 7.375%, 9/18/43 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 27 |
| Gran Tierra Energy, Inc. 144A<br> 9.500%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17 |
| SierraCol Energy Andina LLC 144A<br> 6.000%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 184 |
| **Czech Republic—2.3%** | **Czech Republic—2.3%** |  |
| CPI Property Group S.A. RegS<br> 6.000%, 1/27/32<sup>(3)</sup> | &nbsp;&nbsp; 100<sup>EUR</sup> | &nbsp;&nbsp; 120 |
| **Ghana—0.9%** | **Ghana—0.9%** |  |
| Kosmos Energy Ltd. RegS<br> 7.750%, 5/1/27<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 44 |
| **Guatemala—0.7%** | **Guatemala—0.7%** |  |
| CT Trust 144A<br> 5.125%, 2/3/32<sup>(2)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| Investment Energy Resources Ltd. 144A<br> 6.250%, 4/26/29<sup>(2)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 38 |
| **India—7.4%** | **India—7.4%** |  |
| Adani Electricity Mumbai Ltd. 144A<br> 3.949%, 2/12/30<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 134 |
| Adani Renewable Energy RJ Ltd. 144A<br> 4.625%, 10/15/39<sup>(2)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 67 |
| JSW Hydro Energy Ltd. 144A<br> 4.125%, 5/18/31<sup>(2)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 65 |
| Shriram Finance Ltd. 144A<br> 6.625%, 4/22/27<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.875%, 9/17/29<sup>(2)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;144A 9.475%, 7/24/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 376 |
| **Indonesia—5.0%** | **Indonesia—5.0%** |  |
| Freeport Indonesia PT RegS<br> 5.315%, 4/14/32<sup>(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Stone Harbor EMD MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **Indonesia—continued** | **Indonesia—continued** |  |
| Medco Bell Pte Ltd. RegS<br> 6.375%, 1/30/27<sup>(3)</sup> | $100 | $100 |
| Minejesa Capital B.V. 144A<br> 4.625%, 8/10/30<sup>(2)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 256 |
| **Israel—3.6%** | **Israel—3.6%** |  |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 143 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 3.150%, 10/1/26 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
|  |  | &nbsp;&nbsp; 184 |
| **Kazakhstan—1.4%** | **Kazakhstan—1.4%** |  |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/14/33<sup>(2)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 4/19/47<sup>(2)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 72 |
| **Kuwait—1.0%** | **Kuwait—1.0%** |  |
| NBK Tier 1 Financing 2 Ltd. 144A<br> 4.500% <sup>(2)(6)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| **Malaysia—0.8%** | **Malaysia—0.8%** |  |
| Petronas Capital Ltd. 144A<br> 4.950%, 1/3/31<sup>(2)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Yinson Bergenia Production B.V. 144A<br> 8.498%, 1/31/45<sup>(2)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 39 |
| **Mexico—5.9%** | **Mexico—5.9%** |  |
| Banco Mercantil del Norte S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%<sup>(2)(6)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;RegS 5.750%, 10/4/31<sup>(3)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(2)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| Braskem Idesa SAPI 144A<br> 6.990%, 2/20/32<sup>(2)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6 |
| Cemex SAB de C.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%<sup>(2)(6)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;144A 7.200%<sup>(2)(6)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Grupo Aeromexico SAB de C.V. 144A<br> 8.625%, 11/15/31<sup>(2)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(3)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 |
| Saavi Energia S.a.r.l. 144A<br> 8.875%, 2/10/35<sup>(2)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **Mexico—continued** | **Mexico—continued** |  |
| Sitios Latinoamerica SAB de C.V. 144A<br> 5.375%, 4/4/32<sup>(2)</sup> | $19 | $19 |
