# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0001193125-26-093414
**Filing Date:** 2026-3
**Character Count:** 267670
**Document Hash:** 502e9885f7e5026b8f0ede1f56a516f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093414.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093414

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23968
- **FILM NUMBER:** 26725385

**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 Managed Account Completion Shares 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:

#### December 31, 2025

------

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

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Newfleet ABS MACS
VMADX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet ABS MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$33874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &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>

---

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

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8662 Virtus Newfleet ABS MACS

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Newfleet CMBS MACS
VMAEX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet CMBS MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$17483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &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>

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 93% |
| Asset-Backed Securities | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8663 Virtus Newfleet CMBS MACS

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Newfleet Floating Rate MACS
VMAFX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Floating Rate MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $0 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 97.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 9.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 8.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Cable/Wireless Video | 8.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 7.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food / Tobacco | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 47.0 |  |
| Exchange-Traded Fund |  | 3.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8664 Virtus Newfleet Floating Rate MACS

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Newfleet High Yield MACS
VMAHX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$21074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 99.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 48 |  |
| Preferred Stock |  | 1 |
| Total |  | 100.0% |

---

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8665 Virtus Newfleet High Yield MACS

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Newfleet RMBS MACS
VMAJX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet RMBS MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$36480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

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

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 98% |
| Asset-Backed Securities | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8666 Virtus Newfleet RMBS MACS

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Seix High Yield MACS
VMAKX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Seix High Yield MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 17.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 16.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 10.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 8.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 7.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 15.0 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8667 Virtus Seix High Yield MACS

![Virtus_FC_Logo](g89266images_30209.jpg)

## Virtus Stone Harbor EMD MACS
VMALX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Stone Harbor EMD MACS ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | 0.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &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>

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric | 16.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration & Production | 16.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | 14.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless | 10.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Other | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refining | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals, Mining & Steel | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming | 4.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 4.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 14.0 |  |
| Foreign Government Securities |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR MACS QR Code](g89266images_30368.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.

8668 Virtus Stone Harbor EMD MACS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### 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 (semi-annual) financial statements and financial highlights are as follows:

------

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

**VIRTUS MANAGED ACCOUNT COMPLETION**

**SHARES (MACS) TRUST**

![](g89266img431c8efe1.gif)

December 31, 2025

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

---

| |
|:---|
| 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_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_KIT-TOC-KeyInvestmentTerms-4978_1) | 1 |
| [Schedules of Investments](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4978_1) |  |
| [Virtus Newfleet ABS MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4978_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4978_1)[Newfleet ABS MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4978_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4978_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4978_1) | 2 |
| [Virtus Newfleet CMBS MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4980_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4980_1)[Newfleet CMBS MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4980_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4980_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4980_1) | 5 |
| [Virtus Newfleet Floating Rate MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4981_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4981_1)[Newfleet Floating Rate MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4981_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4981_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4981_1) | 7 |
| [Virtus Newfleet High Yield MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4982_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4982_1)[Newfleet High Yield MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4982_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4982_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4982_1) | 12 |
| [Virtus Newfleet RMBS MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4983_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4983_1)[Newfleet RMBS MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4983_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4983_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4983_1) | 16 |
| [Virtus Seix High Yield MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4984_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4984_1)[Seix High Yield MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4984_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4984_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4984_1) | 18 |
| [Virtus Stone Harbor EMD MACS (](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4985_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4985_1)[Stone Harbor EMD MACS](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4985_1)["](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4985_1)[)](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOI-TOC-ScheduleofInvestments-4985_1) | 21 |
| [Statements of Assets and Liabilities](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SAL-SAL-Headerfooter-4978_1) | 25 |
| [Statements of Operations](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOP-SOP-Headerfooter-4978_1) | 27 |
| [Statements of Changes in Net Assets](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_SOC-SOC-HeaderFooter-4978_1) | 29 |
| [Financial Highlights](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_FIHI-FIHI-Headerfooter_1) | 33 |
| [Notes to Financial Statements](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_NTF-TOC-NTF-4978_1) | 34 |
| [Other Information](#xx_47418e5f-11dd-46e3-b9ee-5f30b0a2e2c8_OI-TOC-OtherInformation-4978_1) | 47 |

---

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

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

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.

------

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

**KEY INVESTMENT TERMS (Unaudited)**

**December 31, 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.

**Public 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.

**Residential Mortgage-Backed Securities ("RMBS")**

Residential mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on residential real property.

**Société à responsabilité limitée ("S.a.r.l.")**

A French term for a limited liability company.

**Secured Overnight Financing Rate ("SOFR")**

A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

------

**Newfleet ABS MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—94.8%** | **Asset-Backed Securities—94.8%** | **Asset-Backed Securities—94.8%** |
| **Automobiles—44.4%** | **Automobiles—44.4%** |  |
| ACM Auto Trust |  |  |
| 2025-2A, A 144A <br>5.550%, 6/20/28<sup>(1)</sup> <br>| $568 | &nbsp;&nbsp; $568 |
| 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(1)</sup> <br>| 662 | &nbsp;&nbsp; 660 |
| American Credit Acceptance <br> Receivables Trust 2025-1, <br> C 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1034 |
| Arivo Acceptance Auto Loan <br> Receivables Trust<br>|  |  |
| 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(1)</sup> <br>| 47 | &nbsp;&nbsp; 47 |
| 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 335 | &nbsp;&nbsp; 342 |
| 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(1)</sup> <br>| 600 | &nbsp;&nbsp; 600 |
| Avis Budget Rental Car <br> Funding LLC (AESOP) <br> 2020-2A, A 144A <br>2.020%, 2/20/27<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 95 |
| BOF URSA VI Funding Trust I <br> 2023-CAR2, A2 144A <br>5.542%, 10/27/31<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 18 |
| Bridgecrest Lending Auto <br> Securitization Trust 2025-1, <br> C <br>5.150%, 12/17/29<br>| 700 | &nbsp;&nbsp; 708 |
| Carvana Auto Receivables <br> Trust<br>|  |  |
| 2021-N2, C <br>1.070%, 3/10/28<br>| 6 | &nbsp;&nbsp; 6 |
| 2021-N3, D <br>1.580%, 6/12/28<br>| 73 | &nbsp;&nbsp; 71 |
| 2021-P3, B <br>1.420%, 8/10/27<br>| 660 | &nbsp;&nbsp; 647 |
| 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 25 |
| 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 953 |
| 2024-N1, B 144A <br>5.630%, 5/10/30<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 303 |
| Consumer Portfolio Services <br> Auto Trust 2025-A, C 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 657 |
| CPS Auto Receivables Trust <br> 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 60 |
| Credit Acceptance Auto Loan <br> Trust 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| 229 | &nbsp;&nbsp; 231 |
| DT Auto Owner Trust <br> 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(1)</sup> <br>| 286 | &nbsp;&nbsp; 290 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2023-3A, D <br>6.680%, 4/16/29<br>| 272 | &nbsp;&nbsp; 278 |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 65 | &nbsp;&nbsp; 65 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| $135 | &nbsp;&nbsp; $135 |
| First Investors Auto Owner <br> Trust 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(1)</sup> <br>| 296 | &nbsp;&nbsp; 295 |
| GLS Auto Receivables Issuer <br> Trust<br>|  |  |
| 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(1)</sup> <br>| 254 | &nbsp;&nbsp; 256 |
| 2024-2A, C 144A <br>6.030%, 2/15/30<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 602 |
| LAD Auto Receivables Trust |  |  |
| 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 62 | &nbsp;&nbsp; 64 |
| 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(1)</sup> <br>| 495 | &nbsp;&nbsp; 505 |
| Lendbuzz Securitization Trust |  |  |
| 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 217 | &nbsp;&nbsp; 218 |
| 2024-3A, B 144A <br>5.030%, 11/15/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 258 |
| 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(1)</sup> <br>| 521 | &nbsp;&nbsp; 521 |
| Merchants Fleet Funding LLC <br> 2023-1A, A 144A <br>7.210%, 5/20/36<sup>(1)</sup> <br>| 217 | &nbsp;&nbsp; 218 |
| Oscar U.S. Funding XV LLC <br> 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(1)</sup> <br>| 82 | &nbsp;&nbsp; 83 |
| SAFCO Auto Receivables Trust <br> 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 188 | &nbsp;&nbsp; 189 |
| Tricolor Auto Securitization <br> Trust 2024-2A, C 144A <br>6.930%, 4/17/28<sup>(1)(2)</sup> <br>| 700 | &nbsp;&nbsp; 329 |
| U.S. Bank N.A. 2023-1, B <br> 144A <br>6.789%, 8/25/32<sup>(1)</sup> <br>| 53 | &nbsp;&nbsp; 54 |
| United Auto Credit <br> Securitization Trust<br>|  |  |
| 2022-2, D 144A <br>6.840%, 1/10/28<sup>(1)</sup> <br>| 567 | &nbsp;&nbsp; 569 |
| 2024-1, C 144A <br>7.060%, 10/10/29<sup>(1)</sup> <br>| 158 | &nbsp;&nbsp; 158 |
| Veridian Auto Receivables <br> Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 273 |
| Veros Auto Receivables Trust |  |  |
| 2024-1, C 144A <br>7.570%, 12/15/28<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 241 |
| 2025-1, B 144A <br>5.540%, 7/16/29<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1008 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 623 | &nbsp;&nbsp; 626 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 780 | &nbsp;&nbsp; 787 |
|  |  | &nbsp;&nbsp; 15047 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Loans—2.2%** | **Consumer Loans—2.2%** |  |
| ACHV ABS Trust 2024-1PL, A <br> 144A <br>5.900%, 4/25/31<sup>(1)</sup> <br>| $43 | &nbsp;&nbsp; $43 |
| Oportun Issuance Trust <br> 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 412 | &nbsp;&nbsp; 405 |
| Reach ABS Trust |  |  |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 256 | &nbsp;&nbsp; 258 |
| 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(1)</sup> <br>| 33 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 739 |
| **Credit Card—1.8%** | **Credit Card—1.8%** |  |
| Mercury Financial Credit Card <br> Master Trust 2024-2A, A <br> 144A <br>6.560%, 7/20/29<sup>(1)</sup> <br>| 585 | &nbsp;&nbsp; 588 |
| **Other—46.4%** | **Other—46.4%** |  |
| Affirm Asset Securitization <br> Trust 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Affirm Master Trust Series <br> 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(1)</sup> <br>| 910 | &nbsp;&nbsp; 913 |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(1)</sup> <br>| 743 | &nbsp;&nbsp; 754 |
| Aqua Finance Trust |  |  |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 478 | &nbsp;&nbsp; 469 |
| 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(1)</sup> <br>| 518 | &nbsp;&nbsp; 497 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 227 |
| Auxilior Term Funding LLC <br> 2023-1A, C 144A <br>6.500%, 11/15/30<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 62 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(1)</sup> <br>| 584 | &nbsp;&nbsp; 590 |
| BXG Receivables Note Trust |  |  |
| 2020-A, B 144A <br>2.490%, 2/28/36<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 49 |
| 2023-A, A 144A <br>5.770%, 11/15/38<sup>(1)</sup> <br>| 32 | &nbsp;&nbsp; 32 |
| Commercial Equipment <br> Finance LLC 2024-1A, A <br> 144A <br>5.970%, 7/16/29<sup>(1)</sup> <br>| 112 | &nbsp;&nbsp; 113 |
| DB Master Finance LLC <br> 2025-1A, A2I 144A <br>4.891%, 8/20/55<sup>(1)</sup> <br>| 750 | &nbsp;&nbsp; 752 |
| Dext ABS LLC 2023-1, A2 <br> 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 129 | &nbsp;&nbsp; 129 |
| FAT Brands Royalty LLC <br> 2021-1A, A2 144A <br>5.750%, 4/25/51<sup>(1)(2)</sup> <br>| 278 | &nbsp;&nbsp; 153 |

---

*See Notes to Financial Statements*

------

**Newfleet ABS MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Foundation Finance Trust |  |  |
| 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(1)</sup> <br>| $203 | &nbsp;&nbsp; $194 |
| 2023-1A, A 144A <br>5.670%, 12/15/43<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 294 | &nbsp;&nbsp; 307 |
| Hardee's Funding LLC <br> 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(1)</sup> <br>| 246 | &nbsp;&nbsp; 254 |
| Hilton Grand Vacations Trust |  |  |
| 2022-2A, C 144A <br>5.570%, 1/25/37<sup>(1)</sup> <br>| 17 | &nbsp;&nbsp; 17 |
| 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(1)</sup> <br>| 41 | &nbsp;&nbsp; 42 |
| HINNT LLC 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 708 | &nbsp;&nbsp; 721 |
| Jersey Mike's Funding LLC <br> 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(1)</sup> <br>| 688 | &nbsp;&nbsp; 688 |
| Lendmark Funding Trust <br> 2021-1A, A 144A <br>1.900%, 11/20/31<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 283 |
| Libra Solutions LLC 2024-1A, <br> A 144A <br>5.880%, 9/30/38<sup>(1)</sup> <br>| 835 | &nbsp;&nbsp; 835 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 85 |
| MVW LLC |  |  |
| 2020-1A, A 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| 179 | &nbsp;&nbsp; 176 |
| 2023-1A, B 144A <br>5.420%, 10/20/40<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| 2024-1A, A 144A <br>5.320%, 2/20/43<sup>(1)</sup> <br>| 152 | &nbsp;&nbsp; 155 |
| Navient Private Education Refi <br> Loan Trust 2021-EA, A <br> 144A <br>0.970%, 12/16/69<sup>(1)</sup> <br>| 377 | &nbsp;&nbsp; 340 |
| NMEF Funding LLC |  |  |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 322 | &nbsp;&nbsp; 324 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2025-A, B 144A <br>5.180%, 7/15/32<sup>(1)</sup> <br>| $235 | &nbsp;&nbsp; $238 |
| Octane Receivables Trust |  |  |
| 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 62 | &nbsp;&nbsp; 63 |
| 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(1)</sup> <br>| 611 | &nbsp;&nbsp; 626 |
| Oportun Issuance Trust <br> 2024-2, B 144A <br>5.830%, 2/9/32<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 261 |
| OWN Equipment Fund I LLC <br> 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 516 | &nbsp;&nbsp; 523 |
| Pawneee Equipment <br> Receivables LLC 2022-1, B <br> 144A <br>5.400%, 7/17/28<sup>(1)</sup> <br>| 198 | &nbsp;&nbsp; 198 |
| PEAC Solutions <br> Receivables LLC 2024-1A, <br> B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 313 |
| Planet Fitness Master <br> Issuer LLC 2024-1A, A2I <br> 144A <br>5.765%, 6/5/54<sup>(1)</sup> <br>| 178 | &nbsp;&nbsp; 181 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 114 |
| Purchasing Power <br> Funding LLC 2024-A, B <br> 144A <br>6.430%, 8/15/28<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 291 |
| SoFi Consumer Loan Program <br> Trust 2025-1, A 144A <br>4.800%, 2/27/34<sup>(1)</sup> <br>| 54 | &nbsp;&nbsp; 55 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 994 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 597 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Trinity Rail Leasing LLC <br> 2019-1A, A 144A <br>3.820%, 4/17/49<sup>(1)</sup> <br>| $283 | &nbsp;&nbsp; $283 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(1)</sup> <br>| 876 | &nbsp;&nbsp; 890 |
| USQ Rail III LLC 2024-1A, A <br> 144A <br>4.990%, 9/28/54<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 850 |
|  |  | &nbsp;&nbsp; 15725 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $32,419)** | **Total Asset-Backed Securities** <br>**(Identified Cost $32,419)** | &nbsp;&nbsp; **32099** |
| **Total Long-Term** <br> **Investments—94.8%** <br>**(Identified Cost $32,419)** | **Total Long-Term** <br> **Investments—94.8%** <br>**(Identified Cost $32,419)** | &nbsp;&nbsp; **32099** |
| **TOTAL INVESTMENTS—94.8%** <br>**(Identified Cost $32,419)** | **TOTAL INVESTMENTS—94.8%** <br>**(Identified Cost $32,419)** | &nbsp;&nbsp; **$32099** |
| Other assets and liabilities, net—5.2% | Other assets and liabilities, net—5.2% | &nbsp;&nbsp; 1775 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$33874** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $30,324 or 89.5% of net assets.<br>|
| <sup>(2)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|

---

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

*See Notes to Financial Statements*

------

**Newfleet ABS MACS**

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

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $32099 | &nbsp;&nbsp;&nbsp;&nbsp; $31617 | &nbsp;&nbsp;&nbsp;&nbsp; $482 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $32099 | &nbsp;&nbsp;&nbsp;&nbsp; $31617 | &nbsp;&nbsp;&nbsp;&nbsp; $482 |

---

There were no securities valued using quoted prices (Level 1) at December 31, 2025.

