VIRTUS Newfleet ABS MACS
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
($ reported in thousands)
 
 
Par Value
Value
Asset-Backed Securities—98.2%
Automobiles—40.0%
ACM Auto Trust
2025-2A, A 144A
5.550%, 6/20/28(1)
$415
$416
2025-3A, A 144A
5.010%, 1/22/30(1)
443
442
American Credit Acceptance Receivables Trust 2025-1, C
144A
5.090%, 8/12/31(1)
1,025
1,030
Arivo Acceptance Auto Loan Receivables Trust
2022-2A, A 144A
6.900%, 1/16/29(1)
31
31
2024-1A, B 144A
6.870%, 6/17/30(1)
335
341
2025-1A, A2 144A
4.920%, 5/15/29(1)
540
542
BOF URSA VI Funding Trust I 2023-CAR2, A2 144A
5.542%, 10/27/31(1)
8
8
Bridgecrest Lending Auto Securitization Trust 2025-1, C
5.150%, 12/17/29
700
704
Carvana Auto Receivables Trust
2021-N2, C
1.070%, 3/10/28
5
5
2021-N3, D
1.580%, 6/12/28
61
59
2021-P3, B
1.420%, 8/10/27
660
651
2022-N1, C 144A
3.320%, 12/11/28(1)
22
22
2023-N4, C 144A
6.590%, 2/11/30(1)
930
951
2024-N1, B 144A
5.630%, 5/10/30(1)
300
302
Consumer Portfolio Services Auto Trust 2025-A, C 144A
5.250%, 4/15/31(1)
650
655
CPS Auto Receivables Trust 2024-A, C 144A
5.740%, 4/15/30(1)
57
58
Credit Acceptance Auto Loan Trust 2024-1A, A 144A
5.680%, 3/15/34(1)
229
230
DT Auto Owner Trust 2023-1A, D 144A
6.440%, 11/15/28(1)
286
290
Exeter Automobile Receivables Trust
2023-3A, D
6.680%, 4/16/29
272
277
2024-5A, B
4.480%, 4/16/29
64
64
FHF Trust 2023-1A, A2 144A
6.570%, 6/15/28(1)
80
80
First Investors Auto Owner Trust 2022-1A, C 144A
3.130%, 5/15/28(1)
104
104
GLS Auto Receivables Issuer Trust
2022-2A, D 144A
6.150%, 4/17/28(1)
184
185
2024-2A, C 144A
6.030%, 2/15/30(1)
590
599
LAD Auto Receivables Trust
2023-4A, C 144A
6.760%, 3/15/29(1)
62
63
2025-1A, D 144A
5.520%, 5/17/32(1)
495
501
 
Par Value
Value
Automobiles—continued
Lendbuzz Securitization Trust
2024-2A, A2 144A
5.990%, 5/15/29(1)
$173
$174
2024-3A, B 144A
5.030%, 11/15/30(1)
260
260
2025-1A, A2 144A
5.100%, 10/15/30(1)
434
436
Merchants Fleet Funding LLC 2023-1A, A 144A
7.210%, 5/20/36(1)
154
155
Oscar U.S. Funding XV LLC 2023-1A, A3 144A
5.810%, 12/10/27(1)
54
55
SAFCO Auto Receivables Trust 2024-1A, B 144A
6.310%, 11/20/28(1)
70
70
Tricolor Auto Securitization Trust 2024-2A, C 144A
6.930%, 4/17/28(1)(2)(3)
700
343
U.S. Bank N.A. 2023-1, B 144A
6.789%, 8/25/32(1)
39
39
United Auto Credit Securitization Trust
2022-2, D 144A
6.840%, 1/10/28(1)
338
339
2024-1, C 144A
7.060%, 10/10/29(1)
45
45
Veridian Auto Receivables Trust 2023-1A, A4 144A
5.590%, 12/15/28(1)
270
272
Veros Auto Receivables Trust
2024-1, C 144A
7.570%, 12/15/28(1)
235
241
2025-1, B 144A
5.540%, 7/16/29(1)
1,000
1,007
Westlake Automobile Receivables Trust
2024-1A, B 144A
5.550%, 11/15/27(1)
430
430
2024-2A, B 144A
5.620%, 3/15/30(1)
780
785
 