| Southern Copper Corp.<br> 6.750%, 4/16/40 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 |
| Tierra Mojada Luxembourg II S.a.r.l. 144A<br> 5.750%, 12/1/40<sup>(2)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 300 |
| **Morocco—1.5%** | **Morocco—1.5%** |  |
| OCP S.A. 144A<br> 7.500%, 5/2/54<sup>(2)</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79 |
| **Nigeria—2.8%** | **Nigeria—2.8%** |  |
| Access Bank plc 144A<br> 6.125%, 9/21/26<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/29/30<sup>(2)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 |
| IHS Netherlands Holdco B.V. 144A<br> 8.000%, 9/18/27<sup>(2)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 146 |
| **Panama—0.5%** | **Panama—0.5%** |  |
| Banco General S.A. 144A<br> 5.250% <sup>(2)(6)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 25 |
| **Peru—2.1%** | **Peru—2.1%** |  |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 3/10/35<sup>(2)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 7/30/35<sup>(2)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Banco Internacional del Peru SAA Interbank 144A<br> 4.000%, 7/8/30<sup>(2)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 106 |
| **Poland—1.6%** | **Poland—1.6%** |  |
| ORLEN S.A. 144A<br> 6.000%, 1/30/35<sup>(2)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| **Saudi Arabia—3.1%** | **Saudi Arabia—3.1%** |  |
| Acwa Power Management & Investments One Ltd. 144A<br> 5.950%, 12/15/39<sup>(2)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 101 |
| EIG Pearl Holdings S.a.r.l. 144A<br> 3.545%, 8/31/36<sup>(2)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 59 |
|  |  | &nbsp;&nbsp; 160 |
| **Singapore—0.2%** | **Singapore—0.2%** |  |
| United Overseas Bank Ltd. (SOFR + 0.580%) 144A<br> 4.994%, 4/2/28<sup>(2)(7)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| **South Africa—4.1%** | **South Africa—4.1%** |  |
| Prosus N.V. RegS<br> 3.061%, 7/13/31<sup>(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 111 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **South Africa—continued** | **South Africa—continued** |  |
| Sasol Financing USA LLC<br> 4.375%, 9/18/26 | $100 | $98 |
|  |  | &nbsp;&nbsp; 209 |
| **South Korea—0.4%** | **South Korea—0.4%** |  |
| Hanwha Life Insurance Co., Ltd. 144A<br> 6.300%, 6/24/55<sup>(2)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| **Taiwan—1.7%** | **Taiwan—1.7%** |  |
| TSMC Global Ltd. RegS<br> 1.375%, 9/28/30<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 86 |
| **Tanzania—2.0%** | **Tanzania—2.0%** |  |
| HTA Group Ltd. 144A<br> 7.500%, 6/4/29<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| **Thailand—1.6%** | **Thailand—1.6%** |  |
| Thaioil Treasury Center Co., Ltd. RegS<br> 4.875%, 1/23/43<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 81 |
| **Turkey—3.2%** | **Turkey—3.2%** |  |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
| WE Soda Investments Holding plc 144A<br> 9.500%, 10/6/28<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| Zorlu Enerji Elektrik Uretim AS 144A<br> 11.000%, 4/23/30<sup>(2)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 163 |
| **Ukraine—1.5%** | **Ukraine—1.5%** |  |
| Metinvest B.V. 144A<br> 7.750%, 10/17/29<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 26 |
| VF Ukraine PAT via VFU Funding plc 144A<br> 9.625%, 2/11/27<sup>(2)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 75 |
| **United Arab Emirates—3.5%** | **United Arab Emirates—3.5%** |  |
| Abu Dhabi National Energy Co. PJSC 144A<br> 4.696%, 4/24/33<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| DP World Ltd. 144A<br> 4.700%, 9/30/49<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 82 |
|  |  | &nbsp;&nbsp; 181 |
| **Vietnam—1.3%** | **Vietnam—1.3%** |  |
| Mong Duong Finance Holdings B.V. 144A<br> 5.125%, 5/7/29<sup>(2)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 66 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### Stone Harbor EMD MACS