Securities held by the Fund with an end of period value of $482 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | |
|:---|:---|:---|
|  | Total | Asset-Backed <br>Securities<br>|
| **Investments in Securities** |  |  |
| **Balance as of June 30, 2025:** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Transfers into Level 3<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp; 482 |
| **Balance as of December 31, 2025** | &nbsp;&nbsp;&nbsp; $482 | &nbsp;&nbsp;&nbsp; $482 |

---

<sup>(a)</sup> Transfers into and/or from represent the ending value as of December 31, 2025, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

*See Notes to Financial Statements*

------

**Newfleet CMBS MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—84.2%** | **Mortgage-Backed Securities—84.2%** | **Mortgage-Backed Securities—84.2%** |
| **Agency—8.7%** | **Agency—8.7%** |  |
| Federal National Mortgage <br> Association Pool #BZ3500 <br>4.530%, 5/1/30<br>| $1500 | &nbsp;&nbsp; $1522 |
| **Non-Agency—75.5%** | **Non-Agency—75.5%** |  |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.494%, 6/15/40<sup>(1)(2)</sup> <br>| 525 | &nbsp;&nbsp; 527 |
| BBCMS Mortgage Trust <br> 2018-TALL, A (1 month <br> Term SOFR + 0.919%, Cap <br> N/A, Floor 0.872%) 144A <br>4.670%, 3/15/37<sup>(1)(2)</sup> <br>| 745 | &nbsp;&nbsp; 705 |
| BBCMS Trust 2018-CBM, A (1 <br> month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>5.048%, 7/15/37<sup>(1)(2)</sup> <br>| 583 | &nbsp;&nbsp; 570 |
| Benchmark Mortgage Trust <br> 2023-B38, A2 <br>5.626%, 4/15/56<br>| 155 | &nbsp;&nbsp; 158 |
| BX Commercial Mortgage <br> Trust<br>|  |  |
| 2022-LP2, B (1 month Term <br> SOFR + 1.312%, Cap N/A, <br> Floor 1.312%) 144A <br>5.062%, 2/15/39<sup>(1)(2)</sup> <br>| 525 | &nbsp;&nbsp; 524 |
| 2022-LP2, D (1 month <br> Term SOFR + 1.961%, Cap <br> N/A, Floor 1.961%) 144A <br>5.711%, 2/15/39<sup>(1)(2)</sup> <br>| 186 | &nbsp;&nbsp; 185 |
| 2024-XL5, A (1 month Term <br> SOFR + 1.392%, Cap N/A, <br> Floor 1.392%) 144A <br>5.142%, 3/15/41<sup>(1)(2)</sup> <br>| 572 | &nbsp;&nbsp; 572 |
| BX Trust 2025-ROIC, C (1 <br> month Term SOFR + <br> 1.543%, Cap N/A, Floor <br> 1.543%) 144A <br>5.293%, 3/15/30<sup>(1)(2)</sup> <br>| 174 | &nbsp;&nbsp; 174 |
| CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(1)(2)</sup> <br>| 795 | &nbsp;&nbsp; 805 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>5.104%, 10/10/41<sup>(1)(2)</sup> <br>| 740 | &nbsp;&nbsp; 751 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Fontainebleau Miami Beach <br> Mortgage Trust 2024-FBLU, <br> A (1 month Term SOFR + <br> 1.450%, Cap N/A, Floor <br> 1.450%) 144A <br>5.200%, 12/15/39<sup>(1)(2)</sup> <br>| $750 | &nbsp;&nbsp; $752 |
| Houston Galleria Mall Trust <br> 2025-HGLR, A 144A <br>5.462%, 2/5/45<sup>(1)(2)</sup> <br>| 955 | &nbsp;&nbsp; 990 |
| Hudson Yards Mortgage Trust <br> 2025-SPRL, A 144A <br>5.467%, 1/13/40<sup>(1)(2)</sup> <br>| 860 | &nbsp;&nbsp; 892 |
| JPMorgan Chase Commercial <br> Mortgage Securities Trust <br> 2024-OMNI, A 144A <br>5.797%, 10/5/39<sup>(1)(2)</sup> <br>| 625 | &nbsp;&nbsp; 637 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 893 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1076 | &nbsp;&nbsp; 1027 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(1)(2)</sup> <br>| 830 | &nbsp;&nbsp; 833 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.379%, 3/11/41<sup>(1)(2)</sup> <br>| 760 | &nbsp;&nbsp; 778 |
| RIDE 2025-SHRE, B 144A <br>5.826%, 2/14/47<sup>(1)(2)</sup> <br>| 700 | &nbsp;&nbsp; 718 |
| ROCK Trust 2024-CNTR, A <br> 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| 700 | &nbsp;&nbsp; 719 |
|  |  | &nbsp;&nbsp; 13210 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $14,608)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $14,608)** | &nbsp;&nbsp; **14732** |
| **Asset-Backed Securities—6.8%** | **Asset-Backed Securities—6.8%** | **Asset-Backed Securities—6.8%** |
| **Other—6.8%** | **Other—6.8%** |  |
| CF Hippolyta Issuer LLC <br> 2020-1, A1 144A <br>1.690%, 7/15/60<sup>(1)</sup> <br>| 667 | &nbsp;&nbsp; 561 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Switch ABS Issuer LLC <br> 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| $620 | &nbsp;&nbsp; $622 |
|  |  | &nbsp;&nbsp; 1183 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $1,273)** | **Total Asset-Backed Securities** <br>**(Identified Cost $1,273)** | &nbsp;&nbsp; **1183** |
| **Total Long-Term** <br> **Investments—91.0%** <br>**(Identified Cost $15,881)** | **Total Long-Term** <br> **Investments—91.0%** <br>**(Identified Cost $15,881)** | &nbsp;&nbsp; **15915** |
| **TOTAL INVESTMENTS—91.0%** <br>**(Identified Cost $15,881)** | **TOTAL INVESTMENTS—91.0%** <br>**(Identified Cost $15,881)** | &nbsp;&nbsp; **$15915** |
| Other assets and liabilities, net—9.0% | Other assets and liabilities, net—9.0% | &nbsp;&nbsp; 1568 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$17483** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $14,235 or 81.4% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of <br> December 31, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread but <br> are determined by the issuer or agent and are based <br> on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|

---

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

*See Notes to Financial Statements*

------

**Newfleet CMBS MACS**

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

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $14732 | &nbsp;&nbsp;&nbsp;&nbsp; $14732 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $15915 | &nbsp;&nbsp;&nbsp;&nbsp; $15915 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

**Newfleet Floating Rate MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leveraged Loans—88.2%** | **Leveraged Loans—88.2%** | **Leveraged Loans—88.2%** |
| **Aerospace—3.5%** | **Aerospace—3.5%** |  |
| American Airlines, Inc. (3 <br> month Term SOFR + <br> 2.250%) <br>6.134%, 4/20/28<sup>(1)</sup> <br>| $81 | &nbsp;&nbsp; $82 |
| Brown Group Holding LLC (1 <br> month Term SOFR + <br> 2.500%) <br>6.216%, 7/1/31<sup>(1)</sup> <br>| 174 | &nbsp;&nbsp; 174 |
| Kaman Corp. |  |  |
| (3 month Term SOFR + <br> 2.500%) <br>6.427%, 2/26/32<sup>(1)</sup> <br>| 1 | &nbsp;&nbsp; 1 |
| (3-6 month Term SOFR + <br> 2.500%) <br>6.322% - 6.544%, <br> 2/26/32<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 96 |
| Rand Parent LLC 2025, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.672%, 3/18/30<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| TransDigm, Inc. |  |  |
| Tranche J (1 month Term <br> SOFR + 2.500%) <br>6.216%, 2/28/31<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 29 |
| Tranche K (1 month Term <br> SOFR + 2.250%) <br>5.966%, 3/22/30<sup>(1)</sup> <br>| 118 | &nbsp;&nbsp; 118 |
|  |  | &nbsp;&nbsp; 545 |
| **Chemicals—3.8%** | **Chemicals—3.8%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.966%, 2/18/30<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 221 |
| Lummus Technology Holdings <br> V LLC Tranche B (1 month <br> Term SOFR + 2.500%) <br>6.216%, 12/31/29<sup>(1)</sup> <br>| 201 | &nbsp;&nbsp; 202 |
| Nouryon Finance B.V. 2024, <br> Tranche B-1 (3-6 month <br> Term SOFR + 3.250%) <br>7.036%, 4/3/28<sup>(1)</sup> <br>| 77 | &nbsp;&nbsp; 77 |
| Windsor Holdings III LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.466%, 8/1/30<sup>(1)</sup> <br>| 104 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 604 |
| **Consumer Durables—0.5%** | **Consumer Durables—0.5%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>5.723%, 8/13/32<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Skechers U.S.A., Inc. Tranche <br> B-1 (3 month Term SOFR + <br> 3.250%) <br>6.922%, 9/13/32<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 79 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Non-Durables—0.7%** | **Consumer Non-Durables—0.7%** |  |
| Albion Financing 3 S.a.r.l. <br> 2025, Tranche A (3 month <br> Term SOFR + 3.000%) <br>6.868%, 5/21/31<sup>(1)</sup> <br>| $40 | &nbsp;&nbsp; $40 |
| Energizer Holdings, Inc. 2025, <br> Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.734%, 3/13/32<sup>(1)</sup> <br>| 71 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 111 |
| **Energy—3.7%** | **Energy—3.7%** |  |
| Blackfin Pipeline LLC (1 month <br> Term SOFR + 3.000%) <br>6.750%, 9/30/30<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| CQP Holdco LP (3 month Term <br> SOFR + 2.000%) <br>5.672%, 12/31/30<sup>(1)</sup> <br>| 78 | &nbsp;&nbsp; 78 |
| CVR CHC LP Tranche B (3 <br> month Term SOFR + <br> 4.000%) <br>7.672%, 12/30/27<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 22 |
| Freeport LNG Investments LLP <br> 2025, Tranche B (3 month <br> Term SOFR + 3.250%) <br>7.120%, 12/21/28<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 145 |
| GIP Pilot Acquisition <br> Partners LP (3 month Term <br> SOFR + 2.000%) <br>5.935%, 10/4/30<sup>(1)</sup> <br>| 58 | &nbsp;&nbsp; 58 |
| Oryx Midstream Services <br> Permian Basin LLC Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>5.977%, 10/5/28<sup>(1)</sup> <br>| 67 | &nbsp;&nbsp; 68 |
| Traverse Midstream <br> Partners LLC Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.340%, 2/16/28<sup>(1)</sup> <br>| 63 | &nbsp;&nbsp; 63 |
| Whitewater DBR Holdco LLC <br> Tranche C (3 month Term <br> SOFR + 2.250%) <br>5.938%, 3/3/31<sup>(1)</sup> <br>| 108 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 588 |
| **Financials—6.0%** | **Financials—6.0%** |  |
| Acrisure LLC 2024, Tranche <br> B-6 (1 month Term SOFR + <br> 3.000%) <br>6.716%, 11/6/30<sup>(1)</sup> <br>| 166 | &nbsp;&nbsp; 166 |
| AL GCX Holdings LLC Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>5.815%, 1/30/32<sup>(1)</sup> <br>| 138 | &nbsp;&nbsp; 137 |
| AmWINS Group, Inc. (1 month <br> Term SOFR + 2.250%) <br>5.966%, 1/30/32<sup>(1)</sup> <br>| 139 | &nbsp;&nbsp; 139 |
| Ardonagh Group Finco Pty Ltd. <br> 2025, Tranche B (3-6 month <br> Term SOFR + 2.750%) <br>6.422% - 6.950%, <br> 2/15/31<sup>(1)</sup> <br>| 84 | &nbsp;&nbsp; 84 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Asurion LLC Tranche B-3, <br> Second Lien (1 month Term <br> SOFR + 5.364%) <br>9.081%, 1/31/28<sup>(1)</sup> <br>| $30 | &nbsp;&nbsp; $30 |
| BroadStreet Partners, Inc. <br> 2024, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.466%, 6/13/31<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 40 |
| Citadel Securities LP 2024 (3 <br> month Term SOFR + <br> 2.000%) <br>5.672%, 10/31/31<sup>(1)</sup> <br>| 171 | &nbsp;&nbsp; 171 |
| Finco I LLC 2025 (1 month <br> Term SOFR + 1.750%) <br>5.466%, 6/27/29<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 80 |
| Pac Dac LLC (3 month Term <br> SOFR + 3.250%) <br>7.108%, 10/28/30<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 74 |
| Truist Insurance Holdings LLC <br> 2024, Tranche B <br>0.000%, 5/6/31<sup>(1)(2)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 936 |
| **Food / Tobacco—5.5%** | **Food / Tobacco—5.5%** |  |
| Chobani LLC 2025, Tranche B, <br> First Lien (1 month Term <br> SOFR + 2.250%) <br>5.966%, 10/22/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| Del Monte Foods Corp. II, Inc. <br> (1 month Term SOFR + <br> 9.600%) <br>13.350%, 4/2/26<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 66 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 9.600%) <br>13.336%, 4/2/26<sup>(1)</sup> <br>| 103 | &nbsp;&nbsp; 83 |
| (3 month Term SOFR + <br> 4.900%) <br>8.605%, 8/2/28<sup>(3)</sup> <br>| 303 | &nbsp;&nbsp; 3 |
| (3 month Term SOFR + <br> 8.150%) <br>11.923%, 8/2/28<sup>(3)</sup> <br>| 58 | &nbsp;&nbsp; 27 |
| (3-6 month Term SOFR + <br> 4.400%) <br>8.105% - 8.173%, <br> 8/2/28<sup>(3)(4)</sup> <br>| 132 | &nbsp;&nbsp; 4 |
| Froneri International Ltd. <br> Tranche B-4 (6 month Term <br> SOFR + 2.250%) <br>6.447%, 9/30/31<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 249 |
| Red SPV LLC (1 month Term <br> SOFR + 2.250%) <br>5.984%, 3/15/32<sup>(1)</sup> <br>| 99 | &nbsp;&nbsp; 99 |
| Sazerac Co., Inc. Tranche B-1 <br> (1 month Term SOFR + <br> 2.500%) <br>6.280%, 7/9/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Sigma Holdco B.V. Tranche <br> B-12 (3 month Term SOFR + <br> 3.910%) <br>7.650%, 1/3/28<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 48 |

---

*See Notes to Financial Statements*

------

**Newfleet Floating Rate MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Triton Water Holdings, Inc. <br> 2025 (3 month Term SOFR <br> + 2.250%) <br>5.922%, 3/31/28<sup>(1)</sup> <br>| $235 | &nbsp;&nbsp; $236 |
|  |  | &nbsp;&nbsp; 860 |
| **Food and Drug—0.5%** | **Food and Drug—0.5%** |  |
| Opal Bidco SAS 2025, Tranche <br> B, First Lien (3 month Term <br> SOFR + 3.000%) <br>6.686%, 4/28/32<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 75 |
| **Forest Prod / Containers—0.7%** | **Forest Prod / Containers—0.7%** |  |
| Clydesdale Acquisition <br> Holdings, Inc. Tranche B (1 <br> month Term SOFR + <br> 3.175%) <br>6.891%, 4/13/29<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| Klockner Pentaplast of <br> America, Inc. Tranche B (5 <br> month Term SOFR + <br> 4.975%) <br>9.019%, 2/12/26<sup>(3)</sup> <br>| 98 | &nbsp;&nbsp; 16 |
|  |  | &nbsp;&nbsp; 106 |
| **Gaming / Leisure—5.2%** | **Gaming / Leisure—5.2%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 2/6/30<sup>(1)</sup> <br>| 97 | &nbsp;&nbsp; 97 |
| Entain plc Tranche B-6 (2 <br> month Term SOFR + <br> 2.250%) <br>5.922%, 10/31/29<sup>(1)</sup> <br>| 94 | &nbsp;&nbsp; 93 |
| Flutter Entertainment plc <br> Tranche B (3 month Term <br> SOFR + 2.000%) <br>5.672%, 6/4/32<sup>(1)</sup> <br>| 159 | &nbsp;&nbsp; 159 |
| Life Time, Inc. 2025, Tranche <br> B, First Lien (1 month Term <br> SOFR + 2.000%) <br>5.784%, 11/5/31<sup>(1)</sup> <br>| 114 | &nbsp;&nbsp; 114 |
| Live Nation Entertainment, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.734%, 10/21/32<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| Playtika Holding Corp. Tranche <br> B-1 (1 month Term SOFR + <br> 2.864%) <br>6.581%, 3/13/28<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 77 |
| Turquoise Topco Ltd. <br>0.000%, 12/30/32<sup>(1)(2)</sup> <br>| 60 | &nbsp;&nbsp; 59 |
| UFC Holdings LLC Tranche B-5 <br> (3 month Term SOFR + <br> 2.000%) <br>5.868%, 11/21/31<sup>(1)</sup> <br>| 173 | &nbsp;&nbsp; 174 |
|  |  | &nbsp;&nbsp; 818 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—8.0%** | **Health Care—8.0%** |  |
| Bausch & Lomb Corp. |  |  |
| (1 month Term SOFR + <br> 4.000%) <br>7.716%, 9/29/28<sup>(1)</sup> <br>| $44 | &nbsp;&nbsp; $44 |
| 2025 <br>0.000%, 1/15/31<sup>(1)(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Cotiviti, Inc. (1 month Term <br> SOFR + 2.750%) <br>6.623%, 5/1/31<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 47 |
| Financiere Mendel (3 month <br> Term SOFR + 2.750%) <br>6.593%, 11/8/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Gainwell Acquisition Corp. <br> Tranche B (3 month Term <br> SOFR + 4.100%) <br>7.772%, 10/1/27<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Genmab A/S Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>6.733%, 12/12/32<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| Grifols Worldwide Operations <br> USA, Inc. Tranche B (3 <br> month Term SOFR + <br> 2.150%) <br>5.972%, 11/15/27<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 80 |
| Lannett Co., Inc. First Lien <br>2.000%, 6/16/30<sup>(4)</sup> <br>| 6 | &nbsp;&nbsp; 5 |
| LifePoint Health, Inc. |  |  |
| Tranche B (3 month Term <br> SOFR + 3.750%) <br>7.655%, 5/16/31<sup>(1)</sup> <br>| 64 | &nbsp;&nbsp; 64 |
| Tranche B-2 (1 month Term <br> SOFR + 3.500%) <br>7.335%, 5/16/31<sup>(1)</sup> <br>| 119 | &nbsp;&nbsp; 119 |
| Medline Borrower LP 2030 (1 <br> month Term SOFR + <br> 1.750%) <br>5.466%, 10/23/30<sup>(1)</sup> <br>| 219 | &nbsp;&nbsp; 219 |
| Parexel International, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.466%, 12/9/31<sup>(1)</sup> <br>| 139 | &nbsp;&nbsp; 139 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month Term <br> SOFR + 2.500%) <br>6.216%, 2/21/31<sup>(1)</sup> <br>| 218 | &nbsp;&nbsp; 219 |
| PointClickCare Technologies <br> 2025, Tranche B, First Lien <br> (3 month Term SOFR + <br> 2.750%) <br>6.422%, 11/3/31<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Select Medical Corp. Tranche <br> B-2 (1 month Term SOFR + <br> 2.000%) <br>5.716%, 12/3/31<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 49 |
| Southern Veterinary <br> Partners LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.365%, 12/4/31<sup>(1)</sup> <br>| 59 | &nbsp;&nbsp; 59 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Upstream Newco, Inc. 2025 (1 <br> month Term SOFR + <br> 4.512%) <br>8.246%, 11/20/29<sup>(1)(4)</sup> <br>| $56 | &nbsp;&nbsp; $55 |
|  |  | &nbsp;&nbsp; 1253 |
| **Housing—3.2%** | **Housing—3.2%** |  |
| Frontdoor, Inc. 2024, Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>5.966%, 12/17/31<sup>(1)</sup> <br>| 139 | &nbsp;&nbsp; 139 |
| Quikrete Holdings, Inc. <br> Tranche B-1 (1 month Term <br> SOFR + 2.250%) <br>5.966%, 4/14/31<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 496 |
| **Information Technology—5.7%** | **Information Technology—5.7%** |  |
| Applied Systems, Inc. 2024, <br> Second Lien (3 month Term <br> SOFR + 4.500%) <br>8.172%, 2/23/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Cloud Software Group, Inc. <br> Tranche B-2 (1-3 month <br> Term SOFR + 3.250%) <br>6.922%, 3/21/31<sup>(1)</sup> <br>| 69 | &nbsp;&nbsp; 70 |
| ConnectWise LLC (3 month <br> Term SOFR + 3.762%) <br>7.434%, 9/29/28<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 51 |
| ECL Entertainment LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>6.716%, 8/30/30<sup>(1)</sup> <br>| 84 | &nbsp;&nbsp; 83 |
| Genesys Cloud Services <br> Holdings II LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.216%, 1/30/32<sup>(1)</sup> <br>| 139 | &nbsp;&nbsp; 139 |
| Indicor LLC Tranche D (3 <br> month Term SOFR + <br> 2.750%) <br>6.422%, 11/22/29<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 65 |
| Iron Mountain Information <br> Management LLC Tranche B <br> (1 month Term SOFR + <br> 2.000%) <br>5.716%, 1/31/31<sup>(1)</sup> <br>| 31 | &nbsp;&nbsp; 31 |
| NCR Atleos LLC Tranche B (1 <br> month Term SOFR + <br> 3.000%) <br>6.701%, 4/16/29<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
| Proofpoint, Inc. 2025, Tranche <br> B, First Lien (3 month Term <br> SOFR + 3.000%) <br>6.672%, 8/31/28<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 72 |
| SS&C Technologies Holdings, <br> Inc. Tranche B-8 (1 month <br> Term SOFR + 2.000%) <br>5.716%, 5/9/31<sup>(1)</sup> <br>| 38 | &nbsp;&nbsp; 38 |
| UKG, Inc. Tranche B (3 month <br> Term SOFR + 2.500%) <br>6.338%, 2/10/31<sup>(1)</sup> <br>| 192 | &nbsp;&nbsp; 192 |