13,261
 
 
Consumer Loans—1.6%
ACHV ABS Trust 2024-1PL, A 144A
5.900%, 4/25/31(1)
27
27
Oportun Issuance Trust 2021-C, A 144A
2.180%, 10/8/31(1)
310
305
Reach ABS Trust
2024-1A, B 144A
6.290%, 2/18/31(1)
174
175
2025-1A, A 144A
4.960%, 8/16/32(1)
24
25
 
532
 
 
Credit Card—1.8%
Mercury Financial Credit Card Master Trust 2024-2A, A
144A
6.560%, 7/20/29(1)
585
586
Other—54.8%
Affirm Master Trust Series 2025-3A, A 144A
4.450%, 10/16/34(1)
910
906
Applebee’s Funding LLC 2023-1A, A2 144A
7.824%, 3/5/53(1)
743
749
See Notes to Schedule of Investments
1
VIRTUS Newfleet ABS MACS
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2026
($ reported in thousands)
 
Par Value
Value
 
Other—continued
Aqua Finance Trust
2019-A, C 144A
4.010%, 7/16/40(1)
$440
$430
2020-AA, B 144A
2.790%, 7/17/46(1)
483
462
2024-A, B 144A
5.060%, 4/18/50(1)
225
225
Auxilior Term Funding LLC 2023-1A, C 144A
6.500%, 11/15/30(1)
60
61
Bojangles Issuer LLC 2024-1A, A2 144A
6.584%, 11/20/54(1)
582
586
BXG Receivables Note Trust
2020-A, B 144A
2.490%, 2/28/36(1)
45
44
2023-A, A 144A
5.770%, 11/15/38(1)
28
28
Commercial Equipment Finance LLC 2024-1A, A 144A
5.970%, 7/16/29(1)
92
92
DB Master Finance LLC 2025-1A, A2I 144A
4.891%, 8/20/55(1)
748
741
Dext ABS LLC 2023-1, A2 144A
5.990%, 3/15/32(1)
77
78
Foundation Finance Trust
2021-1A, A 144A
1.270%, 5/15/41(1)
187
178
2023-1A, A 144A
5.670%, 12/15/43(1)
38
38
2023-2A, A 144A
6.530%, 6/15/49(1)
276
286
Hardee’s Funding LLC 2024-1A, A2 144A
7.253%, 3/20/54(1)
245
250
Hilton Grand Vacations Trust
2022-2A, C 144A
5.570%, 1/25/37(1)
16
16
2024-2A, A 144A
5.500%, 3/25/38(1)
38
39
HINNT LLC 2025-A, B 144A
5.450%, 3/15/44(1)
611
618
Lendmark Funding Trust 2021-1A, A 144A
1.900%, 11/20/31(1)
290
284
Libra Solutions LLC 2024-1A, A 144A
5.880%, 9/30/38(1)
835
833
MAPS Trust 2026-1A, A 144A
5.201%, 1/15/51(1)
988
965
MetroNet Infrastructure Issuer LLC 2025-2A, A2 144A
5.400%, 8/20/55(1)
470
474
Momnt Technologies Trust 2023-1A, A 144A
6.920%, 3/20/45(1)
56
56
MVW LLC
2020-1A, A 144A
1.740%, 10/20/37(1)
162
161
2023-1A, B 144A
5.420%, 10/20/40(1)
27
28
2024-1A, A 144A
5.320%, 2/20/43(1)
136
137
Navient Private Education Refi Loan Trust 2021-EA, A
144A
0.970%, 12/16/69(1)
357
320
NMEF Funding LLC
2024-A, A2 144A
5.150%, 12/15/31(1)
260
261
 