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value<sup>(1)</sup>** | **Value** |
| **Zambia—1.2%** | **Zambia—1.2%** |  |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 10/15/27<sup>(2)</sup> | $38 | $38 |
| &nbsp;&nbsp;&nbsp;144A 8.625%, 6/1/31<sup>(2)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp;&nbsp; 63 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $4,835)** | **Total Corporate Bonds and Notes<br> (Identified Cost $4,835)** | &nbsp;&nbsp;&nbsp;&nbsp;**4840** |
| **Total Long-Term Investments—98.6%<br> (Identified Cost $5,030)** | **Total Long-Term Investments—98.6%<br> (Identified Cost $5,030)** | &nbsp;&nbsp;&nbsp;&nbsp;**5039** |
| **TOTAL INVESTMENTS—98.6%<br> (Identified Cost $5,030)** | **TOTAL INVESTMENTS—98.6%<br> (Identified Cost $5,030)** | &nbsp;&nbsp;**$5039** |
| Other assets and liabilities, net—1.4% | Other assets and liabilities, net—1.4% | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$5108** |

---

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

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $3,772 or 73.8% of net assets. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | Security in default; interest payments are being received. |
| <sup>(5)</sup> | 100% of the income received was in PIK. |
| <sup>(6)</sup> | No contractual maturity date. |
| <sup>(7)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| Brazil | &nbsp;&nbsp;&nbsp;12% |
| China | &nbsp;&nbsp;10 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;52 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of June 30, 2025 were as follows:** |
| **Currency<br> Purchased** | **Currency<br> Amount<br> Purchased** | **Currency<br> Sold** | **Currency<br> Amount<br> Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| USD | 113 | EUR | 104 | CITI | 07/11/25 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9) |
| **Total** |  |  |  |  |  | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9) |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039 |
| Liabilities: |  |  |
| Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5030 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Newfleet ABS MACS** | &nbsp;&nbsp;&nbsp;**Newfleet CMBS MACS** | &nbsp;&nbsp;&nbsp;**Newfleet Floating Rate MACS** | &nbsp;&nbsp;&nbsp;**Newfleet High Yield MACS** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$37108 | &nbsp;&nbsp;&nbsp;$19548 | &nbsp;&nbsp;&nbsp;$17863 | &nbsp;&nbsp;&nbsp;$21410 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22032 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$38208 | &nbsp;&nbsp;&nbsp;$20804 | &nbsp;&nbsp;&nbsp;$21211 | &nbsp;&nbsp;&nbsp;$21884 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$38131 | &nbsp;&nbsp;&nbsp;$20970 | &nbsp;&nbsp;&nbsp;$21704 | &nbsp;&nbsp;&nbsp;$22568 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(684) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$38208 | &nbsp;&nbsp;&nbsp;$20804 | &nbsp;&nbsp;&nbsp;$21211 | &nbsp;&nbsp;&nbsp;$21884 |
| **Net Assets:** |  |  |  |  |
| Shares Outstanding (unlimited number of shares authorized, no par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3806294 | &nbsp;&nbsp;&nbsp;&nbsp;2068774 | &nbsp;&nbsp;&nbsp;&nbsp;2134444 | &nbsp;&nbsp;&nbsp;&nbsp;2211915 |
| Net Asset Value and Redemption Price Per Share<br>| &nbsp;&nbsp;&nbsp;$10.04 | &nbsp;&nbsp;&nbsp;$10.06 | &nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;$9.89 |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$37003 | &nbsp;&nbsp;&nbsp;$19521 | &nbsp;&nbsp;&nbsp;$17981 | &nbsp;&nbsp;&nbsp;$21556 |
| <sup>(2)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Newfleet RMBS MACS** | &nbsp;&nbsp;&nbsp;**Seix High Yield MACS** | &nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$45704 | &nbsp;&nbsp;&nbsp;$4891 | &nbsp;&nbsp;&nbsp;$5039 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$47016 | &nbsp;&nbsp;&nbsp;$5054 | &nbsp;&nbsp;&nbsp;$5108 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$49087 | &nbsp;&nbsp;&nbsp;$5036 | &nbsp;&nbsp;&nbsp;$5105 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$47016 | &nbsp;&nbsp;&nbsp;$5054 | &nbsp;&nbsp;&nbsp;$5108 |
| **Net Assets:** |  |  |  |
| Shares Outstanding (unlimited number of shares authorized, no par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4666529 | &nbsp;&nbsp;&nbsp;&nbsp;503591 | &nbsp;&nbsp;&nbsp;&nbsp;510494 |
| Net Asset Value and Redemption Price Per Share<br>| &nbsp;&nbsp;&nbsp;$10.08 | &nbsp;&nbsp;&nbsp;$10.04 | &nbsp;&nbsp;&nbsp;$10.01 |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$45529 | &nbsp;&nbsp;&nbsp;$4849 | &nbsp;&nbsp;&nbsp;$5030 |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) FOR THE PERIOD FEBRUARY 5, 2025 THROUGH June 30, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet ABS MACS<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet CMBS MACS<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Floating Rate MACS<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet High Yield MACS<sup>(1)</sup>** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$14 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;(107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | &nbsp;&nbsp;&nbsp;&nbsp;(107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;(286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;(118) | &nbsp;&nbsp;&nbsp;&nbsp;(146) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;(404) | &nbsp;&nbsp;&nbsp;&nbsp;(240) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$948 | &nbsp;&nbsp;&nbsp;&nbsp;$601 | &nbsp;&nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;&nbsp;$463 |

---

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

<sup>(1)</sup> Inception date February 05, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)

#### FOR THE PERIOD FEBRUARY 5, 2025 THROUGH June 30, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet RMBS MACS<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield MACS<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS<sup>(1)</sup>** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1117 | &nbsp;&nbsp;&nbsp;&nbsp;$121 | &nbsp;&nbsp;&nbsp;&nbsp;$136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;1117 | &nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1273 | &nbsp;&nbsp;&nbsp;&nbsp;$135 | &nbsp;&nbsp;&nbsp;&nbsp;$131 |