---

*See Notes to Financial Statements*

------

**Newfleet Floating Rate MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Vertiv Group Corp. Tranche <br> B-4 (1 month Term SOFR + <br> 1.750%) <br>5.614%, 8/12/32<sup>(1)</sup> <br>| $124 | &nbsp;&nbsp; $125 |
|  |  | &nbsp;&nbsp; 902 |
| **Manufacturing—7.6%** | **Manufacturing—7.6%** |  |
| Alliance Laundry Systems LLC <br> Tranche B (1-3 month Term <br> SOFR + 2.250%) <br>5.984% - 6.107%, <br> 8/19/31<sup>(1)</sup> <br>| 92 | &nbsp;&nbsp; 92 |
| Arcline FM Holdings LLC 2025 <br>0.000%, 6/24/30<sup>(1)(2)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| Construction Partners, Inc. (1 <br> month Term SOFR + <br> 2.500%) <br>6.216%, 11/3/31<sup>(1)</sup> <br>| 210 | &nbsp;&nbsp; 212 |
| Dynamo U.S. Bidco, Inc. <br> Tranche B-1 (1 month Term <br> SOFR + 3.250%) <br>7.093%, 9/30/31<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.466%, 6/4/31<sup>(1)</sup> <br>| 212 | &nbsp;&nbsp; 213 |
| LSF12 Crown <br> U.S. Commercial Bidco LLC <br> 2025 (1 month Term SOFR <br> + 3.500%) <br>7.373%, 12/2/31<sup>(1)</sup> <br>| 194 | &nbsp;&nbsp; 195 |
| Madison IAQ LLC (6 month <br> Term SOFR + 2.500%) <br>6.702%, 6/21/28<sup>(1)</sup> <br>| 189 | &nbsp;&nbsp; 189 |
| MV Holding GmbH Tranche B <br> (1 month Term SOFR + <br> 2.000%) <br>5.721%, 3/17/32<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 115 |
| TK Elevator Midco GmbH <br> Tranche B (3 month Term <br> SOFR + 2.750%) <br>6.947%, 4/30/30<sup>(1)</sup> <br>| 119 | &nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp; 1191 |
| **Media / Telecom - Broadcasting—3.3%** | **Media / Telecom - Broadcasting—3.3%** |  |
| CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.272%, 6/18/29<sup>(1)</sup> <br>| 161 | &nbsp;&nbsp; 150 |
| EOC Borrower LLC Tranche B <br> (1 month Term SOFR + <br> 3.000%) <br>6.716%, 3/24/32<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Gray Television, Inc. Tranche D <br> (1 month Term SOFR + <br> 3.000%) <br>6.987%, 12/1/28<sup>(1)</sup> <br>| 109 | &nbsp;&nbsp; 109 |
| Nexstar Media, Inc. Tranche <br> B-5 (1 month Term SOFR + <br> 2.500%) <br>6.216%, 6/28/32<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 130 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom -** <br> **Broadcasting—continued** | **Media / Telecom -** <br> **Broadcasting—continued** |  |
| Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.331%, 1/31/29<sup>(1)</sup> <br>| $101 | &nbsp;&nbsp; $101 |
|  |  | &nbsp;&nbsp; 515 |
| **Media / Telecom - Cable/Wireless** <br> **Video—7.3%** | **Media / Telecom - Cable/Wireless** <br> **Video—7.3%** |  |
| Charter Communications <br> Operating LLC Tranche B-5 <br> (3 month Term SOFR + <br> 2.250%) <br>6.235%, 12/15/31<sup>(1)</sup> <br>| 376 | &nbsp;&nbsp; 377 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR + <br> 3.250%) <br>6.966%, 9/18/30<sup>(1)</sup> <br>| 253 | &nbsp;&nbsp; 243 |
| DIRECTV Financing LLC 2024, <br> Tranche B (3 month Term <br> SOFR + 5.512%) <br>9.352%, 8/2/29<sup>(1)</sup> <br>| 234 | &nbsp;&nbsp; 235 |
| Eagle Broadband <br> Investments LLC (3 month <br> Term SOFR + 3.262%) <br>6.934%, 11/12/27<sup>(1)</sup> <br>| 312 | &nbsp;&nbsp; 295 |
|  |  | &nbsp;&nbsp; 1150 |
| **Media / Telecom - Diversified** <br> **Media—1.5%** | **Media / Telecom - Diversified** <br> **Media—1.5%** |  |
| Century DE Buyer LLC 2025 (3 <br> month Term SOFR + <br> 3.000%) <br>6.840%, 10/30/30<sup>(1)</sup> <br>| 202 | &nbsp;&nbsp; 201 |
| McGraw-Hill Education, Inc. <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.466%, 8/6/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 242 |
| **Media / Telecom -** <br> **Telecommunications—3.4%** | **Media / Telecom -** <br> **Telecommunications—3.4%** |  |
| Altice France S.A. |  |  |
| Tranche B-11 (3 month <br> Term SOFR + 4.125%) <br>8.110%, 5/1/28<sup>(1)</sup> <br>| 191 | &nbsp;&nbsp; 189 |
| Tranche B-12 (3 month <br> Term SOFR + 5.063%) <br>9.048%, 10/30/28<sup>(1)</sup> <br>| 11 | &nbsp;&nbsp; 11 |
| Cincinnati Bell, Inc. Tranche <br> B-5 (1 month Term SOFR + <br> 2.250%) <br>5.966%, 11/22/28<sup>(1)</sup> <br>| 211 | &nbsp;&nbsp; 211 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom -** <br> **Telecommunications—continued** | **Media / Telecom -** <br> **Telecommunications—continued** |  |
| Level 3 Financing, Inc. Tranche <br> B-4 (1 month Term SOFR + <br> 3.250%) <br>6.966%, 3/29/32<sup>(1)</sup> <br>| $125 | &nbsp;&nbsp; $125 |
|  |  | &nbsp;&nbsp; 536 |
| **Media / Telecom - Wireless** <br> **Communications—0.5%** | **Media / Telecom - Wireless** <br> **Communications—0.5%** |  |
| Viasat, Inc. (1 month Term <br> SOFR + 4.614%) <br>8.331%, 3/2/29<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 74 |
| **Metals / Minerals—0.5%** | **Metals / Minerals—0.5%** |  |
| Arsenal AIC Parent LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.466%, 8/18/30<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 72 |
| **Retail—2.6%** | **Retail—2.6%** |  |
| CNT Holdings I Corp. 2025 (3 <br> month Term SOFR + <br> 2.250%) <br>6.090%, 11/8/32<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 151 |
| Harbor Freight Tools USA, Inc. <br> (1 month Term SOFR + <br> 2.250%) <br>5.966%, 6/11/31<sup>(1)</sup> <br>| 127 | &nbsp;&nbsp; 126 |
| Peer Holding III B.V. Tranche B <br> (3 month Term SOFR + <br> 2.500%) <br>6.172%, 10/26/30<sup>(1)</sup> <br>| 133 | &nbsp;&nbsp; 133 |
|  |  | &nbsp;&nbsp; 410 |
| **Service—6.2%** | **Service—6.2%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>5.716%, 8/12/32<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 75 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.716%, 9/29/31<sup>(1)</sup> <br>| 78 | &nbsp;&nbsp; 78 |
| BrightView Landscapes LLC <br> Tranche B (3 month Term <br> SOFR + 2.000%) <br>5.840%, 4/20/29<sup>(1)</sup> <br>| 267 | &nbsp;&nbsp; 267 |
| DG Investment Intermediate <br> Holdings 2, Inc. (1 month <br> Term SOFR + 3.750%) <br>7.466%, 7/9/32<sup>(1)</sup> <br>| 153 | &nbsp;&nbsp; 153 |
| Fugue Finance B.V. (3 month <br> Term SOFR + 2.750%) <br>6.572%, 1/9/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Green Infrastructure Partners, <br> Inc. (3 month Term SOFR + <br> 2.750%) <br>6.422%, 9/24/32<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Kuehg Corp. (3 month Term <br> SOFR + 2.750%) <br>6.422%, 6/12/30<sup>(1)</sup> <br>| 64 | &nbsp;&nbsp; 62 |

---

*See Notes to Financial Statements*

------

**Newfleet Floating Rate MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.172%, 11/24/28<sup>(1)</sup> <br>| $161 | &nbsp;&nbsp; $154 |
| Prime Security Services <br> Borrower LLC Tranche B-1 <br> (6 month Term SOFR + <br> 2.000%) <br>6.129%, 10/13/30<sup>(1)</sup> <br>| 124 | &nbsp;&nbsp; 124 |
| TMF Sapphire Bidco B.V. <br> Tranche B-4 (3 month Term <br> SOFR + 2.750%) <br>6.687%, 5/3/28<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 982 |
| **Transportation - Automotive—3.0%** | **Transportation - Automotive—3.0%** |  |
| American Axle & <br> Manufacturing, Inc. Tranche <br> C <br>6.980%, 2/24/32<sup>(1)(2)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| Belron Finance 2019 LLC 2031 <br> (3 month Term SOFR + <br> 2.250%) <br>6.120%, 10/16/31<sup>(1)</sup> <br>| 162 | &nbsp;&nbsp; 163 |
| Clarios Global LP 2024, <br> Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.216%, 5/6/30<sup>(1)</sup> <br>| 153 | &nbsp;&nbsp; 153 |
| Wand NewCo 3, Inc. Tranche <br> B-2 (1 month Term SOFR + <br> 2.500%) <br>6.216%, 1/30/31<sup>(1)</sup> <br>| 101 | &nbsp;&nbsp; 101 |
|  |  | &nbsp;&nbsp; 472 |
| **Utilities—5.3%** | **Utilities—5.3%** |  |
| Astoria Energy LLC Tranche B <br> (1-3 month Term SOFR + <br> 2.750%) <br>6.422% - 6.466%, <br> 6/23/32<sup>(1)</sup> <br>| 93 | &nbsp;&nbsp; 93 |
| Calpine Corp. Tranche B-10 (1 <br> month Term SOFR + <br> 1.750%) <br>5.466%, 1/31/31<sup>(1)</sup> <br>| 162 | &nbsp;&nbsp; 162 |
| Cornerstone Generation LLC <br> Tranche B (2 month Term <br> SOFR + 3.250%) <br>7.093%, 8/11/32<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 166 |
| Hamilton Projects <br> Acquiror LLC (1 month <br> Term SOFR + 2.500%) <br>6.216%, 5/30/31<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| Hunterstown Generation LLC <br> (3 month Term SOFR + <br> 3.000%) <br>7.002%, 11/6/31<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 85 |
| Lightning Power LLC Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>5.966%, 8/18/31<sup>(1)</sup> <br>| 104 | &nbsp;&nbsp; 104 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Talen Energy Supply LLC <br> 2025, Tranche B (3 month <br> Term SOFR + 2.000%) <br>5.672%, 11/25/32<sup>(1)</sup> <br>| $25 | &nbsp;&nbsp; $25 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.873%, 1/27/31<sup>(1)</sup> <br>| 183 | &nbsp;&nbsp; 183 |
|  |  | &nbsp;&nbsp; 837 |
| **Total Leveraged Loans** <br>**(Identified Cost $13,989)** | **Total Leveraged Loans** <br>**(Identified Cost $13,989)** | &nbsp;&nbsp; **13854** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stock—0.1%** | **Common Stock—0.1%** | **Common Stock—0.1%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Atento Luxco 1 S.A.<sup>(5)</sup> <br>| 1188 | &nbsp;&nbsp; 21 |
| **Total Common Stock** <br>**(Identified Cost $—)** | **Total Common Stock** <br>**(Identified Cost $—)** | &nbsp;&nbsp; **21** |
| **Exchange-Traded Fund—3.1%** | **Exchange-Traded Fund—3.1%** | **Exchange-Traded Fund—3.1%** |
| Invesco Senior Loan ETF<sup>(6)</sup> <br>| 23335 | &nbsp;&nbsp; 490 |
| **Total Exchange-Traded Fund** <br>**(Identified Cost $487)** | **Total Exchange-Traded Fund** <br>**(Identified Cost $487)** | &nbsp;&nbsp; **490** |
| **Total Long-Term** <br> **Investments—91.4%** <br>**(Identified Cost $14,476)** | **Total Long-Term** <br> **Investments—91.4%** <br>**(Identified Cost $14,476)** | &nbsp;&nbsp; **14365** |
| **TOTAL INVESTMENTS—91.4%** <br>**(Identified Cost $14,476)** | **TOTAL INVESTMENTS—91.4%** <br>**(Identified Cost $14,476)** | &nbsp;&nbsp; **$14365** |
| Other assets and liabilities, net—8.6% | Other assets and liabilities, net—8.6% | &nbsp;&nbsp; 1349 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$15714** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Variable rate security. Rate disclosed is as of <br> December 31, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread but <br> are determined by the issuer or agent and are based <br> on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|
| <sup>(2)</sup> <br>| This loan will settle after December 31, 2025, at <br> which time the interest rate, calculated on the base <br> lending rate and the agreed upon spread on trade <br> date, will be reflected.<br>|
| <sup>(3)</sup> <br>| Security in default; interest payments are being <br> received.<br>|
| <sup>(4)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(5)</sup> <br>| Non-income producing. |
| <sup>(6)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 93<br> %<br>|
| Netherlands | 3 |
| Canada | 2 |
| Gibraltar | 1 |
| Australia | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

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

*See Notes to Financial Statements*

------

**Newfleet Floating Rate MACS**

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

**December 31, 2025**

($ reported in thousands)

As of December 31, 2025, the Fund had the following unfunded loan commitments:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** |
| Kaman Corp., 2/26/32 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $8<br>&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

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

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; $13854 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13790 | &nbsp;&nbsp;&nbsp;&nbsp; $64 |
| Equity Securities: |  |  |  |  |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Unfunded Loan Commitment<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $14365 | &nbsp;&nbsp;&nbsp;&nbsp; $511 | &nbsp;&nbsp;&nbsp;&nbsp; $13790 | &nbsp;&nbsp;&nbsp;&nbsp; $64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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).

Securities held by the Fund with an end of period value of $4 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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 December 31, 2025.