Par Value
Value
 
Other—continued
2025-A, B 144A
5.180%, 7/15/32(1)
$235
$237
Oaktree ABF Equipment ST LLC 2026-1A, B 144A
4.910%, 10/17/33(1)
1,000
998
Octane Receivables Trust
2023-3A, B 144A
6.480%, 7/20/29(1)
62
62
2023-3A, C 144A
6.740%, 8/20/29(1)
611
622
Oportun Issuance Trust 2024-2, B 144A
5.830%, 2/9/32(1)
128
128
OWN Equipment Fund I LLC 2024-2M, A 144A
5.700%, 12/20/32(1)
487
490
Pawneee Equipment Receivables LLC 2022-1, B 144A
5.400%, 7/17/28(1)
81
81
PEAC Solutions Receivables LLC 2024-1A, B 144A
5.790%, 11/20/30(1)
305
311
Planet Fitness Master Issuer LLC 2024-1A, A2I 144A
5.765%, 6/5/54(1)
177
178
PowerPay Issuance Trust 2024-1A, A 144A
6.530%, 2/18/39(1)
102
104
SoFi Consumer Loan Program Trust
2025-1, A 144A
4.800%, 2/27/34(1)
39
39
2025-4, B 144A
4.600%, 8/25/35(1)
1,000
997
2026-1, C 144A
4.740%, 12/26/35(1)
1,000
993
Taco Bell Funding LLC 2025-1A, A2I 144A
4.821%, 8/25/55(1)
1,000
985
Trafigura Securitisation Finance plc 2024-1A, A2 144A
5.980%, 11/15/27(1)
590
591
Trinity Rail Leasing LLC 2019-1A, A 144A
3.820%, 4/17/49(1)
280
280
TSC SPV Funding LLC 2024-1A, A2 144A
6.291%, 8/20/54(1)
874
882
USQ Rail III LLC 2024-1A, A 144A
4.990%, 9/28/54(1)
835
818
 
18,142
 
 
Total Asset-Backed Securities
(Identified Cost $32,906)
32,521
 
 
 
 
Total Long-Term Investments—98.2%
(Identified Cost $32,906)
32,521
 
 
 
 
TOTAL INVESTMENTS—98.2%
(Identified Cost $32,906)
$32,521
Other assets and liabilities, net—1.8%
604
NET ASSETS—100.0%
$33,125
 
Abbreviations:
ABS
Asset-Backed Securities
LLC
Limited Liability Company
plc
Public Limited Company
 
See Notes to Schedule of Investments
2
VIRTUS Newfleet ABS MACS
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2026
($ reported in thousands)
Footnote Legend:
(1)
Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. At March 31, 2026, these securities amounted to a
value of $30,761 or 92.9% of net assets.
(2)
The value of this security was determined using significant unobservable inputs
and is reported as a Level 3 security in the Fair Value Hierarchy table located after
the Schedule of Investments.
(3)
Security in default; no interest payments are being received.
The following table summarizes the value of the Fund’s investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments): 
 
Total
Value at
March 31, 2026
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Assets:
Debt Instruments:
Asset-Backed Securities
$32,521
$32,178
$343
Total Investments
$32,521
$32,178
$343
There were no securities valued using quoted prices (Level 1) at March 31, 2026.
Securities held by the Fund with an end of period value of $343 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
Securities
Investments in Securities
Balance as of June 30, 2025:
$—
$—
Transfers into Level 3(a)
343
343
Balance as of March 31, 2026
$343
$343
(a) Transfers into and/or from represent the ending value as of March 31, 2026, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.
See Notes to Schedule of Investments
3
VIRTUS NEWFLEET ABS MACS
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
Note 1. Security Valuation
The Fund’s Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the investment adviser’s Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities.
For additional information about significant accounting policies, refer to the Fund’s most recent annual financial statements.
4