---

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

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

<sup>(1)</sup> Inception date February 05, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet ABS MACS** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet CMBS MACS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$833 | &nbsp;&nbsp;&nbsp;&nbsp;$605 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 |
| **Dividends and Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income and Net Realized Gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) |
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from capital transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;38065 | &nbsp;&nbsp;&nbsp;&nbsp;20678 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;38208 | &nbsp;&nbsp;&nbsp;&nbsp;20804 |
| **Net Assets** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$38208 | &nbsp;&nbsp;&nbsp;&nbsp;$20804 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Floating Rate MACS** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet High Yield MACS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$494 | &nbsp;&nbsp;&nbsp;&nbsp;$703 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| **Dividends and Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income and Net Realized Gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) |
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from capital transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;21476 | &nbsp;&nbsp;&nbsp;&nbsp;22109 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;21211 | &nbsp;&nbsp;&nbsp;&nbsp;21884 |
| **Net Assets** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$21211 | &nbsp;&nbsp;&nbsp;&nbsp;$21884 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet RMBS MACS** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield MACS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1116 | &nbsp;&nbsp;&nbsp;&nbsp;$121 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| **Dividends and Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income and Net Realized Gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from capital transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;46649 | &nbsp;&nbsp;&nbsp;&nbsp;5036 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;47016 | &nbsp;&nbsp;&nbsp;&nbsp;5054 |
| **Net Assets** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$47016 | &nbsp;&nbsp;&nbsp;&nbsp;$5054 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$136 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| **Dividends and Distributions to Shareholders** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income and Net Realized Gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from capital transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;5105 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;5108 |
| **Net Assets** |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$5108 |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet ABS MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | $10.00 | 0.22 | &nbsp;&nbsp;0.03 | 0.25 | (0.21) | (0.21) |  | &nbsp;&nbsp;0.04 | $10.04 | 2.52% | $38208 | 0.01% | 0.71% | 5.46% | 14% |
| **Newfleet CMBS MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | &nbsp;&nbsp;&nbsp;10.00 | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.27 | (0.21) | (0.21) | — <sup>(9)</sup> | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;10.06 | 2.69 | &nbsp;&nbsp;&nbsp;20804 | 0.01 | 0.90 | 6.63 | 27 |
| **Newfleet Floating Rate MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | &nbsp;&nbsp;&nbsp;10.00 | 0.17 | (0.09) | 0.08 | (0.14) | (0.14) |  | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | 0.77 | &nbsp;&nbsp;&nbsp;21211 | 0.03 | 0.94 | 4.20 | 37 |
| **Newfleet High Yield MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | &nbsp;&nbsp;&nbsp;10.00 | 0.31 | (0.12) | 0.19 | (0.30) | (0.30) |  | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | 1.99 | &nbsp;&nbsp;&nbsp;21884 | 0.01 | 1.02 | 7.96 | 20 |
| **Newfleet RMBS MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | &nbsp;&nbsp;&nbsp;10.00 | 0.23 | &nbsp;&nbsp;0.04 | 0.27 | (0.19) | (0.19) |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;10.08 | 2.70 | &nbsp;&nbsp;&nbsp;47016 | 0.01 | 0.63 | 5.83 | &nbsp;&nbsp;&nbsp;8 |
| **Seix High Yield MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | &nbsp;&nbsp;&nbsp;10.00 | 0.24 | &nbsp;&nbsp;0.03 | 0.27 | (0.23) | (0.23) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.04 | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;5054 | 0.01 | 3.10 | 6.12 | 16 |
| **Stone Harbor EMD MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2/5/25<sup>(8)</sup> to 6/30/25 | &nbsp;&nbsp;&nbsp;10.00 | 0.27 | (0.01) | 0.26 | (0.25) | (0.25) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.01 | 2.68 | &nbsp;&nbsp;&nbsp;&nbsp;5108 | 0.01 | 3.33 | 6.82 | 12 |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> | Not annualized for periods less than one year. |
| <sup>(4)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(7)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> | Inception date. |
| <sup>(9)</sup> | Amount is less than $0.005 per share. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### JUNE 30, 2025

#### Note 1. Organization
Virtus Managed Account Completion Shares (MACS) Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, 7 funds (each a "Fund" or collectively, the "Funds") of the Trust are offered for sale, which are reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds are diversified. There is no guarantee that a Fund will achieve its objective(s).

There are no sales charges or distribution and service (Rule 12b-1) fees applicable to the Funds' shares.

#### Note 2. Significant Accounting Policies

#### ($ reported in thousands)
The Funds' are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The Funds' 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. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' 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;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
|  | &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;• 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 a 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 a 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 Funds fair value 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 ADRs, financial futures, 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 ("OTC") 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.

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Payment-In-Kind Securities** |
|  | Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **H.** | **When-Issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |

---

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **I.** | **Interest-Only and Principal-Only Securities** |
|  | Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. |
| **J.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rate is generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **K.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under Master Securities Lending Agreements ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
|  | As of June 30, 2025, none of the Funds were lending under the agreement with BNY. |
| **L.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in |

---

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

---

| | |
|:---|:---|
| **A.** | **Forward Foreign Currency Exchange Contracts** |
|  | A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. Cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for derivatives and securities sold short". |
|  | During the year ended June 30, 2025, each Fund entered into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, foreign currencies (foreign currency exchange rate risk). |
|  | Forward foreign currency contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. |
|  | The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at June 30, 2025: |

---

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

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Stone Harbor EMD MACS** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$(9) |
| Total Liabilities |  | &nbsp;&nbsp;$(9) |

---

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the fiscal year ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Stone Harbor EMD MACS** |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$1 |
| Total |  | &nbsp;&nbsp;$1 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$(9) |
| Total |  | &nbsp;&nbsp;$(9) |

---

The quarterly average values (unless otherwise specified) of the derivatives held by the Funds in the table shown below indicate the volume of derivative activity for each applicable Fund for the period ended June 30, 2025.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Sale Contracts<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Average premium amount.