*See Notes to Financial Statements*

------

**NEWFLEET HIGH YIELD MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—94.0%** | **Corporate Bonds and Notes—94.0%** | **Corporate Bonds and Notes—94.0%** |
| **Communication Services—10.3%** | **Communication Services—10.3%** |  |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(1)</sup> <br>| $78 | &nbsp;&nbsp; $79 |
| <br>144A 4.750%, 3/1/30<sup>(1)</sup> <br>| 425 | &nbsp;&nbsp; 406 |
| CMG Media Corp. 144A <br>8.875%, 6/18/29<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 197 |
| CSC Holdings LLC 144A <br>11.750%, 1/31/29<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 279 |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(1)</sup> <br>| 228 | &nbsp;&nbsp; 229 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| DISH Network Corp. 144A <br>11.750%, 11/15/27<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 94 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 82 |
| Millennium Escrow Corp. <br> 144A <br>6.625%, 8/1/26<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 154 |
| Rackspace Technology Global, <br> Inc. 144A <br>5.375%, 12/1/28<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 35 |
| Sinclair Television Group, Inc. <br> 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 136 |
| Snap, Inc. 144A <br>6.875%, 3/15/34<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 196 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 41 |
| Univision Communications, <br> Inc. 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 166 |
| Warnermedia Holdings, Inc. <br>5.141%, 3/15/52<br>| 80 | &nbsp;&nbsp; 53 |
|  |  | &nbsp;&nbsp; 2177 |
| **Consumer Discretionary—7.9%** | **Consumer Discretionary—7.9%** |  |
| Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 165 | &nbsp;&nbsp; 172 |
| Ashton Woods USA LLC 144A <br>4.625%, 4/1/30<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 291 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 166 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 16 |
| Ford Motor Credit Co. LLC <br>6.500%, 2/7/35<br>| 155 | &nbsp;&nbsp; 160 |
| Hilton Grand Vacations <br> Borrower LLC 144A <br>5.000%, 6/1/29<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
| Newell Brands, Inc. |  |  |
| 6.375%, 9/15/27 | 275 | &nbsp;&nbsp; 276 |
| 6.625%, 9/15/29 | 89 | &nbsp;&nbsp; 89 |
| 6.375%, 5/15/30 | 60 | &nbsp;&nbsp; 59 |
| Ontario Gaming GTA LP 144A <br>8.000%, 8/1/30<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 99 |
| Polaris, Inc. <br>5.600%, 3/1/31<br>| 70 | &nbsp;&nbsp; 71 |
| Taylor Morrison Communities, <br> Inc. 144A <br>5.750%, 11/15/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Wayfair LLC 144A <br>6.750%, 11/15/32<sup>(1)</sup> <br>| $40 | &nbsp;&nbsp; $41 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 1657 |
| **Consumer Staples—3.1%** | **Consumer Staples—3.1%** |  |
| Albertsons Cos., Inc. |  |  |
| <br>144A 4.875%, 2/15/30<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 154 |
| <br>144A 5.750%, 3/31/34<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Post Holdings, Inc. 144A <br>6.375%, 3/1/33<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 369 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 115 |
|  |  | &nbsp;&nbsp; 653 |
| **Energy—13.5%** | **Energy—13.5%** |  |
| Alliance Resource Operating <br> Partners LP 144A <br>8.625%, 6/15/29<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 105 |
| Antero Midstream Partners LP <br> 144A <br>5.750%, 7/1/34<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 226 |
| Caturus Energy LLC 144A <br>8.500%, 2/15/30<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 115 |
| Coronado Finance Pty Ltd. <br> 144A <br>9.250%, 10/1/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 88 |
| Energy Transfer LP |  |  |
| 8.000%, 5/15/54 | 10 | &nbsp;&nbsp; 11 |
| Series G 7.125%<sup>(2)</sup> <br>| 230 | &nbsp;&nbsp; 235 |
| Series H 6.500%<sup>(2)</sup> <br>| 410 | &nbsp;&nbsp; 412 |
| Genesis Energy LP <br>8.875%, 4/15/30<br>| 160 | &nbsp;&nbsp; 168 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 135 | &nbsp;&nbsp; 137 |
| Helix Energy Solutions Group, <br> Inc. 144A <br>9.750%, 3/1/29<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 132 |
| Hilcorp Energy I LP 144A <br>6.250%, 11/1/28<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 111 |
| Kodiak Gas Services LLC 144A <br>6.750%, 10/1/35<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 221 |
| Mesquite Energy, Inc. 144A <br>7.250%, 7/15/26<sup>(1)(3)</sup> <br>| 120 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| South Bow Canadian <br> Infrastructure Holdings Ltd.<br>|  |  |
| 7.500%, 3/1/55 | 200 | &nbsp;&nbsp; 214 |
| 7.625%, 3/1/55 | 15 | &nbsp;&nbsp; 16 |
| Teine Energy Ltd. 144A <br>6.875%, 4/15/29<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 115 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 64 |
| Transocean International Ltd. |  |  |
| <br>144A 8.750%, 2/15/30<sup>(1)</sup> <br>| 71 | &nbsp;&nbsp; 74 |
| <br>144A 8.500%, 5/15/31<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 89 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| <br>144A 7.875%, 10/15/32<sup>(1)</sup> <br>| $5 | &nbsp;&nbsp; $5 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 9.000%<sup>(1)(2)</sup> <br>| 95 | &nbsp;&nbsp; 75 |
| <br>144A 9.875%, 2/1/32<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 165 |
|  |  | &nbsp;&nbsp; 2844 |
| **Financials—23.3%** | **Financials—23.3%** |  |
| Acrisure LLC |  |  |
| <br>144A 8.250%, 2/1/29<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 62 |
| <br>144A 6.000%, 8/1/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 94 |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 130 |
| Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 167 |
| American National Group, Inc. <br>7.000%, 12/1/55<br>| 34 | &nbsp;&nbsp; 34 |
| Arsenal AIC Parent LLC 144A <br>11.500%, 10/1/31<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 61 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 7/15/33<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 223 |
| Azorra Finance Ltd. 144A <br>7.250%, 1/15/31<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 115 |
| Block, Inc. <br>6.500%, 5/15/32<br>| 210 | &nbsp;&nbsp; 218 |
| BNP Paribas S.A. 144A <br>7.450% <sup>(1)(2)</sup> <br>| 215 | &nbsp;&nbsp; 225 |
| Cipher Compute LLC 144A <br>7.125%, 11/15/30<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Citigroup, Inc. Series X <br>3.875% <sup>(2)</sup> <br>| 410 | &nbsp;&nbsp; 409 |
| DBR Land Holdings LLC 144A <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Endo Finance Holdings, Inc. <br> 144A <br>8.500%, 4/15/31<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 95 |
| Focus Financial Partners LLC <br> 144A <br>6.750%, 9/15/31<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Froneri Lux FinCo S.a.r.l. 144A <br>6.000%, 8/1/32<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 112 |
| Global Atlantic Fin Co. 144A <br>7.950%, 10/15/54<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 212 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 119 |
| Gulfport Energy Operating <br> Corp. 144A <br>6.750%, 9/1/29<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 108 |
| ION Platform Finance U.S., <br> Inc. 144A <br>8.750%, 5/1/29<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 152 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 395 | &nbsp;&nbsp; 389 |
| Lloyds Banking Group plc <br>6.625% <sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| Maxam Prill S.a.r.l. 144A <br>7.750%, 7/15/30<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 114 |
| Merlin Entertainments Group <br> U.S. Holdings, Inc. 144A <br>7.375%, 2/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 36 |

---

*See Notes to Financial Statements*

------

**NEWFLEET HIGH YIELD MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Midcap Financial Issuer Trust <br> 144A <br>6.500%, 5/1/28<sup>(1)</sup> <br>| $195 | &nbsp;&nbsp; $195 |
| Nationstar Mortgage Holdings, <br> Inc. 144A <br>5.750%, 11/15/31<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 91 |
| OneMain Finance Corp. |  |  |
| 7.125%, 11/15/31 | 180 | &nbsp;&nbsp; 188 |
| 6.750%, 3/15/32 | 15 | &nbsp;&nbsp; 15 |
| 6.500%, 3/15/33 | 70 | &nbsp;&nbsp; 71 |
| 6.750%, 9/15/33 | 20 | &nbsp;&nbsp; 20 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 151 |
| Reinsurance Group of <br> America, Inc. <br>6.650%, 9/15/55<br>| 165 | &nbsp;&nbsp; 171 |
| Rivers Enterprise Lender LLC <br> 144A <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 109 |
| Saks Global Enterprises LLC <br> 144A <br>11.000%, 12/15/29<sup>(1)(3)(5)</sup> <br>| 39 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| SGUS LLC 144A <br>11.000%, 12/15/29<sup>(1)(5)</sup> <br>| 50 | &nbsp;&nbsp; 19 |
| Standard Building Solutions, <br> Inc. 144A <br>5.875%, 3/15/34<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 70 |
| Synergy Infrastructure <br> Holdings LLC 144A <br>7.875%, 12/1/30<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 67 |
| Texas Capital Bancshares, Inc. <br>4.000%, 5/6/31<br>| 425 | &nbsp;&nbsp; 420 |
| Virgin Media Vendor Financing <br> Notes IV DAC 144A <br>5.000%, 7/15/28<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 4898 |
| **Health Care—6.7%** | **Health Care—6.7%** |  |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| AMN Healthcare, Inc. 144A <br>6.500%, 1/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Amneal Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Cheplapharm Arzneimittel <br> GmbH 144A <br>5.500%, 1/15/28<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 163 |
| Community Health Systems, <br> Inc.<br>|  |  |
| <br>144A 5.250%, 5/15/30<sup>(1)</sup> <br>| 620 | &nbsp;&nbsp; 582 |
| <br>144A 4.750%, 2/15/31<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 112 |
| CVS Health Corp. <br>6.750%, 12/10/54<br>| 113 | &nbsp;&nbsp; 118 |
| Genmab A/S |  |  |
| <br>144A 6.250%, 12/15/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| <br>144A 7.250%, 12/15/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| IQVIA, Inc. 144A <br>6.250%, 6/1/32<sup>(1)</sup> <br>| $70 | &nbsp;&nbsp; $73 |
| LifePoint Health, Inc. 144A <br>9.875%, 8/15/30<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 102 |
| Molina Healthcare, Inc. 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 180 | &nbsp;&nbsp; 184 |
| Solstice Advanced Materials, <br> Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Tenet Healthcare Corp. 144A <br>6.000%, 11/15/33<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
|  |  | &nbsp;&nbsp; 1420 |
| **Industrials—11.4%** | **Industrials—11.4%** |  |
| Builders FirstSource, Inc. <br> 144A <br>6.375%, 3/1/34<sup>(1)</sup> <br>| 410 | &nbsp;&nbsp; 424 |
| Carpenter Technology Corp. <br> 144A <br>5.625%, 3/1/34<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Cimpress plc 144A <br>7.375%, 9/15/32<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 178 |
| Cornerstone Building Brands, <br> Inc. 144A <br>9.500%, 8/15/29<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 129 |
| FTAI Aviation Investors LLC <br> 144A <br>7.000%, 6/15/32<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 237 |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 117 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 176 |
| Global Medical Response, Inc. <br> 144A <br>7.375%, 10/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.250%, 6/15/33<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 42 |
| <br>144A 6.000%, 3/15/34<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 118 |
| Icahn Enterprises LP |  |  |
| 6.250%, 5/15/26 | 15 | &nbsp;&nbsp; 15 |
| 5.250%, 5/15/27 | 25 | &nbsp;&nbsp; 25 |
| <br>144A 10.000%, 11/15/29<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 85 |
| Madison IAQ LLC 144A <br>5.875%, 6/30/29<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 65 |
| Neptune Bidco U.S., Inc. |  |  |
| <br>144A 9.290%, 4/15/29<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 165 |
| <br>144A 10.375%, 5/15/31<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Quikrete Holdings, Inc. 144A <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 151 |
| Science Applications <br> International Corp. 144A <br>5.875%, 11/1/33<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 66 |
| TransDigm, Inc. 144A <br>6.875%, 12/15/30<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 204 |
| VoltaGrid LLC 144A <br>7.375%, 11/1/30<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 59 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| White Cap Supply <br> Holdings LLC 144A <br>7.375%, 11/15/30<sup>(1)</sup> <br>| $35 | &nbsp;&nbsp; $36 |
|  |  | &nbsp;&nbsp; 2400 |
| **Information Technology—2.0%** | **Information Technology—2.0%** |  |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 167 |
| Insight Enterprises, Inc. 144A <br>6.625%, 5/15/32<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 62 |
| Intel Corp. <br>3.100%, 2/15/60<br>| 210 | &nbsp;&nbsp; 117 |
| WULF Compute LLC 144A <br>7.750%, 10/15/30<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 77 |
|  |  | &nbsp;&nbsp; 423 |
| **Materials—6.2%** | **Materials—6.2%** |  |
| ASP Unifrax Holdings, Inc. <br> 144A <br>5.250%, 9/30/28<sup>(1)(3)</sup> <br>| 230 | &nbsp;&nbsp; 17 |
| Capstone Copper Corp. 144A <br>6.750%, 3/31/33<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 130 |
| Cleveland-Cliffs, Inc. 144A <br>7.625%, 1/15/34<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 84 |
| Graham Packaging Co., Inc. <br> 144A <br>7.125%, 8/15/28<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| Illuminate Buyer LLC 144A <br>9.000%, 7/1/28<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 39 |
| INEOS Quattro Finance 2 plc <br> 144A <br>9.625%, 3/15/29<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 159 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| Mauser Packaging Solutions <br> Holding Co. 144A <br>9.250%, 4/15/30<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 96 |
| Trivium Packaging Finance <br> B.V. 144A <br>8.250%, 7/15/30<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 52 |
| Windsor Holdings III LLC <br> 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 201 |
| WR Grace Holdings LLC 144A <br>5.625%, 8/15/29<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp; 1313 |
| **Real Estate—0.8%** | **Real Estate—0.8%** |  |
| Iron Mountain, Inc. 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 106 |
| Millrose Properties, Inc. 144A <br>6.250%, 9/15/32<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 65 |
|  |  | &nbsp;&nbsp; 171 |
| **Utilities—8.8%** | **Utilities—8.8%** |  |
| AES Corp. (The) <br>7.600%, 1/15/55<br>| 410 | &nbsp;&nbsp; 418 |
| Alpha Generation LLC 144A <br>6.250%, 1/15/34<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |

---

*See Notes to Financial Statements*

------

**NEWFLEET HIGH YIELD MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| American Electric Power Co., <br> Inc. <br>6.950%, 12/15/54<br>| $220 | &nbsp;&nbsp; $235 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 471 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 99 |
| <br>144A 8.375%, 2/15/32<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 73 |
| Sempra <br>6.375%, 4/1/56<br>| 55 | &nbsp;&nbsp; 56 |
| Suburban Propane <br> Partners LP 144A <br>6.500%, 12/15/35<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| <br>144A 7.500%, 5/1/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| <br>144A 6.500%, 1/15/34<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Vistra Corp. 144A <br>8.000% <sup>(1)(2)</sup> <br>| 390 | &nbsp;&nbsp; 400 |
|  |  | &nbsp;&nbsp; 1862 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $19,974)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $19,974)** | &nbsp;&nbsp; **19818** |

---

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

---

| | |
|:---|:---|
| **Preferred Stock—1.2%** | **Preferred Stock—1.2%** |
| **Financials—1.2%** |  |
| Capital Farm Credit ACA <br> Series 1 144A, 5.000%<sup>(1)</sup> <br>250 <br><sup>(6)</sup><br>| &nbsp;&nbsp; 248 |
| **Total Preferred Stock** <br>**(Identified Cost $244)** | &nbsp;&nbsp; **248** |
| **Total Long-Term** <br> **Investments—95.2%** <br>**(Identified Cost $20,218)** | &nbsp;&nbsp; **20066** |
| **TOTAL INVESTMENTS—95.2%** <br>**(Identified Cost $20,218)** | &nbsp;&nbsp; **$20066** |
| Other assets and liabilities, net—4.8% | &nbsp;&nbsp; 1008 |
| **NET ASSETS—100.0%** | &nbsp;&nbsp; **$21074** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee <br> Corp.<br>|
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $15,545 or 73.8% of net assets.<br>|
| <sup>(2)</sup> <br>| No contractual maturity date. |
| <sup>(3)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(4)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(5)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(6)</sup> <br>| Value shown as par value. |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 85<br> %<br>|
| Canada | 4 |
| Luxembourg | 3 |
| United Kingdom | 2 |
| Cayman Islands | 1 |
| France | 1 |
| Ireland | 1 |
| Other | 3 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

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

*See Notes to Financial Statements*

------

**NEWFLEET HIGH YIELD MACS**

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

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $19818 | &nbsp;&nbsp;&nbsp;&nbsp; $19801 | &nbsp;&nbsp;&nbsp;&nbsp; $17 |
| Equity Securities: |  |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $20066 | &nbsp;&nbsp;&nbsp;&nbsp; $20049 | &nbsp;&nbsp;&nbsp;&nbsp; $17 |

---

There were no securities valued using quoted prices (Level 1) at December 31, 2025.

Securities held by the Fund with an end of period value of $17 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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 December 31, 2025.