---

| | |
|:---|:---|
| **B.** | **Derivative Risks** |
|  | A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
|  | A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty |

---

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
|  | fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. |
|  | With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund. |
|  | In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
| **C.** | **Collateral Requirements and Master Netting Agreements ("MNA")** |
|  | For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. |
|  | Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
|  | The following tables present the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of June 30, 2025: |

---

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

---

| | | |
|:---|:---|:---|
| **At June 30, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** | **At June 30, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** | **At June 30, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** |
|  | &nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;**Stone Harbor EMD MACS** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency<br> exchange contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9 |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9 |

---

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor EMD MACS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Liabilities<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount of<br> Derivative<br> Liabilities<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

#### Note 4. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, LLC (the "Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers. |
|  | The Adviser does not charge a management fee to the Funds. |
| **B.** | **Subadvisers** |
|  | The subadvisers who manage the investments of each Fund do not charge a subadvisory fee. A list of the subadvisers and the Funds they serve as of the end of the year is as follows: |

---

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

---

| |
|:---|
| **<u>Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |
| Newfleet ABS MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet CMBS MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet Floating Rate MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet High Yield MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet RMBS MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Seix High Yield MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Seix<sup>(2)</sup> |
| Stone Harbor EMD MACS <br>&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor<sup>(3)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers LLC ("VFIA"), an indirect wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Seix Investment Advisors, LLC ("Seix"), a division of VFIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(3)</sup> Stone Harbor Investment Partners ("SHIP"), a division of VFIA.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | Each Fund's subadviser has contractually agreed to limit the respective Fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.00% indefinitely. Only the Funds' Board may modify or terminate the expense limitation agreement. |
| **D.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. For the period ended June 30, 2025, the Funds did not incur distribution fees. |
| **E.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the year ended June 30, 2025, the Funds incurred administration fees totaling $65 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the year ended June 30, 2025, the Funds incurred transfer agent fees totaling $29 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |

---

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[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

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| | |
|:---|:---|
| **F.** | **Affiliated Shareholders** |
|  | At June 30, 2025, Virtus and its affiliates held significant shares of the following Funds, which may be redeemed at any time, that aggregated to the following: |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Net<br> Asset Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet ABS MACS<br>| 2342776 | &nbsp;&nbsp;&nbsp;&nbsp;$23521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet CMBS MACS<br>| 1398123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Floating Rate MACS<br>| 1191699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet RMBS MACS<br>| 3277588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005 |

---

---

| | |
|:---|:---|
| **G.** | **Payment from Affiliates** |
|  | During the year ended June 30, 2025, the Newfleet CMBS MACS was reimbursed $4 by the Adviser for losses incurred due to an investment limitation error during the period. |
| **H.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. |
|  | During the year ended June 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |

---

#### Note 5. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet ABS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5245 | &nbsp;&nbsp;&nbsp;&nbsp;$7736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet CMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet RMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |

---

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet ABS MACS** | &nbsp;&nbsp;**Newfleet ABS MACS** | &nbsp;&nbsp;**Newfleet CMBS MACS** | &nbsp;&nbsp;**Newfleet CMBS MACS** | &nbsp;&nbsp;**Newfleet Floating Rate MACS** | &nbsp;&nbsp;**Newfleet Floating Rate MACS** | &nbsp;&nbsp;**Newfleet High Yield MACS** | &nbsp;&nbsp;**Newfleet High Yield MACS** |
|  | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Composite Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;3970 | &nbsp;&nbsp;$39700 | &nbsp;&nbsp;2374 | &nbsp;&nbsp;$23723 | &nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;$35080 | &nbsp;&nbsp;2353 | &nbsp;&nbsp;$23477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2440) | &nbsp;&nbsp;&nbsp;&nbsp;(352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3520) | &nbsp;&nbsp;&nbsp;&nbsp;(1409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13957) | &nbsp;&nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;3806 | &nbsp;&nbsp;$38065 | &nbsp;&nbsp;2069 | &nbsp;&nbsp;$20678 | &nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;$21476 | &nbsp;&nbsp;2212 | &nbsp;&nbsp;$22109 |

---

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet RMBS MACS** | &nbsp;&nbsp;**Newfleet RMBS MACS** | &nbsp;&nbsp;**Seix High Yield MACS** | &nbsp;&nbsp;**Seix High Yield MACS** | &nbsp;&nbsp;**Stone Harbor EMD MACS** | &nbsp;&nbsp;**Stone Harbor EMD MACS** |
|  | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** | &nbsp;&nbsp;**From Inception February 5, 2025 to<br> June 30, 2025** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Composite Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;5189 | &nbsp;&nbsp;$51887 | &nbsp;&nbsp;504 | &nbsp;&nbsp;$5035 | &nbsp;&nbsp;510 | &nbsp;&nbsp;$5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6144) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;4667 | &nbsp;&nbsp;$46649 | &nbsp;&nbsp;504 | &nbsp;&nbsp;$5036 | &nbsp;&nbsp;510 | &nbsp;&nbsp;$5105 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