*See Notes to Financial Statements*

------

**Newfleet RMBS MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—92.4%** | **Mortgage-Backed Securities—92.4%** | **Mortgage-Backed Securities—92.4%** |
| **Non-Agency—92.4%** | **Non-Agency—92.4%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(1)(2)</sup> <br>| $844 | &nbsp;&nbsp; $849 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(1)(2)</sup> <br>| 519 | &nbsp;&nbsp; 524 |
| Ajax Mortgage Loan Trust <br> 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(1)(2)</sup> <br>| 1011 | &nbsp;&nbsp; 981 |
| Angel Oak Mortgage Trust |  |  |
| 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(1)(2)</sup> <br>| 146 | &nbsp;&nbsp; 141 |
| 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(1)(2)</sup> <br>| 98 | &nbsp;&nbsp; 88 |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(1)(2)</sup> <br>| 565 | &nbsp;&nbsp; 562 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(1)(2)</sup> <br>| 262 | &nbsp;&nbsp; 261 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(1)(2)</sup> <br>| 226 | &nbsp;&nbsp; 221 |
| 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(1)(2)</sup> <br>| 534 | &nbsp;&nbsp; 522 |
| 2022-1, A1B 144A <br>3.269%, 12/25/56<sup>(1)(2)</sup> <br>| 670 | &nbsp;&nbsp; 642 |
| CIM Trust 2022-R2, A1 144A <br>3.750%, 12/25/61<sup>(1)(2)</sup> <br>| 818 | &nbsp;&nbsp; 782 |
| Citigroup Mortgage Loan <br> Trust, Inc. 2018-RP1, A1 <br> 144A <br>3.000%, 9/25/64<sup>(1)(2)</sup> <br>| 95 | &nbsp;&nbsp; 93 |
| CoreVest American Finance <br> Trust<br>|  |  |
| 2018-1, D 144A <br>4.920%, 6/15/51<sup>(1)</sup> <br>| 169 | &nbsp;&nbsp; 170 |
| 2019-3, C 144A <br>3.265%, 10/15/52<sup>(1)</sup> <br>| 295 | &nbsp;&nbsp; 279 |
| 2020-3, A 144A <br>1.358%, 8/15/53<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| Credit Suisse Mortgage <br> Capital Trust<br>|  |  |
| 2020-NQM1, A1 144A <br>2.208%, 5/25/65<sup>(1)(2)</sup> <br>| 31 | &nbsp;&nbsp; 30 |
| 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(1)(2)</sup> <br>| 382 | &nbsp;&nbsp; 347 |
| EFMT 2025-NQM2, A1 144A <br>5.596%, 6/25/70<sup>(1)(2)</sup> <br>| 326 | &nbsp;&nbsp; 329 |
| Ellington Financial Mortgage <br> Trust 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(1)(2)</sup> <br>| 354 | &nbsp;&nbsp; 344 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(1)</sup> <br>| 420 | &nbsp;&nbsp; 413 |
| Flagstar Mortgage Trust <br> 2017-1, 1A3 144A <br>3.500%, 3/25/47<sup>(1)(2)</sup> <br>| 64 | &nbsp;&nbsp; 59 |
| Galton Funding Mortgage <br> Trust 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(1)(2)</sup> <br>| 219 | &nbsp;&nbsp; 201 |
| Homes Trust 2023-NQM2, A1 <br> 144A <br>6.456%, 2/25/68<sup>(1)(2)</sup> <br>| 1146 | &nbsp;&nbsp; 1148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Imperial Fund Mortgage Trust <br> 2022-NQM3, A1 144A <br>4.380%, 5/25/67<sup>(1)(2)</sup> <br>| $1150 | &nbsp;&nbsp; $1146 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(1)(2)</sup> <br>| 34 | &nbsp;&nbsp; 33 |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(1)(2)</sup> <br>| 29 | &nbsp;&nbsp; 25 |
| 2017-4, A3 144A <br>3.500%, 11/25/48<sup>(1)(2)</sup> <br>| 69 | &nbsp;&nbsp; 63 |
| 2017-5, A1 144A <br>4.746%, 10/26/48<sup>(1)(2)</sup> <br>| 19 | &nbsp;&nbsp; 20 |
| 2018-7FRB, A2 (1 month <br> Term SOFR + 0.864%) <br> 144A <br>4.596%, 4/25/46<sup>(1)(2)</sup> <br>| 810 | &nbsp;&nbsp; 796 |
| 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(1)(2)</sup> <br>| 145 | &nbsp;&nbsp; 146 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(1)(2)</sup> <br>| 284 | &nbsp;&nbsp; 287 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(1)(2)</sup> <br>| 425 | &nbsp;&nbsp; 429 |
| MetLife Securitization Trust |  |  |
| 2017-1A, M1 144A <br>3.389%, 4/25/55<sup>(1)(2)</sup> <br>| 1110 | &nbsp;&nbsp; 1019 |
| 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(1)(2)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| MFA Trust |  |  |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(1)(2)</sup> <br>| 1113 | &nbsp;&nbsp; 1111 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(1)(2)</sup> <br>| 375 | &nbsp;&nbsp; 372 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(1)(2)</sup> <br>| 715 | &nbsp;&nbsp; 716 |
| Mill City Mortgage Loan Trust |  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(1)(2)</sup> <br>| 42 | &nbsp;&nbsp; 41 |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(1)(2)</sup> <br>| 774 | &nbsp;&nbsp; 721 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(1)(2)</sup> <br>| 168 | &nbsp;&nbsp; 164 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(1)(2)</sup> <br>| 126 | &nbsp;&nbsp; 123 |
| 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(1)(2)</sup> <br>| 59 | &nbsp;&nbsp; 57 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(1)(2)</sup> <br>| 340 | &nbsp;&nbsp; 332 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(1)(2)</sup> <br>| 174 | &nbsp;&nbsp; 167 |
| 2022-NQM2, A1 144A <br>3.079%, 3/27/62<sup>(1)(2)</sup> <br>| 70 | &nbsp;&nbsp; 66 |
| 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(1)(2)</sup> <br>| 28 | &nbsp;&nbsp; 27 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(1)(2)</sup> <br>| 227 | &nbsp;&nbsp; 223 |
| NLT Trust 2021-INV2, A1 <br> 144A <br>1.162%, 8/25/56<sup>(1)(2)</sup> <br>| 682 | &nbsp;&nbsp; 600 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| NYMT Loan Trust 2024-CP1, <br> A1 144A <br>3.750%, 2/25/68<sup>(1)(2)</sup> <br>| $570 | &nbsp;&nbsp; $532 |
| OBX Trust |  |  |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(1)(2)</sup> <br>| 173 | &nbsp;&nbsp; 174 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(1)(2)</sup> <br>| 609 | &nbsp;&nbsp; 617 |
| 2024-NQM16, A1 144A <br>5.530%, 10/25/64<sup>(1)(2)</sup> <br>| 345 | &nbsp;&nbsp; 348 |
| Palisades Mortgage Loan <br> Trust 2021-RTL1, A1 144A <br>3.487%, 6/25/26<sup>(1)(2)</sup> <br>| 74 | &nbsp;&nbsp; 74 |
| PRET Trust 2025-NPL1, A1 <br> 144A <br>6.063%, 2/25/55<sup>(1)(2)</sup> <br>| 577 | &nbsp;&nbsp; 578 |
| PRKCM Trust 2022-AFC1, <br> A1A 144A <br>4.100%, 4/25/57<sup>(1)(2)</sup> <br>| 646 | &nbsp;&nbsp; 644 |
| Provident Funding Mortgage <br> Trust 2025-1, A3 144A <br>5.500%, 2/25/55<sup>(1)(2)</sup> <br>| 313 | &nbsp;&nbsp; 315 |
| RCKT Mortgage Trust |  |  |
| 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(1)(2)</sup> <br>| 189 | &nbsp;&nbsp; 166 |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(1)(2)</sup> <br>| 171 | &nbsp;&nbsp; 171 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(1)(2)</sup> <br>| 259 | &nbsp;&nbsp; 261 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(1)(2)</sup> <br>| 408 | &nbsp;&nbsp; 413 |
| Residential Mortgage Loan <br> Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(1)(2)</sup> <br>| 11 | &nbsp;&nbsp; 11 |
| Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.481%, 6/25/43<sup>(2)</sup> <br>| 64 | &nbsp;&nbsp; 63 |
| Starwood Mortgage <br> Residential Trust 2021-5, <br> A2 144A <br>2.178%, 9/25/66<sup>(1)(2)</sup> <br>| 679 | &nbsp;&nbsp; 598 |
| Towd Point Mortgage Trust |  |  |
| 2016-4, B1 144A <br>3.961%, 7/25/56<sup>(1)(2)</sup> <br>| 885 | &nbsp;&nbsp; 865 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(1)(2)</sup> <br>| 320 | &nbsp;&nbsp; 317 |
| 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(1)(2)</sup> <br>| 405 | &nbsp;&nbsp; 387 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(1)(2)</sup> <br>| 895 | &nbsp;&nbsp; 876 |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(1)(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(1)(2)</sup> <br>| 1190 | &nbsp;&nbsp; 1104 |
| 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(1)(2)</sup> <br>| 237 | &nbsp;&nbsp; 231 |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(1)(2)</sup> <br>| 790 | &nbsp;&nbsp; 725 |
| 2019-4, A2 144A <br>3.250%, 10/25/59<sup>(1)(2)</sup> <br>| 965 | &nbsp;&nbsp; 884 |

---

*See Notes to Financial Statements*

------

**Newfleet RMBS MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, Cap <br> N/A, Floor 1.600%) 144A <br>5.446%, 5/25/58<sup>(1)(2)</sup> <br>| $215 | &nbsp;&nbsp; $215 |
| 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(1)(2)</sup> <br>| 1115 | &nbsp;&nbsp; 1078 |
| 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(1)(2)</sup> <br>| 1595 | &nbsp;&nbsp; 1376 |
| 2023-1, A1 144A <br>3.750%, 1/25/63<sup>(1)</sup> <br>| 66 | &nbsp;&nbsp; 64 |
| 2024-1, A1 144A <br>4.859%, 3/25/64<sup>(1)(2)</sup> <br>| 125 | &nbsp;&nbsp; 126 |
| 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(1)(2)</sup> <br>| 377 | &nbsp;&nbsp; 379 |
| Tricon American Homes Trust <br> 2020-SFR2, D 144A <br>2.281%, 11/17/39<sup>(1)</sup> <br>| 1105 | &nbsp;&nbsp; 1050 |
| Tricon Residential Trust <br> 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(1)</sup> <br>| 775 | &nbsp;&nbsp; 765 |
| Verus Securitization Trust <br> 2023-1, A1 144A <br>5.850%, 12/25/67<sup>(1)(2)</sup> <br>| 61 | &nbsp;&nbsp; 61 |
| Visio Trust |  |  |
| 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(1)(2)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 63 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 98 |
| 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(1)(2)</sup> <br>| 275 | &nbsp;&nbsp; 274 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Wells Fargo Mortgage Backed <br> Securities Trust 2020-4, A1 <br> 144A <br>3.000%, 7/25/50<sup>(1)(2)</sup> <br>| $44 | &nbsp;&nbsp; $39 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $33,452)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $33,452)** | &nbsp;&nbsp; **33691** |
| **Asset-Backed Securities—2.2%** | **Asset-Backed Securities—2.2%** | **Asset-Backed Securities—2.2%** |
| **Other—2.2%** | **Other—2.2%** |  |
| Progress Residential Trust |  |  |
| 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(1)</sup> <br>| 665 | &nbsp;&nbsp; 660 |
| 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp; 803 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $807)** | **Total Asset-Backed Securities** <br>**(Identified Cost $807)** | &nbsp;&nbsp; **803** |
| **Total Long-Term** <br> **Investments—94.6%** <br>**(Identified Cost $34,259)** | **Total Long-Term** <br> **Investments—94.6%** <br>**(Identified Cost $34,259)** | &nbsp;&nbsp; **34494** |
| **TOTAL INVESTMENTS—94.6%** <br>**(Identified Cost $34,259)** | **TOTAL INVESTMENTS—94.6%** <br>**(Identified Cost $34,259)** | &nbsp;&nbsp; **$34494** |
| Other assets and liabilities, net—5.4% | Other assets and liabilities, net—5.4% | &nbsp;&nbsp; 1986 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$36480** |

---

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

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $34,431 or 94.4% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of <br> December 31, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread but <br> are determined by the issuer or agent and are based <br> on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $33691 | &nbsp;&nbsp;&nbsp;&nbsp; $33691 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $34494 | &nbsp;&nbsp;&nbsp;&nbsp; $34494 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

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

*See Notes to Financial Statements*

------

**Seix High Yield MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—97.5%** | **Corporate Bonds and Notes—97.5%** | **Corporate Bonds and Notes—97.5%** |
| **Communication Services—6.6%** | **Communication Services—6.6%** |  |
| ANGI Group LLC 144A <br>3.875%, 8/15/28<sup>(1)</sup> <br>| $50 | &nbsp;&nbsp; $46 |
| Cable One, Inc. 144A <br>4.000%, 11/15/30<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 35 |
| Light & Wonder International, <br> Inc. 144A <br>6.250%, 10/1/33<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| Live Nation Entertainment, <br> Inc. 144A <br>3.750%, 1/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| ROBLOX Corp. 144A <br>3.875%, 5/1/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| Sirius XM Radio LLC 144A <br>5.000%, 8/1/27<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Snap, Inc. 144A <br>6.875%, 3/1/33<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 336 |
| **Consumer Discretionary—16.1%** | **Consumer Discretionary—16.1%** |  |
| Allison Transmission, Inc. <br> 144A <br>5.875%, 6/1/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Amer Sports Co. 144A <br>6.750%, 2/16/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Crocs, Inc. 144A <br>4.125%, 8/15/31<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 55 |
| Dream Finders Homes, Inc. <br> 144A <br>8.250%, 8/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| FirstCash, Inc. 144A <br>6.875%, 3/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Group 1 Automotive, Inc. <br> 144A <br>6.375%, 1/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Installed Building Products, <br> Inc. 144A <br>5.750%, 2/1/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| LGI Homes, Inc. 144A <br>8.750%, 12/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Lithia Motors, Inc. 144A <br>4.375%, 1/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| NCL Corp., Ltd. 144A <br>7.750%, 2/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
| Phinia, Inc. 144A <br>6.750%, 4/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Sonic Automotive, Inc. 144A <br>4.625%, 11/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Thor Industries, Inc. 144A <br>4.000%, 10/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| TopBuild Corp. 144A <br>4.125%, 2/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| Weekley Homes LLC 144A <br>6.750%, 1/15/34<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
| Winnebago Industries, Inc. <br> 144A <br>6.250%, 7/15/28<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 822 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—4.0%** | **Consumer Staples—4.0%** |  |
| BellRing Brands, Inc. 144A <br>7.000%, 3/15/30<sup>(1)</sup> <br>| $50 | &nbsp;&nbsp; $52 |
| Performance Food Group, Inc. <br> 144A <br>5.500%, 10/15/27<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Post Holdings, Inc. 144A <br>6.250%, 2/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Turning Point Brands, Inc. <br> 144A <br>7.625%, 3/15/32<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 205 |
| **Energy—9.5%** | **Energy—9.5%** |  |
| Chord Energy Corp. |  |  |
| <br>144A 6.000%, 10/1/30<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 53 |
| <br>144A 6.750%, 3/15/33<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Matador Resources Co. |  |  |
| <br>144A 6.875%, 4/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| <br>144A 6.500%, 4/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Noble Finance II LLC 144A <br>8.000%, 4/15/30<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 30 |
| Rockies Express Pipeline LLC <br> 144A <br>4.950%, 7/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 24 | &nbsp;&nbsp; 26 |
| Transocean Titan Financing <br> Ltd. 144A <br>8.375%, 2/1/28<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| Valaris Ltd. 144A <br>8.375%, 4/30/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| Venture Global LNG, Inc. 144A <br>9.500%, 2/1/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 483 |
| **Financials—16.0%** | **Financials—16.0%** |  |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 10/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| DBR Land Holdings LLC 144A <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 6 | &nbsp;&nbsp; 6 |
| goeasy Ltd. 144A <br>6.875%, 5/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| Hilcorp Energy I LP 144A <br>8.375%, 11/1/33<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Kinetik Holdings LP 144A <br>6.625%, 12/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| New Red Finance, Inc. 144A <br>6.125%, 6/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| PennyMac Financial Services, <br> Inc. 144A <br>7.875%, 12/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
| PRA Group, Inc. 144A <br>8.875%, 1/31/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Rocket Cos., Inc. |  |  |
| <br>144A 6.500%, 8/1/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| <br>144A 6.125%, 8/1/30<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| <br>144A 6.375%, 8/1/33<sup>(1)</sup> <br>| 12 | &nbsp;&nbsp; 13 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Rocket Mortgage LLC 144A <br>3.625%, 3/1/29<sup>(1)</sup> <br>| $50 | &nbsp;&nbsp; $48 |
| Ryan Specialty LLC 144A <br>5.875%, 8/1/32<sup>(1)</sup> <br>| 62 | &nbsp;&nbsp; 63 |
| Sabre Financial Borrower LLC <br> 144A <br>11.125%, 6/15/29<sup>(1)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| Standard Building Solutions, <br> Inc.<br>|  |  |
| <br>144A 6.500%, 8/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| <br>144A 6.250%, 8/1/33<sup>(1)</sup> <br>| 6 | &nbsp;&nbsp; 6 |
| Starwood Property Trust, Inc. <br> 144A <br>5.250%, 10/15/28<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Transocean International Ltd. <br> 144A <br>7.875%, 10/15/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| UWM Holdings LLC 144A <br>6.625%, 2/1/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Viking Cruises Ltd. 144A <br>9.125%, 7/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 54 |
| Vistra Operations Co. LLC <br> 144A <br>7.750%, 10/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
|  |  | &nbsp;&nbsp; 815 |
| **Health Care—3.0%** | **Health Care—3.0%** |  |
| DaVita, Inc. 144A <br>6.875%, 9/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Hologic, Inc. 144A <br>3.250%, 2/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Insulet Corp. 144A <br>6.500%, 4/1/33<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 152 |
| **Industrials—18.9%** | **Industrials—18.9%** |  |
| ADT Security Corp. (The) <br> 144A <br>4.875%, 7/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| Advanced Drainage Systems, <br> Inc. 144A <br>6.375%, 6/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| APi Group DE, Inc. 144A <br>4.750%, 10/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Arcosa, Inc. 144A <br>6.875%, 8/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
| Axon Enterprise, Inc. 144A <br>6.125%, 3/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Boise Cascade Co. 144A <br>4.875%, 7/1/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Brundage-Bone Concrete <br> Pumping Holdings, Inc. <br> 144A <br>7.500%, 2/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Builders FirstSource, Inc. <br> 144A <br>6.375%, 3/1/34<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| BWX Technologies, Inc. 144A <br>4.125%, 6/30/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Clean Harbors, Inc. 144A <br>5.125%, 7/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |

---

*See Notes to Financial Statements*

------

**Seix High Yield MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Dycom Industries, Inc. 144A <br>4.500%, 4/15/29<sup>(1)</sup> <br>| $50 | &nbsp;&nbsp; $49 |
| GFL Environmental, Inc. 144A <br>6.750%, 1/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Herc Holdings, Inc. 144A <br>6.625%, 6/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Manitowoc Co., Inc. (The) <br> 144A <br>9.250%, 10/1/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 54 |
| Masterbrand, Inc. 144A <br>7.000%, 7/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Ritchie Bros Holdings, Inc. <br> 144A <br>7.750%, 3/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Roller Bearing Co. of America, <br> Inc. 144A <br>4.375%, 10/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| TransDigm, Inc. 144A <br>6.750%, 8/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Vertiv Group Corp. 144A <br>4.125%, 11/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 965 |
| **Information Technology—8.0%** | **Information Technology—8.0%** |  |
| Amentum Holdings, Inc. 144A <br>7.250%, 8/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
| Ciena Corp. 144A <br>4.000%, 1/31/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| Elastic N.V. 144A <br>4.125%, 7/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Entegris Escrow Corp. 144A <br>4.750%, 4/15/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Fair Isaac Corp. 144A <br>4.000%, 6/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| PTC, Inc. 144A <br>4.000%, 2/15/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Shift4 Payments LLC 144A <br>6.750%, 8/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| WESCO Distribution, Inc. |  |  |
| <br>144A 6.625%, 3/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| <br>144A 6.375%, 3/15/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
|  |  | &nbsp;&nbsp; 407 |
| **Materials—7.9%** | **Materials—7.9%** |  |
| Cleveland-Cliffs, Inc. 144A <br>7.375%, 5/1/33<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 47 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Enerflex, Inc. 144A <br>6.875%, 1/15/31<sup>(1)</sup> <br>| $14 | &nbsp;&nbsp; $14 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>6.125%, 4/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Graphic Packaging <br> International LLC 144A <br>6.375%, 7/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Hecla Mining Co. <br>7.250%, 2/15/28<br>| 28 | &nbsp;&nbsp; 28 |
| Knife River Corp. 144A <br>7.750%, 5/1/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Quikrete Holdings, Inc. 144A <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Sealed Air Corp. 144A <br>6.875%, 7/15/33<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
| Smyrna Ready Mix <br> Concrete LLC 144A <br>8.875%, 11/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 403 |
| **Real Estate—3.0%** | **Real Estate—3.0%** |  |
| Forestar Group, Inc. 144A <br>5.000%, 3/1/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Howard Hughes Corp. (The) <br> 144A <br>5.375%, 8/1/28<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Iron Mountain, Inc. 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 151 |
| **Utilities—4.5%** | **Utilities—4.5%** |  |
| Hawaiian Electric Co., Inc. <br> 144A <br>6.000%, 10/1/33<sup>(1)</sup> <br>| 12 | &nbsp;&nbsp; 12 |
| NRG Energy, Inc. 144A <br>6.250%, 11/1/34<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Talen Energy Supply LLC |  |  |
| <br>144A 8.625%, 6/1/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 53 |
| <br>144A 6.250%, 2/1/34<sup>(1)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| <br>144A 6.500%, 2/1/36<sup>(1)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| Venture Global Calcasieu <br> Pass LLC 144A <br>6.250%, 1/15/30<sup>(1)</sup> <br>| 6 | &nbsp;&nbsp; 6 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| <br>144A 6.125%, 12/15/30<sup>(1)</sup> <br>| $27 | &nbsp;&nbsp; $28 |
| <br>144A 7.750%, 5/1/35<sup>(1)</sup> <br>| 48 | &nbsp;&nbsp; 53 |
|  |  | &nbsp;&nbsp; 229 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,885)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,885)** | &nbsp;&nbsp; **4968** |
| **Total Long-Term** <br> **Investments—97.5%** <br>**(Identified Cost $4,885)** | **Total Long-Term** <br> **Investments—97.5%** <br>**(Identified Cost $4,885)** | &nbsp;&nbsp; **4968** |
| **TOTAL INVESTMENTS—97.5%** <br>**(Identified Cost $4,885)** | **TOTAL INVESTMENTS—97.5%** <br>**(Identified Cost $4,885)** | &nbsp;&nbsp; **$4968** |
| Other assets and liabilities, net—2.5% | Other assets and liabilities, net—2.5% | &nbsp;&nbsp; 127 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5095** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $4,940 or 97.0% of net assets.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 91<br> %<br>|
| Canada | 3 |
| Bermuda | 3 |
| Australia | 1 |
| Netherlands | 1 |
| Cayman Islands | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

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

*See Notes to Financial Statements*

------

**Seix High Yield MACS**

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

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $4968 | &nbsp;&nbsp;&nbsp;&nbsp; $4968 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $4968 | &nbsp;&nbsp;&nbsp;&nbsp; $4968 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

**Stone Harbor EMD MACS**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Foreign Government Securities—4.3%** | **Foreign Government Securities—4.3%** | **Foreign Government Securities—4.3%** |
| **Egypt—0.8%** | **Egypt—0.8%** |  |
| African Export-Import Bank <br> (The) 144A <br>2.634%, 5/17/26<sup>(2)</sup> <br>| $45 | &nbsp;&nbsp; $44 |
| **South Korea—3.5%** | **South Korea—3.5%** |  |
| Korea Gas Corp. RegS <br>2.000%, 7/13/31<sup>(3)</sup> <br>| 200 | &nbsp;&nbsp; 179 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $217)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $217)** | &nbsp;&nbsp; **223** |
| **Corporate Bonds and Notes—94.8%** | **Corporate Bonds and Notes—94.8%** | **Corporate Bonds and Notes—94.8%** |
| **Angola—1.0%** | **Angola—1.0%** |  |
| Azule Energy Finance plc 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| **Argentina—3.9%** | **Argentina—3.9%** |  |
| Generacion Mediterranea S.A. <br> 144A <br>11.000%, 11/1/31<sup>(2)(4)</sup> <br>| 39 | &nbsp;&nbsp; 27 |
| MSU Energy S.A. 144A <br>9.750%, 12/5/30<sup>(2)</sup> <br>| 49 | &nbsp;&nbsp; 48 |
| Telecom Argentina S.A. |  |  |
| <br>144A 9.500%, 7/18/31<sup>(2)</sup> <br>| 24 | &nbsp;&nbsp; 25 |
| <br>144A 9.250%, 5/28/33<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| YPF Energia Electrica S.A. <br> 144A <br>7.875%, 10/16/32<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 204 |
| **Brazil—11.4%** | **Brazil—11.4%** |  |
| 3R Lux S.a.r.l. 144A <br>9.750%, 2/5/31<sup>(2)</sup> <br>| 12 | &nbsp;&nbsp; 12 |
| Adecoagro S.A. 144A <br>7.500%, 7/29/32<sup>(2)</sup> <br>| 21 | &nbsp;&nbsp; 20 |
| Axia Energia 144A <br>6.500%, 1/11/35<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Braskem Netherlands Finance <br> B.V. 144A <br>4.500%, 1/31/30<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 23 |
| Constellation Oil Services <br> Holding S.A. 144A <br>9.375%, 11/7/29<sup>(2)</sup> <br>| 33 | &nbsp;&nbsp; 34 |
| CSN Resources S.A. 144A <br>4.625%, 6/10/31<sup>(2)</sup> <br>| 28 | &nbsp;&nbsp; 21 |
| Eldorado Intl. Finance GmbH <br> 144A <br>8.500%, 12/1/32<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 20 |
| FORESEA Holding S.A. 144A <br>7.500%, 6/15/30<sup>(2)</sup> <br>| 39 | &nbsp;&nbsp; 38 |
| FS Luxembourg S.a.r.l. 144A <br>8.875%, 2/12/31<sup>(2)</sup> <br>| 17 | &nbsp;&nbsp; 18 |
| JBS USA Holding Lux S.a.r.l. <br>4.375%, 2/2/52<br>| 18 | &nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| MC Brazil Downstream <br> Trading S.a.r.l. 144A <br>7.250%, 6/30/31<sup>(2)</sup> <br>| $38 | &nbsp;&nbsp; $34 |
| Movida Europe S.A. 144A <br>7.850%, 4/11/29<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 19 |
| OHI Group S.A. 144A <br>13.000%, 7/22/29<sup>(2)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| PRIO Luxembourg Holding <br> S.a.r.l. 144A <br>6.750%, 10/15/30<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| Raizen Fuels Finance S.A. |  |  |
| <br>144A 5.300%, 1/20/27<sup>(2)</sup> <br>| 11 | &nbsp;&nbsp; 11 |
| <br>144A 6.250%, 7/8/32<sup>(2)</sup> <br>| 12 | &nbsp;&nbsp; 10 |
| Samarco Mineracao S.A. <br> (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(5)</sup> <br>| 45 | &nbsp;&nbsp; 46 |
| Simpar Europe S.A. 144A <br>5.200%, 1/26/31<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 38 |
| Sitios Latinoamerica SAB de <br> C.V. 144A <br>5.375%, 4/4/32<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| Suzano Austria GmbH <br>3.750%, 1/15/31<br>| 55 | &nbsp;&nbsp; 52 |
| Trident Energy Finance plc <br> 144A <br>12.500%, 11/30/29<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| Vamos Europe S.A. 144A <br>9.200%, 1/26/31<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 21 |
| Yinson Bergenia Production <br> B.V. 144A <br>8.498%, 1/31/45<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 17 |
| Yinson Boronia Production <br> B.V. 144A <br>8.947%, 7/31/42<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 588 |
| **Chile—3.8%** | **Chile—3.8%** |  |
| ATP Tower Holdings 144A <br>7.875%, 2/3/30<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 23 |
| Banco de Chile 144A <br>2.990%, 12/9/31<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 55 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>7.500% <sup>(2)(6)</sup> <br>| 37 | &nbsp;&nbsp; 39 |
| Cia Cervecerias Unidas S.A. <br> 144A <br>3.350%, 1/19/32<sup>(2)</sup> <br>| 44 | &nbsp;&nbsp; 40 |
| Inversiones CMPC S.A. 144A <br>6.700%, 12/9/57<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 199 |
| **China—10.0%** | **China—10.0%** |  |
| Alibaba Group Holding Ltd. <br>3.150%, 2/9/51<br>| 35 | &nbsp;&nbsp; 24 |
| CK Hutchison International 24 <br> II Ltd. (Hong Kong), 144A <br>4.750%, 9/13/34<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 109 |
| ENN Clean Energy <br> International Investment <br> Ltd. 144A <br>3.375%, 5/12/26<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **China—continued** | **China—continued** |  |
| Melco Resorts Finance Ltd. <br> (Macau) RegS <br>5.375%, 12/4/29<sup>(3)</sup> <br>| $84 | &nbsp;&nbsp; $83 |
| Sands China Ltd. (Macau) <br>5.400%, 8/8/28<br>| 100 | &nbsp;&nbsp; 102 |
| Standard Chartered plc (Hong <br> Kong) 144A <br>2.678%, 6/29/32<sup>(2)</sup> <br>| 115 | &nbsp;&nbsp; 104 |
| Tencent Holdings Ltd. 144A <br>2.390%, 6/3/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp; 519 |
| **Colombia—3.0%** | **Colombia—3.0%** |  |
| AI Candelaria - Spain- S.A. <br> 144A <br>5.750%, 6/15/33<sup>(2)</sup> <br>| 39 | &nbsp;&nbsp; 35 |
| Banco Davivienda S.A. 144A <br>8.125%, 7/2/35<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 39 |
| Ecopetrol S.A. <br>7.375%, 9/18/43<br>| 22 | &nbsp;&nbsp; 20 |
| Geopark Ltd. 144A <br>8.750%, 1/31/30<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 20 |
| Gran Tierra Energy, Inc. 144A <br>9.500%, 10/15/29<sup>(2)</sup> <br>| 31 | &nbsp;&nbsp; 22 |
| SierraCol Energy Andina LLC <br> 144A <br>9.000%, 11/14/30<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp; 153 |
| **Czech Republic—2.3%** | **Czech Republic—2.3%** |  |
| CPI Property Group S.A. RegS <br>6.000%, 1/27/32<sup>(3)</sup> <br>| 100 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 118 |
| **Ghana—0.9%** | **Ghana—0.9%** |  |
| Kosmos Energy Ltd. RegS <br>7.750%, 5/1/27<sup>(3)</sup> <br>| 50 | &nbsp;&nbsp; 46 |
| **Guatemala—0.8%** | **Guatemala—0.8%** |  |
| CT Trust 144A <br>5.125%, 2/3/32<sup>(2)</sup> <br>| 11 | &nbsp;&nbsp; 11 |
| Investment Energy Resources <br> Ltd. 144A <br>6.250%, 4/26/29<sup>(2)</sup> <br>| 28 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 39 |
| **India—7.5%** | **India—7.5%** |  |
| Adani Electricity Mumbai Ltd. <br> 144A <br>3.949%, 2/12/30<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 140 |
| Adani Renewable Energy RJ <br> Ltd. 144A <br>4.625%, 10/15/39<sup>(2)</sup> <br>| 82 | &nbsp;&nbsp; 70 |
| JSW Hydro Energy Ltd. 144A <br>4.125%, 5/18/31<sup>(2)</sup> <br>| 70 | &nbsp;&nbsp; 65 |
| Shriram Finance Ltd. 144A <br>6.625%, 4/22/27<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |

---

*See Notes to Financial Statements*

------

**Stone Harbor EMD MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **India—continued** | **India—continued** |  |
| Vedanta Resources Finance II <br> plc<br>|  |  |
| <br>144A 10.875%, 9/17/29<sup>(2)</sup> <br>| $9 | &nbsp;&nbsp; $9 |
| <br>144A 9.475%, 7/24/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 386 |
| **Indonesia—4.8%** | **Indonesia—4.8%** |  |
| Freeport Indonesia PT RegS <br>5.315%, 4/14/32<sup>(3)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| Medco Bell Pte Ltd. RegS <br>6.375%, 1/30/27<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| Minejesa Capital B.V. 144A <br>4.625%, 8/10/30<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
|  |  | &nbsp;&nbsp; 251 |
| **Israel—4.8%** | **Israel—4.8%** |  |
| Energean Israel Finance Ltd. |  |  |
| <br>144A, RegS <br> 5.375%, 3/30/28<sup>(2)(3)</sup> <br>| 7 | &nbsp;&nbsp; 7 |
| <br>144A, RegS <br> 5.875%, 3/30/31<sup>(2)(3)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| Leviathan Bond Ltd. |  |  |
| <br>144A, RegS <br> 6.500%, 6/30/27<sup>(2)(3)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| <br>144A, RegS <br> 6.750%, 6/30/30<sup>(2)(3)</sup> <br>| 145 | &nbsp;&nbsp; 147 |
| Teva Pharmaceutical Finance <br> Netherlands III B.V. <br>3.150%, 10/1/26<br>| 30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 247 |
| **Kazakhstan—1.8%** | **Kazakhstan—1.8%** |  |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| <br>144A 3.500%, 4/14/33<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 68 |
| <br>144A 5.750%, 4/19/47<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 93 |
| **Kuwait—0.8%** | **Kuwait—0.8%** |  |
| NBK Tier 1 Ltd. 144A <br>6.375% <sup>(2)(6)</sup> <br>| 39 | &nbsp;&nbsp; 40 |
| **Malaysia—0.3%** | **Malaysia—0.3%** |  |
| Petronas Capital Ltd. 144A <br>4.950%, 1/3/31<sup>(2)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| **Mexico—5.7%** | **Mexico—5.7%** |  |
| Alpek SAB de C.V. 144A <br>3.250%, 2/25/31<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 25 |
| Banco Mercantil del Norte S.A. |  |  |
| <br>144A 7.500%<sup>(2)(6)</sup> <br>| 49 | &nbsp;&nbsp; 50 |
| <br>RegS 5.750%, 10/4/31<sup>(3)</sup> <br>| 28 | &nbsp;&nbsp; 28 |
| Braskem Idesa SAPI 144A <br>6.990%, 2/20/32<sup>(2)(4)</sup> <br>| 6 | &nbsp;&nbsp; 3 |
| Cemex SAB de C.V. |  |  |
| <br>144A 5.125%<sup>(2)(6)</sup> <br>| 34 | &nbsp;&nbsp; 34 |
| <br>144A 7.200%<sup>(2)(6)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| Grupo Aeromexico SAB de <br> C.V. 144A <br>8.625%, 11/15/31<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 37 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Mexico—continued** | **Mexico—continued** |  |
| Orbia Advance Corp. SAB de <br> C.V. 144A <br>7.500%, 5/13/35<sup>(2)</sup> <br>| $14 | &nbsp;&nbsp; $14 |
| Poinsettia Finance Ltd. S.a.r.l. <br> RegS <br>6.625%, 6/17/31<sup>(3)</sup> <br>| 32 | &nbsp;&nbsp; 32 |
| Saavi Energia S.a.r.l. 144A <br>8.875%, 2/10/35<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| Southern Copper Corp. <br>6.750%, 4/16/40<br>| 6 | &nbsp;&nbsp; 7 |
| Tierra Mojada Luxembourg II <br> S.a.r.l. 144A <br>5.750%, 12/1/40<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 16 |
|  |  | &nbsp;&nbsp; 296 |
| **Morocco—2.1%** | **Morocco—2.1%** |  |
| OCP S.A. |  |  |
| <br>144A 6.875%, 4/25/44<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| <br>144A 7.500%, 5/2/54<sup>(2)</sup> <br>| 79 | &nbsp;&nbsp; 87 |
|  |  | &nbsp;&nbsp; 108 |
| **Nigeria—3.0%** | **Nigeria—3.0%** |  |
| Access Bank plc 144A <br>6.125%, 9/21/26<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| IHS Holding Ltd. |  |  |
| <br>144A 7.875%, 5/29/30<sup>(2)</sup> <br>| 33 | &nbsp;&nbsp; 34 |
| <br>144A 8.250%, 11/29/31<sup>(2)</sup> <br>| 52 | &nbsp;&nbsp; 54 |
| IHS Netherlands Holdco B.V. <br> 144A <br>8.000%, 9/18/27<sup>(2)</sup> <br>| 54 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 157 |
| **Peru—1.8%** | **Peru—1.8%** |  |
| Banco de Credito del Peru S.A. |  |  |
| <br>144A 5.800%, 3/10/35<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| <br>144A 6.450%, 7/30/35<sup>(2)</sup> <br>| 6 | &nbsp;&nbsp; 6 |
| Orazul Energy Peru S.A. 144A <br>6.250%, 9/17/32<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Scotiabank Peru SAA 144A <br>6.100%, 10/1/35<sup>(2)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| Volcan Cia Minera SAA 144A <br>8.500%, 10/28/32<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp; 95 |
| **Poland—1.2%** | **Poland—1.2%** |  |
| ORLEN S.A. 144A <br>6.000%, 1/30/35<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 63 |
| **Saudi Arabia—2.9%** | **Saudi Arabia—2.9%** |  |
| Acwa Power Management & <br> Investments One Ltd. 144A <br>5.950%, 12/15/39<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp; 87 |
| EIG Pearl Holdings S.a.r.l. <br> 144A <br>3.545%, 8/31/36<sup>(2)</sup> <br>| 66 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **Singapore—0.2%** | **Singapore—0.2%** |  |
| United Overseas Bank Ltd. <br> (SOFR + 0.580%) 144A <br>4.308%, 4/2/28<sup>(2)(7)</sup> <br>| $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> <br>| 125 | &nbsp;&nbsp; 114 |
| Sasol Financing USA LLC <br>4.375%, 9/18/26<br>| 100 | &nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp; 213 |
| **South Korea—0.4%** | **South Korea—0.4%** |  |
| Hanwha Life Insurance Co., <br> Ltd. 144A <br>6.300%, 6/24/55<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| **Taiwan—1.7%** | **Taiwan—1.7%** |  |
| TSMC Global Ltd. RegS <br>1.375%, 9/28/30<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 88 |
| **Tanzania—2.6%** | **Tanzania—2.6%** |  |
| HTA Group Ltd. 144A <br>7.500%, 6/4/29<sup>(2)</sup> <br>| 129 | &nbsp;&nbsp; 133 |
| **Thailand—2.2%** | **Thailand—2.2%** |  |
| Thaioil Treasury Center Co., <br> Ltd.<br>|  |  |
| <br>RegS 4.875%, 1/23/43<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 89 |
| <br>RegS 3.500%, 10/17/49<sup>(3)</sup> <br>| 38 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 116 |
| **Turkey—3.2%** | **Turkey—3.2%** |  |
| Aydem Yenilenebilir Enerji AS <br> 144A <br>9.875%, 9/30/30<sup>(2)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| Turk Telekomunikasyon AS <br> 144A <br>6.950%, 10/7/32<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Turkcell Iletisim Hizmetleri AS <br> 144A <br>7.650%, 1/24/32<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 80 |
| WE Soda Investments Holding <br> plc 144A <br>9.500%, 10/6/28<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 27 |
| Zorlu Enerji Elektrik Uretim AS <br> 144A <br>11.000%, 4/23/30<sup>(2)</sup> <br>| 21 | &nbsp;&nbsp; 18 |
|  |  | &nbsp;&nbsp; 168 |
| **Ukraine—1.4%** | **Ukraine—1.4%** |  |
| Metinvest B.V. 144A <br>7.750%, 10/17/29<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 26 |
| VF Ukraine PAT via VFU <br> Funding plc 144A <br>9.625%, 2/11/27<sup>(2)</sup> <br>| 51 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 75 |
| **United Arab Emirates—3.6%** | **United Arab Emirates—3.6%** |  |
| Abu Dhabi National Energy <br> Co. PJSC 144A <br>4.696%, 4/24/33<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 101 |