#### Note 7. Purchases and Redemption In-kind
(reported in thousands)

As of the close of business on February 5, 2025, Virtus Newfleet Multi-Sector Intermediate Bond Series ("Newfleet Multi-Sector Intermediate Bond Series"), Virtus Tactical Allocation Fund ("Tactical Allocation Fund") and Virtus Tactical Allocation Series ("Tactical Allocation Series") each settled purchases of shares of Newfleet ABS MACS, Newfleet CMBS MACS, Newfleet Floating Rate MACS, Newfleet High Yield MACS, and Newfleet RMBS MACS by delivering portfolio securities and other assets in exchange for shares of Newfleet ABS MACS, Newfleet CMBS MACS, Newfleet Floating Rate MACS, Newfleet High Yield MACS, and Newfleet RMBS MACS. The following table is a summary of the value of such securities and other assets that were transferred in-kind along with the shares received:

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet ABS MACS** |  |  |
| **Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities Market Value<br> and Other Assets Delivered** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$12247 | &nbsp;&nbsp;&nbsp;&nbsp;1225 |
| Tactical Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24783 | &nbsp;&nbsp;&nbsp;&nbsp;2478 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$39630 | &nbsp;&nbsp;&nbsp;&nbsp;3963 |

---

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

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet CMBS MACS** |  |  |
| **Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities Market Value<br> and Other Assets Delivered** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
| Tactical Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13046 | &nbsp;&nbsp;&nbsp;&nbsp;1305 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$18897 | &nbsp;&nbsp;&nbsp;&nbsp;1890 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities Market Value<br> and Other Assets Delivered** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10485 | &nbsp;&nbsp;&nbsp;&nbsp;1048 |
| Tactical Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18582 | &nbsp;&nbsp;&nbsp;&nbsp;1858 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$30924 | &nbsp;&nbsp;&nbsp;&nbsp;3092 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities Market Value<br> and Other Assets Delivered** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$11372 | &nbsp;&nbsp;&nbsp;&nbsp;1137 |
| Tactical Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10207 | &nbsp;&nbsp;&nbsp;&nbsp;1021 |

---

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet High Yield MACS** | **Virtus Newfleet High Yield MACS** | **Virtus Newfleet High Yield MACS** |
| **Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities Market Value<br> and Other Assets Delivered** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Received** |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$22612 | &nbsp;&nbsp;&nbsp;&nbsp;2261 |

---

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

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet RMBS MACS** | **Virtus Newfleet RMBS MACS** | **Virtus Newfleet RMBS MACS** |
| **Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities Market Value<br> and Other Assets Delivered** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10548 | &nbsp;&nbsp;&nbsp;&nbsp;1055 |
| Tactical Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37265 | &nbsp;&nbsp;&nbsp;&nbsp;3726 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$51834 | &nbsp;&nbsp;&nbsp;&nbsp;5183 |

---

For U.S. GAAP purposes, the securities and other assets transferred were recorded at market value, and the historical cost basis of the assets transferred was not carried forward to the funds. For federal income tax purposes, the transfers were recorded at the historical cost basis of the assets transferred (see Note 13. Federal Income Tax information).

#### Note 8. 10% Shareholders
As of June 30, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet ABS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet CMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet RMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

<sup>\*</sup> Includes affiliated shareholder account(s).

#### Note 9. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. The Fund is unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of the Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Changes in interest rates may cause both extension and prepayment risks for both mortgage and asset-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the fund.

CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed income investments and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions.

Please refer to the Funds' prospectus, which contains additional information about each Fund and its risks.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Note 10. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 11. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At June 30, 2025, the Funds did not hold any securities that were restricted.

#### Note 12. Redemption Facility

#### ($ reported in thousands)

------

[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 3, 2025. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of a SOFR or the Fed Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended June 30, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

The following Fund had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Incurred on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Days<br> Outstanding** |
| Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;&nbsp;$1213 | &nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;16 |

---

#### Note 13. Federal Income Tax Information

#### ($ reported in thousands)
For federal income tax purposes, the securities and other assets transferred in-kind (see Note 7. Purchases and Redemption In-Kind) were recorded at the historical cost basis of the assets transferred.

At June 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Newfleet ABS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;$37042 | &nbsp;&nbsp;&nbsp;&nbsp;$313 | &nbsp;&nbsp;&nbsp;&nbsp;$(247) | &nbsp;&nbsp;&nbsp;&nbsp;$66 |
| Newfleet CMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
| Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) |
| Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436) |
| Newfleet RMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641) |
| Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |

---

The Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended June 30, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Newfleet ABS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1 |
| Newfleet CMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Newfleet RMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
| Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Loss<br> Deferred** |
| Newfleet ABS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;$1 |
| Newfleet CMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
| Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Newfleet RMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |

---

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#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Loss<br> Deferred** |
| Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;$28 |
| Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |

---

The differences between the book and tax basis of distributable earnings relate principally to the different cost basis of the assets transferred and the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the year ended June 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet ABS MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;$805 | &nbsp;&nbsp;&nbsp;&nbsp;$805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet CMBS MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Floating Rate MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet RMBS MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor EMD MACS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing cost basis and treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

#### Note 14. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 15. Recent Accounting Pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. For the year ended June 30, 2025, the Funds did not pay any income taxes. As a result, enhanced income tax disclosures are not applicable for the Funds.