---

*See Notes to Financial Statements*

------

**Stone Harbor EMD MACS**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **Value**<sup>(1)</sup><br>| **Value** |
| **United Arab Emirates—continued** | **United Arab Emirates—continued** |  |
| DP World Ltd. 144A <br>4.700%, 9/30/49<sup>(2)</sup> <br>| $100 | &nbsp;&nbsp; $86 |
|  |  | &nbsp;&nbsp; 187 |
| **Vietnam—1.1%** | **Vietnam—1.1%** |  |
| Mong Duong Finance <br> Holdings B.V. 144A <br>5.125%, 5/7/29<sup>(2)</sup> <br>| 58 | &nbsp;&nbsp; 57 |
| **Zambia—0.5%** | **Zambia—0.5%** |  |
| First Quantum Minerals Ltd. <br> 144A <br>8.625%, 6/1/31<sup>(2)</sup> <br>| 24 | &nbsp;&nbsp; 25 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,824)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,824)** | &nbsp;&nbsp; **4906** |
| **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $5,041)** | **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $5,041)** | &nbsp;&nbsp; **5129** |
| **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $5,041)** | **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $5,041)** | &nbsp;&nbsp; **$5129** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp; 49 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5178** |

---

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

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported <br> in thousands.<br>|
| <sup>(2)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $3,817 or 73.7% of net assets.<br>|
| <sup>(3)</sup> <br>| Regulation S security. Security is offered and sold <br> outside of the United States; therefore, it is exempt <br> from registration with the SEC under Rules 903 and <br> 904 of the Securities Act of 1933.<br>|
| <sup>(4)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(5)</sup> <br>| Payment-in-kind security which may pay <br> interest/dividends in additional par/shares and/or in <br> cash. Rates shown are the current rate and possible <br> payment rates.<br>|
| <sup>(6)</sup> <br>| No contractual maturity date. |
| <sup>(7)</sup> <br>| Variable rate security. Rate disclosed is as of <br> December 31, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread but <br> are determined by the issuer or agent and are based <br> on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| Brazil | 11<br> %<br>|
| China | 10 |
| India | 8 |
| Mexico | 6 |
| Indonesia | 5 |
| Israel | 5 |
| South Africa | 4 |
| Other | 51 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of December 31, 2025 were as follows:** |
| **Currency** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Sold**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | CITI | 01/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Amount is less than $500 (not in thousands). |

---

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

*See Notes to Financial Statements*

------

**Stone Harbor EMD MACS**

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

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $223 | &nbsp;&nbsp;&nbsp;&nbsp; $223 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 4906 | &nbsp;&nbsp;&nbsp;&nbsp; 4906 |
| Liabilities: |  |  |
| Other Financial Instruments: |  |  |
| Forward Foreign Currency Exchange Contracts<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $5129 | &nbsp;&nbsp;&nbsp;&nbsp; $5129 |

---

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

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

<sup>\*</sup> Forward Foreign Currency Exchange Contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty.

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

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

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited)** 

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet ABS** <br> **MACS**<br>| **Newfleet CMBS** <br> **MACS**<br>| **Newfleet Floating** <br> **Rate MACS**<br>| **Newfleet High Yield** <br> **MACS**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $32099 | &nbsp;&nbsp; $15915 | &nbsp;&nbsp; $14365 | &nbsp;&nbsp; $20066 |
| Cash  | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1552 | &nbsp;&nbsp; 1357 | &nbsp;&nbsp; 707 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125 | &nbsp;&nbsp; — |
| Dividends and interest | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 352 |
| Receivable from adviser | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 |
| Unrealized appreciation on unfunded loan commitment<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Prepaid expenses  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Total assets | &nbsp;&nbsp; 33944 | &nbsp;&nbsp; 17545 | &nbsp;&nbsp; 15965 | &nbsp;&nbsp; 21141 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 174 | &nbsp;&nbsp; — |
| Administration and accounting fees | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 30 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Professional fees  | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 25 |
| Other accrued expenses | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 11 |
| Total liabilities | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 67 |
| **Net Assets** | &nbsp;&nbsp; $33874 | &nbsp;&nbsp; $17483 | &nbsp;&nbsp; $15714 | &nbsp;&nbsp; $21074 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $34181 | &nbsp;&nbsp; $17676 | &nbsp;&nbsp; $16664 | &nbsp;&nbsp; $21925 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (307)<br>| &nbsp;&nbsp; (193)<br>| &nbsp;&nbsp; (950)<br>| &nbsp;&nbsp; (851)<br>|
| **Net Assets** | &nbsp;&nbsp; $33874 | &nbsp;&nbsp; $17483 | &nbsp;&nbsp; $15714 | &nbsp;&nbsp; $21074 |
| **Net Assets:** |  |  |  |  |
| Shares Outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp; 3409495 | &nbsp;&nbsp; 1741950 | &nbsp;&nbsp; 1624820 | &nbsp;&nbsp; 2147089 |
| Net Asset Value and Redemption Price Per Share | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $9.82 |
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $32419 | &nbsp;&nbsp; $15881 | &nbsp;&nbsp; $14476 | &nbsp;&nbsp; $20218 |
| <sup>(2)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |

---

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

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

*See Notes to Financial Statements*

------

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

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

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet RMBS** <br> **MACS**<br>| **Seix High Yield** <br> **MACS**<br>| **Stone Harbor EMD** <br> **MACS**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $34494 | &nbsp;&nbsp; $4968 | &nbsp;&nbsp; $5129 |
| Cash  | &nbsp;&nbsp; 1905 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 26 |
| Receivables |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 81 |
| Receivable from adviser | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Prepaid expenses  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Total assets | &nbsp;&nbsp; 36551 | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 5244 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Payables |  |  |  |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| Dividend distributions  | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — |
| Administration and accounting fees | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Professional fees  | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 |
| Other accrued expenses | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12 |
| Total liabilities | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 66 |
| **Net Assets** | &nbsp;&nbsp; $36480 | &nbsp;&nbsp; $5095 | &nbsp;&nbsp; $5178 |
| **Net Assets Consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $38243 | &nbsp;&nbsp; $5037 | &nbsp;&nbsp; $5109 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (1763)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 69 |
| **Net Assets** | &nbsp;&nbsp; $36480 | &nbsp;&nbsp; $5095 | &nbsp;&nbsp; $5178 |
| **Net Assets:** |  |  |  |
| Shares Outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp; 3593614 | &nbsp;&nbsp; 503701 | &nbsp;&nbsp; 510863 |
| Net Asset Value and Redemption Price Per Share | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $10.14 |
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $34259 | &nbsp;&nbsp; $4885 | &nbsp;&nbsp; $5041 |

---

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

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

*See Notes to Financial Statements*

------

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

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited)** 

**SIX MONTHS ENDED December 31, 2025**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet ABS** <br> **MACS**<br>| **Newfleet CMBS** <br> **MACS**<br>| **Newfleet Floating** <br> **Rate MACS**<br>| **Newfleet High Yield** <br> **MACS**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19 | &nbsp;&nbsp;&nbsp; $— |
| Interest  | &nbsp;&nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 786 |
| Total investment income | &nbsp;&nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 786 |
| **Expenses** |  |  |  |  |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 29 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 25 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 8 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Total expenses | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 77 |
| Less net expenses reimbursed and/or waived by investment adviser | &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (77)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 786 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (176)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (6)<br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (390)<br>| &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; (182)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $651 | &nbsp;&nbsp;&nbsp; $450 | &nbsp;&nbsp;&nbsp; $297 | &nbsp;&nbsp;&nbsp; $604 |

---

*See Notes to Financial Statements*

------

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

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

**SIX MONTHS ENDED December 31, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet RMBS** <br> **MACS**<br>| **Seix High Yield** <br> **MACS**<br>| **Stone Harbor EMD** <br> **MACS**<br>|
| **Investment Income** |  |  |  |
| Interest  | &nbsp;&nbsp;&nbsp; $1073 | &nbsp;&nbsp;&nbsp; $153 | &nbsp;&nbsp;&nbsp; $176 |
| Total investment income | &nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 176 |
| **Expenses** |  |  |  |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 22 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 18 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 |
| Total expenses | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 47 |
| Less net expenses reimbursed and/or waived by investment adviser | &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; (47)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 176 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 79 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 69 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1210 | &nbsp;&nbsp;&nbsp; $193 | &nbsp;&nbsp;&nbsp; $245 |

---

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

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

*See Notes to Financial Statements*

------

**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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet ABS MACS** | **Newfleet ABS MACS** | **Newfleet CMBS MACS** | **Newfleet CMBS MACS** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1041 | &nbsp;&nbsp;&nbsp; $833 | &nbsp;&nbsp;&nbsp; $423 | &nbsp;&nbsp;&nbsp; $605 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (35)<br>|
| Net increase from payment by affiliate | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 27 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 601 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| Net investment income and net realized gains | &nbsp;&nbsp;&nbsp; (1035)<br>| &nbsp;&nbsp;&nbsp; (805)<br>| &nbsp;&nbsp;&nbsp; (477)<br>| &nbsp;&nbsp;&nbsp; (475)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (1035)<br>| &nbsp;&nbsp;&nbsp; (805)<br>| &nbsp;&nbsp;&nbsp; (477)<br>| &nbsp;&nbsp;&nbsp; (475)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |  |  |
| Increase (decrease) in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (3950)<br>| &nbsp;&nbsp;&nbsp; 38065 | &nbsp;&nbsp;&nbsp; (3294)<br>| &nbsp;&nbsp;&nbsp; 20678 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (4334)<br>| &nbsp;&nbsp;&nbsp; 38208 | &nbsp;&nbsp;&nbsp; (3321)<br>| &nbsp;&nbsp;&nbsp; 20804 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 38208 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20804 | &nbsp;&nbsp;&nbsp; — |
| **End of Period** | &nbsp;&nbsp;&nbsp; $33874 | &nbsp;&nbsp;&nbsp; $38208 | &nbsp;&nbsp;&nbsp; $17483 | &nbsp;&nbsp;&nbsp; $20804 |

---

*See Notes to Financial Statements*

------

**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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet Floating Rate MACS** | **Newfleet Floating Rate MACS** | **Newfleet High Yield MACS** | **Newfleet High Yield MACS** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $403 | &nbsp;&nbsp;&nbsp; $494 | &nbsp;&nbsp;&nbsp; $786 | &nbsp;&nbsp;&nbsp; $703 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (286)<br>| &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; (94)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (146)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp; 463 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| Net investment income and net realized gains | &nbsp;&nbsp;&nbsp; (754)<br>| &nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp; (771)<br>| &nbsp;&nbsp;&nbsp; (688)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (754)<br>| &nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp; (771)<br>| &nbsp;&nbsp;&nbsp; (688)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |  |  |
| Increase (decrease) in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (5040)<br>| &nbsp;&nbsp;&nbsp; 21476 | &nbsp;&nbsp;&nbsp; (643)<br>| &nbsp;&nbsp;&nbsp; 22109 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (5497)<br>| &nbsp;&nbsp;&nbsp; 21211 | &nbsp;&nbsp;&nbsp; (810)<br>| &nbsp;&nbsp;&nbsp; 21884 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 21211 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21884 | &nbsp;&nbsp;&nbsp; — |
| **End of Period** | &nbsp;&nbsp;&nbsp; $15714 | &nbsp;&nbsp;&nbsp; $21211 | &nbsp;&nbsp;&nbsp; $21074 | &nbsp;&nbsp;&nbsp; $21884 |

---

*See Notes to Financial Statements*

------

**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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet RMBS MACS** | **Newfleet RMBS MACS** | **Seix High Yield MACS** | **Seix High Yield MACS** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1073 | &nbsp;&nbsp;&nbsp; $1116 | &nbsp;&nbsp;&nbsp; $153 | &nbsp;&nbsp;&nbsp; $121 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 42 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 135 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| Net investment income and net realized gains | &nbsp;&nbsp;&nbsp; (902)<br>| &nbsp;&nbsp;&nbsp; (906)<br>| &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; (117)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (902)<br>| &nbsp;&nbsp;&nbsp; (906)<br>| &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; (117)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |  |  |
| Increase (decrease) in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (10844)<br>| &nbsp;&nbsp;&nbsp; 46649 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5036 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (10536)<br>| &nbsp;&nbsp;&nbsp; 47016 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 5054 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 47016 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5054 | &nbsp;&nbsp;&nbsp; — |
| **End of Period** | &nbsp;&nbsp;&nbsp; $36480 | &nbsp;&nbsp;&nbsp; $47016 | &nbsp;&nbsp;&nbsp; $5095 | &nbsp;&nbsp;&nbsp; $5054 |

---

*See Notes to Financial Statements*

------

**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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Stone Harbor EMD MACS** | **Stone Harbor EMD MACS** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **From** <br> **Inception** <br> **February 5,** <br> **2025 to** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $176 | &nbsp;&nbsp;&nbsp; $136 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 131 |
| **Dividends and Distributions to Shareholders** |  |  |
| Net investment income and net realized gains | &nbsp;&nbsp;&nbsp; (179)<br>| &nbsp;&nbsp;&nbsp; (128)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (179)<br>| &nbsp;&nbsp;&nbsp; (128)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6)** |  |  |
| Increase (decrease) in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5105 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 5108 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5108 | &nbsp;&nbsp;&nbsp; — |
| **End of Period** | &nbsp;&nbsp;&nbsp; $5178 | &nbsp;&nbsp;&nbsp; $5108 |