#### Note 16. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

------

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![](g33646img1986e9322.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Virtus Managed Account Completion Shares (MACS) Trust and Shareholders of Virtus Newfleet ABS MACS, Virtus Newfleet CMBS MACS, Virtus Newfleet Floating Rate MACS, Virtus Newfleet High Yield MACS, Virtus Newfleet RMBS MACS, Virtus Seix High Yield MACS and Virtus Stone Harbor EMD MACS

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Newfleet ABS MACS, Virtus Newfleet CMBS MACS, Virtus Newfleet Floating Rate MACS, Virtus Newfleet High Yield MACS, Virtus Newfleet RMBS MACS, Virtus Seix High Yield MACS and Virtus Stone Harbor EMD MACS (seven of the funds constituting Virtus Managed Account Completion Shares (MACS) Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations and the statements of changes in net assets, including the related notes, and the financial highlights for period February 5, 2025 (inception date) through June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for the period February 5, 2025 (inception date) through June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

August 21, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

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#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### OTHER INFORMATION June 30, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the year ended June 30, 2025, the Funds incurred independent Trustee's fees totaling $61 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS NEWFLEET ABS MACS, VIRTUS NEWFLEET CMBS MACS, VIRTUS NEWFLEET FLOATING RATE MACS, VIRTUS NEWFLEET HIGH YIELD MACS, VIRTUS NEWFLEET RMBS MACS, VIRTUS SEIX HIGH YIELD MACS, AND VIRTUS STONE HARBOR EMD MACS (the "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Managed Account Completion Shares (MACS) Trust (the "Trust") is responsible for determining whether to approve the establishment and continuation of the advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC (f/k/a Virtus Investment Advisers, Inc.) ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements") (together with the Advisory Agreement, the "Agreements") among the Trust, VIA, and each of (1) Virtus Fixed Income Advisers, LLC ("VFIA"), operating through its division Newfleet Asset Management ("Newfleet"), with respect to Virtus Newfleet ABS MACS, Virtus Newfleet CMBS MACS, Virtus Newfleet Floating Rate MACS, Virtus Newfleet High Yield MACS, and Virtus Newfleet RMBS MACS; (2) VFIA, operating through its division Seix Investment Advisors ("Seix"), with respect to Virtus Seix High Yield MACS; and (3) VFIA, operating through its division Stone Harbor Investment Partners ("Stone Harbor"), with respect to Virtus Stone Harbor EMD MACS (each of Newfleet, Seix and Stone Harbor, a "Subadviser" and collectively, the "Subadvisers"). At a meeting held on November 18, 2024 (the "Meeting"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), authorized the appointment of VIA as adviser to the Funds and each of Newfleet, Seix and Stone Harbor as subadviser to the applicable Fund(s), and considered and approved the establishment of the Agreements, as further discussed below.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the applicable Subadviser that, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the approval of each applicable Agreement would be in the best interests of the Funds and their respective shareholders. The Board noted the affiliation of each of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by legal counsel throughout the process. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. In their deliberations, the Trustees considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposals in private sessions at which no representatives of management were present.

In considering whether to approve the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services to be provided to the Funds by VIA and the Subadviser; (b) information regarding the expected investors in the Fund and the role of the Fund in such investors' portfolios (which would be separate accounts managed by the Subadviser or its affiliates), and how that would affect the manner in which the Fund was expected to be managed; (c) that each Fund would bear no advisory or subadvisory fees; (d) that there would be no profitability to VIA and its affiliates under the proposed Agreements; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the Subadvisers' relationship with the Funds); (f) possible conflicts of interest; and (g) the terms of the Agreements.

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#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### OTHER INFORMATION (Continued)

#### June 30, 2025
<u>Nature, Extent and Quality of Services</u>

The Trustees received in advance of the Meeting information provided by VIA and each Subadviser, including completed questionnaires concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures. In considering the Advisory Agreement with VIA, the Board considered that VIA would be responsible for the management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board also considered VIA's process for supervising and managing the Funds' subadvisers, including (a) VIA's ability to select and monitor the subadviser(s); (b) VIA's ability to provide the services necessary to monitor the subadvisers' compliance with the Funds' respective investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's expected supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA were expected to serve as administrator, transfer agent and distributor of the Funds. The Trustees also took into account their knowledge of VIA's management and the quality of the performance of its duties with respect to the Virtus Funds through meetings of the Virtus Funds Board, discussions and reports to the Virtus Funds' Board during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services to be provided by each of the Subadvisers, the Trustees considered information provided to the Board by each Subadviser, as well as information provided throughout the past year to the Virtus Funds' Board with respect to those funds. With respect to the Subadvisory Agreements, the Board noted that each Subadviser would provide portfolio management, compliance with the respective Fund's investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund's prospectuses and statement of additional information. In considering approval of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services expected to be provided by VIA and each Subadviser to the applicable Fund(s) were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

Because the Funds had not commenced operations, the Board could not evaluate prior investment performance for the Funds. Further, the Board noted that due to the nature of the Funds' investment portfolios representing segments of particular asset class sectors that were expected to serve particular roles in investors' overall separate account portfolios, they were unlikely to bear a meaningful similarity to market indexes or even to other funds or accounts. Investment performance was therefore not a material factor in the Board's approval of the Agreements.

<u>Management Fees and Total Expenses</u>

The Board considered that the Funds would not bear advisory or subadvisory fees and, with the exception of certain expenses excluded (including front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses and dividend expenses, if any), each Fund's total expenses would be reimbursed by the Fund's Subadviser.

<u>Projected Profitability</u>

The Board also considered that since the Adviser would not charge an advisory fee, and that, with the exception of the expenses listed above as being excluded, the Subadvisers would reimburse the total expenses for each Fund, there would be no direct profitability to the Adviser or Subadvisers from the Funds. However, the Board noted that affiliates of the Adviser and Subadvisers would be paid for providing other services to the Funds, such as transfer agency and administrative services (which fees would be reimbursed to the Funds by their Subadvisers under the expense limitation arrangements). In addition to the fees paid to the Adviser's and Subadvisers' affiliates, the Board considered any other benefits derived by the Adviser, the Subadvisers or their affiliates from their relationships with the Funds. In this regard, the Board noted that the existence of the Funds would allow the Subadvisers and their affiliates to offer retail separately managed accounts in certain fixed income strategies that may otherwise not be feasible. The Board concluded that the profitability to the Adviser, the Subadviser and their affiliates from the Funds was reasonable in light of the quality of the services rendered to the Funds by such entities.

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#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### OTHER INFORMATION (Continued)

#### June 30, 2025
<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA should be expected to realize economies of scale as the Funds' assets grow. The Board took into account management's discussion of the Funds' management fee and subadvisory fee structure, and noted that expense limitations of 0.00% of each Fund's net assets (with certain excluded categories of expenses noted above) were expected to be implemented for each Fund. The Board also took into account the expected size of the Funds. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to be materially higher than anticipated, particularly in relationship to certain fixed costs.

Based upon the expense structure of the Funds and the expected use of the Funds within certain separately managed accounts, the Board concluded that the potential for economies of scale in the Adviser's and Subadvisers' management of the Funds was not a material factor in the approval of the Agreements at this time.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and the Subadvisers and their affiliates from their relationships with the Funds. Among them, the Board recognized that an affiliate of VIA and the Subadvisers would provide administrative and transfer agency services to the Funds. The Board noted management's discussion of the fact that, while the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Funds, other than the fee to be earned under the applicable Agreements, but that the existence of the Funds would allow the Subadvisers and their affiliates to offer retail separately managed accounts in certain fixed income strategies that may otherwise not be feasible.

The Board also considered that there may be certain indirect or ancillary benefits that may accrue to VIA and the Subadvisers and their affiliates, including, but not limited to: (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement was in the best interests of each Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements with respect to each Fund.

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#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES (MACS) TRUST

#### TAX INFORMATION NOTICE (Unaudited)

#### June 30, 2025
The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended June 30, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Long-Term<br> Capital Gain<br> Distributions ($)** |
| Newfleet ABS MACS<br>| &nbsp;&nbsp;$0 |
| Newfleet CMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Newfleet Floating Rate MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Newfleet High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Newfleet RMBS MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Seix High Yield MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Stone Harbor EMD MACS<br>| &nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

#### VIRTUS MANAGED ACCOUNT COMPLETION SHARES TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
George R. Aylward, Chair

Connie D. McDaniel

Donald C. Burke

R. Keith Walton

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

#### How to Contact Us

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| | |
|:---|:---|
| Mutual Fund Services | 1-800-243-1574 |
| Adviser Consulting Group | 1-800-243-4361 |
| Website | **Virtus.com** |

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[**Table of Contents**](#JOB_Virtu_e05344cb-2990-4c66-8a99-bae0c24f2631_TOC)

![](g33646imgbb224f8e3.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

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| | |
|:---|:---|
| 8671 | 08-25 |

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7a.

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#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7a.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7a.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer to the Other Information Section in Item 7a.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation. [Applies to listed companies only]
Not Applicable.

#### Item 19. Exhibits.
(a)(1) [The registrant's Code of Ethics is attached hereto.](d33646dex99codeeth.htm)

(a)(2) Not applicable.

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| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d33646dex99cert.htm)  |

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(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d33646dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) | Virtus Managed Account Completion Shares (MACS) Trust |
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date <u>8/29/2025</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ George R. Aylward</u> |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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Date <u>8/29/2025</u> 

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| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ W. Patrick Bradley</u> |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

Date <u>8/29/2025</u> 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act
Code of Ethics, the "1940 Act Codes of Ethics");

• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1) 

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The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

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**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

• violations and potential violations will be reported to the applicable Fund Board after such investigation;

• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Managed Account
Completion Shares (MACS) Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: <u>8/29/2025</u>  | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Managed Account
Completion Shares (MACS) Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: <u>8/29/2025</u>  | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Managed Account Completion Shares (MACS) Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>8/29/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Managed Account Completion Shares (MACS) Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>8/29/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

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