---

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

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

*See Notes to Financial Statements*

------

**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**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **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> <br>| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(3)</sup> <br>|
| **Newfleet ABS MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.04  | 0.28  | (0.10)  | 0.18  | (0.28)  | (0.28)  | —  | (0.10)  | $9.94  | 1.71 %  | $33874  | — %  | 0.55 %  | 5.50 %  | 16 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.22  | 0.03  | 0.25  | (0.21)  | (0.21)  | —  | 0.04  | 10.04  | 2.52  | 38208  | 0.01  | 0.71  | 5.46  | 14  |
| **Newfleet CMBS MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.06  | 0.23  | 0.01  | 0.24  | (0.26)  | (0.26)  | —  | (0.02)  | $10.04  | 2.50 %  | $17483  | — %  | 0.80 %  | 4.49 %  | 20 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.27  | —  | 0.27  | (0.21)  | (0.21)  | — <sup>(10)</sup> <br>| 0.06  | 10.06  | 2.69  | 20804  | 0.01  | 0.90  | 6.63  | 27  |
| **Newfleet Floating Rate MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $9.94  | 0.24  | (0.06)  | 0.18  | (0.45)  | (0.45)  | —  | (0.27)  | $9.67  | 1.89 %  | $15714  | — %  | 1.04 %  | 4.84 %  | 19 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.17  | (0.09)  | 0.08  | (0.14)  | (0.14)  | —  | (0.06)  | 9.94  | 0.77  | 21211  | 0.03  | 0.94  | 4.20  | 37  |
| **Newfleet High Yield MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $9.89  | 0.36  | (0.08)  | 0.28  | (0.35)  | (0.35)  | —  | (0.07)  | $9.82  | 2.78 %  | $21074  | — %  | 0.71 %  | 7.21 %  | 26 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.31  | (0.12)  | 0.19  | (0.30)  | (0.30)  | —  | (0.11)  | 9.89  | 1.99  | 21884  | 0.01  | 1.02  | 7.96  | 20  |
| **Newfleet RMBS MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.08  | 0.27  | 0.03  | 0.30  | (0.23)  | (0.23)  | —  | 0.07  | $10.15  | 3.07 %  | $36480  | — %  | 0.56 %  | 5.27 %  | 3 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.23  | 0.04  | 0.27  | (0.19)  | (0.19)  | —  | 0.08  | 10.08  | 2.70  | 47016  | 0.01  | 0.63  | 5.83  | 8  |
| **Seix High Yield MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.04  | 0.30  | 0.08  | 0.38  | (0.30)  | (0.30)  | —  | 0.08  | $10.12  | 3.89 %  | $5095  | — %  | 1.82 %  | 5.99 %  | 15 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.24  | 0.03  | 0.27  | (0.23)  | (0.23)  | —  | 0.04  | 10.04  | 2.79  | 5054  | 0.01  | 3.10  | 6.12  | 16  |
| **Stone Harbor EMD MACS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.01  | 0.35  | 0.13  | 0.48  | (0.35)  | (0.35)  | —  | 0.13  | $10.14  | 4.86 %  | $5178  | — %  | 1.79 %  | 6.76 %  | 14 %  |
| 2/5/25<sup>(9)</sup> to 6/30/25 | 10.00  | 0.27  | (0.01)  | 0.26  | (0.25)  | (0.25)  | —  | 0.01  | 10.01  | 2.68  | 5108  | 0.01  | 3.33  | 6.82  | 12  |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:**  | **Footnote Legend:**  |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(4)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| 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 <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| 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> <br>| Unaudited. |
| <sup>(9)</sup> <br>| Inception date. |
| <sup>(10)</sup> <br>| Amount is less than $0.005 per share. |

---

*See Notes to Financial Statements*

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** 

**December 31, 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 and for derivatives, included in Note 3 below. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 invest in securities of foreign issuers which 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 rates are 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 December 31, 2025, none of the Funds were lending under the agreement with BNY.

&nbsp;&nbsp;&nbsp;&nbsp;**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

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months ended December 31, 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 December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line** <br> **Description**<br>| **Primary Risk** | **Stone Harbor EMD** <br> **MACS**<br>|
| Unrealized depreciation <br> on forward <br>foreign currency <br> exchange contracts<br>| &nbsp;&nbsp;&nbsp; Foreign currency <br> contracts<br>| &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| Total Liabilities |  | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

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

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

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the six months ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line** <br> **Description**<br>| **Primary Risk** | **Stone Harbor EMD** <br> **MACS**<br>|
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp;&nbsp; Foreign currency <br> contracts<br>| &nbsp;&nbsp; $(7)<br>|
| Total |  | &nbsp;&nbsp; $(7)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp;&nbsp; Foreign currency <br> contracts<br>| &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 six months ended December 31, 2025.

---

| | |
|:---|:---|
|  | **Stone Harbor EMD MACS** |
| Forward Foreign Currency Exchange Sale Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $120&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

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

<sup>(1)</sup> Average premium amount.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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,

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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 Funds as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **At December 31, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** |  |  |
|  | **Stone Harbor EMD MACS** | **Stone Harbor EMD MACS** |
|  | **Assets** | **Liabilities** |
| **Derivative Financial** <br>**Instruments:**<br>|  |  |
| Forward foreign currency <br>exchange contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| Derivatives not subject to a MNA <br>or similar agreement<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total assets and liabilities <br>subject to a MNA<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

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

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

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 each Fund as of December 31, 2025:

---

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

---

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

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

<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)**

&nbsp;&nbsp;&nbsp;&nbsp;**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. Shareholders should be aware, however, that each Fund is an integral part of separately managed account programs, and its Adviser, subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services.

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;**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:

---

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

---

&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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Distributor**

VP Distributors, LLC an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. For the six months ended December 31, 2025, the Funds did not incur distribution fees.

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months ended December 31, 2025, the Funds incurred administration fees totaling $69 which are included in the Statements of Operations within the line item "Administration and accounting fees." Virtus Fund Services, LLC, waived all administration fees incurred.

For the six months ended December 31, 2025, the Funds incurred transfer agent fees totaling $31 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." Virtus Fund Services, LLC, waived all transfer agent fees incurred.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Affiliated Shareholders**

At December 31, 2025, Virtus and its affiliates held significant shares of the following Funds, which may be redeemed at any time, that aggregated to the following:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Aggregate Net** <br>**Asset Value**<br>|
| Newfleet ABS MACS | &nbsp;&nbsp;&nbsp; 2073827 | &nbsp;&nbsp;&nbsp; $20614 |
| Newfleet CMBS MACS | &nbsp;&nbsp;&nbsp; 1176043 | &nbsp;&nbsp;&nbsp; 11807 |
| Newfleet Floating Rate MACS | &nbsp;&nbsp;&nbsp; 982268 | &nbsp;&nbsp;&nbsp; 9499 |
| Newfleet High Yield MACS | &nbsp;&nbsp;&nbsp; 981871 | &nbsp;&nbsp;&nbsp; 9642 |
| Newfleet RMBS MACS | &nbsp;&nbsp;&nbsp; 2497171 | &nbsp;&nbsp;&nbsp; 25346 |
| Seix High Yield MACS | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 5060 |
| Stone Harbor EMD MACS | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 5070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**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 six months ended December 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities, short-term securities and certain derivatives) during the six months ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Newfleet ABS MACS | &nbsp;&nbsp;&nbsp; $5835<br>| &nbsp;&nbsp;&nbsp; $10473<br>|
| Newfleet CMBS MACS | &nbsp;&nbsp;&nbsp; 2029<br>| &nbsp;&nbsp;&nbsp; 7161<br>|
| Newfleet Floating Rate MACS | &nbsp;&nbsp;&nbsp; 2915<br>| &nbsp;&nbsp;&nbsp; 6260<br>|
| Newfleet High Yield MACS | &nbsp;&nbsp;&nbsp; 5344<br>| &nbsp;&nbsp;&nbsp; 6571<br>|
| Newfleet RMBS MACS | &nbsp;&nbsp;&nbsp; 1032<br>| &nbsp;&nbsp;&nbsp; 12629<br>|
| Seix High Yield MACS | &nbsp;&nbsp;&nbsp; 771<br>| &nbsp;&nbsp;&nbsp; 730<br>|
| Stone Harbor EMD MACS | &nbsp;&nbsp;&nbsp; 698<br>| &nbsp;&nbsp;&nbsp; 715<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Newfleet CMBS MACS | &nbsp;&nbsp;&nbsp; $1520<br>| &nbsp;&nbsp;&nbsp; $—<br>|

---

**Note 6. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet ABS MACS** | **Newfleet ABS MACS** | **Newfleet ABS MACS** | **Newfleet ABS MACS** | **Newfleet CMBS MACS** | **Newfleet CMBS MACS** | **Newfleet CMBS MACS** | **Newfleet CMBS MACS** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Composite Class** |  |  |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; $39700 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 2374 | &nbsp;&nbsp; $23723 |
| Reinvestment of distributions | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 475 |
| Shares repurchased | &nbsp;&nbsp; (502) <br>| &nbsp;&nbsp; (4997) <br>| &nbsp;&nbsp; (244) <br>| &nbsp;&nbsp; (2440) <br>| &nbsp;&nbsp; (375) <br>| &nbsp;&nbsp; (3773) <br>| &nbsp;&nbsp; (352) <br>| &nbsp;&nbsp; (3520) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (398)<br>| &nbsp;&nbsp; $(3950)<br>| &nbsp;&nbsp; 3806 | &nbsp;&nbsp; $38065 | &nbsp;&nbsp; (327)<br>| &nbsp;&nbsp; $(3294)<br>| &nbsp;&nbsp; 2069 | &nbsp;&nbsp; $20678 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Floating Rate MACS** | **Newfleet Floating Rate MACS** | **Newfleet Floating Rate MACS** | **Newfleet Floating Rate MACS** | **Newfleet High Yield MACS** | **Newfleet High Yield MACS** | **Newfleet High Yield MACS** | **Newfleet High Yield MACS** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Composite Class** |  |  |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 3508 | &nbsp;&nbsp; $35080 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; $23477 |
| Reinvestment of distributions | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 689 |
| Shares repurchased | &nbsp;&nbsp; (588) <br>| &nbsp;&nbsp; (5797) <br>| &nbsp;&nbsp; (1409) <br>| &nbsp;&nbsp; (13957) <br>| &nbsp;&nbsp; (143) <br>| &nbsp;&nbsp; (1419) <br>| &nbsp;&nbsp; (211) <br>| &nbsp;&nbsp; (2057) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (510)<br>| &nbsp;&nbsp; $(5040)<br>| &nbsp;&nbsp; 2134 | &nbsp;&nbsp; $21476 | &nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; $(643)<br>| &nbsp;&nbsp; 2212 | &nbsp;&nbsp; $22109 |

---

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

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet RMBS MACS** | **Newfleet RMBS MACS** | **Newfleet RMBS MACS** | **Newfleet RMBS MACS** | **Seix High Yield MACS** | **Seix High Yield MACS** | **Seix High Yield MACS** | **Seix High Yield MACS** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Composite Class** |  |  |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; 5189 | &nbsp;&nbsp; $51887 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 504 | &nbsp;&nbsp; $5035 |
| Reinvestment of distributions | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 |
| Shares repurchased | &nbsp;&nbsp; (1163) <br>| &nbsp;&nbsp; (11751) <br>| &nbsp;&nbsp; (612) <br>| &nbsp;&nbsp; (6144) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1073)<br>| &nbsp;&nbsp; $(10844)<br>| &nbsp;&nbsp; 4667 | &nbsp;&nbsp; $46649 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; $5036 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stone Harbor EMD MACS** | **Stone Harbor EMD MACS** | **Stone Harbor EMD MACS** | **Stone Harbor EMD MACS** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** | **From Inception** <br> **February 5, 2025 to** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Composite Class** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 510 | &nbsp;&nbsp; $5103 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2 |
| Net Increase / (Decrease) | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; $5105 |

---

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

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet Floating Rate MACS** | **Virtus Newfleet Floating Rate MACS** | **Virtus Newfleet Floating Rate MACS** |
| **Fund Name** | **Securities Market Value** <br>**and Other Assets Delivered**<br>| **Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; $10485 | &nbsp;&nbsp;&nbsp; 1048 |

---

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet Floating Rate MACS** | **Virtus Newfleet Floating Rate MACS** | **Virtus Newfleet Floating Rate MACS** |
| **Fund Name** | **Securities Market Value**<br> **and Other Assets Delivered**<br>| **Shares Received** |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 18582 | &nbsp;&nbsp;&nbsp; 1858 |
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 1857 | &nbsp;&nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp; $30924 | &nbsp;&nbsp;&nbsp; 3092 |

---

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

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet High Yield MACS** | **Virtus Newfleet High Yield MACS** | **Virtus Newfleet High Yield MACS** |
| **Fund Name** | **Securities Market Value** <br>**and Other Assets Delivered**<br>| **Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; $11372 | &nbsp;&nbsp;&nbsp; 1137 |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 10207 | &nbsp;&nbsp;&nbsp; 1021 |
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 1033 | &nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp; $22612 | &nbsp;&nbsp;&nbsp; 2261 |

---

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

---

| | | |
|:---|:---|:---|
| **Virtus Newfleet RMBS MACS** | **Virtus Newfleet RMBS MACS** | **Virtus Newfleet RMBS MACS** |
| **Fund Name** | **Securities Market Value** <br>**and Other Assets Delivered**<br>| **Shares Received** |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; $10548 | &nbsp;&nbsp;&nbsp; 1055 |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 37265 | &nbsp;&nbsp;&nbsp; 3726 |
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 4021 | &nbsp;&nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp; $51834 | &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 December 31, 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:

---

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

---

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

<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

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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 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.

The markets of the Greater China region functions in many ways as emerging markets and carry the high level of risks associated with emerging markets. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in a Fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a Fund.

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.

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

At December 31, 2025, the following Fund held securities issued by various companies in specific sector(s) as detailed below:

---

| | | |
|:---|:---|:---|
|  | **Sector**  | **Percentage of** <br>**Total Investments** <br>|
| Newfleet High Yield MACS | &nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<br>|

---

**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 December 31, 2025, the Funds did not hold any securities that were restricted.

**Note 12. Redemption Facility**

**($ reported in thousands)**

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. 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 Federal 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 six months ended December 31, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

The Funds had no borrowings at any time during the six months ended December 31, 2025.

**Note 13. Federal Income Tax Information**

**($ reported in thousands)**

At December 31, 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** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Newfleet ABS MACS | &nbsp;&nbsp;&nbsp; $32457<br>| &nbsp;&nbsp;&nbsp; $251 | &nbsp;&nbsp;&nbsp; $(609) <br>| &nbsp;&nbsp;&nbsp; $(358) <br>|
| Newfleet CMBS MACS | &nbsp;&nbsp;&nbsp; 15967<br>| &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; (161) <br>| &nbsp;&nbsp;&nbsp; (52) <br>|
| Newfleet Floating Rate MACS | &nbsp;&nbsp;&nbsp; 14612<br>| &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; (575) <br>| &nbsp;&nbsp;&nbsp; (247) <br>|
| Newfleet High Yield MACS | &nbsp;&nbsp;&nbsp; 20508<br>| &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; (886) <br>| &nbsp;&nbsp;&nbsp; (442) <br>|
| Newfleet RMBS MACS | &nbsp;&nbsp;&nbsp; 36074<br>| &nbsp;&nbsp;&nbsp; 1484 | &nbsp;&nbsp;&nbsp; (3064) <br>| &nbsp;&nbsp;&nbsp; (1580) <br>|
| Seix High Yield MACS | &nbsp;&nbsp;&nbsp; 4885<br>| &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; (11) <br>| &nbsp;&nbsp;&nbsp; 83<br>|
| Stone Harbor EMD MACS | &nbsp;&nbsp;&nbsp; 5031<br>| &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; (67) <br>| &nbsp;&nbsp;&nbsp; 98<br>|

---

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** | **Short-Term** | **Long-Term** |
| Newfleet ABS MACS | $— | $1 |
| Newfleet CMBS MACS | 25 | 99 |
| Newfleet Floating Rate MACS | 134 | 213 |
| Newfleet High Yield MACS | 63 | 188 |
| Newfleet RMBS MACS | 2 | 433 |

---

------

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Seix High Yield MACS | $28 | $— |
| Stone Harbor EMD MACS | 6 |  |

---

**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. 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 were no subsequent events requiring recognition or disclosure in these financial statements.

------

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

**OTHER INFORMATION (Unaudited)**

**December 31, 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**

**($ reported in thousands)**

For the six months ended December 31, 2025, the Funds incurred independent Trustee's fees totaling $56 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**

None

------

**THIS PAGE INTENTIONALLY BLANK.**

------

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

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

George R. Aylward, Chair

Donald C. Burke

Connie D. McDaniel

R. Keith Walton

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

**How to Contact Us**

Mutual Fund Services

&nbsp;&nbsp;&nbsp;&nbsp;1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g89266imgf1d5fc452.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**.

8670 02-26

------

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

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

------

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

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

#### 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.** <br>

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.

------

#### 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.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
|  (a)(1) | Not applicable. |
|  (a)(2) | Not applicable. |
|  (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.](d89266dex99cert.htm) |
|  (a)(4) | Disclosure not required for open-end management investment companies. |
|  (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.](d89266dex99906cert.htm) |

---

------

#### 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.

(Registrant) <u>Virtus Managed Account Completion Shares (MACS) Trust</u> 

---

| | | |
|:---|:---|:---|
| By (Signature and Title)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ George R. Aylward</u>  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date <u>03/04/2026</u>  | Date <u>03/04/2026</u>  | Date <u>03/04/2026</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.

---

| | |
|:---|:---|
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ George R. Aylward</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date <u>03/04/2026</u>  | Date <u>03/04/2026</u>  |
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ W. Patrick Bradley</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer, and Treasurer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |
| Date <u>03/03/2026</u>  | Date <u>03/03/2026</u>  |

---

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

## 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.

---

| | |
|:---|:---|
| Date: <u>03/04/2026</u>  | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**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>03/03/2026</u>  | <u>/s/ W. Patrick Bradley</u>  |
|  | 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;&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;&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.

---

| | |
|:---|:---|
| Date: <u>03/04/2026</u>  | <u>/s/ George R. Aylward</u>  |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

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;&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;&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.

---

| | |
|:---|:---|
| Date: <u>03/03/2026</u>  | <u>/s/ W. Patrick Bradley</u>  |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---